Category: Pandemic

  • MIL-OSI Asia-Pac: President Lai and President Hilda C. Heine of Marshall Islands hold bilateral talks and witness signing of agreements

    Source: Republic of China Taiwan

    Details
    2025-06-03
    President Lai welcomes President Hilda C. Heine of Republic of the Marshall Islands with military honors  
    President Lai Ching-te welcomed President Hilda C. Heine of the Republic of the Marshall Islands and her husband on the morning of June 3 with full military honors. In remarks, President Lai thanked President Heine and the people and government of the Marshall Islands for demonstrating such high regard for our nations’ diplomatic ties. The president said that over our 27 years of diplomatic relations, our cooperation in healthcare, agriculture, fisheries, education and training, and climate change has yielded many positive results. And moving ahead, he said, Taiwan will continue to deepen collaboration across all domains for mutual prosperity and growth. The welcome ceremony began at 10:30 a.m. in the plaza fronting the Presidential Office. President Lai and President Heine each delivered remarks after a 21-gun salute, the playing of the two countries’ national anthems, and a review of the military honor guard. A translation of President Lai’s remarks follows: On behalf of the people and government of the Republic of China (Taiwan), it is a great pleasure to welcome President Heine, First Gentleman Thomas Kijiner, Jr., and their delegation with full military honors as they make this state visit to Taiwan. When I traveled to the Marshall Islands on a state visit last December, I was received with great warmth and courtesy. I once again thank President Heine and the people and government of the Marshall Islands for demonstrating such high regard for our nations’ diplomatic ties. Taiwan and the Marshall Islands share Austronesian cultural traditions, and we are like-minded friends. Throughout our 27 years of diplomatic relations, we have always engaged with each other in a spirit of reciprocal trust and mutual assistance. Our cooperation in healthcare, agriculture, fisheries, education and training, and climate change has yielded many positive results. This is President Heine’s first state visit to Taiwan since taking office for a second time. We look forward to engaging our esteemed guests in in-depth discussions on issues of common concern. And moving ahead, Taiwan will continue to deepen collaboration with the Marshall Islands across all domains for mutual prosperity and growth. In closing, I thank President Heine, First Gentleman Kijiner, and their entire delegation for visiting Taiwan. I wish you all a pleasant and successful trip.  A transcript of President Heine’s remarks follows: Your Excellency President Lai Ching-te, Vice President [Bi-khim] Hsiao, honorable members of the cabinet, ambassadors, distinguished guests, ladies and gentlemen: It is my pleasure to extend warm greetings of iokwe on behalf of the people and the government of the Republic of the Marshall Islands. I wish to also convey my appreciation to Your Excellency President Lai, for the hospitality and very warm welcome – kommol tata. This visit marks my seventh official state visit to this beautiful country. It’s a testament to my strong commitment to further deepening ties between the Republic of the Marshall Islands and the Republic of China (Taiwan). During this visit, I look forward to engaging in meaningful discussions with Your Excellency President Lai to further strengthen the bilateral relationship between our two nations and our peoples.  For over a quarter-century, Taiwan has been a strong ally and friend to the Marshall Islands. Our partnership has thrived across many sectors, including education, healthcare, infrastructure, and economic development. Through Taiwan’s generous support and collaboration, we have made significant progress in improving the lives of our people, empowering our communities, and fostering sustainable growth. The Marshall Islands deeply values our partnership with Taiwan and appreciates Taiwan’s support over the years. Despite our small size and limited voice on the global stage, the Marshall Islands deeply cherishes our friendship with Taiwan, and to that end, I wish to reaffirm my government’s commitment to Taiwan’s meaningful participation in the United Nations system. Taiwan has consistently demonstrated its commitment to the principles of democracy, human rights, and the rule of law. In light of current constraints in global affairs, it is now more urgent than ever that the international community of nations recognize the fundamental rights of the 23 million Taiwanese people and recognize Taiwan’s aspiration to engage fully in global affairs. It is with this in mind that I wish to reiterate to Your Excellency President Lai, the Taiwanese people, and the world that under my government, Marshall Islands will continue to acknowledge Taiwan’s contribution on the global stage and urge like-minded countries to advocate for Taiwan’s meaningful engagement in the international arena. In closing, may I once again extend our sincere appreciation to Your Excellency President Lai, the people and government of the Republic of China (Taiwan), for your warm welcome.  Also in attendance at the welcome ceremony were Charge d’Affaires a.i. Anjanette Davis-Anjel of the Embassy of the Republic of the Marshall Islands, Dean of the Diplomatic Corps and Saint Vincent and the Grenadines Ambassador Andrea Clare Bowman, and members of the foreign diplomatic corps in Taiwan.  

    Details
    2025-05-29
    President Lai attends 2025 Europe Day Dinner
    On the evening of May 29, President Lai Ching-te attended the 2025 Europe Day Dinner. In remarks, President Lai stated that Taiwan looks forward to further establishing institutionalized mechanisms with Europe for our trade and investment ties and hopes to take an innovative and diverse approach to sign an economic partnership agreement with the European Union, to provide a more transparent, stable, and predictable business environment for our enterprises. The president said that Taiwan will actively work alongside other democracies, including those in Europe, to jointly build resilient, promising non-red supply chains, and noted that Taiwan and Europe have endless potential for collaboration, whether it is in safeguarding freedom and democracy or advancing our economic and trade relationship. He expressed hope to further strengthen our partnership and work together toward global peace, stability, and prosperity. A transcript of President Lai’s remarks follows: Chairman [Henry] Chang (張瀚書), thank you for the invitation, and congratulations on your second term. I’m confident that under your leadership, the ECCT [European Chamber of Commerce Taiwan] will build even more bridges for cooperation between Taiwan and Europe. I would also like to thank EETO [European Economic and Trade Office] Head [Lutz] Güllner and all the European country representatives stationed in Taiwan. Your hard work over the years has helped deepen Taiwan-Europe relations and brought about such fruitful cooperation. Thank you. This year we celebrate the 75th anniversary of the Schuman Declaration. In 1950, then-French Foreign Minister Robert Schuman proposed to create a European federation dedicated to preserving peace. The declaration symbolized a new flowering in the post-war era of democracy, unity, and cooperation. As we face the geopolitical challenges and drastic economic changes of today’s world, the Schuman Declaration still speaks to us profoundly. This year is also the 80th anniversary of the end of World War II in Europe. Moving forward, Taiwan will continue to advance cooperation with our democratic partners, and will join hands with Europe to build a partnership of even greater resilience and mutual trust. Europe is Taiwan’s third largest trading partner. It is also Taiwan’s largest source of foreign direct investment. Last year, bilateral trade between Taiwan and Europe totaled US$84.7 billion. This demonstrates our vibrant economic and trade ties and reflects the high levels of confidence our businesses have in each other’s markets and systems. We look forward to Taiwan and Europe further establishing institutionalized mechanisms for our trade and investment ties. And we hope to take an innovative and diverse approach to sign an economic partnership agreement with the EU, to provide a more transparent, stable, and predictable business environment for our enterprises. Today’s Taiwan has an internationally recognized democracy and a semiconductor industry vital to global security and prosperity. This enables us to play a key role in restructuring global democratic supply chains and the economic order. In particular, we see supply chains dominated by a new authoritarian bloc expanding their influence through non-market mechanisms, price subsidies, and monopolies on resources, as they seek global control of critical technologies and manufacturing capabilities. Their actions not only distort principles of market fairness, but also threaten the international community’s basic expectations for democracy, the rule of law, and corporate responsibility. In response, Taiwan will actively work alongside other democracies, including those in Europe, to jointly build resilient, promising non-red supply chains. We will also introduce an initiative on semiconductor supply chain partnerships for global democracies. This is more than a proposal for economic cooperation; it is an alliance of shared values and advanced technology. Security in the Taiwan Strait and regional peace and stability have always been issues of mutual interest for Taiwan and Europe. So here today, on behalf of all the people of Taiwan, I would like to thank the EU and European nations for continuing to take concrete actions in public support of peace and stability across the strait. Such actions are vital to regional security and prosperity. Taiwan will continue to bolster itself to achieve real peace through strength, and will work with democratic partners to safeguard freedom and democracy, thereby showing our determination for regional peace. At this critical time, Taiwan and Europe have endless potential for collaboration, whether it’s in safeguarding freedom and democracy or advancing our economic and trade relationship. I look forward to our joining hands at this strategic juncture to further strengthen our partnership and work together toward global peace, stability, and prosperity. Also in attendance at the event was British Office Taipei Representative Ruth Bradley-Jones.

    Details
    2025-05-28
    President Lai meets US delegation led by Senator Tammy Duckworth
    On the afternoon of May 28, President Lai Ching-te met with a delegation led by United States Senator Tammy Duckworth. In remarks, President Lai thanked the US Congress and government for their longstanding and bipartisan support for Taiwan. The president stated that Taiwan will continue to strengthen cooperation with the US and jointly safeguard regional peace and stability. He pointed out that the Taiwan government has already proposed a roadmap for deepening Taiwan-US trade ties and will encourage mutual investment between Taiwanese and US businesses. He then expressed hope of deepening Taiwan-US ties and creating more niches for both sides. A translation of President Lai’s remarks follows: I warmly welcome this delegation led by Senator Duckworth, a dear friend of Taiwan. Senator Duckworth previously visited in May last year to convey congratulations after the inauguration of myself and Vice President Bi-khim Hsiao. Your bipartisan delegation was the first group from the US Senate that I met with as president. Today, you are visiting just after the first anniversary of my taking office, demonstrating the staunch support of the US and our deep friendship. On behalf of the people of Taiwan, I extend my sincere appreciation and greetings. And I invite you to come back and visit next year, the year after that, and every year. Taiwan and the US share the values of democracy and the rule of law and believe in free and open markets. Both sides embrace a common goal of peace, stability, and prosperity in the Indo-Pacific region. I thank the US Congress and government for their longstanding, bipartisan, and steadfast support for Taiwan. In 2021, to help Taiwan overcome the challenges of the COVID-19 pandemic, Senator Duckworth made a special trip here to announce that the US government would be donating vaccines to Taiwan. In recent years, Senator Duckworth has also promoted the TAIWAN Security Act, STAND with Taiwan Act, and Taiwan and America Space Assistance Act in the US Congress, all of which have further deepened Taiwan-US cooperation and steadily advanced our ties. For this, I express my deepest appreciation. I want to emphasize that the people of Taiwan have an unyielding determination to protect their homeland and free and democratic way of life. Over the past year, the government and private sector have been working together to enhance Taiwan’s whole-of-society defense resilience. The government is committed to reforming national defense, and it has proposed prioritizing special budget allocations to ensure that our defense budget exceeds three percent of GDP. This will continue to bolster Taiwan’s self-defense capabilities. Moving forward, Taiwan will continue to strengthen cooperation with the US. In addition to jointly safeguarding regional peace and stability, we also aspire to deepen bilateral trade and economic ties. At the SelectUSA Investment Summit in Washington, DC, earlier this month, Taiwan’s delegation was once again the biggest delegation attending the event – proof positive of our close economic and trade cooperation. We have already proposed a roadmap for deepening Taiwan-US trade ties. We will narrow the trade imbalance through the procurement of energy and agricultural and other industrial products from the US. We will encourage mutual investment between Taiwanese and US businesses to stimulate industrial development on both sides, especially in such industries as national defense and shipbuilding. We therefore look forward to Congress passing the US-Taiwan Expedited Double-Tax Relief Act as soon as possible, as this would deepen Taiwan-US trade ties and create more niches for business. In closing, I once again thank Senator Duckworth for making the trip to Taiwan. Let us continue to work together to elevate Taiwan-US ties. I wish you a pleasant and successful visit. Senator Duckworth then delivered remarks, saying that she is happy to be back in Taiwan and that she wanted to make sure to come back just after President Lai’s one-year anniversary of taking office to show the dedication and the outstanding friendship that we have. She noted that because no matter who is in the White House, no matter which political party is in power in Washington, DC, she has always believed that if America wants to remain a leader on the global stage, it has to show up for friends like Taiwan.  Senator Duckworth mentioned that in the years that she has been coming to Taiwan since pre-COVID times, she has seen a remarkable increase in participation in its defense and the support of the Taiwanese people for defending the homeland. She then thanked Taiwan for making the commitment to its self-defense, and also for being a partner with other nations around the world.  The STAND with Taiwan Act, the senator noted, is so named because the US wants to stand side by side with Taiwan. Pointing out that Taiwan is an important leader in the Indo-Pacific and on the global stage, she reiterated that there is support on both sides of the aisle in Washington for Taiwanese democracy, and added that the people of Taiwan are showing that they are willing to shore up their own readiness. Senator Duckworth said that whether it is delivering vaccines to Taiwan or making sure that the US National Guard works with Taiwan’s reserve forces or even with its civilian emergency response teams, these are all important components to the ongoing partnership between our nations.  Senator Duckworth indicated that there are many great opportunities moving forward beyond our military cooperation with one another. Whether it is in chip manufacturing, agricultural investments, shipbuilding, or in the healthcare field, those investments in both nations will facilitate stability and development in both our nations. She said that is why she wants to continue the Taiwan-US relationship, underlining that they are in it for the long haul. The delegation was accompanied to the Presidential Office by American Institute in Taiwan Taipei Office Director Raymond Greene.

    Details
    2025-05-27
    President Lai meets delegation led by US House Natural Resources Committee Chair Bruce Westerman
    On the afternoon of May 27, President Lai Ching-te met with a delegation led by Chair of the Natural Resources Committee of the United States House of Representatives Bruce Westerman. In remarks, President Lai stated that Taiwan and the US enjoy close industrial exchanges and continue to explore new opportunities for investment and collaboration. The president said that Taiwan will continue to increase purchases from and together build non-red supply chains with the US, expressing hope that economic and trade relations grow even closer and that both work together to jointly safeguard peace and stability throughout the region. A translation of President Lai’s remarks follows: I am delighted to meet and exchange views with members of the US House Committee on Natural Resources today. Chair Westerman, the leader of this delegation, is an old friend of Taiwan. On behalf of the people of Taiwan, I extend a very warm welcome to the delegation. I also want to thank you all for your long-term close attention to Taiwan-related affairs and your strong support for Taiwan. Taiwan and the US enjoy close ties and share ideals and values. There is an excellent foundation for cooperation between us, particularly in such areas as energy, the economy and trade, agriculture and fisheries, environmental protection, and sustainable development. In recent years, Taiwan-US ties have grown closer and closer. The US has become Taiwan’s largest destination for overseas investment, accounting for over 40 percent of Taiwan’s outbound investment. Taiwan is also the seventh largest trading partner of the US and its seventh largest export market for agricultural products. The SelectUSA Investment Summit held in Washington, DC earlier this month was the largest in its history. Taiwan’s delegation, representing 138 enterprises, was once again the biggest delegation attending the event. This shows that Taiwan and the US enjoy close industrial exchanges and continue to explore new opportunities for investment and collaboration. Looking ahead, with the global landscape changing rapidly, Taiwan will continue to increase purchases from the US, including energy resources such as natural gas and petroleum, as well as agricultural products, industrial products, and even military procurement. This will not only help balance our bilateral trade, but also strengthen development for Taiwan in energy autonomy, resilience, the economy, and trade. Taiwan and the US are also well-matched in such areas as high tech and manufacturing. As the US pursues reindustrialization and aims to become a global hub for AI, Taiwan is willing to take part and play an even more important role. We will strengthen Taiwan-US industrial cooperation and together build non-red supply chains. In addition to bringing our economic and trade relations even closer, this will also allow Taiwanese industries to remain rooted in Taiwan while expanding their global presence, helping bolster the US, and marketing worldwide. As for military exchanges, we are grateful to the US government for continuing its military sales to Taiwan and backing our efforts to upgrade our self-defense capabilities. Taiwan will continue to work with the US to jointly safeguard peace and stability throughout the region. In closing, I thank our guests once again for making the long journey here, not only offering warm friendship, but also demonstrating the staunch bipartisan support for Taiwan in the US Congress. Chair Westerman then delivered remarks, saying that it is an honor for him and his colleagues to be in Taiwan to talk about the strong relationship between the US and Taiwan and how that relationship can continue to grow in the future. The chair pointed out that natural resources are foundational to any kind of economic development, whether it is energy, which is key to manufacturing, or whether it is mining, which provides rare earth elements and all the minerals and metals needed for manufacturing. He said that as for natural resources including fish, wildlife, or timber, all are foundational to any society, but this is especially so for agriculture, noting that the US produces a lot of food and fodder and is always looking for more friends to share that with. Chair Westerman indicated that they are excited about opportunities to work with Taiwan, adding that Taiwan’s investments in the US have been greatly appreciated. He said they also are excited about the talks with the Trump administration and the future going forward on how we can have a stronger trade relationship, a stronger bilateral relationship, and how we can work with each other to help both economies grow and prosper. Chair Westerman concluded his remarks by expressing thanks for the opportunity to visit, saying that they treasure Taiwan’s friendship and our long-term relationship, and are very excited to be able to discuss in more detail how our two countries can work together. The delegation also included US House Natural Resources Committee Representatives Sarah Elfreth, Harriet Hageman, Celeste Maloy, and Nick Begich. The delegation was accompanied to the Presidential Office by American Institute in Taiwan Taipei Office Director Raymond Greene.  

    Details
    2025-05-27
    President Lai meets and hosts luncheon for delegation led by Governor Lourdes A. Leon Guerrero of Guam
    On the morning of May 27, President Lai Ching-te met with a delegation led by Governor Lourdes A. Leon Guerrero of Guam and her husband, and hosted a luncheon for the delegation at noon. In remarks, President Lai noted that this is the governor’s first trip to Taiwan, fully demonstrating the Guam government’s support and high regard for Taiwan. The president said that Guam, being the closest United States territory to Taiwan, is an important bridge for collaboration between Taiwan and the US. He stated that aside from promoting tourism, we can also explore even more opportunities for collaboration in other areas to further advance industrial development for both sides. He said that, as we begin a new chapter, we look forward to working together to generate even more momentum in bilateral cooperation and exchanges. A translation of President Lai’s remarks follows: On behalf of the people of Taiwan, I extend a warm welcome to Governor Leon Guerrero and her delegation. Last year, I transited through Guam en route for visits to Taiwan’s diplomatic allies in the Pacific. The enthusiastic reception I received from the government, legislature, people, and members of our overseas community in Guam was very touching and left me with a deep impression. During the morning tea reception hosted by Governor Leon Guerrero, we joined in singing our respective national anthems, as well as the Fanohge CHamoru. I also received at the Guam Legislature a copy of a Taiwan-friendly resolution it passed on behalf of the people of Taiwan. And I still remember to this day the striking scenery of the governor’s house and the warm reception I received there. It is therefore a great pleasure to meet with all of you today here at the Presidential Office. This is Governor Leon Guerrero’s first trip to Taiwan. Your visit fully demonstrates the Guam government’s support and high regard for Taiwan. As we begin a new chapter, we look forward to working with you to generate even more momentum in bilateral cooperation and exchanges. Taiwan and Guam are like family. We share the Austronesian spirit and culture. Our wide-ranging and mutually-beneficial collaboration is very fruitful. And now, we are facing the challenges of climate change, public health and medicine, and regional security together. The world is rapidly changing and tensions in the Indo-Pacific continue to rise. But if we combine our strengths, come together as one, and enhance cooperation, we can maintain regional peace, stability, and prosperity. Last Tuesday, I delivered an address on my first anniversary of taking office. I mentioned that for many years, Taiwan, the US, and our democratic partners have actively engaged in exchange and cooperation. Taking a market-oriented approach, we will promote an economic path of staying firmly rooted in Taiwan and expanding the global presence of our enterprises while strengthening ties with the US. Guam is the closest US territory to Taiwan. It is an important bridge for collaboration between Taiwan and the US. Last month, we were pleased to see United Airlines officially launch direct flights between Taipei and Guam. I believe this will benefit tourism and economic and trade exchanges for both sides. In the area of health care, many hospitals in Taiwan already offer referral services to patients from Guam. Both Governor Leon Guerrero and I have backgrounds in medicine. It is my hope that Taiwan and Guam can continue to work hand in hand to create even more positive outcomes from cooperation in public health and medical services. During the governor’s visit, aside from promoting tourism, we can also explore even more opportunities for collaboration in other areas. There is potential for more exchanges in aquaculture, food processing, hydroculture, manufacturing, pharmaceuticals, and recycling. This will further advance industrial development in Taiwan and Guam. In closing, I thank Governor Leon Guerrero and all our distinguished guests for backing Taiwan. I wish you all a smooth and successful visit.  Governor Leon Guerrero then delivered remarks, saying that she is very happy to come to Taiwan. She said that after learning during President Lai’s visit to Guam last year that he is a medical doctor, she felt more relaxed because healthcare colleagues are one in their endeavor to help enhance the health and well-being of people. She then expressed her heartfelt appreciation for the invitation to Taiwan.  Governor Leon Guerrero said that as they learn more about opportunities for collaboration with Taiwan, they are humbled by the hospitality they have experienced. In both of our islands, she said, hospitality is more than just a custom – it forms a part of our identities. She noted that despite being nearly 2,000 miles apart, we are connected by the Pacific Ocean and common roots, and our ancestors both value family, community, and tradition. That is why being here today, she said, she feels a strong sense of familiarity, like reconnecting with old friends. The governor remarked that Taiwan has evolved so quickly in all areas of essential life, sustenance, economy, and prosperity, adding that Taiwan’s resources in such areas as health, education, data, AI, advanced technology, aquaculture, agriculture, and commerce enhance our economic stability. She stated her belief that in collaboration and support, and working with each other, we can gain prosperity, maintain freedom and democracy, and live in peace.  Governor Leon Guerrero stated that their delegation is here to see how they can partner with Taiwan to help raise the quality of life for both our peoples, mentioning that one special concern of theirs is tourism. Tourism, she said, is the most influential engine and driver for the economy and quality of life in Guam, but they cannot have a vibrant economy and tourism without air connectivity. She added that they are prepared to help in any way to provide incentives and low-cost fees so that they can get more airlines from Taiwan to establish permanent flight schedules to Guam, so as to drive development in Guam’s tourism industry. Governor Leon Guerrero then proceeded to introduce each of the members of her delegation before remarking that while they have been very busy on this visit they are always reminded of the freedom and democracy that the people must protect. She said she looks forward to a great, strong relationship between Taiwan and Guam in cooperation on social and economic issues, in culture, marketing, tourism, and freedom and democracy. Among those in attendance were First Gentleman Jeffrey A. Cook, Chief of Staff Jon Junior Calvo, Director of the Department of Administration Edward Birn, General Manager of the Guam Visitors Bureau Regine Biscoe Lee, Deputy Executive Manager of the Guam International Airport Authority Artemio “Ricky” Hernandez, Board of Directors Chairman of the Guam International Airport Authority Brian J. Bamba, Deputy General Manager of the Guam Economic Development Authority Carlos Bordallo, Director of Landscape Management Systems Guam Bob Salas, Chairperson of the Guam Chamber of Commerce Tae Oh, President of the University of Guam Anita Borja Enriquez, and Director of the Guam Taiwan Office Felix Yen (嚴樹芬). After the meeting, President Lai, accompanied by Vice President Bi-khim Hsiao, hosted a luncheon for Governor Leon Guerrero, her husband, and the delegation.

    Details
    2025-05-20
    President Lai interviewed by Nippon Television and Yomiuri TV
    In a recent interview on Nippon Television’s news zero program, President Lai Ching-te responded to questions from host Mr. Sakurai Sho and Yomiuri TV Shanghai Bureau Chief Watanabe Masayo on topics including reflections on his first year in office, cross-strait relations, China’s military threats, Taiwan-United States relations, and Taiwan-Japan relations. The interview was broadcast on the evening of May 19. During the interview, President Lai stated that China intends to change the world’s rules-based international order, and that if Taiwan were invaded, global supply chains would be disrupted. Therefore, he said, Taiwan will strengthen its national defense, prevent war by preparing for war, and achieve the goal of peace. The president also noted that Taiwan’s purpose for developing drones is based on national security and industrial needs, and that Taiwan hopes to collaborate with Japan. He then reiterated that China’s threats are an international problem, and expressed hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war. Following is the text of the questions and the president’s responses: Q: How do you feel as you are about to round out your first year in office? President Lai: When I was young, I was determined to practice medicine and save lives. When I left medicine to go into politics, I was determined to transform Taiwan. And when I was sworn in as president on May 20 last year, I was determined to strengthen the nation. Time flies, and it has already been a year. Although the process has been very challenging, I am deeply honored to be a part of it. I am also profoundly grateful to our citizens for allowing me the opportunity to give back to our country. The future will certainly be full of more challenges, but I will do everything I can to unite the people and continue strengthening the nation. That is how I am feeling now. Q: We are now coming up on the 80th anniversary of the end of World War II, and over this period, we have often heard that conflict between Taiwan and the mainland is imminent. Do you personally believe that a cross-strait conflict could happen? President Lai: The international community is very much aware that China intends to replace the US and change the world’s rules-based international order, and annexing Taiwan is just the first step. So, as China’s military power grows stronger, some members of the international community are naturally on edge about whether a cross-strait conflict will break out. The international community must certainly do everything in its power to avoid a conflict in the Taiwan Strait; there is too great a cost. Besides causing direct disasters to both Taiwan and China, the impact on the global economy would be even greater, with estimated losses of US$10 trillion from war alone – that is roughly 10 percent of the global GDP. Additionally, 20 percent of global shipping passes through the Taiwan Strait and surrounding waters, so if a conflict breaks out in the strait, other countries including Japan and Korea would suffer a grave impact. For Japan and Korea, a quarter of external transit passes through the Taiwan Strait and surrounding waters, and a third of the various energy resources and minerals shipped back from other countries pass through said areas. If Taiwan were invaded, global supply chains would be disrupted, and therefore conflict in the Taiwan Strait must be avoided. Such a conflict is indeed avoidable. I am very thankful to Prime Minister of Japan Ishiba Shigeru and former Prime Ministers Abe Shinzo, Suga Yoshihide, and Kishida Fumio, as well as US President Donald Trump and former President Joe Biden, and the other G7 leaders, for continuing to emphasize at international venues that peace and stability across the Taiwan Strait are essential components for global security and prosperity. When everyone in the global democratic community works together, stacking up enough strength to make China’s objectives unattainable or to make the cost of invading Taiwan too high for it to bear, a conflict in the strait can naturally be avoided. Q: As you said, President Lai, maintaining peace and stability across the Taiwan Strait is also very important for other countries. How can war be avoided? What sort of countermeasures is Taiwan prepared to take to prevent war? President Lai: As Mr. Sakurai mentioned earlier, we are coming up on the 80th anniversary of the end of WWII. There are many lessons we can take from that war. First is that peace is priceless, and war has no winners. From the tragedies of WWII, there are lessons that humanity should learn. We must pursue peace, and not start wars blindly, as that would be a major disaster for humanity. In other words, we must be determined to safeguard peace. The second lesson is that we cannot be complacent toward authoritarian powers. If you give them an inch, they will take a mile. They will keep growing, and eventually, not only will peace be unattainable, but war will be inevitable. The third lesson is why WWII ended: It ended because different groups joined together in solidarity. Taiwan, Japan, and the Indo-Pacific region are all directly subjected to China’s threats, so we hope to be able to join together in cooperation. This is why we proposed the Four Pillars of Peace action plan. First, we will strengthen our national defense. Second, we will strengthen economic resilience. Third is standing shoulder to shoulder with the democratic community to demonstrate the strength of deterrence. Fourth is that as long as China treats Taiwan with parity and dignity, Taiwan is willing to conduct exchanges and cooperate with China, and seek peace and mutual prosperity. These four pillars can help us avoid war and achieve peace. That is to say, Taiwan hopes to achieve peace through strength, prevent war by preparing for war, keeping war from happening and pursuing the goal of peace. Q: Regarding drones, everyone knows that recently, Taiwan has been actively researching, developing, and introducing drones. Why do you need to actively research, develop, and introduce new drones at this time? President Lai: This is for two purposes. The first is to meet national security needs. The second is to meet industrial development needs. Because Taiwan, Japan, and the Philippines are all part of the first island chain, and we are all democratic nations, we cannot be like an authoritarian country like China, which has an unlimited national defense budget. In this kind of situation, island nations such as Taiwan, Japan, and the Philippines should leverage their own technologies to develop national defense methods that are asymmetric and utilize unmanned vehicles. In particular, from the Russo-Ukrainian War, we see that Ukraine has successfully utilized unmanned vehicles to protect itself and prevent Russia from unlimited invasion. In other words, the Russo-Ukrainian War has already proven the importance of drones. Therefore, the first purpose of developing drones is based on national security needs. Second, the world has already entered the era of smart technology. Whether generative, agentic, or physical, AI will continue to develop. In the future, cars and ships will also evolve into unmanned vehicles and unmanned boats, and there will be unmanned factories. Drones will even be able to assist with postal deliveries, or services like Uber, Uber Eats, and foodpanda, or agricultural irrigation and pesticide spraying. Therefore, in the future era of comprehensive smart technology, developing unmanned vehicles is a necessity. Taiwan, based on industrial needs, is actively planning the development of drones and unmanned vehicles. I would like to take this opportunity to express Taiwan’s hope to collaborate with Japan in the unmanned vehicle industry. Just as we do in the semiconductor industry, where Japan has raw materials, equipment, and technology, and Taiwan has wafer manufacturing, our two countries can cooperate. Japan is a technological power, and Taiwan also has significant technological strengths. If Taiwan and Japan work together, we will not only be able to safeguard peace and stability in the Taiwan Strait and security in the Indo-Pacific region, but it will also be very helpful for the industrial development of both countries. Q: The drones you just described probably include examples from the Russo-Ukrainian War. Taiwan and China are separated by the Taiwan Strait. Do our drones need to have cross-sea flight capabilities? President Lai: Taiwan does not intend to counterattack the mainland, and does not intend to invade any country. Taiwan’s drones are meant to protect our own nation and territory. Q: Former President Biden previously stated that US forces would assist Taiwan’s defense in the event of an attack. President Trump, however, has yet to clearly state that the US would help defend Taiwan. Do you think that in such an event, the US would help defend Taiwan? Or is Taiwan now trying to persuade the US? President Lai: Former President Biden and President Trump have answered questions from reporters. Although their responses were different, strong cooperation with Taiwan under the Biden administration has continued under the Trump administration; there has been no change. During President Trump’s first term, cooperation with Taiwan was broader and deeper compared to former President Barack Obama’s terms. After former President Biden took office, cooperation with Taiwan increased compared to President Trump’s first term. Now, during President Trump’s second term, cooperation with Taiwan is even greater than under former President Biden. Taiwan-US cooperation continues to grow stronger, and has not changed just because President Trump and former President Biden gave different responses to reporters. Furthermore, the Trump administration publicly stated that in the future, the US will shift its strategic focus from Europe to the Indo-Pacific. The US secretary of defense even publicly stated that the primary mission of the US is to prevent China from invading Taiwan, maintain stability in the Indo-Pacific, and thus maintain world peace. There is a saying in Taiwan that goes, “Help comes most to those who help themselves.” Before asking friends and allies for assistance in facing threats from China, Taiwan must first be determined and prepared to defend itself. This is Taiwan’s principle, and we are working in this direction, making all the necessary preparations to safeguard the nation. Q: I would like to ask you a question about Taiwan-Japan relations. After the Great East Japan Earthquake in 2011, you made an appeal to give Japan a great deal of assistance and care. In particular, you visited Sendai to offer condolences. Later, you also expressed condolences and concern after the earthquakes in Aomori and Kumamoto. What are your expectations for future Taiwan-Japan exchanges and development? President Lai: I come from Tainan, and my constituency is in Tainan. Tainan has very deep ties with Japan, and of course, Taiwan also has deep ties with Japan. However, among Taiwan’s 22 counties and cities, Tainan has the deepest relationship with Japan. I sincerely hope that both of you and your teams will have an opportunity to visit Tainan. I will introduce Tainan’s scenery, including architecture from the era of Japanese rule, Tainan’s cuisine, and unique aspects of Tainan society, and you can also see lifestyles and culture from the Showa era.  The Wushantou Reservoir in Tainan was completed by engineer Mr. Hatta Yoichi from Kanazawa, Japan and the team he led to Tainan after he graduated from then-Tokyo Imperial University. It has nearly a century of history and is still in use today. This reservoir, along with the 16,000-km-long Chianan Canal, transformed the 150,000-hectare Chianan Plain into Taiwan’s premier rice-growing area. It was that foundation in agriculture that enabled Taiwan to develop industry and the technology sector of today. The reservoir continues to supply water to Tainan Science Park. It is used by residents of Tainan, the agricultural sector, and industry, and even the technology sector in Xinshi Industrial Park, as well as Taiwan Semiconductor Manufacturing Company. Because of this, the people of Tainan are deeply grateful for Mr. Hatta and very friendly toward the people of Japan. A major earthquake, the largest in 50 years, struck Tainan on February 6, 2016, resulting in significant casualties. As mayor of Tainan at the time, I was extremely grateful to then-Prime Minister Abe, who sent five Japanese officials to the disaster site in Tainan the day after the earthquake. They were very thoughtful and asked what kind of assistance we needed from the Japanese government. They offered to provide help based on what we needed. I was deeply moved, as former Prime Minister Abe showed such care, going beyond the formality of just sending supplies that we may or may not have actually needed. Instead, the officials asked what we needed and then provided assistance based on those needs, which really moved me. Similarly, when the Great East Japan Earthquake of 2011 or the later Kumamoto earthquakes struck, the people of Tainan, under my leadership, naturally and dutifully expressed their support. Even earlier, when central Taiwan was hit by a major earthquake in 1999, Japan was the first country to deploy a rescue team to the disaster area. On February 6, 2018, after a major earthquake in Hualien, former Prime Minister Abe appeared in a video holding up a message of encouragement he had written in calligraphy saying “Remain strong, Taiwan.” All of Taiwan was deeply moved. Over the years, Taiwan and Japan have supported each other when earthquakes struck, and have forged bonds that are family-like, not just neighborly. This is truly valuable. In the future, I hope Taiwan and Japan can be like brothers, and that the peoples of Taiwan and Japan can treat one another like family. If Taiwan has a problem, then Japan has a problem; if Japan has a problem, then Taiwan has a problem. By caring for and helping each other, we can face various challenges and difficulties, and pursue a brighter future. Q: President Lai, you just used the phrase “If Taiwan has a problem, then Japan has a problem.” In the event that China attempts to invade Taiwan by force, what kind of response measures would you hope the US military and Japan’s Self-Defense Forces take? President Lai: As I just mentioned, annexing Taiwan is only China’s first step. Its ultimate objective is to change the rules-based international order. That being the case, China’s threats are an international problem. So, I would very much hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war – prevention, after all, is more important than cure.

    MIL OSI Asia Pacific News

  • MIL-OSI Economics: Jerome H Powell: Opening remarks

    Source: Bank for International Settlements

    Thank you, Beth Anne.

    I want to start by offering my condolences to the family and friends of former Vice Chair Stanley Fischer. Stan was a colleague of ours at the Fed, and a giant in the field of international economics. In addition to reaching the highest levels of the field in his own right, he was a trusted and generous mentor and teacher to a generation of the most important economic thinkers, including many heads of global central banks, advisers to presidents, and countless economists. We will miss him.

    Congratulations to Division of International Finance (IF) on 75 years of outstanding work in service to the Federal Reserve Board and, by extension, to all Americans. Many current staff members are here to celebrate today, as well as a number of IF alumni, including past division directors Ted Truman, Karen Johnson, Nathan Sheets, and Steve Kamin. The division has produced many other notable alums, including Chair and Secretary Janet Yellen; professor, author, chess grandmaster, and our keynote speaker, Ken Rogoff; and humanitarian and economist Albert Hirschman, famous for the Herfindahl–Hirschman Index and more recently as a character in Netflix’s Transatlantic, to name just a few.

    In my time at the Fed, the IF division has provided invaluable insight into global economic activity, international trade and capital flows, and developments in foreign financial markets. Division staff have also played a key role during episodes of global financial stress. And your research and analysis are critical inputs into our monetary policy decisions. Thank you to all that have served in this division over the past 75 years. Today I will kick off this conference by briefly reviewing why the division was created and highlighting a few of its many accomplishments over the years, before turning you over to a robust set of presentations and panels.

    New Era for Global Economy

    The IF division was created on July 1, 1950, but the idea began to germinate a few years earlier. The U.S. emerged from World War II as a global economic superpower. The Bretton Woods Agreement placed the U.S., and the Fed, in a central position in the global economy. Our mission then, as it is now, was to serve the American people. But it was clear at that moment that the Fed needed to have better knowledge of global developments to achieve our dual-mandate goals.

    A 1948 memo proposing to create this division stated, “Problems of international economics and finance have become increasingly large, complex, and significant in recent years, and our foreign economic relations will undoubtedly continue to give rise to issues of the first magnitude.” That is the rare economic forecast that turned out to be spot on!

    Seventy-five years later, it remains critical that the Fed understand the policies and practices of other governments and central banks, and their implications for the U.S. economy and financial markets. Exchange rate policy, of course, is now firmly in the hands of the U.S. Treasury. However, the end of the Bretton Woods era in the 1970s fundamentally changed the conduct of monetary policy, as policymakers had to understand the effects of potentially more volatile movements of the U.S. dollar on American families and businesses.

    Understanding global trade and capital movements has only grown in importance since 1950, as we saw during the pandemic. The IF division helps produce the data on international capital flows, and has spent decades researching the effects of these flows and international trade on U.S. and foreign economies. Understanding this complex and interconnected web is essential for us to anticipate the path of employment and inflation.

    Another important development in the 1970s was the increasing use of macroeconomic modeling, which greatly influenced the division’s work. Under the direction of former Division Director Ralph Bryant, IF developed its first multicountry model. Always on the forefront, over the years, economists in the division-many of whom are in this room today-developed increasingly sophisticated models, with each new generation expanding the capability to tackle the international risks and issues of the day. These models have proven useful for understanding how international shocks transmit through the economy and financial markets, for assessing risks and uncertainties through alternative scenarios, and for better comprehending the implications of various shocks for the U.S. and global economy. The results have informed research papers, Board memos and briefings, as well as the risks and uncertainty assessment that Federal Open Market Committee members receive in advance of every meeting.

    Prepared for Crisis

    The IF division has also played an important role in responding to global economic turbulence. A prime example is the Latin American debt crisis of the 1980s. That episode required analytical thinking about the macroeconomic repercussions of the crisis as it played out around the world. Work by division, and by the International Monetary Fund and other institutions, led to the establishment of emergency facilities to prevent more dire financial outcomes. As global capital flows increased, other episodes of financial distress surfaced across the world, including in Mexico, Asia, and Russia. International capital flows and spillovers became, and remain, a recurrent feature in the division’s analytical and monitoring work.

    The expertise generated through study and response to those global challenges proved invaluable when stress hit closer to home during the Global Financial Crisis and the pandemic. Both of those events required immediate, broad, and, in many cases, unprecedented responses to avoid disrupting the availability of credit to American households and businesses. The nation, and the world, looked to the Federal Reserve to lead in these moments. During the Global Financial Crisis, when global funding markets came under stress, the IF division worked to establish swap line arrangements with several major central banks that helped restore stability in U.S. dollar funding markets. And during the pandemic, the IF division helped lead efforts to expand the provision of dollar liquidity by setting up the FIMA Repo Facility.1

    These periods of acute financial stress and uncertainty prompted the division to develop new tools and analytical products that could be used to understand and respond to the events unfolding on the ground. For instance, the division has devised new methods to measure and assess the effect of various types of uncertainty on economic activity, including new indexes that were built to track geopolitical risk, inflation, trade policy, and economic uncertainty. As we continue to navigate the current period of heightened uncertainty, this work is critical to understanding the quantitative implications of uncertainty shocks.

    Conclusion

    I will conclude by saying that, for 75 years, nine Fed chairs and countless Board members have greatly benefited from the guidance and counsel of IF staff-and not just when responding to crisis. This team helps assure we are well prepared for our international engagements, by providing detailed materials ahead of time and often by traveling with us. IF staff are always welcome and productive companions. In these and other endeavors, we benefit from the robust relationships you establish and maintain with our global counterparts.

    Thank you to Beth Anne and all the staff here that organized this wonderful event. And, finally, thank you again to all the current and former IF staff for what you have done and continue to do to help us be a globally knowledgeable and responsive central bank, so that we can deliver on our dual mandate for all Americans.


    MIL OSI Economics

  • MIL-Evening Report: Extreme weather events have slowed economic growth, adding to the case for another rate cut

    Source: The Conversation (Au and NZ) – By Stella Huangfu, Associate Professor, School of Economics, University of Sydney

    Australia’s economy slowed sharply in the March quarter, growing by just 0.2% as government spending slowed and extreme weather events dampened demand. That followed an increase of 0.6% in the previous quarter.

    The national accounts report from the Australian Bureau of Statistics (ABS) showed annual growth steady at 1.3%, below market forecasts for an improvement to 1.5%.

    The result is also weaker than the Reserve Bank of Australia’s forecasts.

    The ABS said: “Extreme weather events further dampened domestic demand and reduced exports”, with the impact particularly evident in mining, tourism and shipping.

    This report on Gross Domestic Product (GDP) will be a key consideration for the Reserve Bank’s next meeting on July 7–8, helping shape its decision on whether to cut rates again. In May, the central bank cut the cash rate by 0.25% to 3.85%.

    On balance, the softer than expected pace of growth makes another rate cut in July a bit more likely.

    Private demand drives growth as public spending slumps

    Household spending slowed to 0.4% in the quarter from 0.7%. Essential spending led the way, with a sharp 10.2% rise in electricity costs due to a warmer-than-usual summer and reduced electricity bill rebates. Food spending also increased as Queenslanders stocked up ahead of Tropical Cyclone Alfred.

    Investment also contributed to growth, though its composition shifted. Private investment rose 0.7%, driven by a rebound in house building and strong non-dwelling construction, particularly in mining and electricity projects. But business investment in equipment and machinery slumped.

    Public investment fell 2.0%, ending a run of positive growth since September 2024. This decline, which detracted 0.1 percentage points from GDP, reflected the completion or delay of energy, rail and road projects.

    “Public spending recorded the largest detraction from growth since the September quarter 2017”, the ABS said.

    Disappointing trade performance

    Exports unexpectedly became the main drag on growth in the March quarter, marking a sharp turnaround from December 2024.

    Total exports fell 0.8%, led by a drop in services – particularly travel – due to weaker foreign student arrivals and lower spending. Goods exports also declined as bad weather disrupted coal and natural gas shipments, and demand from key markets like China and Japan softened.

    The growth outlook is soft

    Given the weaker-than-expected growth in the March quarter, Australia’s economic outlook remains soft.

    A disappointing sign in the report was another fall in GDP per head of population, known as GDP per capita. This measure declined by 0.2%, after just one quarterly rise and seven previous quarters of a “per capita recession”, when population growth outpaces economic growth.

    The household saving rate continue to rise in the March quarter, back to pre-COVID levels at 5.2%. This is because income grew faster than spending, and households remain cautious amid economic uncertainty. Additional government support also boosted savings.

    The economic slowdown reflects weak household spending and a notable pullback in public sector investment. With domestic demand under strain, short-term growth prospects appear limited as the economy continues to adjust to past interest rate hikes and the early effects of the recent cuts.

    The Reserve Bank began cutting official rates in February – its first move after 13 consecutive hikes between May 2022 and November 2023 – but the impact has yet to flow through. The next GDP figures, due on September 3, will offer a clearer picture of how the February and May rate cuts are shaping the recovery.

    Trade tensions add uncertainty

    Global conditions have become more unsettled, with rising trade tensions and shifting geopolitical alliances putting pressure on international trade. Renewed tariff threats – particularly from the US – are disrupting global supply chains. For export-reliant Australia, this increases the risk of weaker trade volumes and greater exposure to external shocks.

    At the same time, China’s post-pandemic recovery is losing momentum, dragged down by weak consumer demand and a struggling property sector.

    Given Australia’s close trade ties with China, any sustained slowdown there poses a clear threat to export earnings and broader economic growth. Together, these global headwinds are adding to the uncertainty surrounding Australia’s economic outlook.

    A balancing act on rates

    With demand soft and the economy losing momentum, the Reserve Bank may cut interest rates again at its July meeting to help boost growth. Key sectors like household spending, public services and mining have been under pressure. A further rate cut could support confidence and encourage more spending.

    However, the monthly inflation report for April adds uncertainty. While headline inflation held steady at 2.4% over the year to April, underlying measures ticked higher.
    The monthly rate excluding volatile items such as fuel and fresh food rose to 2.8%, up from 2.6%. That suggests price pressures are becoming more widespread.

    These mixed signals leave the RBA facing a delicate balancing act. Upcoming data, particularly the employment report on June 19 and the May monthly inflation indicator on June 25, will be critical in determining whether inflation is easing enough to justify another cut or showing signs of persistence that call for caution.

    The Conversation

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

    ref. Extreme weather events have slowed economic growth, adding to the case for another rate cut – https://theconversation.com/extreme-weather-events-have-slowed-economic-growth-adding-to-the-case-for-another-rate-cut-257962

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Asia-Pac: President Lai welcomes President Hilda C. Heine of Republic of the Marshall Islands with military honors  

    Source: Republic of China Taiwan

    Details
    2025-05-29
    President Lai attends 2025 Europe Day Dinner
    On the evening of May 29, President Lai Ching-te attended the 2025 Europe Day Dinner. In remarks, President Lai stated that Taiwan looks forward to further establishing institutionalized mechanisms with Europe for our trade and investment ties and hopes to take an innovative and diverse approach to sign an economic partnership agreement with the European Union, to provide a more transparent, stable, and predictable business environment for our enterprises. The president said that Taiwan will actively work alongside other democracies, including those in Europe, to jointly build resilient, promising non-red supply chains, and noted that Taiwan and Europe have endless potential for collaboration, whether it is in safeguarding freedom and democracy or advancing our economic and trade relationship. He expressed hope to further strengthen our partnership and work together toward global peace, stability, and prosperity. A transcript of President Lai’s remarks follows: Chairman [Henry] Chang (張瀚書), thank you for the invitation, and congratulations on your second term. I’m confident that under your leadership, the ECCT [European Chamber of Commerce Taiwan] will build even more bridges for cooperation between Taiwan and Europe. I would also like to thank EETO [European Economic and Trade Office] Head [Lutz] Güllner and all the European country representatives stationed in Taiwan. Your hard work over the years has helped deepen Taiwan-Europe relations and brought about such fruitful cooperation. Thank you. This year we celebrate the 75th anniversary of the Schuman Declaration. In 1950, then-French Foreign Minister Robert Schuman proposed to create a European federation dedicated to preserving peace. The declaration symbolized a new flowering in the post-war era of democracy, unity, and cooperation. As we face the geopolitical challenges and drastic economic changes of today’s world, the Schuman Declaration still speaks to us profoundly. This year is also the 80th anniversary of the end of World War II in Europe. Moving forward, Taiwan will continue to advance cooperation with our democratic partners, and will join hands with Europe to build a partnership of even greater resilience and mutual trust. Europe is Taiwan’s third largest trading partner. It is also Taiwan’s largest source of foreign direct investment. Last year, bilateral trade between Taiwan and Europe totaled US$84.7 billion. This demonstrates our vibrant economic and trade ties and reflects the high levels of confidence our businesses have in each other’s markets and systems. We look forward to Taiwan and Europe further establishing institutionalized mechanisms for our trade and investment ties. And we hope to take an innovative and diverse approach to sign an economic partnership agreement with the EU, to provide a more transparent, stable, and predictable business environment for our enterprises. Today’s Taiwan has an internationally recognized democracy and a semiconductor industry vital to global security and prosperity. This enables us to play a key role in restructuring global democratic supply chains and the economic order. In particular, we see supply chains dominated by a new authoritarian bloc expanding their influence through non-market mechanisms, price subsidies, and monopolies on resources, as they seek global control of critical technologies and manufacturing capabilities. Their actions not only distort principles of market fairness, but also threaten the international community’s basic expectations for democracy, the rule of law, and corporate responsibility. In response, Taiwan will actively work alongside other democracies, including those in Europe, to jointly build resilient, promising non-red supply chains. We will also introduce an initiative on semiconductor supply chain partnerships for global democracies. This is more than a proposal for economic cooperation; it is an alliance of shared values and advanced technology. Security in the Taiwan Strait and regional peace and stability have always been issues of mutual interest for Taiwan and Europe. So here today, on behalf of all the people of Taiwan, I would like to thank the EU and European nations for continuing to take concrete actions in public support of peace and stability across the strait. Such actions are vital to regional security and prosperity. Taiwan will continue to bolster itself to achieve real peace through strength, and will work with democratic partners to safeguard freedom and democracy, thereby showing our determination for regional peace. At this critical time, Taiwan and Europe have endless potential for collaboration, whether it’s in safeguarding freedom and democracy or advancing our economic and trade relationship. I look forward to our joining hands at this strategic juncture to further strengthen our partnership and work together toward global peace, stability, and prosperity. Also in attendance at the event was British Office Taipei Representative Ruth Bradley-Jones.

    Details
    2025-05-28
    President Lai meets US delegation led by Senator Tammy Duckworth
    On the afternoon of May 28, President Lai Ching-te met with a delegation led by United States Senator Tammy Duckworth. In remarks, President Lai thanked the US Congress and government for their longstanding and bipartisan support for Taiwan. The president stated that Taiwan will continue to strengthen cooperation with the US and jointly safeguard regional peace and stability. He pointed out that the Taiwan government has already proposed a roadmap for deepening Taiwan-US trade ties and will encourage mutual investment between Taiwanese and US businesses. He then expressed hope of deepening Taiwan-US ties and creating more niches for both sides. A translation of President Lai’s remarks follows: I warmly welcome this delegation led by Senator Duckworth, a dear friend of Taiwan. Senator Duckworth previously visited in May last year to convey congratulations after the inauguration of myself and Vice President Bi-khim Hsiao. Your bipartisan delegation was the first group from the US Senate that I met with as president. Today, you are visiting just after the first anniversary of my taking office, demonstrating the staunch support of the US and our deep friendship. On behalf of the people of Taiwan, I extend my sincere appreciation and greetings. And I invite you to come back and visit next year, the year after that, and every year. Taiwan and the US share the values of democracy and the rule of law and believe in free and open markets. Both sides embrace a common goal of peace, stability, and prosperity in the Indo-Pacific region. I thank the US Congress and government for their longstanding, bipartisan, and steadfast support for Taiwan. In 2021, to help Taiwan overcome the challenges of the COVID-19 pandemic, Senator Duckworth made a special trip here to announce that the US government would be donating vaccines to Taiwan. In recent years, Senator Duckworth has also promoted the TAIWAN Security Act, STAND with Taiwan Act, and Taiwan and America Space Assistance Act in the US Congress, all of which have further deepened Taiwan-US cooperation and steadily advanced our ties. For this, I express my deepest appreciation. I want to emphasize that the people of Taiwan have an unyielding determination to protect their homeland and free and democratic way of life. Over the past year, the government and private sector have been working together to enhance Taiwan’s whole-of-society defense resilience. The government is committed to reforming national defense, and it has proposed prioritizing special budget allocations to ensure that our defense budget exceeds three percent of GDP. This will continue to bolster Taiwan’s self-defense capabilities. Moving forward, Taiwan will continue to strengthen cooperation with the US. In addition to jointly safeguarding regional peace and stability, we also aspire to deepen bilateral trade and economic ties. At the SelectUSA Investment Summit in Washington, DC, earlier this month, Taiwan’s delegation was once again the biggest delegation attending the event – proof positive of our close economic and trade cooperation. We have already proposed a roadmap for deepening Taiwan-US trade ties. We will narrow the trade imbalance through the procurement of energy and agricultural and other industrial products from the US. We will encourage mutual investment between Taiwanese and US businesses to stimulate industrial development on both sides, especially in such industries as national defense and shipbuilding. We therefore look forward to Congress passing the US-Taiwan Expedited Double-Tax Relief Act as soon as possible, as this would deepen Taiwan-US trade ties and create more niches for business. In closing, I once again thank Senator Duckworth for making the trip to Taiwan. Let us continue to work together to elevate Taiwan-US ties. I wish you a pleasant and successful visit. Senator Duckworth then delivered remarks, saying that she is happy to be back in Taiwan and that she wanted to make sure to come back just after President Lai’s one-year anniversary of taking office to show the dedication and the outstanding friendship that we have. She noted that because no matter who is in the White House, no matter which political party is in power in Washington, DC, she has always believed that if America wants to remain a leader on the global stage, it has to show up for friends like Taiwan.  Senator Duckworth mentioned that in the years that she has been coming to Taiwan since pre-COVID times, she has seen a remarkable increase in participation in its defense and the support of the Taiwanese people for defending the homeland. She then thanked Taiwan for making the commitment to its self-defense, and also for being a partner with other nations around the world.  The STAND with Taiwan Act, the senator noted, is so named because the US wants to stand side by side with Taiwan. Pointing out that Taiwan is an important leader in the Indo-Pacific and on the global stage, she reiterated that there is support on both sides of the aisle in Washington for Taiwanese democracy, and added that the people of Taiwan are showing that they are willing to shore up their own readiness. Senator Duckworth said that whether it is delivering vaccines to Taiwan or making sure that the US National Guard works with Taiwan’s reserve forces or even with its civilian emergency response teams, these are all important components to the ongoing partnership between our nations.  Senator Duckworth indicated that there are many great opportunities moving forward beyond our military cooperation with one another. Whether it is in chip manufacturing, agricultural investments, shipbuilding, or in the healthcare field, those investments in both nations will facilitate stability and development in both our nations. She said that is why she wants to continue the Taiwan-US relationship, underlining that they are in it for the long haul. The delegation was accompanied to the Presidential Office by American Institute in Taiwan Taipei Office Director Raymond Greene.

    Details
    2025-05-27
    President Lai meets delegation led by US House Natural Resources Committee Chair Bruce Westerman
    On the afternoon of May 27, President Lai Ching-te met with a delegation led by Chair of the Natural Resources Committee of the United States House of Representatives Bruce Westerman. In remarks, President Lai stated that Taiwan and the US enjoy close industrial exchanges and continue to explore new opportunities for investment and collaboration. The president said that Taiwan will continue to increase purchases from and together build non-red supply chains with the US, expressing hope that economic and trade relations grow even closer and that both work together to jointly safeguard peace and stability throughout the region. A translation of President Lai’s remarks follows: I am delighted to meet and exchange views with members of the US House Committee on Natural Resources today. Chair Westerman, the leader of this delegation, is an old friend of Taiwan. On behalf of the people of Taiwan, I extend a very warm welcome to the delegation. I also want to thank you all for your long-term close attention to Taiwan-related affairs and your strong support for Taiwan. Taiwan and the US enjoy close ties and share ideals and values. There is an excellent foundation for cooperation between us, particularly in such areas as energy, the economy and trade, agriculture and fisheries, environmental protection, and sustainable development. In recent years, Taiwan-US ties have grown closer and closer. The US has become Taiwan’s largest destination for overseas investment, accounting for over 40 percent of Taiwan’s outbound investment. Taiwan is also the seventh largest trading partner of the US and its seventh largest export market for agricultural products. The SelectUSA Investment Summit held in Washington, DC earlier this month was the largest in its history. Taiwan’s delegation, representing 138 enterprises, was once again the biggest delegation attending the event. This shows that Taiwan and the US enjoy close industrial exchanges and continue to explore new opportunities for investment and collaboration. Looking ahead, with the global landscape changing rapidly, Taiwan will continue to increase purchases from the US, including energy resources such as natural gas and petroleum, as well as agricultural products, industrial products, and even military procurement. This will not only help balance our bilateral trade, but also strengthen development for Taiwan in energy autonomy, resilience, the economy, and trade. Taiwan and the US are also well-matched in such areas as high tech and manufacturing. As the US pursues reindustrialization and aims to become a global hub for AI, Taiwan is willing to take part and play an even more important role. We will strengthen Taiwan-US industrial cooperation and together build non-red supply chains. In addition to bringing our economic and trade relations even closer, this will also allow Taiwanese industries to remain rooted in Taiwan while expanding their global presence, helping bolster the US, and marketing worldwide. As for military exchanges, we are grateful to the US government for continuing its military sales to Taiwan and backing our efforts to upgrade our self-defense capabilities. Taiwan will continue to work with the US to jointly safeguard peace and stability throughout the region. In closing, I thank our guests once again for making the long journey here, not only offering warm friendship, but also demonstrating the staunch bipartisan support for Taiwan in the US Congress. Chair Westerman then delivered remarks, saying that it is an honor for him and his colleagues to be in Taiwan to talk about the strong relationship between the US and Taiwan and how that relationship can continue to grow in the future. The chair pointed out that natural resources are foundational to any kind of economic development, whether it is energy, which is key to manufacturing, or whether it is mining, which provides rare earth elements and all the minerals and metals needed for manufacturing. He said that as for natural resources including fish, wildlife, or timber, all are foundational to any society, but this is especially so for agriculture, noting that the US produces a lot of food and fodder and is always looking for more friends to share that with. Chair Westerman indicated that they are excited about opportunities to work with Taiwan, adding that Taiwan’s investments in the US have been greatly appreciated. He said they also are excited about the talks with the Trump administration and the future going forward on how we can have a stronger trade relationship, a stronger bilateral relationship, and how we can work with each other to help both economies grow and prosper. Chair Westerman concluded his remarks by expressing thanks for the opportunity to visit, saying that they treasure Taiwan’s friendship and our long-term relationship, and are very excited to be able to discuss in more detail how our two countries can work together. The delegation also included US House Natural Resources Committee Representatives Sarah Elfreth, Harriet Hageman, Celeste Maloy, and Nick Begich. The delegation was accompanied to the Presidential Office by American Institute in Taiwan Taipei Office Director Raymond Greene.  

    Details
    2025-05-27
    President Lai meets and hosts luncheon for delegation led by Governor Lourdes A. Leon Guerrero of Guam
    On the morning of May 27, President Lai Ching-te met with a delegation led by Governor Lourdes A. Leon Guerrero of Guam and her husband, and hosted a luncheon for the delegation at noon. In remarks, President Lai noted that this is the governor’s first trip to Taiwan, fully demonstrating the Guam government’s support and high regard for Taiwan. The president said that Guam, being the closest United States territory to Taiwan, is an important bridge for collaboration between Taiwan and the US. He stated that aside from promoting tourism, we can also explore even more opportunities for collaboration in other areas to further advance industrial development for both sides. He said that, as we begin a new chapter, we look forward to working together to generate even more momentum in bilateral cooperation and exchanges. A translation of President Lai’s remarks follows: On behalf of the people of Taiwan, I extend a warm welcome to Governor Leon Guerrero and her delegation. Last year, I transited through Guam en route for visits to Taiwan’s diplomatic allies in the Pacific. The enthusiastic reception I received from the government, legislature, people, and members of our overseas community in Guam was very touching and left me with a deep impression. During the morning tea reception hosted by Governor Leon Guerrero, we joined in singing our respective national anthems, as well as the Fanohge CHamoru. I also received at the Guam Legislature a copy of a Taiwan-friendly resolution it passed on behalf of the people of Taiwan. And I still remember to this day the striking scenery of the governor’s house and the warm reception I received there. It is therefore a great pleasure to meet with all of you today here at the Presidential Office. This is Governor Leon Guerrero’s first trip to Taiwan. Your visit fully demonstrates the Guam government’s support and high regard for Taiwan. As we begin a new chapter, we look forward to working with you to generate even more momentum in bilateral cooperation and exchanges. Taiwan and Guam are like family. We share the Austronesian spirit and culture. Our wide-ranging and mutually-beneficial collaboration is very fruitful. And now, we are facing the challenges of climate change, public health and medicine, and regional security together. The world is rapidly changing and tensions in the Indo-Pacific continue to rise. But if we combine our strengths, come together as one, and enhance cooperation, we can maintain regional peace, stability, and prosperity. Last Tuesday, I delivered an address on my first anniversary of taking office. I mentioned that for many years, Taiwan, the US, and our democratic partners have actively engaged in exchange and cooperation. Taking a market-oriented approach, we will promote an economic path of staying firmly rooted in Taiwan and expanding the global presence of our enterprises while strengthening ties with the US. Guam is the closest US territory to Taiwan. It is an important bridge for collaboration between Taiwan and the US. Last month, we were pleased to see United Airlines officially launch direct flights between Taipei and Guam. I believe this will benefit tourism and economic and trade exchanges for both sides. In the area of health care, many hospitals in Taiwan already offer referral services to patients from Guam. Both Governor Leon Guerrero and I have backgrounds in medicine. It is my hope that Taiwan and Guam can continue to work hand in hand to create even more positive outcomes from cooperation in public health and medical services. During the governor’s visit, aside from promoting tourism, we can also explore even more opportunities for collaboration in other areas. There is potential for more exchanges in aquaculture, food processing, hydroculture, manufacturing, pharmaceuticals, and recycling. This will further advance industrial development in Taiwan and Guam. In closing, I thank Governor Leon Guerrero and all our distinguished guests for backing Taiwan. I wish you all a smooth and successful visit.  Governor Leon Guerrero then delivered remarks, saying that she is very happy to come to Taiwan. She said that after learning during President Lai’s visit to Guam last year that he is a medical doctor, she felt more relaxed because healthcare colleagues are one in their endeavor to help enhance the health and well-being of people. She then expressed her heartfelt appreciation for the invitation to Taiwan.  Governor Leon Guerrero said that as they learn more about opportunities for collaboration with Taiwan, they are humbled by the hospitality they have experienced. In both of our islands, she said, hospitality is more than just a custom – it forms a part of our identities. She noted that despite being nearly 2,000 miles apart, we are connected by the Pacific Ocean and common roots, and our ancestors both value family, community, and tradition. That is why being here today, she said, she feels a strong sense of familiarity, like reconnecting with old friends. The governor remarked that Taiwan has evolved so quickly in all areas of essential life, sustenance, economy, and prosperity, adding that Taiwan’s resources in such areas as health, education, data, AI, advanced technology, aquaculture, agriculture, and commerce enhance our economic stability. She stated her belief that in collaboration and support, and working with each other, we can gain prosperity, maintain freedom and democracy, and live in peace.  Governor Leon Guerrero stated that their delegation is here to see how they can partner with Taiwan to help raise the quality of life for both our peoples, mentioning that one special concern of theirs is tourism. Tourism, she said, is the most influential engine and driver for the economy and quality of life in Guam, but they cannot have a vibrant economy and tourism without air connectivity. She added that they are prepared to help in any way to provide incentives and low-cost fees so that they can get more airlines from Taiwan to establish permanent flight schedules to Guam, so as to drive development in Guam’s tourism industry. Governor Leon Guerrero then proceeded to introduce each of the members of her delegation before remarking that while they have been very busy on this visit they are always reminded of the freedom and democracy that the people must protect. She said she looks forward to a great, strong relationship between Taiwan and Guam in cooperation on social and economic issues, in culture, marketing, tourism, and freedom and democracy. Among those in attendance were First Gentleman Jeffrey A. Cook, Chief of Staff Jon Junior Calvo, Director of the Department of Administration Edward Birn, General Manager of the Guam Visitors Bureau Regine Biscoe Lee, Deputy Executive Manager of the Guam International Airport Authority Artemio “Ricky” Hernandez, Board of Directors Chairman of the Guam International Airport Authority Brian J. Bamba, Deputy General Manager of the Guam Economic Development Authority Carlos Bordallo, Director of Landscape Management Systems Guam Bob Salas, Chairperson of the Guam Chamber of Commerce Tae Oh, President of the University of Guam Anita Borja Enriquez, and Director of the Guam Taiwan Office Felix Yen (嚴樹芬). After the meeting, President Lai, accompanied by Vice President Bi-khim Hsiao, hosted a luncheon for Governor Leon Guerrero, her husband, and the delegation.

    Details
    2025-05-27
    President Lai meets delegation from European Parliament
    On the morning of May 27, President Lai Ching-te met with a delegation from the European Parliament. In remarks, President Lai thanked the European Parliament for continuing to pay close attention to peace and stability across the Taiwan Strait and voice support for Taiwan. The president expressed hope for an even closer relationship and diversified cooperation between Taiwan and the European Union. The president said that Taiwan and the EU can work together in such areas as semiconductors, AI, and green energy to create more resilient supply chains for global democracies and contribute to global prosperity and development. A translation of President Lai’s remarks follows: I warmly welcome our guests to the Presidential Office. After being elected last year, MEPs Reinis Pozņaks and Beatrice Timgren are making their first visits to Taiwan, demonstrating support for Taiwan through concrete action. On behalf of the people of Taiwan, I extend my sincerest welcome and appreciation. I would also like to take this opportunity to thank the European Parliament for continuing to pay close attention to peace and stability across the Taiwan Strait. Just last month, the European Parliament adopted resolutions with regard to annual reports on the implementation of the European Union’s Common Foreign and Security Policy and Common Security and Defence Policy. These resolutions reaffirmed the EU’s steadfast commitment to maintaining the status quo across the Taiwan Strait. The European Parliament also condemned China for continuing to take provocative military actions against Taiwan and emphasized that Taiwan is a key democratic partner in the Indo-Pacific region. It called on the EU and its member states to continue working closely with Taiwan to strengthen economic, trade, and investment ties. Once again, I thank the European Parliament for voicing support for Taiwan. Just as MEPs Pozņaks and Timgren are visiting Taiwan to strengthen Taiwan-EU exchanges, our Minister of Economic Affairs Kuo Jyh-huei (郭智輝) also led a delegation to Europe last year, marking the first in-person dialogue between high-ranking economic and trade officials of Taiwan and the EU. Moving ahead, we look forward to bringing Taiwan-EU ties even closer and to diversifying our cooperation. The EU is Taiwan’s largest source of foreign investment. Both sides are highly complementary in such areas as semiconductors, AI, and green energy. Through our joint efforts, we can create more resilient supply chains for global democracies and further contribute to global prosperity and development. Looking ahead, I hope that MEPs Pozņaks and Timgren will continue to make the case in the European Parliament for the signing of a Taiwan-EU economic partnership agreement. This would not only yield mutually beneficial development, but also consolidate economic security and boost international competitiveness for both sides. In closing, I am sure that you will gain a deeper understanding of Taiwan through this visit. Please feel welcome to come back as often as possible as we continue to elevate Taiwan-EU ties.  MEP Pozņaks then delivered remarks, saying that it is a great honor to be here and thanking everybody involved in arranging this trip that allows them the opportunity to better know Taiwan. He added that it is definitely not the last time they will be here, as Taiwan is a very beautiful country. MEP Pozņaks mentioned that he comes from Latvia, and despite their being on the other side of the world, they know how the Taiwanese people feel, because they also have a big neighbor who is claiming that Latvia belongs to them. Unfortunately, he said, there is already war in Europe, but he is confident that their situation is similar to Taiwan’s, adding that they have a neighbor who uses disinformation attacks. MEP Pozņaks said that we live in very challenging times, and that our choices will define the future of the world, asking whether it will be a world where the rule of law prevails or where physical power and aggression succeeds. Coming from a small country, he said he clearly understands that for them there is no other possibility; they must protect the world where the rule of law prevails. That is why now, he emphasized, it is very crucial for all democracies around the world to stick together to protect our freedoms, values, and democracy. MEP Timgren then delivered remarks, thanking President Lai for meeting with them and saying it is a big honor. Noting that they arrived here two days ago and that while she really loves Taiwan, its food, and the good weather, she stated that the reason they are here is because of the values that we share, our good relationships, and solidarity with other democratic countries in the world, which is important for them in Europe and in Sweden. MEP Timgren, referring to MEP Pozņaks’s earlier remarks, said that they face a big threat from Russia that is discernible even in the European Parliament. Actually, she pointed out, there is a war inside Europe that shows us how important it is that we support one another. She said that the Russian people thought it would be easy to take over Ukraine, but it was not, because all European countries stepped up and provided weapons and support. And that is why, MEP Timgren said, it is important that democratic countries maintain good relationships and let China and Russia see that we have good relationships, because a part of defense is solidarity. In closing, she expressed her gratitude for having the honor to be here in this beautiful country.

    Details
    2025-05-20
    President Lai interviewed by Nippon Television and Yomiuri TV
    In a recent interview on Nippon Television’s news zero program, President Lai Ching-te responded to questions from host Mr. Sakurai Sho and Yomiuri TV Shanghai Bureau Chief Watanabe Masayo on topics including reflections on his first year in office, cross-strait relations, China’s military threats, Taiwan-United States relations, and Taiwan-Japan relations. The interview was broadcast on the evening of May 19. During the interview, President Lai stated that China intends to change the world’s rules-based international order, and that if Taiwan were invaded, global supply chains would be disrupted. Therefore, he said, Taiwan will strengthen its national defense, prevent war by preparing for war, and achieve the goal of peace. The president also noted that Taiwan’s purpose for developing drones is based on national security and industrial needs, and that Taiwan hopes to collaborate with Japan. He then reiterated that China’s threats are an international problem, and expressed hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war. Following is the text of the questions and the president’s responses: Q: How do you feel as you are about to round out your first year in office? President Lai: When I was young, I was determined to practice medicine and save lives. When I left medicine to go into politics, I was determined to transform Taiwan. And when I was sworn in as president on May 20 last year, I was determined to strengthen the nation. Time flies, and it has already been a year. Although the process has been very challenging, I am deeply honored to be a part of it. I am also profoundly grateful to our citizens for allowing me the opportunity to give back to our country. The future will certainly be full of more challenges, but I will do everything I can to unite the people and continue strengthening the nation. That is how I am feeling now. Q: We are now coming up on the 80th anniversary of the end of World War II, and over this period, we have often heard that conflict between Taiwan and the mainland is imminent. Do you personally believe that a cross-strait conflict could happen? President Lai: The international community is very much aware that China intends to replace the US and change the world’s rules-based international order, and annexing Taiwan is just the first step. So, as China’s military power grows stronger, some members of the international community are naturally on edge about whether a cross-strait conflict will break out. The international community must certainly do everything in its power to avoid a conflict in the Taiwan Strait; there is too great a cost. Besides causing direct disasters to both Taiwan and China, the impact on the global economy would be even greater, with estimated losses of US$10 trillion from war alone – that is roughly 10 percent of the global GDP. Additionally, 20 percent of global shipping passes through the Taiwan Strait and surrounding waters, so if a conflict breaks out in the strait, other countries including Japan and Korea would suffer a grave impact. For Japan and Korea, a quarter of external transit passes through the Taiwan Strait and surrounding waters, and a third of the various energy resources and minerals shipped back from other countries pass through said areas. If Taiwan were invaded, global supply chains would be disrupted, and therefore conflict in the Taiwan Strait must be avoided. Such a conflict is indeed avoidable. I am very thankful to Prime Minister of Japan Ishiba Shigeru and former Prime Ministers Abe Shinzo, Suga Yoshihide, and Kishida Fumio, as well as US President Donald Trump and former President Joe Biden, and the other G7 leaders, for continuing to emphasize at international venues that peace and stability across the Taiwan Strait are essential components for global security and prosperity. When everyone in the global democratic community works together, stacking up enough strength to make China’s objectives unattainable or to make the cost of invading Taiwan too high for it to bear, a conflict in the strait can naturally be avoided. Q: As you said, President Lai, maintaining peace and stability across the Taiwan Strait is also very important for other countries. How can war be avoided? What sort of countermeasures is Taiwan prepared to take to prevent war? President Lai: As Mr. Sakurai mentioned earlier, we are coming up on the 80th anniversary of the end of WWII. There are many lessons we can take from that war. First is that peace is priceless, and war has no winners. From the tragedies of WWII, there are lessons that humanity should learn. We must pursue peace, and not start wars blindly, as that would be a major disaster for humanity. In other words, we must be determined to safeguard peace. The second lesson is that we cannot be complacent toward authoritarian powers. If you give them an inch, they will take a mile. They will keep growing, and eventually, not only will peace be unattainable, but war will be inevitable. The third lesson is why WWII ended: It ended because different groups joined together in solidarity. Taiwan, Japan, and the Indo-Pacific region are all directly subjected to China’s threats, so we hope to be able to join together in cooperation. This is why we proposed the Four Pillars of Peace action plan. First, we will strengthen our national defense. Second, we will strengthen economic resilience. Third is standing shoulder to shoulder with the democratic community to demonstrate the strength of deterrence. Fourth is that as long as China treats Taiwan with parity and dignity, Taiwan is willing to conduct exchanges and cooperate with China, and seek peace and mutual prosperity. These four pillars can help us avoid war and achieve peace. That is to say, Taiwan hopes to achieve peace through strength, prevent war by preparing for war, keeping war from happening and pursuing the goal of peace. Q: Regarding drones, everyone knows that recently, Taiwan has been actively researching, developing, and introducing drones. Why do you need to actively research, develop, and introduce new drones at this time? President Lai: This is for two purposes. The first is to meet national security needs. The second is to meet industrial development needs. Because Taiwan, Japan, and the Philippines are all part of the first island chain, and we are all democratic nations, we cannot be like an authoritarian country like China, which has an unlimited national defense budget. In this kind of situation, island nations such as Taiwan, Japan, and the Philippines should leverage their own technologies to develop national defense methods that are asymmetric and utilize unmanned vehicles. In particular, from the Russo-Ukrainian War, we see that Ukraine has successfully utilized unmanned vehicles to protect itself and prevent Russia from unlimited invasion. In other words, the Russo-Ukrainian War has already proven the importance of drones. Therefore, the first purpose of developing drones is based on national security needs. Second, the world has already entered the era of smart technology. Whether generative, agentic, or physical, AI will continue to develop. In the future, cars and ships will also evolve into unmanned vehicles and unmanned boats, and there will be unmanned factories. Drones will even be able to assist with postal deliveries, or services like Uber, Uber Eats, and foodpanda, or agricultural irrigation and pesticide spraying. Therefore, in the future era of comprehensive smart technology, developing unmanned vehicles is a necessity. Taiwan, based on industrial needs, is actively planning the development of drones and unmanned vehicles. I would like to take this opportunity to express Taiwan’s hope to collaborate with Japan in the unmanned vehicle industry. Just as we do in the semiconductor industry, where Japan has raw materials, equipment, and technology, and Taiwan has wafer manufacturing, our two countries can cooperate. Japan is a technological power, and Taiwan also has significant technological strengths. If Taiwan and Japan work together, we will not only be able to safeguard peace and stability in the Taiwan Strait and security in the Indo-Pacific region, but it will also be very helpful for the industrial development of both countries. Q: The drones you just described probably include examples from the Russo-Ukrainian War. Taiwan and China are separated by the Taiwan Strait. Do our drones need to have cross-sea flight capabilities? President Lai: Taiwan does not intend to counterattack the mainland, and does not intend to invade any country. Taiwan’s drones are meant to protect our own nation and territory. Q: Former President Biden previously stated that US forces would assist Taiwan’s defense in the event of an attack. President Trump, however, has yet to clearly state that the US would help defend Taiwan. Do you think that in such an event, the US would help defend Taiwan? Or is Taiwan now trying to persuade the US? President Lai: Former President Biden and President Trump have answered questions from reporters. Although their responses were different, strong cooperation with Taiwan under the Biden administration has continued under the Trump administration; there has been no change. During President Trump’s first term, cooperation with Taiwan was broader and deeper compared to former President Barack Obama’s terms. After former President Biden took office, cooperation with Taiwan increased compared to President Trump’s first term. Now, during President Trump’s second term, cooperation with Taiwan is even greater than under former President Biden. Taiwan-US cooperation continues to grow stronger, and has not changed just because President Trump and former President Biden gave different responses to reporters. Furthermore, the Trump administration publicly stated that in the future, the US will shift its strategic focus from Europe to the Indo-Pacific. The US secretary of defense even publicly stated that the primary mission of the US is to prevent China from invading Taiwan, maintain stability in the Indo-Pacific, and thus maintain world peace. There is a saying in Taiwan that goes, “Help comes most to those who help themselves.” Before asking friends and allies for assistance in facing threats from China, Taiwan must first be determined and prepared to defend itself. This is Taiwan’s principle, and we are working in this direction, making all the necessary preparations to safeguard the nation. Q: I would like to ask you a question about Taiwan-Japan relations. After the Great East Japan Earthquake in 2011, you made an appeal to give Japan a great deal of assistance and care. In particular, you visited Sendai to offer condolences. Later, you also expressed condolences and concern after the earthquakes in Aomori and Kumamoto. What are your expectations for future Taiwan-Japan exchanges and development? President Lai: I come from Tainan, and my constituency is in Tainan. Tainan has very deep ties with Japan, and of course, Taiwan also has deep ties with Japan. However, among Taiwan’s 22 counties and cities, Tainan has the deepest relationship with Japan. I sincerely hope that both of you and your teams will have an opportunity to visit Tainan. I will introduce Tainan’s scenery, including architecture from the era of Japanese rule, Tainan’s cuisine, and unique aspects of Tainan society, and you can also see lifestyles and culture from the Showa era.  The Wushantou Reservoir in Tainan was completed by engineer Mr. Hatta Yoichi from Kanazawa, Japan and the team he led to Tainan after he graduated from then-Tokyo Imperial University. It has nearly a century of history and is still in use today. This reservoir, along with the 16,000-km-long Chianan Canal, transformed the 150,000-hectare Chianan Plain into Taiwan’s premier rice-growing area. It was that foundation in agriculture that enabled Taiwan to develop industry and the technology sector of today. The reservoir continues to supply water to Tainan Science Park. It is used by residents of Tainan, the agricultural sector, and industry, and even the technology sector in Xinshi Industrial Park, as well as Taiwan Semiconductor Manufacturing Company. Because of this, the people of Tainan are deeply grateful for Mr. Hatta and very friendly toward the people of Japan. A major earthquake, the largest in 50 years, struck Tainan on February 6, 2016, resulting in significant casualties. As mayor of Tainan at the time, I was extremely grateful to then-Prime Minister Abe, who sent five Japanese officials to the disaster site in Tainan the day after the earthquake. They were very thoughtful and asked what kind of assistance we needed from the Japanese government. They offered to provide help based on what we needed. I was deeply moved, as former Prime Minister Abe showed such care, going beyond the formality of just sending supplies that we may or may not have actually needed. Instead, the officials asked what we needed and then provided assistance based on those needs, which really moved me. Similarly, when the Great East Japan Earthquake of 2011 or the later Kumamoto earthquakes struck, the people of Tainan, under my leadership, naturally and dutifully expressed their support. Even earlier, when central Taiwan was hit by a major earthquake in 1999, Japan was the first country to deploy a rescue team to the disaster area. On February 6, 2018, after a major earthquake in Hualien, former Prime Minister Abe appeared in a video holding up a message of encouragement he had written in calligraphy saying “Remain strong, Taiwan.” All of Taiwan was deeply moved. Over the years, Taiwan and Japan have supported each other when earthquakes struck, and have forged bonds that are family-like, not just neighborly. This is truly valuable. In the future, I hope Taiwan and Japan can be like brothers, and that the peoples of Taiwan and Japan can treat one another like family. If Taiwan has a problem, then Japan has a problem; if Japan has a problem, then Taiwan has a problem. By caring for and helping each other, we can face various challenges and difficulties, and pursue a brighter future. Q: President Lai, you just used the phrase “If Taiwan has a problem, then Japan has a problem.” In the event that China attempts to invade Taiwan by force, what kind of response measures would you hope the US military and Japan’s Self-Defense Forces take? President Lai: As I just mentioned, annexing Taiwan is only China’s first step. Its ultimate objective is to change the rules-based international order. That being the case, China’s threats are an international problem. So, I would very much hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war – prevention, after all, is more important than cure.

    MIL OSI Asia Pacific News

  • MIL-OSI USA: Public Servants Sentenced for COVID-19 Relief Fraud

    Source: United States Small Business Administration

    Click Here to View the Original U.S. Department of Justice (DOJ) Press Release


    Angelo Stephen, 33, a former Federal Bureau of Prisons Correctional Officer, and George Arestuche, 47, a former Miami-Dade County Aviation Department employee, were sentenced in separate cases after pleading guilty to defrauding COVID-19 relief programs.

    Angelo Stephen

    On May 22, Stephen was sentenced to four months in prison to be followed by three years of supervised release and ordered to pay $75,513 in restitution by Chief U.S. District Judge Cecilia M. Altonaga. Chief Judge Altonaga also entered a forfeiture money judgment against Stephen in the additional amount of $71,166. The sentence follows Stephen’s conviction for wire fraud in connection with his fraudulent applications for two Paycheck Protection Program (PPP) loans and one Economic Injury Disaster Loan (EIDL), as well as his participation in two bank account takeover schemes.

    During his change of plea hearing, Stephen admitted that on August 4, 2020, he submitted a false and fraudulent EIDL application in his own name to the Small Business Administration (SBA), claiming to be an independent contractor and the sole owner of a business that provided event planning and entertainment services with 10 employees.  The EIDL application falsely certified that for the applicable 12-month period, the business had approximately $62,018 in gross revenue and a cost of goods sold of $0. Based on his false and fraudulent application, Stephen received $20,000 in EIDL proceeds from the SBA.

    Stephen additionally admitted to fraudulently obtaining two PPP loans. On April 24, 2021, Stephen submitted a first-draw PPP loan application, claiming to be the sole proprietor of a non-existent business with $106,554 in gross income in 2020. In support of the application, Stephen submitted a fraudulent IRS Form 1040 Schedule C. Based on his false and fraudulent application, Stephen received $20,833 in PPP loan proceeds from an SBA-approved lender.  On May 11, 2021, Stephen submitted a second-draw PPP loan application, making the same false claims about his nonexistent business that was supported by submission of the identical false Schedule C. Based on his false and fraudulent application, Stephen obtained $20,833 in PPP loan proceeds from a different SBA-approved lender.

    Stephen also admitted to taking part in two bank account takeover schemes. On March 30, 2023, Stephen received a $20,000 wire transfer from the account of an unsuspecting victim in Virginia. Stephen quickly withdrew all illegally obtained money through a series of cash withdrawals and Zelle transfers to others. In the second takeover scheme, Stephen and his accomplices obtained new checks from the credit union account of a different unsuspecting victim. Stephen subsequently used one of those checks to obtain $8,500 in cash that he was not entitled to.

    George Arestuche

    On May 28, Arestuche was sentenced by Senior U.S. District Judge Paul C. Huck to five years of probation to include 210 days in home detention and ordered to pay $114,679 in restitution, plus community service. The sentence follows Arestuche’s conviction for conspiracy to commit wire fraud in connection with his fraudulent application for an EIDL.

    According to the facts admitted at the change of plea hearing, Arestuche and a co-conspirator devised a scheme to defraud the SBA by submitting a false and fraudulent application for Arestuche to obtain an EIDL and EIDL advance. As part of the conspiracy, Arestuche agreed to pay the co-conspirator a large fee.

    On July 9, 2020, Arestuche’s co-conspirator submitted a false and fraudulent EIDL application to the SBA on behalf of Arestuche, claiming that Arestuche was an independent contractor and the sole owner of an automotive repair business with 10 employees. The EIDL application falsely certified that for the applicable 12-month period, the business had $600,000 in gross revenue and a cost of goods sold of $184,000. In reality, Arestuche was not an independent contractor and did not own any type of business.  The EIDL application was supported by a fraudulent IRS Form 1040 Schedule C. As a result of this false and fraudulent EIDL application, Arestuche obtained $149,900 in EIDL proceeds and a $10,000 EIDL advance from the SBA. Arestuche subsequently paid his co-conspirator $17,275 for helping him fraudulently obtain the money from the SBA. Since pleading guilty, Arestuche has paid $50,000 in advance restitution payments.

    U.S. Attorney Hayden P. O’Byrne for the Southern District of Florida; acting Special Agent in Charge Amber Howell of the Department of Justice Office of Inspector General’s Fraud Detection Office (DOJ-OIG); Special Agent in Charge Amaleka McCall-Brathwaite, U.S. Small Business Administration Office of Inspector General (SBA OIG), Eastern Region; acting Special Agent in Charge Brett D. Skiles of FBI Miami; and Inspector General Felix Jimenez of the Miami-Dade County Office of Inspector General (MDC-OIG) made the announcement.

    DOJ-OIG and SBA-OIG investigated the Stephen case. SBA-OIG and the FBI’s Miami Area Corruption Task Force, which includes task force officers from the MDC-OIG, investigated the Arestuche case.

    Assistant U.S. Attorney Edward N. Stamm prosecuted both cases.

    Assistant U.S. Attorney Annika Miranda is handling forfeiture matters in the Stephen case.

    In March 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was enacted. It was designed to provide emergency financial assistance to the millions of Americans suffering the economic effects caused by the COVID-19 pandemic. Among other sources of relief, the CARES Act authorized and provided funding to the SBA to provide EIDLs to eligible small businesses, including sole proprietorships and independent contractors, experiencing substantial financial disruptions due to the COVID-19 pandemic to allow them to meet financial obligations and operating expenses that could otherwise have been met had the disaster not occurred.  EIDL applications were submitted directly to the SBA via the SBA’s on-line application website, and the applications were processed and the loans funded for qualifying applicants directly by the SBA.

    On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The Task Force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by, among other methods, augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the Department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.

    On September 15, 2022, the Attorney General selected the Southern District of Florida’s U.S. Attorney’s Office to head one of three national COVID-19 Fraud Strike Force Teams. The Department of Justice established the Strike Force to enhance existing efforts to combat and prevent COVID-19 related financial fraud. For more information on the department’s response to the pandemic, please click here.

    Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov, under case numbers 25-cr-20014 (Stephen) and 25-cr-20001 (Arestuche).

    MIL OSI USA News

  • MIL-OSI Australia: How good money habits make cents for mental health

    Source:

    04 June 2025

    Maintaining regular savings habits and paying off credit card debt on time are two stable financial behaviours that significantly lead to improved mental health, University of South Australia finance experts have found.

    New UniSA research has revealed that stable financial habits can significantly contribute to improved mental health, which in turn can lead to higher productivity and employment. This was found to be true across all socioeconomic demographics.

    Researchers explored data from the Household, Income and Labour Dynamics in Australia (HILDA) survey database, comprising the socioeconomic status, physical and mental health, labour market dynamics, family conditions and life experiences of more than 17,000 Australians aged 15 years and over from 2001 to 2021.

    Upon examining the data, researchers found that people who practised stable financial behaviours, such as regularly saving money and paying off credit card payments on time, reported increased mental health as well as vitality, social functioning and general wellbeing.

    UniSA Professor of Applied Economics Rajabrata Banerjee says while the link between financial behaviours and mental health is already known, research into patterns of consistent behaviour and the impact on mental health was lacking.

    “We already know that having high debt and low savings has a negative impact on mental health, but we wanted to learn more about the positive financial behaviours – such as how regularly someone saves or pay off their debt – that may reduce financial strain and cause less worry about money and better mental health,” he says.

    “Considering Australians are already facing cost-of-living pressures, and the ongoing mental health crisis since the COVID-19 pandemic, we wanted to investigate what part positive financial behaviours can play in significantly altering mental health.

    “We found that people who are saving and regularly putting money aside have the best mental health. Those who don’t save at all had the worst mental health. In terms of paying off credit card debt, the same principle applies.”

    To examine the effect of cost-of-living pressures, the study also investigated whether financial burden was a factor that influenced regular savings and debt behaviours. Financial burden was measured by the cost of utilities like electricity, gas and water, adjusted based on how close someone is to retirement.

    “The study found that sharp increases in utility prices placed a greater financial burden on younger people, who typically have low savings and high debt. This burden further strains their finances and negatively impacts their savings and debit behaviours and mental health,” Prof Banerjee says.

    “The study also found that the positive impact of savings behaviour on mental health was stronger for men than women, indicating that, in Australia, financial management is still dominated by men, therefore resulting in a greater impact for that group.”

    However, the study found that stable financial behaviours led to good mental health irrespective of whether an individual is from a higher or lower socioeconomic background, signifying that even saving a small amount when expenses are high, can lead to better mental health.

    Prof Banerjee says financial hardship can be a profoundly disheartening experience that can have a detrimental effect on someone’s mental health as well as their long-term economic interests.

    “When individuals are financially strained, they often can’t save as much or invest, so they miss out on growth and meeting those goals they might have set for the future. People can also become reliant on borrowing to meet their basic needs, and this can lead to high interest payments and continuous debt cycles,” he says.

    “That’s why healthy financial behaviour is important to build stability and long-term security, allowing goal achievement, independence and access to opportunities, as well as reduced stress and good mental health.”

    …………………………………………………………………………………………………………………………

    Contact for interview: Raj Banerjee, Professor of Applied Economics, UniSA E: rajabrata.banerjee@unisa.edu.au
    Media contact: Melissa Keogh, Communication Officer, UniSA M: +61 417 361 403 E: Melissa.Keogh@unisa.edu.au

    MIL OSI News

  • MIL-Evening Report: In the trade wars, there are lessons for the US from Brexit. Australia and our trading partners should take note

    Source: The Conversation (Au and NZ) – By Peter Draper, Professor, and Executive Director: Institute for International Trade, and Director of the Jean Monnet Centre of Trade and Environment, University of Adelaide

    General_4530/Getty

    While the Trump administration’s on-again, off-again trade wars wreak havoc on the business plans of the world’s exporters, the risks to the global economy continue to grow.

    The self-inflicted scale of disruption to global trade patterns is enormous. Yet there are echoes with the United Kingdom’s experience of Brexit, both for the United States economy now and its trading partners worried about their trading futures.

    Fortunately, while it is painful, Trump’s push toward economic isolationism brings opportunities for other trading nations to strengthen their ties.

    This is especially the case in our Indo-Pacific region, where Australia is looking to new trade partners and deepening existing ties.

    The economic consequences of Brexit

    The UK economy is relatively diminished since 2016, when David Cameron, as Prime Minister, called the Brexit referendum on whether to leave the European Union.

    A study of UK businesses found three key impacts in the three years before formal Brexit took place in 2020:

    1. the UK’s decision to leave the European Union generated major, sustained, uncertainty for the business community. Since business invests and trades, that was highly consequential
    2. anticipation of Brexit gradually reduced investment by about 11% between 2016 and 2019
    3. Brexit reduced UK productivity by between 2% and 5%.

    A new report establishes that since 2020, when formal Brexit took place, the UK is experiencing its worst trade slump in a generation. This decline contrasts with growing trade in other industrial nations, indicating the COVID pandemic was not to blame.

    Harsh lessons in bargaining power

    The EU did not change to suit the UK. Rather, because of the EU’s influential role in regulation known as the “Brussels effect”, the UK must realign with EU standards to win back market access.

    For decades, the UK had ceded its trade bargaining capacity to Brussels. It was always on the back foot as its inexperienced negotiators locked horns with seasoned EU trade diplomats.

    The British also learned that outside the EU, their relative trade bargaining power, as well as foreign policy prestige, was much diminished. Many countries focused on dealing with the EU without the UK’s involvement.

    Overall, it is difficult to escape the conclusion that Brexit hastened the UK’s inexorable transformation from “Great” to “Little” Britain.

    MAGA echoes

    The Brexiteers were motivated by free trade and the belief EU trade policies prevented the UK from more liberalisation.

    Trump’s decision to disentangle the US from world trade is motivated by protectionist desires, in the mistaken belief blocking imports will “Make America Great Again”.

    Like the Brexiteers, Trump will find business confidence will diminish and the US economy will be worse off. Data this week showed US manufacturing contracted for the third straight month in May amid tariff-induced supply chain delays.

    Just like the UK, US economic decline relative to its trading partners will accelerate.

    Obviously, a huge difference between British folly and US hubris is that the US has market and geopolitical power in most of its bilateral negotiations, whereas the UK did not.

    Yet, whereas the Trump administration assumes the US is the more powerful party in all reciprocal tariff negotiations, it is now learning that some major trading powers (China, the EU, India), and even some middle powers (Canada, Mexico, Australia), will not simply roll over when faced with overt coercion.

    Moreover, as Great Britain learned to its cost, the US will find its soft power rapidly diminishing, and foreign policy objectives more difficult to attain. US allies, while in some cases in need of weaning themselves from over-dependence on the US military umbrella, are now actively hedging their security bets.

    What should trading partners do?

    There is an opening for Australia to seize the moment with new trade partnerships, and by deepening existing relationships.

    We have a golden opportunity in our chairmanship of the 12-nation Comprehensive and Progressive Agreement for Trans Pacific Partnership group this year.

    This high-standards, deeply liberalising, trade agreement is a gold standard template to anchor our global trading partnerships. Members include Canada, Japan, Mexico, Singapore and the UK and representatives will be meeting in Brisbane next week.

    Specifically, Australia, our trans-Pacific partners and the EU need to agree to work collaboratively to converge on modern trade rules and support for free trade. Then take those accords into the World Trade Organization to strengthen and revitalise the institution, with or without the US.

    In addition, we need to quickly conclude both the stalled bilateral free-trade agreement with the EU, and the second phase of our trade agreement with India. This would cement two huge new markets of sufficient existing (EU) and potential (India) scale to rival both the US and Chinese markets.

    Finally, we need to double down on our existing trade partnerships with Southeast Asian countries, anchoring on the 10-member Association of Southeast Asian Nations (ASEAN). This will bolster ASEAN-centrality in regional trade arrangements and balance both US withdrawal and China’s advance into the region.

    While this will not be easy, the effort has to be made and needs to start now.

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

    ref. In the trade wars, there are lessons for the US from Brexit. Australia and our trading partners should take note – https://theconversation.com/in-the-trade-wars-there-are-lessons-for-the-us-from-brexit-australia-and-our-trading-partners-should-take-note-257555

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Europe: The Netherlands: Leyden Labs lands €20 million EIB investment facilitated by HERA to advance pandemic preparedness activities

    Source: European Investment Bank

    • European Investment Bank and Leyden Labs sign €20 million financing to advance Leyden Labs’ pandemic preparedness activities, guaranteed by European Commission’s InvestEU initiative through its Health Emergency Preparedness and Response (HERA).
    • Funding is part of “HERA Invest,” a €110 million top-up to the European Union’s InvestEU initiative, meant to address pandemic readiness, biodefense and antimicrobial resistance.
    • Leyden Labs will use the funding to advance development of its novel non-vaccine approach, with nasal sprays containing broadly-protective antibodies to defend against seasonal and pandemic viral infections.

    The European Investment Bank (EIB) and Dutch clinical-stage biotechnology company Leyden Laboratories B.V. have signed a €20 million financing deal to advance development of the Company’s broadly-protective antibodies to defend against seasonal and pandemic viral infections. Leyden Labs’ lead program is a pan-influenza nasal spray currently in clinical development (PanFlu), which has the potential to provide first-in-class influenza protection and meaningfully reduce the burden of influenza infection, including in infection from Avian Flu (H5).

    The venture debt financing agreement is supported under the European Commission’s InvestEU programme and specifically falls under “HERA Invest.” This €110 million initiative from the European Health Union is meant to address biodefence, pandemic readiness and antimicrobial resistance in Europe, as a top-up to the European Union’s InvestEU initiative, funded by the EU4Health programme.

    “The COVID-19 pandemic taught us multiple lessons, including that we should strengthen the EU’s preparedness and autonomy in key areas like bio sciences.” stated EIB Vice President Robert de Groot. “With the support of the European Commission, the EIB backs highly innovative EU companies like Leyden Labs with venture debt, enabling them to grow and thrive in Europe. Technological innovations from companies like Leyden Labs are key for European competitiveness and the well-being of our society.” 

    Hadja Lahbib, Commissioner for Equality, Preparedness and Crisis Management, added: “Respiratory viruses are common and affect us all, especially the most medically vulnerable. Today’s agreement reaffirms our commitment to invest in innovation to strengthen preparedness and protection against respiratory viruses. HERA Invest is a prime example of Europe at the forefront of medical advancements in response to serious threats to health.”

    “We are thrilled with this endorsement of our approach and support from HERA and the European Investment Bank. This will accelerate our efforts to provide broad, universal protection against current and future viral outbreaks. We are grateful that HERA and the EIB understand the urgency and significance of investing in initiatives to ensure Europe is prepared for pandemic viruses. This concern is greater than ever given the increasing threat of an avian influenza outbreak,” said Koenraad Wiedhaup, co-founder and CEO of Leyden Labs. 

    Leyden Labs’ product candidates are nasal sprays that administer broadly protective antibodies directly to the respiratory mucosa. Leyden Lab’s solutions are designed to work at the earliest moment, before the virus even reaches systemic circulation. Systemically administered vaccines primarily generate systemic protection against viruses, however, this may be a limitation that contributes to suboptimal efficacy. Airborne viruses, including influenza, do not directly enter systemic circulation, but rather, they enter the body through the nose and mouth. The Company’s antibodies aim to protect against full viral families, so they keep working even when a virus mutates and evolves. This intranasal strategy also has the potential to benefit people with weakened immune systems because it does not rely on the person to be able to mount an immune response in order to be protective.

    The Company’s novel approach has the potential to transform the way the healthcare ecosystem thinks about viral prophylaxis, while also providing an innovative solution for use both in times of seasonal outbreaks as well as pandemic emergencies.

    HERA’s responsibility is to ensure that the EU and Member States are ready to act in the face of cross-border health threats. The €20 million proceeds of this financing will support further development of Leyden Labs’ novel, non-vaccine approach to fighting respiratory viruses to contribute to European pandemic preparedness efforts.

    Background information:

    Health Emergency Preparedness and Response (HERA). The European Commission’s Health Emergency Preparedness and Response Authority (HERA) supports projects that strengthen preparedness and response capacities in the field of health. HERA was established as a direct consequence of the lessons learned from the initial management of the COVID-19 pandemic, to ensure a solid Union response to serious-cross border health threats and secure ready availability and accessibility of medical countermeasures. HERA’s responsibility is to ensure that the EU and Member States are ready to act in the face of cross-border health threats, and its mandate covers both the strengthening of preparedness in advance of future emergencies and the implementation of a swift and efficient response once crisis hits.

    HERA Invest is a €110 million top-up to the InvestEU programme, funded by the EU4Health programme. It is implemented by the EIB and supports projects that focus on pathogens with pandemic potential, chemical, biological, radiological, nuclear threats, and antimicrobial resistance. Together with HERA, the EIB assesses whether an operation meets HERA Invest’s criteria.

    The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investment for EU policy priorities, such as the European Green Deal and the digital transition. InvestEU brings together under one roof the multitude of EU financial instruments previously available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is deployed through implementing partners who will invest in projects using the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increase their risk-bearing capacity and thus mobilise at least €372 billion in additional investment.

    The European Investment Bank (EIB) is the long-term lending institution of the European Union, owned by its Member States. The Netherlands owns a 5,2% share of the EIB. It makes long-term finance available for sound investment in order to contribute towards EU policy goals and national priorities. More than 90% of its activity is in Europe. Over the last ten years, the EIB has made available more than €27 billion in financing for Dutch projects in various sectors, including research & development, sustainable mobility, drinking water, healthcare and SMEs. In 2024 the EIB Group, which also includes the EIB’s subsidiary, the European Investment Fund (EIF), made available more than €3 billion for Dutch projects.

    Leyden Laboratories B.V. (Leyden Labs), founded in 2020, is a clinical-stage biotechnology company based in the Netherlands. Leyden Labs is working to free people from the threat of respiratory viruses, by leveraging its Mucosal Protection Platform to develop a portfolio of candidates aimed at providing protection against influenza, coronaviruses, and other respiratory viruses through a new class of broadly protective nasal sprays. Leyden Labs is supported by a strong syndicate of investors and ambassadors; VC investors include GV (formerly Google Ventures), Casdin Capital, F-Prime Capital, ClavystBio (a life sciences venture investor established by Temasek), Polaris Partners, Qiming Venture Partners, Invus, SoftBank Vision Fund 2, Byers Capital / Brook Byers and Bluebird Ventures.To learn more, visit www.leydenlabs.com.

    CR9114, Leyden Labs’ lead product candidate for the PanFlu program, is a human monoclonal antibody that protects against influenza in preclinical models. Leyden Labs holds an exclusive license from Janssen Pharmaceuticals Inc., one of the Janssen Pharmaceutical Companies of Johnson & Johnson, to develop and commercialize CR9114.

    MIL OSI Europe News

  • MIL-OSI USA: Beneath the Surface: Why Bri Friedman Embraces Failure

    Source: US National Renewable Energy Laboratory

    An Engineer Looks Back on High School Science Fairs, African Drone Flights, and Marine Energy Innovations That Shape the Future


    Bri Friedman is looking forward to learning from failure.

    This National Renewable Energy Laboratory (NREL) engineer is working with the laboratory’s marine energy team to develop a device called the small underwater research flap wave energy converter—or SURF-WEC, for short.

    SURF-WEC takes the form of a submerged flap that swings back and forth to capture energy from ocean waves to power an electric generator. In the coming months, SURF-WEC will undergo a design review, in which a team of experts and stakeholders will evaluate the device to determine whether it is ready for deployment. If the design review goes well, Friedman and her team, in partnership with the University of Hawaii, will send SURF-WEC on an experimental deployment off the Hawaiian coast for up to one year.

    “‘Up to’ are the key words—we expect the system to fail within the year,” Friedman quipped, “but we are eager to learn from those failures and share our lessons with our colleagues in marine energy.”

    Of course, Friedman and her team also want to understand what works well during the SURF-WEC deployment. However, as Friedman went on to explain, the success of the SURF-WEC deployment is not tied to the amount of energy the device can capture or the length of time the system can operate without issue. Instead, the goal is to collect data and learn which decisions contributed to setbacks and which led to success—and to share those lessons with the marine energy community to help reduce the risks and costs of future deployments. To that end, the team will make the deployment data, along with data collected during SURF-WEC’s laboratory testing and simulation stages, publicly available on the Marine and Hydrokinetic Data Repository.

    As any marine energy researcher or technology developer knows, harnessing energy from ocean waves is a big challenge. Many WECs fail in the harsh ocean environment due to the corrosive effects of briny seawater, constant wear and tear from crashing waves, impacts from floating debris, or even the accumulation of barnacles, algae, and other marine life. Designing WECs to withstand these challenges requires strong materials, backup systems for important parts, and regular maintenance. For Friedman, tackling these challenges feels surmountable—thanks to the NREL marine energy research team’s collaborative spirit.

    “I feel like we each have a pickax, or maybe a ladle, since we’re talking about the ocean,” Friedman said. “We’re each ladling out a little bit, doing our part to make marine energy a viable, usable resource.”  

    From Science Fairs to Drone Flights

    Friedman can trace her career path back to middle school, when she first decided she wanted to be an engineer when she grew up. The youngest of four children—two of whom went on to become mechanical engineers—Friedman grew up immersed in science, with a strong desire for discovery.

    “It wasn’t always a popular sentiment when I was young, but I genuinely enjoyed participating in science fairs,” Friedman said. “They gave me a chance to experiment, make predictions, and learn by doing, which would further spark my curiosity.”

    Friedman, center, poses with her sister and two brothers in front of the Boulder Flatirons in Colorado. Photo from Bri Friedman, NREL

    That love for hands-on learning led Friedman to get involved in robotics in high school, which became her main after-school activity and solidified her desire to pursue a career in engineering. At the same time, she felt a strong pull toward next-generation technologies and types of work that could protect people’s health and well-being.

    “I wanted to find a job that both scratched my scientist itch and aligned with my values,” Friedman said.

    Friedman followed her passion for scientific experimentation to Virginia Tech, where she pursued mechanical engineering for both her bachelor’s and master’s degrees. As an undergrad, she interned at NREL through the Science Undergraduate Laboratory Internship (SULI) program, working with a research team to create a photoluminescence system for testing silicon solar cell processing methods. This was not only a valuable learning experience; it also supported Friedman’s commitment to making a positive impact on the world.

    “It was so exciting to learn how to harness energy from nearly boundless sources like the sun, wind, and water,” Friedman recalled. “Plus, everyone I encountered during my internship seemed happy to be at NREL, which made me even more excited about the work. The SULI program showed me a career path that I was really excited about.”

    As an undergrad, Friedman participated in the Science Undergraduate Laboratory Internship program at NREL, which gave her the chance to work on a photoluminescence system for testing silicon solar cell processing methods. Photo from Joanne Wu, BAE Systems

    During her master’s program, Friedman worked as a graduate research assistant with the African Drone and Data Academy, a program that trains recent college graduates to design, build, and pilot drones for agriculture, medical equipment delivery, and other humanitarian efforts in Africa. Friedman taught the program’s first cohort, delivering lectures, supervising lab work, and providing one-on-one drone flight instruction. Near the end of the academy’s first course, Friedman visited a refugee camp and had an experience that would become the foundation for her master’s thesis.

    “My graduate research focused on using drone imagery to develop a flood model for a low-resource area,” Friedman recalled. “In developed countries, flood models are built using years of historical data, but in low-resource areas, that kind of data is rarely available. Our challenge was to generate a useful flood model without waiting for years of data collection.”

    To fill this data gap, Friedman’s team used drones to capture high-resolution aerial images of the camp. Friedman then used this imagery to create a flood model, validating its accuracy by comparing the model’s prediction to locations where homes had collapsed due to flooding.

    “The refugee camp was overpopulated, and many of the homes were built from clay wherever there was available space, so they collapsed easily due to heavy rains and few drainage paths,” Friedman explained. “The collapsed structures showed where flooding had actually occurred, which helped us confirm that the model had accurately predicted those high-risk areas.”

    From Drone Flights to Wave Power

    Unfortunately, the coronavirus pandemic cut short Friedman’s time in Malawi. She returned home in March 2020 after the first group of students graduated but continued to support her students through online instruction. In addition, her experience with drones set her up for her next move: After finishing her master’s program in 2021, Friedman landed a position as a postgraduate researcher with Pacific Northwest National Laboratory’s (PNNL’s) water power engineering team, which was exploring ways to integrate drones into their projects.  

    Shortly after joining PNNL, Friedman began working on a project to support the development of a triboelectric nanogenerator—a small device that converted the motion of ocean waves into electricity using static charge buildup. Intended for deployment in the Arctic Ocean, the device would provide a low-maintenance power source for ocean monitoring equipment. Friedman also studied ways to use the temperature differences between surface water and deep water to generate energy for an underwater glider, a type of autonomous underwater vehicle that navigates the ocean by changing its buoyancy to move up and down through the water.

    After two years in Richland, Washington, where PNNL is located, Bri was ready for a change of scenery. She kept an eye out for opportunities at NREL and, in 2023, moved to Colorado to work as a full-time researcher on NREL’s marine energy team. The move brought Friedman full circle—in more ways than one.

    Back in 2017, when Friedman was working on the application for her internship at NREL, she read up on NREL’s work and learned about different types of WECs, including those that flap back and forth, similar to SURF-WEC.

    “Reading about these types of WECs, I thought, ‘Wow, it would be amazing to work in that field,’” Friedman recalled. “Eight years later, I do work in that field—on a project very similar to the ones I read about.”

    In addition to SURF-WEC, Friedman contributes to several other marine energy projects at NREL. Her work involves testing, characterization, and outreach, helping researchers and industry partners better understand and utilize emerging wave energy technologies. She has worked with the large-amplitude motion platform, or LAMP, a simulation tool that replicates a WEC’s response to different ocean wave conditions in a controlled environment. She also supports the Power at Sea Prize, which encourages innovative marine energy concepts by lowering barriers to entry for new developers.

    “We have a mix of participants—some from universities and some independent teams,” Friedman said. “It’s been great to see such a broad range of people engaging with marine energy innovation.”

    Time To Root Down

    Friedman lives in Boulder, Colorado, a short drive from her work at NREL’s Flatirons Campus. She misses her family, who still live on the East Coast, but relishes the time she gets to spend with her four young nieces.

    “I definitely aspire to be the fun aunt,” Friedman said.

    With a population of about 105,000, Boulder is the biggest city Friedman has lived in during her adult life, but it feels like the right fit.

    “Boulder is a bigger city than what I’m used to, but there’s plenty to do, which I appreciate,” Friedman said. “I especially enjoy the rock climbing and general outdoor adventuring shenanigans.”

    When she is not testing wave energy conversion devices, Friedman enjoys climbing rock walls like this granite multipitch in Colorado’s Platte Canyon. Photo from Kathryn Howe, Antech Diagnostics

    The move to Colorado has also given Friedman a chance to create a more long-term community for herself.

    “Before moving to Colorado, I spent over two months living in my car, climbing and exploring the outdoors,” Friedman recalled. “It was an amazing experience, but the communities I encountered during that time always felt temporary. Since moving here, I’ve been working on putting down stronger roots.”

    Friedman’s work at NREL feeds her desire for community as well. She appreciates the collaborative spirit on her team, in which everyone is working toward a common goal, even if they are focused on different projects. In addition, being on campus every day has helped Friedman build connections through casual conversations, strengthening her sense of belonging.

    “We share successes and failures, and I really value that sense of teamwork and collective learning,” Friedman said. “It’s a great feeling to know we’re all working together toward a shared purpose.”

    Learn more about how NREL’s experts are helping advance marine energy. And subscribe to the NREL water power newsletter, The Current, for the latest news on NREL’s water power research.

    MIL OSI USA News

  • MIL-OSI USA: VIDEO: Capito Opening Statement at Hearing to Review Education Budget Request

    US Senate News:

    Source: United States Senator for West Virginia Shelley Moore Capito
    [embedded content]
    Click here or on the image above to watch Chairman Capito’s opening remarks from the hearing. 
    WASHINGTON, D.C. – Today, U.S. Senator Shelley Moore Capito (R-W.Va.), Chairman of the Senate Appropriations Subcommittee on Labor, Health and Human Services, Education, and Related Agencies (Labor-HHS), chaired a hearing with U.S. Department of Education Secretary Linda McMahon to review sthe President’s Fiscal Year 2026 budget request.  
    Below is the opening statement of Chairman Capito as prepared for delivery: 
    “Good morning. Secretary McMahon, thank you for being here today to discuss the president’s Fiscal Year 2026 budget request and your priorities for the Department of Education. 
    “I am pleased to be joined this morning by my friend and ranking member Senator Baldwin, as well as our full committee chair, Senator Collins, and vice chair, Senator Murray. 
    “We are all committed to return the Fiscal Year 2026 appropriations process to regular order and these hearings are the first step in that process. 
    “All Americans should have the opportunity to receive a high-quality education from pre-school through postsecondary education. I know that education is a key to success and a vital part of maintaining strong communities across our nation. 
    “I’ve seen it firsthand in my home state of West Virginia, where I began my professional career as a college counselor and advisor working closely with many first-generation college students. Through this role, I was able to personally see how education provides students with life-changing opportunities.
    “Secretary McMahon, you have taken charge of the Department of Education at a critical time for our nation’s students. According to the latest National Assessment of Educational Progress scores, students have still not recovered from pandemic-related school closures—national scores on math and reading are worse than pre-pandemic levels in all tested grades. And in reading, students’ scores continue to decline. A third of 8th graders are not even reading at a basic level. This is unacceptable.  
    “We know that throwing more money at the problem will not lead to a solution. These devastating declines in achievement are in spite of the almost $190 billion in COVID relief funding provided for elementary and secondary education during the pandemic. 
    “Federal education spending should, at a minimum, be focused on ensuring that America’s children can read and write at a basic level. This is critical not only for children to flourish, but also for America remain a competitive nation. 
    “That is why I strongly believe that federal education spending should support states and policies that afford kids the greatest opportunity to learn and achieve academically. Education decisions should be made by those closest to our students, those who know what they need to succeed— local schools, teachers, and, most importantly, parents.
    “Formula grant programs like Title I, IDEA, and Career and Technical Education provide the crucial flexibility that states and local communities need to best meet the needs of their students, and I look forward to continuing to support these key programs in fiscal year 2026.
    “Madam Secretary, I am pleased that your budget proposes to increase another important program, the Charter School Program. While West Virginia is fairly new to offering charter school education, we are already seeing promising results in expanded opportunities for public school students.
    “For example, the WIN Academy?at?BridgeValley Community and Technical College?is an?early college charter high school?designed to provide a free accelerated, dynamic degree program?for juniors and seniors in the?Kanawha Valley. The school was started to help local hospitals address the severe shortage in nurses and has been so successful that it has already expanded to include an advanced manufacturing track in partnership with Toyota. Students are enrolled in the college and graduate from high school ready to start their careers in high need, well-paying fields.
    “This school is meeting the intent of charter schools—using the flexibility they are granted to offer innovative learning opportunities to benefit students. With the additional funding for charter schools proposed in your budget, I know that many more students across the country would benefit from opportunities like the WIN Academy.
    “Secretary McMahon, this is also a pivotal time for our nation’s student loan borrowers. Borrowers have been forced to navigate an exceptionally confusing four years full of bad advice and unfair promises of illegal loan forgiveness from the prior administration. And as a result, one in four federal student loan borrowers are either in default or a late stage of delinquency on their loans, as of the beginning of May. And only 38% of borrowers are actually in repayment and current on their student loans. 
    “After years of confusion, the department must work to restore trust with borrowers by providing clear and consistent information about repayment. Student loan borrowers deserve that clarity in order to fulfil their obligations to repay their loans. I am grateful that under your leadership the department has begun the difficult task of getting borrowers back on the path to repayment and I look forward to continued updates on your progress. 
    “Secretary McMahon, the Fiscal Year 2026 appropriations process will be challenging, but I look forward to working with you to responsibly allocate our limited taxpayers’ resources to programs that help provide the best opportunity for a high-quality education for all students. 
    “Thank you again for being here today and I look forward to your testimony.
    “Now I will turn to Senator Baldwin for her opening statement.”

    MIL OSI USA News

  • MIL-OSI Security: Illinois Woman Sentenced to 24 Months in Prison And Ordered to Repay $352,300 in Restitution

    Source: Office of United States Attorneys

    HAMMOND – Valencia Franklin, age 52, of Lynwood, Illinois, was sentenced by United States District Court Judge Philip P. Simon after pleading guilty to wire fraud, a federal felony offense, announced Acting United States Attorney Tina L. Nommay.

    Franklin was sentenced to 24 months in prison followed by 1 year of supervised release and ordered to pay $352,300 in restitution to the victim of the offense. 

    According to documents in the case, in 2021, Company A, a not for profit organization located in Merrillville, Indiana, administered and distributed federal Emergency Rental Assistance funds to local residents adversely affected by the COVID-19 pandemic. Franklin worked for Company A and defrauded the company by preparing fraudulent applications for Emergency Rental Assistance which falsely claimed her family members were landlords for certain properties, when in reality they had no connection to these properties. As a result of her false representations, Franklin caused hundred of thousands of dollars in fraudulent payments to be issued to herself and others.  

    This case was investigated by the United States Secret Service. The case was prosecuted by Assistant United States Attorney Kevin F. Wolff.

    MIL Security OSI

  • MIL-OSI United Kingdom: New JCVI Chair appointed

    Source: United Kingdom – Executive Government & Departments

    News story

    New JCVI Chair appointed

    Professor Wei Shen Lim KBE will become the new Chair of the Joint Committee on Vaccination and Immunisation from October.

    • Professor Sir Andrew Pollard will step down as JCVI Chair on 30th September 2025 after 12 years of leadership
    • During his tenure, Sir Andrew has been instrumental in advising governments on vaccination matters and chaired numerous committees
    • Professor Wei Shen Lim, KBE, who is currently Deputy Chair of the JCVI and Chair of the COVID-19 sub-committee, will become the new JCVI chair from 1st October 2025

    Professor Sir Andrew Pollard will step down as Chair of the Joint Committee on Vaccination and Immunisation (JCVI) on 30th September 2025, after sitting on the committee for over a decade.

    The JCVI is an independent departmental expert committee which has worked for over six decades to ensure that immunisation programmes in the UK are both world-leading and a cost-effective use of public money — optimising the protection of children and adults from serious infections.

    Sir Andrew was appointed Chair of the JCVI in 2013, having previously served as a member of the JCVI’s meningococcal sub-committee. During his tenure, he has been instrumental in advising governments on vaccination matters, serving not only as Chair of the main JCVI committee, but also as Chair of the human papillomavirus (HPV), influenza and respiratory syncytial virus (RSV) sub-committees. Sir Andrew remains a valued expert on vaccination and immunisation as Director of the Oxford Vaccine Group, Ashall Professor of Infection and Immunity at the University of Oxford, and a Paediatric Infectious Disease Consultant at Oxford’s Children’s Hospital.  

    Following an open and competitive recruitment process, Professor Wei Shen Lim, KBE will be appointed as the new Chair of the JCVI from 1st October 2025. Professor Lim, KBE is a Consultant in Respiratory Medicine at Nottingham University Hospitals NHS Trust and an Honorary Professor of Respiratory Medicine for The University of Nottingham. He currently serves as the Deputy Chair of the JCVI and Chair of the COVID-19 sub-committee.  

    Dr Thomas Waite, Deputy Chief Medical Officer for England said:

    I am deeply grateful for Sir Andrew’s leadership of the JCVI over the last 12 years. Over this time the JCVI has given advice to support the introduction of vaccination programmes to protect the public against a range of infections including meningococcal disease and RSV. I would like to extend my sincere thanks to Sir Andrew for his dedication and expertise.

    I am delighted to welcome Professor Lim, KBE as the new Chair of the committee. Professor Lim served as Chair during the COVID-19 pandemic and ensured government received timely advice on the roll out of the COVID-19 vaccination programme to protect the health of the UK public. I very much look forward to continuing to work with him as the new Chair.

    Updates to this page

    Published 3 June 2025

    MIL OSI United Kingdom

  • MIL-OSI: Quadient Q1 2025 sales at €258m, with strong performance in Digital and Lockers. FY 2025 guidance maintained

    Source: GlobeNewswire (MIL-OSI)

    Key highlights

    • Q1 2025 consolidated revenue of €258 million, down 1.1% on a reported basis, including the contribution of Package Concierge, and down 2.5% organically(1)
    • Continued good momentum in Digital and Lockers, with double-digit growth in subscription-related revenue
    • Low point in the renewal cycle of mail equipment installed base, as expected
    • Positive current EBIT evolution supported by all three Solutions
    • Acceleration of digital financial automation strategy in Europe with the acquisition of Serensia, a leading French electronic invoicing certified platform
    • Stronger H2 anticipated on the back of continued strong momentum in Digital and Lockers with further improvement in profitability, expected Mail recovery and good order pipeline across Solutions
    • FY 2025 guidance maintained, i.e. organic growth acceleration in both revenue and current EBIT

    Paris, 3 June 2025

    Quadient S.A. (Euronext Paris: QDT), a global automation platform powering secure and sustainable business connections, today announces its 2025 first quarter consolidated revenue (period ended on 30 April 2025).

    Geoffrey Godet, Chief Executive Officer of Quadient S.A., stated:

    “The first quarter of 2025 has been another strong quarter for our Digital and Lockers solutions, which delivered solid levels of subscription-related revenue organic growth at +11.1% for Digital and +12.7% for Lockers, demonstrating the strength and success of our two fast growing solutions as well as the quality of our recurring business model.

    As expected, our Mail performance was softer, reflecting the low point in the renewal cycle and a tough comparison base following the decertification-driven boost in 2024 in the United-States. The situation was further exacerbated by a particularly challenging American macroeconomic environment during the first quarter.

    Despite these headwinds in the quarter, we achieved current EBIT organic growth, supported by EBITDA margin positive development in all three solutions.

    With the acquisition of Serensia, a leading French electronic invoicing certified platform, Quadient is accelerating its digital financial automation strategy in Europe and will bring superior digital intelligent automation capabilities to its 300K+ customers worldwide, and notably to its 60K+ French customers, further accelerating their digital transformation, as they anticipate the 2026 mandatory e-invoicing law in France.

    While we expect the same uncertainty and market conditions to continue in Q2, we remain confident in our ability to deliver a stronger second half. As a result, we are maintaining our full-year 2025 guidance of acceleration in both organic revenue growth and organic EBIT growth compared to the 2024 growth rates.”

    Comments on Q1 2025 performance

    Group revenue came in at €258 million in Q1 2025, down 1.1% on a reported basis, and 2.5% organically compared to Q1 2024. Reported growth includes a positive scope effect of €4 million from the acquisition of Package Concierge in December 2024. The currency impact was broadly flat over the period.

    Subscription related revenue (€193 million, 75% of total sales) increased by +1.2% organically over Q1 2025, reflecting the continued strong momentum in Digital and Lockers. In contrast, non-recurring revenue declined by 12.0% organically against Q1 2024, due to a low point in the renewal cycle of mail equipment installed base, as expected. The decline in hardware sales has however been amplified by the challenging macroeconomic environment in the United States.

    By geography, North America (59% of revenue) declined organically by 2.4% in Q1 2025, impacted by macroeconomic uncertainty in the US delaying customer decision making and a strong comparison base in Mail following last year’s decertification-driven uplift in sales. The Main European countries (33% of revenue) recorded a 2.8% organic decline, while the International segment (8% of revenue) was down 2.0% organically.

    Consolidated revenue by Solution

    Q1 2025 consolidated revenue

    In € million Q1 2025 Q1 2024 Change Organic change
    Digital 67 63 +6.5% +7.2%
    Mail 164 178 (7.9)% (7.9)%
    Lockers 27 20 +35.4% +12.2%
    Group total 258 261 (1.1)% (2.5)%
     

    Digital

    In Q1 2025, revenue from Digital reached €67 million, up 7.2% organically and up 6.5% on a reported basis compared to Q1 2024.

    This solid performance was driven by a strong 11.1% organic growth in Q1 2025 in subscription-related revenue, in acceleration compared to the previous quarter. Growth was broad-based across all regions, including a double-digit growth in North America. Subscription-related revenue represented 85% of Digital total sales, a further increase compared to 82% in Q1 2024.

    At the end of Q1 2025, annual recurring revenue (ARR) reached €237 million(2), vs. €232 million at the end of FY 2024, representing a 9.6% organic growth on an annualized basis.

    The Digital solution continued to demonstrate healthy booking trends, highlighted by:

    • Robust cross-selling bookings with Mail customers, up c. +50% year-on-year;
    • Double-digit growth in new customer acquisition within the Enterprise business.

    During the quarter, Quadient’s Digital Automation platform received several leadership recognitions across multiple analyst rankings, notably in AP/AR financial automation, where it is now ranked on par with its high positions in CCM/CXM.

    Quadient is accelerating its digital financial automation strategy in Europe, with the acquisition on 2nd June 2025 of Serensia, a leading French electronic invoicing certified platform, trusted by more than 160 customers (including TotalEnergies, Dalkia, RATP…), processing nearly 200 million invoices annually. This acquisition provides Quadient with:

    • First-class software Intellectual Property for its PDP platform (Partner Dematerialization Platform, registered by the French State), and
    • Access to Pan-European Public Procurement Online (PEPPOL) market.

    This acquisition further strengthens Quadient’s Finance Automation portfolio (which includes online payment, e-invoicing, account payable and account receivable automation, credit analysis, hybrid mail, …), and further accelerates Quadient’s Mail customers’ digital transformation, by providing additional pathways towards the necessary adoption of e-invoicing solutions, legally mandated across Europe. Please refer to our dedicated press release published on 2nd June for more details.

    Mail

    Mail revenue reached €164 million in Q1 2025, down 7.9% organically and on a reported basis compared to Q1 2024.   

    Hardware sales recorded a 15.8% organic decline in the first quarter of 2025. This decrease was primarily driven by:

    • A softer performance across all regions. This was expected, given the echo effect of the COVID period, with fewer contracts for renewal, reflecting the lower level of hardware placements made during the pandemic 5 years ago;
    • The United States was particularly affected, with a strong comparison base in Q1 2024, which had benefited from the decertification boosting effect (which ended in Q4 2024), as well as by increased economic uncertainty that delayed customer decision-making.

    Subscription-related revenue (72% of Mail sales) recorded an organic decline of 4.4% in the quarter.

    Despite these headwinds, Quadient continued to outperform the market this quarter.

    The Mail automation platform continued to show good commercial momentum, and double-digit growth in cross-sell order intake with Lockers and +50% for Digital bookings in Q1 2025. This dynamic is illustrated by the expansion of the partnership with the University of Pittsburgh, which has long relied on Quadient’s parcel locker systems to facilitate on-campus student and staff deliveries and is now extending the relationship to include a comprehensive mail management solution.

    At the end of April 2025, already 44.0% of Quadient installed base has been upgraded with its newest technology, compared to 42.4% at the end of January 2025.

    H2 2025 performance is expected to recover as the Mail equipment business will be supported by a stronger pipeline of contracts up for renewal over the second part of the year.

    Lockers

    Lockers revenue reached €27 million in Q1 2025, a 12.2% increase on an organic basis. The reported growth stood at 35.4% year-on-year, reflecting the positive contribution from Package Concierge (€4 million in Q1 2025).

    Subscription-related revenue increased by 12.7% organically in Q1 2025, benefiting from:

    • The outstanding strong volumes ramp up in the UK and French open networks;
    • The continued momentum in the US, driven by higher monetization of usage fees.

    Overall, subscription-related revenue stood at 65% of total revenue in Q1 2025 (vs. 68% in Q1 2024, this small drop reflecting the different revenue mix at the recently acquired Package Concierge).

    Non-recurring revenue (license & hardware sales and professional services) grew strongly by 11.4% organically in Q1 2025, driven by a significant locker placement in International, which more than offset the softer performance in North America. Moreover, another hardware sales deal for circa €5 million has been signed in International and will be recognized in H2 2025

    Quadient’s global locker installed base reached c.26,100 units at the end of Q1 2025, with 600 new lockers deployed over the quarter. This reflects the accelerated pace of new locker installations, particularly in the UK open network, which has expanded nearly fourfold over the last 15 months. This growth is driven by partnerships signed in recent quarters to host parcel lockers in new prime locations.

    In the UK, Quadient extended its partnership with EVRi, with a new large and long-term deal signed, including the consolidation of returns (Drop Box functionality). Quadient also signed a strategic partnership with Stasher, offering travelers a nationwide luggage storage service through Quadient’s smart locker network. These partnerships are expected to further drive volume and support continued adoption growth. In Japan (International segment), Quadient expanded the access to its network so that Amazon parcels can be delivered within approximately 6,000 “PUDO Stations” nationwide.

    LIQUIDITY MANAGEMENT

    In May 2025, Quadient proactively extended the maturity of its €300 million undrawn Revolving Credit Facility by an additional year, pushing it to 2030.

    FY 2025 GUIDANCE MAINTAINED

    While Q2 is expected to face similar markets conditions to the previous quarter and continued macroeconomic uncertainty, Quadient remains confident in its ability to deliver a stronger performance in the second half of the year. This confidence is supported by:

    • A good profitability start of the year, with an improvement in EBITDA margin across solutions;
    • Moving forward:
      • Sustained strong momentum in Digital and Lockers, with further improvement in profitability;
      • An expected recovery in Mail in H2, as the renewal cycle of the mail equipment installed base should reverse and provide greater opportunities;
      • A promising order pipeline across solutions.

    In this this context, Quadient maintains its full-year 2025 guidance, of acceleration in both organic revenue growth and organic current EBIT growth compared to the 2024 growth rates, while acknowledging that ongoing global economic disruptions and their impact, in particular on the US market, remain difficult to predict at this stage.

    Q1 2025 BUSINESS HIGHLIGHTS

    Quadient Recognized in Inaugural 2025 Gartner® Magic Quadrant™ for Accounts Payable Applications
    On 4 April 2025, Quadient announced it has been recognized in the first ever 2025 Gartner Magic Quadrant for Accounts Payable Applications. A Gartner Magic Quadrant is a culmination of research in a specific market, giving a wide-angle view of the relative positions of the market’s competitors3.

    Quadient Receives SBTi’s Validation of its GHG Emission Reduction Targets
    On 7 April 2025, Quadient announced that the Science-Based Targets initiative (SBTi) has validated its greenhouse gas (GHG) emission reduction targets. SBTi is a corporate climate action initiative that provides companies with science-based guidance to reduce greenhouse gas emissions in line with the goals of the Paris Agreement. This validation confirms that Quadient’s commitments align with scientific requirements to limit global warming to 1.5°C.

    Quadient Recognized in Analyst Report on Top AI Use Cases for Finance Automation
    On 16 April 2025, Quadient announced it has been recognized in a recent Forrester report on ways artificial intelligence (AI) is transforming accounts receivable (AR) processes. The report, “Top AI Use Cases for Accounts Receivable Automation In 2025,” includes mentions of Quadient AR for cash application and payment notice. Quadient considers its inclusion in the report as proof of the impact its AI- and machine learning-powered financial process automation offer, enhancing efficiency, accuracy, and decision-making capabilities.

    Quadient Named a Leader in the SPARK Matrix™: Customer Communication Management Report for 2025
    On 24 April 2025, Quadient has been recognized as a Leader in the SPARK Matrix™: Customer Communication Management (CCM), Q2, 2025 report by global advisory and consulting firm QKS Group. This marks the fifth consecutive year Quadient has been named a Leader in the SPARK Matrix for CCM, a strategic vendor performance assessment tool that ranks vendors across the categories of Technology Excellence and Customer Impact.

    Quadient: 11% Increase in Software Sales to Mail Clients in 2024 Reflects Rising Demand for Smarter, Multichannel Communications
    On 30 April 2025, Quadient shared that businesses are increasingly turning to digital solutions to meet rising customer expectations for modern, multichannel communication. This shift is driving tangible growth: in fiscal year 2024, Quadient recorded a record 11% increase in cross-sales of its Digital automation solutions within its Mail customer base.

    POST-CLOSING EVENTS

    Stasher and Quadient Partner to Launch Nationwide Luggage Storage Using UK Smart Locker Network
    On 7 May 2025, Quadient announced a strategic partnership with Stasher, the world’s first luggage storage platform. This partnership marks a significant expansion of Stasher’s UK network and will provide travelers in key cities throughout the UK, including London, Birmingham, York, Edinburgh, Newcastle, Cardiff and Manchester, with more convenient, secure, and accessible luggage storage options through more than 1,640 Parcel Pending by Quadient smart lockers.

    Quadient and Nuvei Sign New Partnership to Enhance Cloud Payment Capabilities for Businesses Globally
    On 13 May 2025, Quadient and Nuvei announced a strategic technology partnership to enhance cloud payment capabilities for businesses globally. Through this partnership, Nuvei’s advanced payment processing technology is now integrated into Quadient’s cloud-based Accounts Receivable (AR) and Accounts Payable (AP) automation solutions, providing businesses of all sizes across North America, the UK, and Europe with a unified platform to manage B2B payments more efficiently, securely, and at scale.

    AI-powered Automation and Real-Time Payments Secure Quadient Leader Position in SPARK Matrix for Accounts Receivable
    On 15 May 2025, Quadient has been positioned as a Leader in the SPARK Matrix™: Accounts Receivable Applications, 2025. This marks the fourth consecutive year Quadient has been named as a leader in the report produced by the technology advisory and research firm QKS Group. Quadient believes this recognition is a testament to its continuing commitment to help businesses accelerate digital transformation, automate financial processes to increase business performance and create high-value customer interactions.

    Quadient Surpasses 300 Higher Education Locker Customers, Helping Campuses Modernize Logistics and Tackle Food Insecurity
    On 27 May 2025, Quadient announced that more than 300 higher education institutions in the U.S. are now relying on Parcel Pending by Quadient Lockers for streamlined package pickup and drop-off, bookstore merchandise, class and IT equipment exchange points, and addressing the challenge of student food insecurity.

    Quadient Advances AI Capabilities to Help Organizations Power Better Customer Interactions and Revenue Growth
    On 28 May 2025, Quadient announced the release of advanced AI capabilities designed for crafting and orchestrating highly personalized, omnichannel customer interactions. The extended AI is part of the latest release of Quadient Inspire, an industry-leading customer communications management (CCM) solution, and represents Quadient’s continued investment in transforming the way businesses dynamically communicate with customers.

    Quadient Accelerates its Digital Financial Automation Strategy in Europe with the Acquisition of Serensia
    On 2 Juin 2025, Quadient announced the acquisition of Serensia, a highly recognized a leading French electronic invoicing platform provider accredited by the French government as a Partner Dematerialization Platform (PDP). This strategic acquisition strengthens Quadient’s position in digital compliance and its ability to support both its 150,000 European customers and the more than 8 million businesses impacted in France as they transition to mandatory electronic invoicing.

    To know more about Quadient’s news flow, previous press releases are available on our website at the following address: https://invest.quadient.com/en/newsroom.

    CONFERENCE CALL & WEBCAST

    Quadient will host a conference call and webcast today at 6:00 pm Paris time (5:00 pm London time).

    To join the webcast, click on the following link: Webcast.

    To listen to the presentation by phone, please register using the following link to receive the dial-in details: Conference call.

    A replay of the webcast will also be available on Quadient’s Investor Relations website for 12 months.

    Calendar

    • 13 June 2025: Annual General Assembly
    • 24 September 2025: Half-year results and Q2 2025 sales

    About Quadient®

    Quadient is a global automation platform provider powering secure and sustainable business connections through digital and physical channels. Quadient supports businesses of all sizes in their digital transformation and growth journey, unlocking operational efficiency and creating meaningful customer experiences. Listed in compartment B of Euronext Paris (QDT) and part of the CAC® Mid & Small and EnterNext® Tech 40 indices, Quadient shares are eligible for PEA-PME investing.

    For more information about Quadient, visit https://invest.quadient.com/en/.

    Contacts

    APPENDIX

    Digital: New name for Intelligent Communication Automation

    Mail: New name for Mail-Related Solutions

    Lockers: New name for Parcel Locker Solutions

    Q1 2025 consolidated revenue

    Q1 2025 consolidated revenue by geography

    In € million Q1 2025 Q1 2024 Change Organic
    change
    North America(a) 151 150 +0.6%(d) (2.4)%
    Main European countries(b) 86 89 (2.9)% (2.8)%
    International(c) 21 23      (5.6)%(d) (2.0)%
    Group total 258 261 (1.1)% (2.5)%
    (a)  Including the United States and Canada. Brazil and Mexico are also part of this segment as of 1stJanuary 2025.
    (b)  Including Austria, Benelux, France, Germany, Ireland, Italy (excluding Mail), Switzerland, and the United Kingdom.
    (c)  International includes the activities of Digital, Mail and Lockers outside of North America and the Main European countries. From 1stJanuary 2025, Brazil and Mexico are no longer included and are now part of North America.
    (d)  The reported changes reflect a €0.9m reclassification effect due to the transfer of Brazil and Mexico from International to North America as of 1stJanuary 2025.

    (1) Q1 2025 sales are compared to Q1 2024 sales, to which is added pro rata temporis the revenue of Package Concierge for a consolidated amount of €4 million. The currency impact is broadly neutral in the period.
    (2) Q1 2025 ARR includes a €1.3 million positive currency effect vs 31 January 2025.
    (3) Gartner Research Methodologies, Gartner Magic Quadrant, 28 March 2025

    Attachment

    The MIL Network

  • MIL-OSI Security: Two People Sentenced for Stealing Nearly $300,000 in COVID-19 Relief Money

    Source: US FBI

    Yakima, Washington – Acting United States Attorney Richard R Barker announced that David Kurt Schneider, of Kennewick, Washington and Kelly Jo Driver, of South Carolina, were sentenced after pleading guilty to COVID-19 relief fraud. Chief United States District Judge Stanley A. Bastian sentenced Schneider to 12 months in prison and Driver to 5 years of probation. Chief Judge Bastian also ordered restitution of $121,762.

    Co-defendant, Leif Gerald Larsen, of Pasco, Washington, has pleaded guilty to wire fraud and will be sentenced July 30, 2025, in Yakima.

    On March 27, 2020, the President signed into law the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act.  The CARES Act provided a number of programs through which eligible small businesses could request and obtain relief funding intended to mitigate the economic impacts of the pandemic for small and local businesses.  One such program, the Paycheck Protection Program (PPP), provided government-backed funding to small businesses which could be forgiven so long as the proceeds were used for payroll and other eligible expenses.  Another program, the Economic Injury Disaster Loan (EIDL) program, provided low interest loans that could be deferred until the conclusion of the pandemic to provide “bridge” funding for small businesses to maintain their operations during shutdowns and other economic circumstances caused by the pandemic.  The PPP and EIDL programs have provided billions of dollars in aid, the vast majority of which have not been paid back, including hundreds of millions of dollars disbursed within Eastern Washington. 

    According to court documents and information presented at the sentencing hearing, Schneider, Driver, and Larsen submitted funding applications in the name of Larsen Firearms, owned by Larsen, and Solar Mobility LLC, RealNZ Water LLC, and Tempest Tactical Solutions, LLC, all owned by Schneider. Driver created fraudulent payroll and tax forms that were submitted in support of the applications, and that, for her part in the scheme, Driver received 10% of the funds disbursed by the SBA and participating lenders.

    In total, Schneider, Driver, and Larsen fraudulently obtained at least $292,000 in CARES Act funding through the PPP and EIDL programs and submitted fraudulent applications seeking at least an additional $560,000 in CARES Act funding that were ultimately not approved.

    “Pandemic relief programs were created to support workers, small businesses, and communities struggling through an unprecedented crisis – not to enrich fraudsters,” said Acting U.S. Attorney Rich Barker. “By stealing nearly $300,000 intended for legitimate businesses, these defendants diverted critical resources at a time when many businesses were fighting to survive. The SBA, FBI, the U.S. Attorney’s Office will continue to hold accountable those who exploit government aid for personal gain.”

    “Those who exploited SBA’s pandemic relief programs for personal gain will be held accountable,” said SBA OIG’s Western Region Assistant Special Agent in Charge, Tim Larson. “SBA OIG continues to prioritize fraud investigations involving pandemic-era programs, working closely with the U.S. Attorney’s Office and our law enforcement partners to protect taxpayer funds and uphold the integrity of federal relief efforts.”

    This case was investigated by the Eastern District of Washington COVID-19 Fraud Strike Force and by FBI and SBA OIG.  This case was prosecuted by Assistant United States Attorneys Jeremy J. Kelley and Frieda K. Zimmerman.   

    4:24-cr-06004-SAB

    MIL Security OSI

  • MIL-OSI USA: King, Colleagues Fight to Help Home Renters Continue Receiving Emergency Assistance

    US Senate News:

    Source: United States Senator for Maine Angus King
    WASHINGTON, D.C. — U.S. Senator Angus King (I-ME), with a bicameral group of his House and Senate colleagues, is calling on Congressional Appropriations leadership to include enough funding for the Emergency Housing Voucher (EHV) program as part of Fiscal Year (FY) 2026 funding legislation. Tens of thousands of Americans depend on this vital program for safe, stable, and affordable housing. The letter comes as the Department of Housing and Urban Development (HUD) announced in March that the program will soon run out of money due largely to rents rising at the fastest pace in decades.
    “[Public Housing Agencies] in every state have benefited from the improved voucher issuance and utilization that the EHV program provides, as have the people and communities they serve,” wrote the lawmakers. “Congress must provide sufficient and robust funding to ensure that the families who rely on EHVs don’t lose their housing.”
    “The EHV program provides rental assistance to help end and prevent homelessness,” continued the lawmakers. “At a time when housing costs and homelessness continue to rise, we respectfully request that you provide adequate funding in the FY26 THUD Appropriations bill to renew all EHVs to ensure that those who have been served by the program do not lose their housing support and to ensure landlords continue receiving the rental payments they depend on to maintain their properties.”
    As of April, this critical program supports 107,000 individuals who are mostly children under five years old, older adults, individuals with disabilities, and domestic violence survivors. Support for the program is especially important as the Trump Administration cuts vital HUD funding and support staff. The EHV program was established in 2021 through the American Rescue Plan. Congress originally authorized $5 billion in funding for 70,000 vouchers through September 2030, with increased flexibilities for public housing authorities that made the program more successful than typical housing vouchers.
    Senator King has long been committed to ensuring Maine people across the state can access safe and affordable housing, as well as working with his colleagues on creative solutions to combat the housing shortage. He recently introduced the bipartisan Affordable Housing Credit Improvement Act to create nearly two million new affordable homes across the country — including thousands in Maine. Earlier this year, he introduced the bipartisan Farmhouse-to-Workforce Housing Act to expand existing grant program so rural homeowners can create more housing on their property and help ease housing shortfall.
    The full text of the letter is available here and below. 
    +++
    Dear Chair Hyde-Smith, Ranking Member Gillibrand, Chair Womack, and Ranking Member Clyburn:
    As you develop the Fiscal Year (FY) 2026 Transportation, Housing and Urban Development (THUD) and Related Agencies Appropriations bill, we respectfully request that you include funding to ensure that the nearly 60,000 households who are currently being served by the Emergency Housing Voucher (EHV) program do not fall into homelessness.
    During the pandemic, Congress appropriated $5 billion in mandatory funding for the EHV program to help people experiencing or at risk of experiencing homelessness, including survivors of domestic violence and victims of human trafficking, access safe, stable and affordable housing during a moment of crisis.
    Since 2021, the success of the EHV program and its design, which includes critical administrative flexibilities that are responsive to a tumultuous housing market, cannot be overstated. The Department of Housing and Urban Development (HUD) reported that EHVs are leasing at a rate faster than any previous housing voucher program within HUD and drove unprecedented collaboration among public housing agencies (PHAs), homeless services organizations, and victim services organizations to provide rapid and effective housing assistance to vulnerable populations. PHAs in every state have benefited from the improved voucher issuance and utilization that the EHV program provides, as have the people and communities they serve. Congress must provide sufficient and robust funding to ensure that the families who rely on EHVs don’t lose their housing.
    We understand that the Subcommittee must make difficult decisions. However, the EHV program provides rental assistance to help end and prevent homelessness. At a time when housing costs and homelessness continue to rise, we respectfully request that you provide adequate funding in the FY26 THUD Appropriations bill to renew all EHVs to ensure that those who have been served by the program do not lose their housing support and to ensure landlords continue receiving the rental payments they depend on to maintain their properties. Thank you for your consideration of this request and your continued support for the most vulnerable Americans.
    Sincerely,

    MIL OSI USA News

  • MIL-OSI Global: We asked over 8,700 people in 6 countries to think about future generations in decision-making, and this is what we found

    Source: The Conversation – USA – By Stylianos Syropoulos, Assistant Professor of Psychology, Arizona State University

    Shifting the public’s perspective toward greater concern for future generations could result in more support for climate change policies, among others. Artur Debat/Moment via Getty Images

    People often prioritize the well-being of family, friends and neighbors, as they feel a closeness emotionally and share the same temporal context. But they overlook how people born decades or centuries from now may suffer as a result of today’s failures to address major global risks such as climate change, future pandemics and unregulated artificial intelligence.

    Our new research, published in the British Journal of Social Psychology, shows that brief, low-cost psychological interventions can help individuals adopt a more expansive moral perspective to include future generations.

    We conducted three online studies with over 8,700 participants to examine whether prompting people to consider the long-term consequences of their actions could shift moral priorities beyond the present.

    In one of two interventions, participants imagined themselves serving on a government committee responsible for protecting future generations. Their task was to ensure that new legislation accounted not only for immediate needs but also for long-term impacts; they were asked to write a speech communicating these goals to the American public. This exercise highlighted institutional responsibility and the role of collective action across time.

    In the second intervention, participants engaged with a more personal thought experiment adapted from philosopher William MacAskill’s book “What We Owe the Future,” which explores our moral responsibility toward humanity’s long-term future.

    The impact of actions over time.

    Here, they read a scenario about a hiker who comes across broken glass on a remote trail – glass that may one day injure an unknown child. Should the hiker clean it up, even though no one is watching and the child may not appear for decades? After reflecting on this story, participants were asked to write about what they themselves could do to help make the future better for others.

    Moral concern for both intervention and control participants was assessed using the Moral Expansiveness Scale. We asked participants to rate how much moral concern they felt for a wide range of issues. These included concern for future generations, alongside family and friends, strangers, marginalized groups such as LGBTQ+ people, animals and the natural environment.

    Why it matters

    Although these exercises differed, one emphasizing collective responsibility and the other individual, both led to the same outcome: Participants randomly assigned to an intervention condition expressed significantly greater moral concern for future generations than those assigned to a control condition who completed neither exercise.

    This effect held across cultural contexts and across six diverse countries – the U.S., Argentina, South Africa, the Philippines, the U.K. and Australia – and persisted even when participants were required to make trade-offs in a zero-sum version of the Moral Expansiveness Scale. In this version of the task, they distributed a fixed number of “moral concern points” across competing groups, compelling them to weigh the moral importance of future generations against that of present-day entities like family members, strangers, nature and others.

    What’s especially intriguing, however, is that the elevated concern for future generations among intervention participants did not come at the expense of concern for other socially distant entities or those viewed as marginalized.

    What changed was how participants prioritized their moral concern: They placed slightly less emphasis on family and friends – groups that people typically prioritize most, even when they may be least in need of moral protection.

    In contrast, concern increased for distant others, both living today and in the future.

    What’s next

    This perspective, encouraged by the interventions, could perhaps help lay the groundwork for more durable public support for addressing long-term challenges.

    In future work, we hope to explore whether these interventions can inspire real-world action. This could include increased support for climate policies, voting for leaders who prioritize long-term investments like sustainable infrastructure and pandemic preparedness, or donating to causes that benefit future generations.

    But how might these interventions be integrated into everyday life? One promising approach is to embed them into settings where such reflections already occur, such as schools, civic education programs or public awareness campaigns.

    To assess their real-world potential, we plan to examine the durability of these effects. We want to see whether deploying them in such contexts can meaningfully inspire long-term shifts in attitudes and – importantly – behavior.

    For example, brief storytelling exercises or classroom role-plays, like imagining oneself as a future-focused policymaker, could be incorporated into high school or college curricula to shape students’ values, goals and even career trajectories. Similarly, community workshops, online media or social campaigns could adapt these scenarios to foster long-term thinking in broader populations.

    When people reflect on how their actions today shape the future, they may be more likely to back solutions to present-day issues like poverty and inequality, knowing these problems can have ripple effects for generations to come. They may also become more motivated to confront emerging risks, such as unregulated artificial intelligence or future pandemics, before those risks escalate.

    The Research Brief is a short take on interesting academic work.

    The research relevant to this article was funded by the John Templeton Foundation and APA Division 48.

    The research relevant to this article was funded by the John Templeton Foundation and APA Division 48.

    ref. We asked over 8,700 people in 6 countries to think about future generations in decision-making, and this is what we found – https://theconversation.com/we-asked-over-8-700-people-in-6-countries-to-think-about-future-generations-in-decision-making-and-this-is-what-we-found-256767

    MIL OSI – Global Reports

  • MIL-OSI: May Commercial Chapter 11 Filings Increase 62 Percent over Last Month

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, June 03, 2025 (GLOBE NEWSWIRE) — Commercial chapter 11 filings totaled 733 in May, an increase of 62 percent over the 453 filings in April, according to data provided by Epiq AACER, the leading provider of U.S. bankruptcy filing data. The overall May commercial filing total of 2,695 represented an 8 percent increase from the April 2025 commercial filing total of 2,489. Small business filings, captured as subchapter V elections within chapter 11, increased 3 percent to 228 in May 2025 from 223 the previous month.

    May’s 48,218 total bankruptcy filings represented a 3 percent decrease from April’s filing total of 49,610. The 45,523 noncommercial filings in May also represented a 3 percent decrease from the April 2025 noncommercial filing total of 47,121. Consumer chapter 7 filings decreased 7 percent to 28,716 from the 30,823 chapter 7s filed in April 2025, while chapter 13 filings increased 3 percent to 16,694 over the 16,198 filings in April.

    “The sharp uptick in overall commercial chapter 11 filings in May 2025 underscores the ongoing economic pressures businesses face, from elevated borrower costs, potential tariff impacts and geopolitical uncertainty,” said Michael Hunter, vice president of Epiq AACER. “Meanwhile, consumer filings continue to climb yet remain below pre-pandemic levels; however, the resumption of student loan collections and the expiration of the FHA modification programs are likely to drive further increases in filings, particularly through the end of 2025 and into 2026.”

    Overall commercial filings registered a slight increase of 1 percent in May 2025 to 2,695 from the 2,664 commercial filings in May 2024. Commercial chapter 11 filings decreased also, as the 733 filings in May 2025 represented a 4 percent decline from the 765 filings reported in May 2024.

    The 48,218 total U.S. bankruptcy filings in May 2025 increased 7 percent from the May 2024 total of 45,025. Noncommercial bankruptcy filings also registered a 7 percent increase, to 45,523 in May 2025 from the May 2024 noncommercial total of 42,361. The number of consumers filing for chapter 7 increased 11 percent to 28,716 in May 2025 from the 25,773 who filed for chapter 7 last year, while chapter 13 filings increased 1 percent to 16,694 in May 2025 from the 16,507 chapter 13 filings in May 2024.

    “The current financial landscape presents struggling businesses and consumers with additional challenges of elevated prices, higher borrowing costs and uncertain geopolitical events,” said ABI Executive Director Amy Quackenboss. “Bankruptcy provides a proven process to a financial fresh start for distressed businesses and families.”

    Epiq AACER is a division of Epiq and is the leading provider of data, technology, and services for companies operating in the business of bankruptcy. Its Bankruptcy Analytics subscription service provides on-demand access to the industry’s most dynamic bankruptcy data, updated daily. Learn more at https://bankruptcy.epiqglobal.com.

    About Epiq

    Epiq, a global technology-enabled services leader to the legal industry and corporations, takes on large-scale, increasingly complex tasks for corporate counsel, law firms, and business professionals with efficiency, clarity, and confidence. Clients rely on Epiq to streamline the administration of business operations, class action and mass tort, court reporting, eDiscovery, regulatory, compliance, restructuring, and bankruptcy matters. Epiq subject-matter experts and technologies create efficiency through expertise and deliver confidence to high-performing clients around the world. Learn more at https://www.epiqglobal.com.

    About ABI 

    ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes nearly 10,000 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abi.org. For additional conference information, visit http://www.abi.org/calendar-of-events.

    Press Contacts 

    Carrie Trent 
    Epiq, Director of Communications 
    Carrie.Trent@epiqglobal.com

    Vicki LaBrosse
    Edge Marketing, Director of Global PR
    vlabrosse@edgemarketinginc.com

    John Hartgen 
    ABI, Public Affairs Officer
    jhartgen@abi.org

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/01db2547-f52c-490f-b923-58f9b0c6ab4a

    The MIL Network

  • MIL-OSI Economics: Andrew Bailey: State of trade

    Source: Bank for International Settlements

    It is a great pleasure to be in Dublin, and I want to start by thanking the Irish Association of Investment Managers for inviting me again to speak. I say again because I also have to begin with an apology, for standing you up last year at short notice when the General Election was called in the UK. And so, my other thanks is to my fellow Governor Gabriel, for stepping in last year when I withdrew at short notice.

    Not much has happened in the last year. To keep it topical, I am going to use my time to talk about trade, both in goods and in financial services. This is not only topical but highly relevant, because Ireland and the UK are both open economies, with long-established trade connections, and likewise strong connections in financial services.

    Trade matters. It matters at both the economy-wide or macro level, and at the level of individual firms, the micro level. And, almost needless to say, the two are closely linked.

    I am going to start by laying out key elements of the big picture, before moving on to talk about financial services. My starting point is two key elements of the macro dimension of trade. In many past times in talking about trade it would have been easy to pass over them, as points that are not contested. I think they need repeating today.

    The first point is that trade supports output in the economy – and it is good for economic welfare. As I will come on to, there are important qualifications to this point, but they don’t invalidate it. From Adam Smith onwards, it has broadly been accepted that trade supports specialisation and efficiency of production and it enables knowledge transfer, and these features support productivity and economic growth.

    The second point is that we should not expect trade between countries to be in balance all of the time. The whole world should be in balance – because it is a closed system as we have not found and started trading with extra-terrestrial life yet. But as individual countries, we are not closed, as Ireland and the UK demonstrate. Unfortunately, the world’s exports and imports don’t usually equal each other, but that’s down to our counting not ET.

    However, since trade balances between countries don’t balance – and they should not be expected to do so, – what determines the balances and patterns of trade? At the whole economy, or macro, level the answer is that trade is determined by the balance between a country’s saving and investment – macroeconomic fundamentals. And, these are shaped by factors such as business conditions and cycles, productivity growth, savings behaviour, interest rates, fiscal policy choices and exchange rates. In other words, trade is an outcome of the big driving forces of economies, and if we want to affect trade patterns on a lasting basis, that’s where we should look.

    Well, up to a point, yes. I am conscious that what I have just said is a rather a textbook espousal of the case for free trade. No apologies, I do believe in free trade. But, I’m also aware that things are not that simple – the story doesn’t end there. Trade patterns are also shaped by national policies, particularly industrial policies, and by the rules–based world trading system that seeks to set the guardrails for such policies.

    Now, the argument, as I interpret it, of the US Administration is that those rules have been stretched beyond breaking point, and actions have to be taken to put this right.

    As I read it, there are two parts to this argument.

    The first is that the rules of the world trade system – based around the World Trade Organisation – have broken down, and are in need of reform. IMF staff have pointed to more use of industrial policies around the world in recent years, and argued that these should only be used for very limited domestic objectives such as local market failures, but that has not been the case of late, and that this practice will and has exacerbated trade tensions. More concretely, between 2009 and 2022 China implemented around 5,400 so-called subsidy policies, which were concentrated in priority sectors, i.e., ones that matter. This was equal to about two-thirds of all the subsidy measures adopted by G20 advanced economies combined.

    The macro story on trade is influenced by what goes on at the micro level, and we can’t see these two as distinct. There has been an increase in the use of industrial policies – one country has been active on this front, but it’s not alone.

    The second point is around how the rules of engagement of the world trade system have come under pressure from new developments which have affected all of us. Let me briefly set out two which are closely linked. First, before the outbreak of Covid world trade had grown rapidly, more rapidly than world output, and in doing so the supply chains for final products had become much more complicated, but also efficient in the sense that they had exploited the benefits of trade.

    This meant that a lot more of world trade comprised so-called intermediate goods – inputs to the final product, but not the product itself. This exploited one of the longest standing principles of free trade – so-called comparative advantage. In other words, produce stuff where it is most efficient relatively speaking to do so, accepting that the relative point means that no country should specialise in everything. Over time, the trade system has become more and more refined – we have heard the phrase “just in time delivery”. This was highly efficient, until it wasn’t.

    Covid dealt a blow to the efficiency of the trade system. Even though initial pandemic-related supply chain disruption was resolved quite rapidly, as we recovered from Covid these trading patterns and systems did not return to normal as quickly and fully as we expected.

    Why was that? There were no doubt a number of reasons, but a large one is the growth of national security concerns as a threat to the efficiency of trade. In reality, sadly, Russia’s illegal war in Ukraine provided real evidence of the disruption that can happen, and is one factor behind a growing threat from national security to our assumptions on frictionless trade. To be clear, national security concerns are not a good reason to retreat indiscriminately from global trade. The best way to ensure resilience to geopolitical risk is not by reshoring production, but by diversifying supply chains among reliable partners who abide by international law.

    Viewed from the perspective of a central bank responsible for monetary policy, the inevitable conclusion is that we cannot assume that the supply sides of our economies behave as efficiently as they did before Covid. And this was a substantial cause of the very difficult upsurge in inflation.

    I am going to conclude on broader trade with a number of points, and then say something on financial services. Four points strike me as very important on trade.

    First, while I am an unshaken believer in free trade, I do accept that the system has come under too much strain, we have to work hard now to rebuild it, and it is incorrect to dismiss those who argue for restrictions on trade as just wrong-headed. We need to understand what lies behind these arguments. That said, I want to get back to an open trading system.

    Second, to solve the issues we face, we need to look at the macro level – the big economic drivers that I mentioned earlier, and call out where and why we think there are unsustainable trade imbalances. We need to strengthen the IMF’s surveillance in order to improve the process for calling out unsustainable trade imbalances. But we must also look at the micro-level – the rules based world trade system – and work out what we need to do to solve this problem and make it more effective again.

    Third, if it is believed that tariff action is needed to create the shock and awe to get these issues on to the table and dealt with, then something has gone wrong with the multilateral system, and we need to deal with that.

    Fourth, creating a sustainable world trading system matters to all of us. It matters to countries like Ireland and the UK, which are highly open economies, and have been throughout their development. And it matters to central bankers and economic policymakers because our jobs are much harder if we face more inflexible and uncertain supply side conditions in our economies, as we appear to do today.

    Almost all of the attention in recent months in the area of trade has been on goods trade – tangible stuff. Tariffs are a tool whose use is largely confined to the world of goods trade. But, there are two other important features of the trade world. First, alongside trade in goods sits trade in services-intangibles. For the UK, the latest numbers indicate that the total volume of trade was made up of 54% goods and 46% services. For Ireland the numbers are 28% goods and 72% services.

    Financial services are an important part of trade in services and particularly so for Ireland and the UK.

    The second important feature of the trade world is that alongside tariffs sit non-tariff barriers. These are all sorts of obstacles to trade, some put in place deliberately, some are features with their origin in other objectives than affecting the flow of trade, and others which are just there who knows why. Non-tariff barriers to trade are by no means limited to trade in services, but they are the dominant form of restriction in that world.

    This brings me to Brexit. I have to start with an important disclaimer. As a public servant, I take no position on Brexit per se – it was a decision of the British people, and has been put into effect. That said, our evolving trading and regulatory relationship with the EU requires many judgements on the most effective way to do so – what delivers the most effective outcome.

    I want to make two important points in this context. The first relates more to trade in goods, the second to financial services. Let me start with goods. I said earlier that trade enhances and supports economic activity.

    It follows that if the level of trade is lowered by some action, it will have an effect to reduce productivity growth and thus overall growth. Just as tariffs, by increasing the cost, can reduce the scale of trade, the same goes for the type of non-tariff barrier that Brexit has created. Now to reiterate, this does not mean that Brexit is wrong, because there can be other reasons for it, but it does suggest, I think powerfully, that we should do all we can to minimise negative effects on trade.

    The evidence on Brexit suggests that in the UK the changing trade relationship has weighed on the level of potential supply.

    I conclude from this that, just as the Windsor Agreement on trade involving the UK and Ireland was a welcome step forward, so too are the initiatives of the current UK Government to rebuild trade between the UK and EU, and of course there is a very particular important aspect here for the UK and Ireland.

    Let me turn to financial services. There is often an impression given that the flow of trade in financial services is predominantly from the UK to the EU. In other words, the UK is an exporter of financial services. This creates the notion of a one-way street, and that leads to the image of a dependency, and from there the notion of the dependency in some sense being unhealthy starts to come in.

    My strong view is that – contrary to this one way idea – the relationship goes both ways, and that is a good thing. And, this is very well illustrated by the relationship between Ireland and the UK in the area of financial services.

    Let me draw out the two-way street point some more, using the example of the 2022 shock to Liability Driven Investment funds connected to UK pension funds, so-called LDI funds. The LDI episode occurred when UK financial assets saw a significant repricing, with a particular impact on long-dated gilts. The Financial Policy Committee at the Bank of England judged that UK financial stability was at risk due to dysfunction in the gilt market and recommended that the Bank take action. This action took the form of intervening via temporary purchases of long-dated gilts.

    Many of the funds involved were domiciled in other jurisdictions, including here in Ireland and Luxembourg. To be very clear, domicile was not a part of the problem. But, it had to help to enable the solution, and it did. A co-ordinated response between the UK, Ireland and Luxembourg was essential, and I am very grateful to the Central Bank of Ireland and the authorities in Luxembourg for helping us to respond effectively.

    There have been important lessons from the LDI episode, which are increasingly relevant in the context of the increased market volatility we have seen in recent weeks following the US announcement on trade tariffs last month. Together, working with other UK regulators, the Central Bank of Ireland and the authorities in Luxembourg, we have taken action to build resilience in LDI funds. And I hope this close cooperation can continue as we seek to navigate another two way street by building more resilience into money market funds in the EU and the UK, as we strengthen our domestic rules.

    The benefits of open financial markets as well as the dependencies also tend to go both ways.

    The UK and EU are both seeking to strengthen our domestic capital markets. The EU’s Savings and Investment Union agenda and the UK government’s reforms to pensions are both seeking to direct savings towards productive investment. These are important measures, not least given the pressing need for financing some of the common structural challenges we face in the UK and EU – for example, defence and security, demographics, and the technological and climate transitions.

    But strengthening domestic capital markets is only part of the story. The scale of investment needed requires access to global capital, supported by open financial markets. The alternative is fragmentation, which we have unfortunately seen in the global economy in recent years, which reduces the size of markets, and makes them inherently less stable. Fragmentation also increases the cost of capital, undermining growth and investment. Financial market openness, built on a foundation of robust global standards and trust, is a much better alternative.

    To repeat, open financial markets are a good thing. As with goods trade, open financial markets support economic growth as well as increasing investment and reducing the cost of capital. So the benefits of open financial markets, as well as the dependencies, tend to go both ways, so a two-way street; and working together effectively is the best way.

    As such, there is merit in seeking to increase the openness of our financial markets by reducing non-tariff barriers.

    The Bank of England and the Central Bank of Ireland enjoy a very strong relationship, which is built on trust and respect, fostered by close cooperation and coordination and a steadfast commitment to shared values and working together in international bodies to promote global standards. And, my strong view is that this type of work benefits the industries that we oversee. The message that I get consistently, and rightly, is that firms want robust but fair and consistent regulatory standards which will support both stability and competition, and set the level playing field on which they operate.

    Thank you.

    I would like to Sarah Breeden, Lee Foulger, Mike Hatchett, Himali Hettihewa, Karen Jude, Jake Levy, Zertasha Malik, Jeremy Martin, Harsh Mehta, James Talbot, Lanze Gardiner Vandvik, Sam Woods for their help in the preparation of these remarks.

    MIL OSI Economics

  • MIL-OSI: Ingersoll Rand Acquires Lead Fluid, Boosts Regional Growth Strategy in Life Sciences

    Source: GlobeNewswire (MIL-OSI)

    • Execution of bolt-on acquisition supports Ingersoll Rand’s in-region, for-region strategy
    • Acquisition will enhance company capabilities in life science applications
    • Pre-synergy Adjusted EBITDA purchase multiple in low double-digits

    DAVIDSON, N.C., June 03, 2025 (GLOBE NEWSWIRE) — Ingersoll Rand Inc., (NYSE: IR) a global provider of mission-critical flow creation and life science and industrial solutions, has acquired Lead Fluid (Baoding) Intelligent Equipment Manufacturing Co., Ltd. (“Lead Fluid”), reflecting its commitment to an in-region, for-region growth strategy.

    China-based Lead Fluid designs and manufactures advanced fluid-handling products, including peristaltic pumps, syringe pumps, gear pumps, and pump heads, used for life science applications requiring precise fluid delivery, sterile conditions, and gentle handling of sensitive materials. Its annual revenue is approximately $8 million.

    Lead Fluid will join the Life Sciences platform within the Precision and Science Technologies (P&ST) segment.

    “As we continue to execute bolt-on acquisitions that further our in-region, for-region strategy, Lead Fluid is a leading domestic brand with an excellent reputation,” said Vicente Reynal, chairman and chief executive officer of Ingersoll Rand. “This acquisition demonstrates our ability to work directly with family founders to add leading companies to Ingersoll Rand. We look forward to strengthening our life science capabilities in China and the overall durability of our portfolio by increasing our exposure to this high-growth, sustainable end market.”

    About Ingersoll Rand Inc.

    Ingersoll Rand Inc. (NYSE: IR), driven by an entrepreneurial spirit and ownership mindset, is dedicated to Making Life Better for our employees, customers, shareholders, and planet. Customers lean on us for exceptional performance and durability in mission-critical flow creation and life science and industrial solutions. Supported by over 80+ respected brands, our products and services excel in the most complex and harsh conditions. Our employees develop customers for life through their daily commitment to expertise, productivity, and efficiency. For more information, visit www.IRCO.com.

    Forward-Looking Statements
    This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to Ingersoll Rand Inc.’s (the “Company” or “Ingersoll Rand”) expectations regarding the performance of its business, its financial results, its liquidity and capital resources and other non-historical statements. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “forecast,” “outlook,” “target,” “endeavor,” “seek,” “predict,” “intend,” “strategy,” “plan,” “may,” “could,” “should,” “will,” “would,” “will be,” “on track to” “will continue,” “will likely result,” “guidance” or the negative thereof or variations thereon or similar terminology generally intended to identify forward-looking statements. All statements other than historical facts are forward-looking statements.

    These forward-looking statements are based on Ingersoll Rand’s current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from these current expectations. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) adverse impact on our operations and financial performance due to natural disaster, catastrophe, global pandemics (including COVID-19), geopolitical tensions, cyber events or other events outside of our control; (2) unexpected costs, charges or expenses resulting from completed and proposed business combinations; (3) uncertainty of the expected financial performance of the Company; (4) failure to realize the anticipated benefits of completed and proposed business combinations; (5) the ability of the Company to implement its business strategy; (6) difficulties and delays in achieving revenue and cost synergies; (7) inability of the Company to retain and hire key personnel; (8) evolving legal, regulatory and tax regimes; (9) changes in general economic and/or industry specific conditions; (10) actions by third parties, including government agencies; and (11) other risk factors detailed in Ingersoll Rand’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), as such factors may be updated from time to time in its periodic filings with the SEC, which are available on the SEC’s website at http://www.sec.gov. The foregoing list of important factors is not exclusive.

    Any forward-looking statements speak only as of the date of this release. Ingersoll Rand undertakes no obligation to update any forward-looking statements, whether as a result of new information or development, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

    Contacts:
    Investor Relations:
    Matthew.Fort@irco.com

    Media:
    Sara.Hassell@irco.com

    The MIL Network

  • MIL-OSI: Tesonet invests in Lithuanian SportsTech startup FPRO

    Source: GlobeNewswire (MIL-OSI)

    Tesonet is investing €2 million in the Lithuanian SportsTech startup FPRO. This is FPRO’s first round of outside investment, marking a new phase in its development. The funds will help the startup to leverage smart tech solutions to expand professional training opportunities in youth football worldwide.

    A made-in-Lithuania solution for the global football market

    FPRO is a SportsTech startup that is developing innovative football training solutions for children. Working in collaboration with UEFA-certified coaches and experts in sports science, FPRO has devised a unique interactive app for children ages 6 through 12. The app is designed to improve their technique, coordination and ball control skills.

    Having founded the Football Pro Academy back in 2018, founders Ernestas Pilypas, Darius Jankauskas, and Vilius Petkevičius were forced to move operations online during the pandemic. This was the impetus behind the development of their digital product, which was released in 2022. The platform’s user base currently consists of 140,000+ children from the UK, Germany, the US, and other countries. Most of the company’s revenue comes from sales outside of their home market.

    “Football is the most popular sport in the world, but the market is currently short on qualified coaches. We wanted to create a solution that would be accessible to everyone, regardless of their financial means or location. FPRO fills this gap by offering young athletes an accessible, tech-driven method geared towards raising their physical fitness and developing their personalities in a comprehensive way. It helps to build their self-confidence, discipline, and passion for football through a focused and personalised coaching process. We see Tesonet’s investment as confirmation that we’re on the right track,” said Vilius Petkevičius, co-founder of FPRO.

    Ambitious partnership for innovation in children’s sports

    “The sports technology market has enormous potential, and football unites billions of people worldwide. Given our substantial experience with SportsTech, the latest investment reflects our strategy to expand the sports innovation ecosystem while strengthening the community both in Lithuania and globally. This is a profitable and growing startup with a broad user base, an unstoppable team, and founders who are experts in their field. It’s a perfect combination, and one that mirrors our own values,” commented Tomas Okmanas, co-founder of Tesonet.

    Tesonet co-founder Eimantas Sabaliauskas added: “When making a decision to invest, we consider not only market potential, but also a given team’s vision and ability to solve real problems on a global scale. FPRO has created a strong product, and our goal as investors is to help them not just financially but also in terms of strategy. We see clear synergies where our contribution could help them optimise business processes, develop new revenue streams, expand their user base, and further accelerate growth internationally.”

    Another SportsTech investment in Tesonet’s portfolio

    This is not our first venture in the sports vertical. In 2022, we acquired shares in BC Žalgiris Kaunas, helping the basketball club with its digital transformation and commercial expansion. Then in 2024, we invested in basketball club BC London Lions, aiming to promote the development of young talent and bolster the club’s competitiveness internationally.

    ABOUT TESONET:

    Tesonet is one of the largest venture builders and investors in the Baltic States. It houses globally recognized companies such as joint cybersecurity powerhouse Nord Security and Surfshark, a market-leading web intelligence collection platform Oxylabs, the fastest-growing brand among hosting providers Hostinger, nexos.ai – an AI orchestration platform, and others.

    With over 3,500 in-house talents and a fully developed infrastructure, Tesonet supports, funds, and scales businesses globally. Since 2018, Tesonet has extended its reach by investing in successful ventures like Hostinger, Cast AI, Eneba, BC Žalgiris, London Lions, Artea, Zapp, Turing College, and others.

    Tesonet is known for its innovative ecosystem and strong infrastructure, which support product development, testing, and global growth. The company is dedicated to advancing technological innovation and helping grow the broader ecosystem.

    ABOUT FPRO:

    FPRO is a sports technology startup dedicated to developing innovative training solutions for children’s football. Collaborating with UEFA-certified coaches and sports university experts, FPRO has created a unique interactive mobile app designed to help children aged 6–12 improve their technique, coordination, and ball control skills.Currently, the platform is being used by over 140,000 children across the United Kingdom, Germany, the United States, and other countries.

    The MIL Network

  • MIL-OSI United Kingdom: Minister Smyth address to Medicine 2025 conference

    Source: United Kingdom – Executive Government & Departments 2

    Speech

    Minister Smyth address to Medicine 2025 conference

    Minister Smyth addressed the annual conference of the Royal College of Physicians (RCP).

    Since 1948, this organisation has been one of the greatest allies advocating for universal access to healthcare, high standards in clinical practice and evidence-based medicine.

    And today, I really want to thank our members for everything that you have done over the past 14 years to hold our NHS together.

    Through no fault of your own, you’ve been through the worst crisis in the history of the NHS, with waiting lists at historic highs, patient satisfaction at record lows, people struggling to see a GP, ambulances not turning up on time. Any department is full to bursting. That founding promise, that the NHS will always be there for us when we need it, broken.

    But as someone who had my own career 30 years ago in the health service, I completely understand how demoralising this has been for so many staff, how powerless people have felt desperately trying to stop standards slipping or holding a broken system together.

    That’s how I felt as an NHS leader locally, watching the disastrous 2012 reorganisation imposed from the top down, despite all the warnings from frontline leaders and staff. And since then we’ve also had to deal with underinvestment and the global pandemic.

    But while those blows may have left the NHS broken, it’s not beaten. Every day there are amazing people delivering outstanding and compassionate care. Despite all of those challenges, day in, day out, you show up for work and you fight to deliver the very best care possible for your patients.

    Since coming into office, this government has done everything we can to support you. To restore that basic founding principle that the NHS should always be there for us when we need it. With our Plan for Change, we have hit the ground running.

    As our first step, we promised 2 million more appointments in our first year. Promise made, promise kept: we delivered our promise 7 months early and we’ve reached our target, delivering not 2 but 3 million more appointments since July, and counting.

    We’ve got waiting lists down by over 200,000 people.

    We ended the strike within 3 weeks and have now delivered 2 above-inflation pay rises for NHS staff.

    We’ve invested an extra £26 billion in health and care.

    We’ve recruited 1,500 more GPs, and agreed a GP contract for the first time since the pandemic.

    We’ve delivered the biggest investment to hospitals in a generation.

    The biggest expansion of carer’s allowance since the 1970s.

    A boost for older and disabled people through the Disabled Facilities Grant.

    The biggest real-terms increase to the Public Health Grant in nearly a decade.

    We’ve given pharmacies the biggest funding uplift in a generation.

    For patients, we’ve frozen prescription charges.

    We’ve struck a new deal that will mean women will be able to get the morning-after pill from pharmacies across the country, absolutely free of charge.

    A lot done but, we know, a hell of a lot more left to do.

    But from day one we have been clear that investment must come with reform.

    Our job is twofold.

    First, to get the NHS back on its feet, treating patients on time again; and second, to reform the service for the long term, so it is fit for the future.

    This summer we will publish our 10 Year Plan for health. Shifting the focus of healthcare out of hospital and into the community with more investment in primary and community care.

    Bringing our analogue health service into the digital age, arming staff with modern equipment and cutting-edge technology.

    And thirdly, turning our sickness service into a preventative health service to help people live well for longer and tackle the biggest killers.

    We’re supporting the effort of prevention through our smoking and vapes bill, to protect children and the most vulnerable to make this generation of kids the first smoke-free generation, and to save untold billions spent on their future care.

    The ban on junk food advertising targeted at children will be a first step in addressing the growing problem of childhood obesity, and those same kids are benefiting from breakfast clubs, so they start school with hungry minds and not hungry bellies.

    Our Mental Health Bill will stop the disgraceful incarceration of learning-disabled adults.

    We’re working with health unions, councils and employers to deliver the first ever Fair Pay Agreement for social care staff.

    And Louise Casey is leading the commission on social care, which will finally get a grip on a system that is broken for too many families.

    Because, as you all know so well, the pressures facing hospitals don’t start in hospitals, just as the problems facing the NHS don’t necessarily start in the NHS. They are a reflection of wider society.

    Fixing broken Britain will require more than fixing a broken NHS.

    After this speech, I’m going to add my own Post-it note to your interactive map.

    When my team asked me to think about the most pressing issue in my constituency of Bristol South, I was very quick to answer. Poverty.

    The health service can fix people when they’re broken, but we don’t want people broken.

    The factors that make my constituents unwell are wide-ranging, socioeconomic and environmental.

    In other words, the conditions in which we are born, grow, live and work. Secure jobs. Fair pay. Decent housing. Safe streets. Clean air. Accessible transport. The time and affordable facilities to exercise, and nutritious food.

    These are the essential building blocks of a healthy life.

    And that’s why this government is focused on economic growth and improving healthy life expectancy for all, while halving the gap in healthy life expectancy between different regions of England.

    And it’s why reform of the health service is so important, because every pound we spend on the health service is a pound that can’t be spent on what you and I call the social determinants of ill health, but what everyone else calls feeding hungry children, building warm homes and cleaning up our water and the air that we breathe.

    The NHS has often been compared to an oil tanker that has immense capacity but is slow to change direction. Shifting the focus of our health service will be an immense task and one that we can only accomplish with your help.

    We’ve already been clear that we’re embarking on a decade of national renewal and that’s why we’re launching a 10 Year Plan.

    Since coming into office, we’ve sought to reset the relationship with medics to improve working lives and restore value.

    This government was never going to be able to completely reverse a decade and a half of decline in only 10 months, but this year’s pay awards, the second above inflation pay rise in a row, demonstrates our commitment to rebuilding the NHS and rebuilding the pay conditions and morale of all NHS staff.

    When I joined the NHS 30 years ago, I saw the NHS at what I thought was the worst.

    I remember later on working with the team at the Bristol Royal Infirmary on urgent care, discussing those awful trolley waits, coming into work every day, people trying to find a space or somewhere to discharge people from A&E, conversations that, sadly, are all too familiar again today.

    But I also saw, especially in the years leading up to 2010, the pride people have when they’re working in an improving, well-run system.

    When you’re able to go home at the end of the day, knowing that your patients received the best possible care, and the pride, you know that you’re working at the top of your license as part of a team rebuilding a healthier Britain.

    The NHS cannot be saved by one person sitting behind a desk in Whitehall.

    We will only succeed if this is a team effort. From the Prime Minister to the 1.5 million people who work in the service, and the millions of us who use it to take decisions needed to lead healthier, more active lives.

    Turning the NHS around will take time.

    It really won’t be easy, but the prize, the prize available to us is huge and if we get this right, we will be able to say that we were the generation that took the NHS from the worst crisis in its history, got it back on its feet and made it fit for future generations.

    Updates to this page

    Published 2 June 2025

    MIL OSI United Kingdom

  • MIL-OSI: Willis Lease Finance Corporation Announces Offering of $596 Million in Fixed Rate Notes

    Source: GlobeNewswire (MIL-OSI)

    COCONUT CREEK, Fla., June 03, 2025 (GLOBE NEWSWIRE) — Willis Lease Finance Corporation (NASDAQ: WLFC) (“WLFC” or the “Company”), a leading lessor of commercial jet engines, announced today that its wholly-owned subsidiary, Willis Engine Structured Trust VIII (“WEST”), proposes to offer $524 million in aggregate principal amount of Series A Fixed Rate Notes (the “Initial Series A Notes”) and $72 million in aggregate principal amount of Series B Fixed Rate Notes (the “Initial Series B Notes” and, together with the Initial Series A Notes, the “Initial Notes”). The Notes will be secured by, among other things, WEST’s direct and indirect interests in a portfolio of 62 aircraft engines and two airframes, which WEST will acquire from WLFC or its other subsidiaries pursuant to an asset purchase agreement.

    The net proceeds of the Notes will be primarily applied to (i) pay certain fees and expenses related to the offering of the Notes, (ii) deposit initial amounts in reserve accounts for security deposits, maintenance expenses and other expenses and (iii) pay WLFC periodically over a 270-day delivery period the consideration for the aircraft engines and the airframes acquired by WEST from WLFC in connection with the financing. WLFC and its subsidiaries will apply any net proceeds it receives to repay debt collateral by the assets and for general corporate purposes.

    The Notes being offered by WEST have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or any other securities laws of any jurisdiction, and may not be offered or sold in the United States or to U.S. persons (as defined in Regulation S under the Securities Act) absent registration or an applicable exemption from registration requirements. The Notes are being offered only to persons reasonably believed to be “qualified institutional buyers” as defined in, and in reliance on, Rule 144A under the Securities Act and outside the United States to non-U.S. persons in accordance with Regulation S under the Securities Act.

    This news release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of, the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the Securities Act or the securities laws of any such jurisdiction. This news release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.

    Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. Our actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as war, terrorist activity and global pandemics; changes in oil prices, rising inflation and other disruptions to the world markets; trends in the airline industry and our ability to capitalize on those trends, including growth rates of markets and other economic factors; risks associated with owning and leasing jet engines and aircraft; our ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to us and our customers; our ability to continue to meet changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in our portfolio; and risks detailed in the Company’s Annual Report on Form 10-K and other continuing and current reports filed with the Securities and Exchange Commission. It is advisable, however, to consult any further disclosures the Company makes on related subjects in such filings.

    CONTACT: Scott B. Flaherty
      Executive Vice President &
    Chief Financial Officer
      sflaherty@willislease.com
      561.413.0112

    The MIL Network

  • MIL-OSI: Draganfly Announces Delivery of Flex FPV Systems to Major U.S. Prime Defense Contractor

    Source: GlobeNewswire (MIL-OSI)

    Tampa, Florida, June 03, 2025 (GLOBE NEWSWIRE) — Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8), an award-winning, industry-leading drone solutions and systems developer, is pleased to announce the first deliveries of its revolutionary Flex FPV (First Person View) systems under an order from a major U.S. military prime contractor supporting land systems operations for allied forces.

    The Draganfly Flex FPV system is built around a modular core architecture that allows operators to seamlessly switch between different arm and propeller sizes in seconds—without specialized tools. This adaptability enables a single Flex Core to support a variety of mission profiles ranging from reconnaissance and training to tactical payload delivery.

    Capable of speeds exceeding 149 Kilometres per hour, the Flex FPV is designed to support traditional FPV flight and assisted modes, including autonomous waypoint missions. With the ability to carry payloads up to 10 lbs, including via picatinny rail or custom mounts, the system delivers unmatched agility and flexibility in high-intensity environments.

    “This delivery marks an important milestone for the Flex FPV platform,” said Cameron Chell, President and CEO of Draganfly. “The system was born out of our work supporting frontline operations in Ukraine and has been refined through rigorous testing by multiple defense partners. We’re incredibly proud to see it deployed by one of the world’s top defense contractors. .”

    The Flex FPV was officially launched in 2024 and has since undergone evaluation by a variety of militaries and end-users across training, defense, and public safety applications. This order includes a mix of core units and modular components selected to meet the specific needs of the end user.

    Draganfly continues to experience growing demand across defense and public safety sectors as organizations seek out trusted, North American-developed UAS platforms capable of adapting to the evolving realities of modern warfare.

    For more information about Draganfly, visit draganfly.com.

    About Draganfly

    Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE: 3U8) is a global leader in drone technology, AI, and autonomous systems, providing innovative solutions for public safety, defense, agriculture, and industrial applications. With over 25 years of experience, Draganfly is recognized for its groundbreaking contributions to the UAV industry and commitment to delivering cutting-edge, North American-made technology.

    CSE Listing
    NASDAQ Listing
    Frankfurt Listing

    Media Contact
    Erika Racicot
    Email: media@draganfly.com

    Company Contact
    Email: info@draganfly.com

    Forward-Looking Statements

    This release contains certain “forward looking statements” and certain “forward-looking ‎‎‎‎information” as ‎‎‎‎defined under applicable securities laws. Forward-looking statements ‎‎‎‎and information can ‎‎‎‎generally be identified by the use of forward-looking terminology such as ‎‎‎‎‎“may”, “will”, “expect”, “intend”, ‎‎‎‎‎“estimate”, “anticipate”, “believe”, “continue”, “plans” or similar ‎‎‎‎terminology. Forward-looking statements ‎‎‎‎and information are based on forecasts of future ‎‎‎‎results, estimates of amounts not yet determinable and ‎‎‎‎assumptions that, while believed by ‎‎‎‎management to be reasonable, are inherently subject to significant ‎‎‎‎business, economic and ‎‎‎‎competitive uncertainties and contingencies. Forward-looking statements ‎‎‎‎include, but are not ‎‎‎‎limited to, statements with respect to the Flex FPV system’s ability to support a variety of mission profiles ranging from reconnaissance and training to tactical payload delivery and delivering unmatched agility and flexibility in high-intensity environments. Forward-‎‎‎‎looking statements and information are subject to various ‎known ‎‎and unknown risks and ‎‎‎‎‎uncertainties, many of which are beyond the ability of the Company to ‎control or ‎‎predict, that ‎‎‎‎may cause ‎the Company’s actual results, performance or achievements to be ‎materially ‎‎different ‎‎‎‎from those ‎expressed or implied thereby, and are developed based on assumptions ‎about ‎‎such ‎‎‎‎risks, uncertainties ‎and other factors set out here in, including but not limited to: the potential ‎‎‎‎‎‎‎impact of epidemics, ‎pandemics or other public health crises, including the ‎COVID-19 pandemic, on the Company’s business, operations and financial ‎‎‎‎condition; the ‎‎‎successful integration of ‎technology; the inherent risks involved in the general ‎‎‎‎securities markets; ‎‎‎uncertainties relating to the ‎availability and costs of financing needed in the ‎‎‎‎future; the inherent ‎‎‎uncertainty of cost estimates; the ‎potential for unexpected costs and ‎‎‎‎expenses, currency ‎‎‎fluctuations; regulatory restrictions; and liability, ‎competition, loss of key ‎‎‎‎employees and other related risks ‎‎‎and uncertainties disclosed under the ‎heading “Risk Factors“ ‎‎‎‎in the Company’s most recent filings filed ‎‎‎with securities regulators in Canada on ‎the SEDAR ‎‎‎‎website at www.sedar.com and with the United States Securities and Exchange Commission (the “SEC”) on EDGAR through the SEC’s website at www.sec.gov. The Company undertakes ‎‎‎no obligation to update forward-‎looking ‎‎‎‎information except as required by applicable law. Such forward-‎‎‎looking information represents ‎‎‎‎‎managements’ best judgment based on information currently available. ‎‎‎No forward-looking ‎‎‎‎statement ‎can be guaranteed and actual future results may vary materially. ‎‎‎Accordingly, readers ‎‎‎‎are advised not to ‎place undue reliance on forward-looking statements or ‎‎‎information.‎

    The MIL Network

  • MIL-OSI United Nations: GPDRR 2025 highlights: Monday 2 June 2025

    Source: UNISDR Disaster Risk Reduction

    The 8th Global Platform on Disaster Risk Reduction 2025 (GPDRR2025) began with preparatory events on Monday, 2 June, ahead of the upcoming official programme with highlevel meetings from 4-6 June in Geneva, Switzerland. GPDRR 2025 is organized by the UN Office for Disaster Risk Reduction (UNDRR) and hosted by the Government of Switzerland. Two parallel events took place on Monday: the Third Stakeholder Forum and the Global Early Warning for All (EW4All) MultiStakeholder Forum.

    Third Stakeholder Forum

    Opening

    The Third Stakeholder Forum opened with statements by the Governments of Switzerland and Indonesia and senior UN leaders under the theme “United for Resilience.” Speakers highlighted progress on the Bali Agenda for Resilience, an outcome of the 7th Global Platform in 2022, and the opportunities for inclusive disaster risk reduction (DRR).

    Mirjam Macchi, Swiss Agency for Development and Cooperation, appreciated stakeholders’ solidarity around the evacuation and assistance to the historic village of Blatten, destroyed last week by a glacial landslide 200 km from Geneva. She noted that even livestock were cared for-a powerful reminder that “resilience begins with local people” and inclusive solutions are more effective when those directly affected by disasters bring vital knowledge to action.

    Achsanul Habib, Permanent Representative of Indonesia to the UN, reaffirmed Indonesia’s commitment to risk-informed policies and inclusive approaches. He encouraged all participants to use the Stakeholder Forum as “not only a platform to listen and share, but a platform to act together.”

    The event also showcased the Sendai Framework Voluntary Commitments online platform (SFVC), where stakeholders can register their commitments, and users can identify areas of activity as well as gaps. Yuki Matsuoka, Head, UNDRR Office in Japan, noted that 729 individual organizations so far have registered their commitments.

    Celeste Saulo, Secretary-General, World Meteorological Organisation

    Whole-of-society approach for the Sendai Framework on DRR: A collective responsibility

    Sarah Wade-Apicella, UNDRR, moderated the session. On effective methods to implement inclusive DRR, Marcie Roth, World Institute on Disability, underscored the need for people with disabilities to be involved early in co-development of disaster risk strategies, and for foresight processes to incorporate diverse voices. Major Hamad Sabah Al-Sawar, Director of Crisis and Disaster Management, Bahrain, described Bahrain’s communication platform providing diverse modes of information sharing in multiple languages, the use of a phone application, and a common hashtag used to mobilize public action.

    On intersectional and intergenerational knowledge sharing, Tom Colley, HelpAge International, drew attention to the wide network of older people associations worldwide as opportunities to engage this age group in DRR. He noted these associations can also harness and serve as channels for bringing Indigenous Peoples’ knowledge into DRR strategies. Barrise Griffin, Disaster Risk Management Authority, The Bahamas, emphasized moving away from one-off, extractive approaches to information gathering, and instead facilitating ongoing dialogue. Josefina Miculax Sincal, Huairou Commission, called for frameworks and trainings to strengthen good practices at the community level.

    A slide showing the numbers of internal displacement by hazard for 2015- 2024.

    Participants then heard comments and questions from the floor on the role of national DRR platforms in community-level participation, engagement, and school programs for children; managing conflicts of interest; looking beyond immediate impacts of DRR; measuring the effectiveness of stakeholder engagement; shifting risk ownership to local communities to handle disasters; and securing resources.

    Data and financing for disaster displacement as loss and damage

    Steven Goldfinch, Asian Development Bank (ADB), moderated this session.

    Christelle Cazabat, Internal Displacement Monitoring Centre, explained that research into Hurricane Milton’s impacts in the US shows how people’s aspirations change when displacement stretches into the long term. She noted 2024 saw the highest number of people displaced in a single year globally (45.8 million), as well as the highest number of people continuing to live in displacement (9.8 million).

    Noralene Uy, Department of Environment and Natural Resources, the Philippines, noted that her country ensures children have access to child-friendly spaces during displacement, and that national protocols guide national and local assessments and reporting. Isoa Talemaibua, Ministry for Maritime and Rural Development, Fiji, highlighted Fiji’s risk assessment activities and stressed the value of financial tools such as green and blue bonds, and parametric insurance that enables rapid payouts based on environmental triggers.

    Hoang Phuong Thao, ActionAid Vietnam, highlighted the organization’s work with marginalized and remote communities to use smartphones for receiving early warnings, as well as for reporting on local conditions, thereby informing the government’s trend analysis. Catalina Díaz Escobar, Corporación Antioquia Presente, emphasized that data collection itself is a political process and should be conducted in an ethical and respectful manner.

    From Paris to Sendai: the fundamental connection of climate and DRR

    Jamie Cummings, Sendai Stakeholder Engagement Mechanism, moderated the session. Animesh Kumar, UNDRR, underlined that risk is a common denominator across the Sendai Framework, Paris Agreement, and Sustainable Development Goals (SDGs), stating that all these global frameworks share the goal of resilience. He encouraged the institutionalization of the agreements at the national level and highlighted the need to localize them. On technical assistance, he stressed that funding applications under the Santiago Network -a mechanism to support countries recovering from loss and damage due to climate change -should be designed to catalyze downstream impacts. Hisan Hassan, National Disaster Management Authority, Maldives, described his country’s focus on EW4All and slow-onset losses. Manon Robin, UN Framework Convention on Climate Change (UNFCCC) Secretariat, discussed integration of national adaptation plans and DRR strategies and emphasized, supported by Le-Anne Roper, UNDRR, the need to focus on coordinating actors on different aspects of climate resilience. Amber Fletcher, University of Regina, emphasized that slow-onset disaster management and funding are crucial for food producers, and stressed the significance of non-economic loss and damage.

    View of the panel during the “From Paris to Sendai: the Fundamental Connection of Climate and DRR” event.

    Innovative financing and private sector leadership in DRR

    Camila Tapias, UNDRR ARISE Global Board Member, moderated the session. Manisha Gulati, ODI Global, noted that most funding goes toward emergency response after disasters occur. She highlighted that when the private sector invests in critical services, DRR becomes an outcome, not only a target.

    Yezid Niño, Private Sector Liaison, UNDRR Americas, emphasized the relevance of understanding that DRR is part of the development of the countries and pointed toward the role of regulatory frameworks in involving the private sector in financing DRR. Terry Kinyua, Co-Chair of the ARISE Global Board, stressed that the resilience of communities amounts to the resilience of a country.

    Through digital interaction, attendees identified cost-benefit analysis, data gaps, and trust as the major barriers to private sector investment in DRR. Among the actions leaders can take to accelerate investment in resilience, attendees mentioned political incentives, regulatory alignment, resilience as a national priority, and the involvement of local leaders.

    View of the panel during the “Innovative Financing and Private Sector Leadership in DRR” event.

    Implementation of climate and DRR gender action plans at the national level-Synergies and strategies

    Mwanahamisi Singano, Women’s Environment and Development Organization (WEDO), moderated this panel discussion unpacking synergies between the different Gender Action Plans (GAPs) under multiple conventions and frameworks, including the Sendai GAP. She noted the need to avoid duplication and ensure cost effectiveness.

    Mary Picard, Humanitarian and Development Consulting, gave a keynote address describing the actions leading to the launch of the Sendai GAP in 2024. Panelists mentioned key lessons from their experiences with governments in implementing the GAPs, including the challenge of competing priorities and political preferences among different ministries when attempting to coordinate the different GAPs. Other interventions focused on holding governments and agencies accountable for implementing GAPs and enhancing communication among women’s networks, particularly those involved in DRR. Following interventions on regional mapping tools and GAP observatories that monitor implementation progress, Singano invited participants to provide inputs towards developing a universal DRR gender equality observatory.

    Community-led action for resilience, building partnerships for inclusive action

    Maité Rodríguez, Fundación Guatemala, moderated this session. The panel featured grassroot women leaders and related international organizations. Godavari Dange, Swayam Shikshan Prayog, a women-led organization of farmer-producers, highlighted women farmers’ work in drought preparedness to cultivate and stockpile animal fodder. She also highlighted technology training conducted during the COVID-19 pandemic for women to use online platforms. Norma Choc Botzoc, Community Practitioners’ Platform for Resilience in Guatemala, described grassroot women’s own development of risk and vulnerability assessments, which, she noted, are being used as tools for advocacy to local authorities to direct resources appropriately. Speakers from ADB and the Centre for Coordination of Disasters in Central America and the Dominican Republic (CEPREDENAC) affirmed the central importance of cooperation and co-design of programs for climate resilience and recovery after disasters.

    Disaster preparedness and risk reduction in urban areas—Building back better

    Ladeene Freimuth, The Freimuth Group, moderated the session. Guilherme Simões, National Secretary for Peripheries, Ministry of Cities, Brazil, outlined the Live Peripheries program, which provides access to better urban infrastructure, social services, and opportunities; and the Peripheries Without Risk strategy, a community-based risk reduction and climate adaptation plan.

    Marcie Roth, World Institute on Disability, highlighted EWS as one of the best-proven and cost-effective methods for reducing disaster deaths and losses. She drew attention to “Infinite Access,” a communication platform designed to deliver emergency alerts in multiple accessible formats.

    Mario Flores, Habitat for Humanity International, discussed the challenges and opportunities of urban environments, stressing the need to build better in the first place; to have risk-informed development; and to consider housing as a platform for a peoplecentered resilience approach.

    Debbra Johnson, ARISE-US Network, addressed the report “Navigating the sustainability-resilience nexus,” which brings together the SDGs, the Paris Agreement, and the DRR Sendai Framework.

    Breaking the DRR financing silos: A systematic shift in DRR financing for localization of inclusive resilience

    Camila Tapias, UNDRR ARISE Global Board Member, moderated the session. Noting that financial capital existed but is not reaching local levels, Tanjir Hossain, Stakeholder Engagement Mechanism, called for breaking down silos so funding is not sitting around while millions of people suffer. Steve Goldfinch, ADB, described the National Disaster Management Fund of Pakistan that finances projects with high economic benefits using a 70% – 30% funding model from provincial governments. He also highlighted the National Disaster Risk Management Fund of the Philippines that encourage local governments to invest in disaster response, relief, preparedness and risk reduction measures. Emma Haight, UNDRR Investor Advisory Board, described the adoption of a green sewer design, first developed in Washington DC, which proved so successful that the design was replicated in London, UK, Cape Town, South Africa, and Quito, Ecuador, highlighting its environmental and financial risk reduction, and over USD 200 million in cost savings. Michelle Chivunga, Global Policy House, discussed using artificial intelligence to shift DRR responses, optimize data utilization in local governments, track and mobilize funding, and to use digital capital during humanitarian crisis to make up for funding shortfalls. Sara Hoeflich, United Cities and Local Government, recommended investment in basic services such as water supply, street cleaning, and sewer solutions to ensure clean cities as an investment and risk mitigation measure. Marcos Concepción Raba, Global Network of Civil Society Organisations for Disaster Reduction, discussed effective localization.

    Global Early Warning for All (EW4All) Multistakeholder Forum

    Opening

    Julien Thöni, Ambassador and Deputy Permanent Representative to the UN, Switzerland, said timely early warning action should provide critical time to act and respond, and noted that innovation better predicts and reaches people faster. Celeste Saulo, Secretary-General, World Meteorological Organization (WMO), suggested key criteria for improving early warning systems (EWS), including that science must connect people; and systems and partnerships must include actors “outside the DRR tent,” especially those most at risk. Kamal Kishore, Special Representative of the United Nations Secretary-General for Disaster Risk Reduction, and Head of UNDRR, said EWS should not be regarded as a once-off intervention. He said national ownership must be strengthened, and the concept of leaving no one behind should be embedded into all efforts. Selwin Hart, Special Adviser to the Secretary-General on Climate Action and Just Transition, via video, suggested EWS is the most basic tool for saving and protecting lives, and called for high-level political support, a boost in technology access, and public and private finance at scale.

    Fireside chat: The state of EWS

    Johan Stander, WMO, drew attention to national ownership, stakeholder engagement, and the involvement of funding partners when investing in EW4All. Sujit Kumar Mohanty, Chief of Branch, UNDRR, emphasized co-design and co-ownership approaches to meaningfully engage stakeholders for successful EW4All.

    Good practices: Stakeholder perspectives on EWS

    Interventions during this panel session included: calls to integrate women and youth in all decisions focused on EWS; investing in women’s leadership, particularly those with disabilities; ensuring young people are equitably involved; reaching those living in remote rural areas and conflict zones; and leveraging the communication power of mobile networks through private-public partnerships.

    UNDRR Disability Leaders gather at the end of the day.

    Perspectives from across regions on EWS

    Panelists in this session focused on: successful collaboration and EWS progress in Zimbabwe after the 2019 Cyclone Idai; institutionalization of the community-based approach to EWS in Barbados; main challenges to integrate scientific tools and remote sensing into EWS in Lebanon; integration of the private sector in EWS decision-making process in Makati, the Philippines; and the role of cross-border cooperation, knowledge sharing, and educating people for effective EWS in Poland.

    Thematic Sessions 

    Four thematic sessions took place during the day. These were:

    MIL OSI United Nations News

  • MIL-OSI Economics: Olli Rehn: Macroeconomic policy in times of global political upheaval

    Source: Bank for International Settlements

    Ladies and Gentlemen, Colleagues and Friends,

    Welcome to the sunny, spring-time Helsinki. On behalf of the Bank of Finland and the Centre for Economic Policy Research, it is my great pleasure to open this year’s research conference on monetary economics – which again has an excellent and a most fascinating programme!

    Let me begin with a mission statement – and a confession. Our slogan at the Bank of Finland is: “Securing stability – in science we trust.” That is, we lean on evidence- and theory-based economic analysis and policy-relevant research to support our stability mission.

    However, I must make a confession. In this turbulent world, it is comforting to return to a familiar setting and reflect on policy challenges alongside leading economists. Although only eight months have passed since our last gathering, it feels like the global landscape has shifted dramatically.

    And the confession is this, in front of you as researchers, scholars, scientists, leading economists; in these times of pervasive uncertainty, we need plenty of judgment and scenario analysis to supplement our economic and econometric research and regression equations, thus making monetary policy, by necessity, is as much an art as a science. Such is life in these strange times – but finally, at least, it dis make me understand why the Governor at Bank of Finland is, ex officio, also the chair of the arts committee of the Bank!

    Talking about geopolitics and its effects, just look at the ECB’s evolving language. Uncertainty went from “increased” to “high,” then “pervasive,” and now, per President Lagarde, “exceptional.” This isn’t linguistic inflation. It reflects how genuinely hard forecasting has become, with markets pricing in risk at levels not seen in years.

    Risks abound: from trade wars to faltering global alliances. For central bankers and researchers alike, this is no time for complacency. Instead of dissecting every new risk, today I want to focus on three key areas:

    • Lessons from the recent inflation surge;
    • Open questions around fiscal policy, particularly defence spending;
    • And finally, the role of productivity and innovation.

    Low inflation – past and future

    Let’s nevertheless recall there are some good news. The European economy is recovering. Unemployment is at 6.1%, the lowest since the euro’s creation. Inflation has been hovering just above 2% since late 2023, allowing the ECB to cut rates seven times.

    The energy shock that hit Europe in spring 2022 has played out very differently than in the 1970s, with the economic cost being much lower this time. Thanks to increased labour supply and lower working hours, wage-price spirals were avoided. Today’s labour market is more flexible, less unionised, and better educated.

    Importantly, inflation expectations were much better anchored before the recent inflation surge. This underlies the importance of central bank independence and a strong commitment to the inflation target. The ECB has focused firmly on maintaining these, and will continue to do so.

    Before Covid, the main challenge was that inflation remained stubbornly below the target. Most risks to the inflation outlook were deflationary, including population ageing and the related increase in savings, and the low investment demand. And before the ECB’s 2021 review and move to a symmetric 2% target over the medium term, which has worked well, the inflation target was perceived as a ceiling, creating a downward bias.

    From around 2021, inflationary pressures reappeared. First this was due to the pandemic-broken supply chains and stimulus-fuelled demand, then due to the energy shocks arising from Russia’s invasion of Ukraine.

    We learned how demand and supply shocks can be deeply intertwined. But we still face many unknowns in that regard. Current geopolitical tensions may expose us to new surprises that we have little historical experience of. Preferably, the spectre of a prolonged trade war with the US will dissipate sooner rather than later, as an economic conflict between long-standing friends and allies is the last thing we need in a world challenged by dictatorial impulses and by a neocolonial mentality.

    Furthermore, what if China shifts exports away from the US to Europe, slashing prices to compete? That could bring deflationary forces and industrial strain to the EU. Would it benefit consumers or hurt our economy overall? The policy response would not be straightforward.

    Let’s hope we don’t have to answer these questions through crisis. Whatever the challenge, the ECB will remain focused on price stability and its symmetric 2% inflation target over the medium term.

    Defence spending – new pressures

    Since the pandemic, fiscal spending pressures have risen. Now, security concerns are adding fuel. Russia’s aggression and doubts about US defence commitments are prompting big spending shifts across Europe. Germany is paving the way and has eased its constitutional debt limits.

    We can assume that with normal execution lags the most substantial fiscal impact will start to be felt from next year 2026 and 2027 onwards. This implies that the fiscal impact on the growth and inflation outlook will take effect in the medium term, as an ordinary citizen perceives is, although this timespan of fiscal impulse will mostly be beyond the projection horizon of medium term as understood in monetary policy. Our assessment indicate a moderately significant impact on growth and limited impact on inflation in the relevant timespan.

    Waking up and substantially increasing defence spending is welcome. Security is the bedrock of economic stability. Peace and security within European borders are fundamental to the European project and its economy.  Defence should be seen as a European public good. Further support for Ukraine should also be seen in the same light.

    But what does this mean for inflation? Historical comparisons to war-time money printing don’t apply here. Independent central banks like the ECB remain focused on keeping inflation expectations anchored.

    Still, we need to understand what type of shock defence spending represents. Is it demand or supply driven? Likely both, depending on how and where the money is spent.

    We also face the question of how to pay for it. EU-level spending would offer more stability and efficiency. That might mean higher membership fees, new revenue sources, or even treaty changes. Defence bonds – as safe assets – are one option, but only if backed by solid future income.

    Meanwhile, demands on public budgets are rising across the board: infrastructure, climate policy, aging populations.

    What guidance do we have so far from economics research?

    There is a large body of literature on fiscal multipliers, which incidentally often uses defence spending as a natural experiment or exogenous shock. These multipliers are frequently estimated to be below one, because public spending or investment usually crowds out private one.

    However, evidence suggests that multipliers tend to be larger in times of recession and economic slack. Moreover, some of the best evidence on the magnitude of fiscal multipliers is based on US data, where the multiplier may be smaller. This is simply because the US defence industry is very large compared to its European counterpart and is thus more likely to face diminishing marginal returns.

    All these issues mean that for European defence spending to be successful and sustainable, we must make every euro count. The additional defence spending should focus on investment in building up industrial network capacity and R&D, rather than simply procurement of defence equipment, which may be largely imported.

    Then there is also the aspect of defence efficiency. For this, we need sound planning and coordination at the European level, as well as a common market for defence, as stressed in last year’s Letta Report. Recent experience has shown that training in the use of unfamiliar weapons and problems with shortages of spare parts can become critical bottlenecks. Therefore, further harmonisation of technical standards and types of arms and equipment across European defence forces is key.

    With a history of independent and diminished national defence industries, the EU has some considerable catching up to do. We need to increase both national and EU-level defence spending, e.g. as Bruegel has suggested, by establishing a European Defence Mechanism formed by a coalition of the capable and willing. Such a fund would bypass the limitations to raising EU-level income, be resilient to any intra-EU obstruction and could also accommodate countries from outside the European Union, like the United Kingdom and Norway.

    In short: defence spending won’t necessarily be inflationary. But to be effective, it must be efficient. We need smart investments – in industrial capacity, innovation, and R&D – not just procurement. And we must avoid fragmented efforts. A European Defence Mechanism, built by a coalition of the capable and willing, could also help to pursue these goals.

    Innovation – defence and civilian

    Let’s now turn to innovation. Defence spending often yields big returns beyond the battlefield. Its effectiveness should be assessed from a long-term perspective, not only via short-run multipliers. Historically, it has given rise to technological breakthroughs that have not only found direct civilian applications but created whole new non-defence industries.

    Walkie-talkies were created during the Second World War at Motorola for infantry and artillery communication. Radar gave us microwave ovens. Military satellites gave us GPS and digital imaging. Jet engines, nuclear energy, the internet – all have military origins. Dual-use in action.

    Yes, these are cherry-picked examples. But they highlight that basic research often needs public support. The private sector tends to shy away from “unknown unknowns.”

    Modern defence is about technology, not just steel and troops. And there’s often more pressure to innovate efficiently. Look at Ukraine – it has rapidly developed drone tech, despite scarce resources.

    We know that Europe needs a productivity boost. For years, we depended on cheap energy from Russia, cheap goods from China and the security shield from the U.S. abroad. That stability was a mirage, if not a hallucination.

    To maintain our living standards and sovereignty, we must double down on innovation by investing on human capital and creating a conducive environment for research and researchers. Whether it’s AI, clean tech, green transition or digitalisation, we can’t afford to lag behind. Innovation is not optional; it’s vital for Europe’s future – a necessary condition for sustaining Europe’s quality of life and democratic values.

    Why not use the EU Horizon programme to create a scholarship and visa programme for returning and moving scientists to attract talent to Europe, where critical thinking and academic freedom in universities are encouraged and safeguarded?

    Dear friends,

    Let me conclude. Europe finds itself in a puzzling paradox, which would be funny if it were not purely pathetic. As Polish PM Donald Tusk put it starkly recently by quipping as follows: “500 million Europeans are asking 300 million Americans to protect them from 140 million Russians.”

    We need to put an end to that paradox. Europe must take responsibility for its own external security, in today’s harsh geopolitical world.

    This isn’t just about military strength. It’s about cohesion, economic resilience and long-term growth. We need to spark Europe’s industrial renewal, reinforce technological leadership, and enhance productivity.

    As history shows, Europe tends to move forward in times of crisis. In every crisis there is an opportunity – this time round we must use it particularly wisely to make Europe more resilient and capable of thriving again.

    Thank you.

    MIL OSI Economics

  • MIL-OSI Economics: Anita Angelovska Bezhoska: Building stronger partnerships for economic growth

    Source: Bank for International Settlements

    Ladies and gentlemen,

    It is a pleasure to join you today at this important event organized by the Macedonian American Alumni Association. On this occasion, allow me to share some insights on the topic of regional economic collaboration and its potential to unlock new opportunities for sustainable growth in the Western Balkans region.

    Let me begin my address with a dose of realism. Despite 3 decades of transition, economic convergence in the Western Balkans remains low  income is less than half of the EU income, and the progress has been particularly slow since the GFC. In our case, the income level stands at 41% of the EU average. This remains one of the most pressing challenges across the region. In addition, let me add a dose of honesty. This slow progress cannot be attributed solely to recent external shocks. Indeed, the crises of the past few years, such as the global pandemic, energy disruptions, and inflationary pressures, have all undoubtedly taken their toll. These shocks, however, did not create our vulnerabilities, they only exposed them and amplified structural weaknesses that have already existed. Data clearly show that the slowdown in convergence was already in motion well before the recent crises, reflecting cyclical downturns as well as deeper structural challenges. Over the past two decades, the region’s potential growth has nearly halved, from about 5% during 2000-2008 to just 2.5% between 2009 and 2024. Macedonian potential growth fell even more sharply, from 3.1% to 2.3%. It is a fact that the potential growth of the EU economy has declined as well, but less than ours (2.9% to 1.8%), pointing that future convergence may be even more challenging.

    What explains the decline in potential and actual growth across the Western Balkans?

    The analysis shows that it is broad-based, stemming from weaker contributions from all three key drivers of long-term growth: productivity, labor, and capital. First, productivity has stalled, with productivity levels remaining at approximately half the EU average. This is due to the fact that innovation, technological diffusion, and digital transformation have not kept pace with global shifts. For example, the Global Innovation Index (2024) ranks North Macedonia at the 58th position out of about 130 countries, with the lowest ranking in the R&D segment, where we have invested 10 times less than advanced economies. Second, labor input is weakening too. One in five people born in the WB region is now living abroad, and one in three considers leaving the country (OECD Survey). And finally, the stock of capital remains low at only about 30% of the EU stock, reflecting insufficient investments both in terms of size and quality.

    These are not just economic figures. They highlight the persistent gap between the economic achievements so far and the still untapped potential within our economies.

    And this is precisely where the power of regional partnership can be harnessed, creating a clear path to accelerate growth. Indeed, empirical research shows that multilateral free trade agreements and regional cooperation can contribute to growth directly, through trade and FDI flows1, and indirectly, through increased productivity2. For example, some studies3 find that CEFTA led to increased trade among members by at least 74%. In addition, evidence4 shows that its implementation has not only deepened trade ties but also contributed to the economic growth of its members.

    So, where does the WB region stand today in terms of trade and financial integration?

    Well, regarding trade, data shows that despite the progress, regional integration remains low. As of 2024, total intra-regional trade stood at about 11% of the total WB trade, and continued to follow the downward trend that began after the pandemic crisis. In the Macedonian case, trade with WB peers makes up only 14% of our total exports and 9% of imports. These are modest shares indicating significant room for expansion by making trade easier, faster, and cheaper.

    When it comes to FDIs, intra-regional FDI flows also remain limited, with a significant portion of investment coming from outside the region, mainly from the EU. In the Macedonian case, investment originating from WB countries accounts for only around 3% of the total FDI inflows over the last decade, which is among the lowest shares in the region. In this context, boosting intra-regional FDI could help diversify investment sources, promote knowledge and technology transfer, and deepen economic linkages in the region. And a more integrated regional market, through the economy of scale, can be a more attractive destination for investments outside the region.

    Looking forward, what can be done to further strengthen regional integration and growth prospects?

    It appears that there are a couple of priorities. First, intensify reforms to address common structural issues such as low productivity, capital investments, but also tight labor markets. Recent findings from the Balkan Barometer (2024) indicate that 70% of WB businesses call for public policies specifically designed to keep talent within the region. Then, continue aligning regional regulations and standards, and eliminating administrative obstacles to address market fragmentation and increase regional competition. As an example, trucks spend 28 million hours waiting at borders every year – a burden that costs 1% of the region’s GDP. Of course, this has to be done in a way that means aligning with European standards and practices. As the 2024 OECD’s competitiveness data show, since 2018 the policy environments across the WB countries have steadily converged toward EU standards, but the pace of convergence varies across different dimensions and countries. No country has so far reached EU standards in any of the 15 policy dimensions assessed.

    One important area, which is within the remit of the central banks, is improving the efficiency of cross-border payments, which can act as engines of growth by facilitating trade, commerce, and tourism. In this regard, a significant milestone was reached earlier this year when our country officially joined the Single Euro Payments Area (SEPA).

    No doubt, all these reform efforts are costly, but the EU’s Growth Plan for the Western Balkans introduces a 6 billion EUR facility in grants and concessional loans, aimed at supporting them. In fact, a Common Regional Market initiative is one of the key pillars of the Growth Plan and is expected to be a catalyst for the deeper integration of 18 million people. Some estimates show that this initiative, through increased harmonization, could add 10% to the GDP of the economies in the region5.

    Still, to effectively use the provided funding and implement reforms, the quality of institutions is of key importance. According to the World Bank institutional quality indicators, our country ranks slightly above the average for the WB region, but if we compare the entire region with developed countries, a significant gap is evident. Empirical research has shown that in lower-income countries, strengthening institutions has a significant positive contribution to higher economic growth.

    To conclude, the path to sustainable and inclusive growth in the Western Balkans does not lie in isolation, but in collaboration. As the well-known Japanese poet Satoro wisely said, “Individually, we are one drop. Together, we are an ocean.”

    Thank you.

    MIL OSI Economics

  • MIL-OSI Africa: Preventing the next pandemic: One Health researcher calls for urgent action

    Source: The Conversation – Africa – By Hung Nguyen-Viet, Program Leader (ai), HEALTH at ILRI / CGIAR, International Livestock Research Institute

    The world is facing daunting health challenges with the rise of zoonotic diseases – infections that are transmissible from animals to humans. These diseases – which include Ebola, avian flu, COVID-19 and HIV – show how the health and wellbeing of humans, animals and ecosystems are closely connected.

    Zoonotic diseases have become more and more common due to factors such as urbanisation, deforestation, climate change and wildlife exploitation. These dangers are not limited by borders: they are global and demand a coordinated response.

    By looking at health holistically, countries can address the full spectrum of disease control – from prevention to detection, preparedness, response and management – and contribute to global health security.

    The World Health Organization has a basis for such an approach: One Health. This recognises the interdependence of the health of people, animals and the environment and integrates these fields, rather than keeping them separate.

    I lead the health programme at the International Livestock Research Institute, where we are looking for ways to effectively manage or eliminate livestock-related diseases, zoonotic infections and foodborne illnesses that disproportionately affect impoverished communities.

    My work focuses on the link between health and agriculture, food safety, and infectious and zoonotic diseases.

    For example in Kenya we are part of an initiative of the One Health Centre in Africa to roll out canine vaccination and have so far vaccinated 146,000 animals in Machakos county.

    In Ethiopia and Vietnam we worked in a programme to improve the hygiene practices of butchers in traditional markets.

    In another project we work in 11 countries to strengthen One Health curricula in universities.

    The lessons from the One Health projects implemented with partners across Asia and Africa are that there’s an urgent need for action on three fronts. These are: stronger cross-sectoral collaboration; greater engagement with policymakers to translate research findings into actionable strategies; and the development of adaptable and context-specific interventions.

    But, having been active in this area for the last decade, I am impatient with the slow pace of investment. We know that prevention is better than cure. The cost of prevention is significantly lower than that of managing pandemics once they occur. Urgent steps, including much higher levels of investment, need to be taken.

    What’s in place

    In 2022 the World Health Organization, the Food and Agriculture Organisation, the United Nations Environment Programme and the World Organisation for Animal Health developed a joint One Health plan of action. They identified key areas to respond more efficiently to health threats. These included:

    • Reducing risks from emerging and re-emerging zoonotic epidemics. Actions include, for example, tightening regulations around farming and trade in wildlife and wild animal products.

    • Controlling and eliminating endemic, zoonotic, neglected tropical and vector-borne diseases by understanding the attitudes and knowledge of communities bearing the greatest burdens of these diseases. And boosting their capacity to fight them.

    • Strengthening action against food safety risks by monitoring new and emerging foodborne infections.

    • Curbing the silent pandemic of antimicrobial resistance, one of the top 10 global public health threats facing humanity.

    Other collaborations include the Prezode (Preventing Zoonotic Disease Emergence) initiative to research all aspects of diseases of animal origin. This was launched in 2021 by French president Emmanuel Macron.

    The Africa One Health University Network operates in ten African countries to address One Health workforce strengthening in Africa.

    One Health has gained traction globally. But there’s still a great deal to be done.

    The cost of inaction

    According to a 2022 World Bank estimate, preventing a pandemic would cost approximately US$11 billion per year, while managing a pandemic can run up to US$31 billion annually. So the investment return of 3:1 is an important reason to call for investment in One Health.

    The Pandemic Fund was launched in November 2022 by leaders of the Group of 20 nations and hosted by the World Bank Group to help low- and middle-income countries prepare better for emerging pandemic threats. US$885 million has been awarded to 47 projects to date through the two rounds in the last three years.

    However, relative to the US$11 billion per year required for prevention, this investment is modest. Urgent investment in One Health needs to be made by countries themselves, in particular low- and middle-income countries.

    The last two World One Health congresses (in Singapore in 2022, and in Cape Town in 2024) called for investment in One Health. There were also calls for investment in One Health at regional level to prevent zoonotic diseases and the next pandemic.

    At the 78th World Health Assembly in Geneva, member states of the World Health Organization (WHO) formally adopted by consensus the world’s first Pandemic Agreement. The landmark decision culminates more than three years of intensive negotiations launched by governments in response to the devastating impacts of the COVID-19 pandemic.

    This is major global progress in One Health and disease prevention.

    But the lessons of COVID-19 have shown us that the cost of inaction is incalculable in terms of lives lost, economic turmoil and societal disruption. To date, there have been over 777 million cases of COVID-19, including more than 7 million deaths worldwide.

    According to estimates by the International Monetary Fund, COVID will have caused a cumulative production loss of US$13.8 trillion by 2024.

    The choice is clear: invest today to prevent tomorrow’s pandemics, or pay a heavy price in the future.

    – Preventing the next pandemic: One Health researcher calls for urgent action
    – https://theconversation.com/preventing-the-next-pandemic-one-health-researcher-calls-for-urgent-action-255229

    MIL OSI Africa

  • MIL-OSI Economics: Erik Thedéen: On risk, uncertainty and geoeconomic fragmentation

    Source: Bank for International Settlements

    The last five years have been unusually turbulent. We have lived through the worst pandemic in a hundred years, Russia has invaded Ukraine, and the United States has started trade conflicts with several of its most important trading partners, including China and the EU. We have also had a period of very high inflation that has now fortunately fallen back to normal levels; see Figure 1.

    In recent months, uncertainty in the global economy has increased strongly, not least due to the United States’ new trade policy. In our latest Monetary Policy Update, published last week, we assessed that international developments – particularly the elevated uncertainty – are dampening the economic prospects in Sweden. In turn, this suggests that inflation, in the long term, may become lower than in our most recently published forecast from March. But we also pointed out that there are several risk factors, such as those linked to companies’ global value chains, and that inflation thus could well become unexpectedly high.

    This illustrates, almost too clearly, that the economic outlook and inflation prospects are always uncertain and there are several reasons for this. One of them is that our models cannot capture all the complex relationships that characterise real economies. There could also be uncertainty over political decisions or how developments abroad affect the Swedish economy. However, regardless of the reason, we cannot exactly know what inflation will be in two years or how changes in the policy rate will affect inflation. The pandemic also reminded us that sometimes unpredictable events happen that can have major economic consequences.

    MIL OSI Economics

  • MIL-OSI Global: Preventing the next pandemic: One Health researcher calls for urgent action

    Source: The Conversation – Africa – By Hung Nguyen-Viet, Program Leader (ai), HEALTH at ILRI / CGIAR, International Livestock Research Institute

    The world is facing daunting health challenges with the rise of zoonotic diseases – infections that are transmissible from animals to humans. These diseases – which include Ebola, avian flu, COVID-19 and HIV – show how the health and wellbeing of humans, animals and ecosystems are closely connected.

    Zoonotic diseases have become more and more common due to factors such as urbanisation, deforestation, climate change and wildlife exploitation. These dangers are not limited by borders: they are global and demand a coordinated response.

    By looking at health holistically, countries can address the full spectrum of disease control – from prevention to detection, preparedness, response and management – and contribute to global health security.

    The World Health Organization has a basis for such an approach: One Health. This recognises the interdependence of the health of people, animals and the environment and integrates these fields, rather than keeping them separate.

    I lead the health programme at the International Livestock Research Institute, where we are looking for ways to effectively manage or eliminate livestock-related diseases, zoonotic infections and foodborne illnesses that disproportionately affect impoverished communities.

    My work focuses on the link between health and agriculture, food safety, and infectious and zoonotic diseases.

    For example in Kenya we are part of an initiative of the One Health Centre in Africa to roll out canine vaccination and have so far vaccinated 146,000 animals in Machakos county.

    In Ethiopia and Vietnam we worked in a programme to improve the hygiene practices of butchers in traditional markets.

    In another project we work in 11 countries to strengthen One Health curricula in universities.

    The lessons from the One Health projects implemented with partners across Asia and Africa are that there’s an urgent need for action on three fronts. These are: stronger cross-sectoral collaboration; greater engagement with policymakers to translate research findings into actionable strategies; and the development of adaptable and context-specific interventions.

    But, having been active in this area for the last decade, I am impatient with the slow pace of investment. We know that prevention is better than cure. The cost of prevention is significantly lower than that of managing pandemics once they occur. Urgent steps, including much higher levels of investment, need to be taken.

    What’s in place

    In 2022 the World Health Organization, the Food and Agriculture Organisation, the United Nations Environment Programme and the World Organisation for Animal Health developed a joint One Health plan of action. They identified key areas to respond more efficiently to health threats. These included:

    • Reducing risks from emerging and re-emerging zoonotic epidemics. Actions include, for example, tightening regulations around farming and trade in wildlife and wild animal products.

    • Controlling and eliminating endemic, zoonotic, neglected tropical and vector-borne diseases by understanding the attitudes and knowledge of communities bearing the greatest burdens of these diseases. And boosting their capacity to fight them.

    • Strengthening action against food safety risks by monitoring new and emerging foodborne infections.

    • Curbing the silent pandemic of antimicrobial resistance, one of the top 10 global public health threats facing humanity.

    Other collaborations include the Prezode (Preventing Zoonotic Disease Emergence) initiative to research all aspects of diseases of animal origin. This was launched in 2021 by French president Emmanuel Macron.

    The Africa One Health University Network operates in ten African countries to address One Health workforce strengthening in Africa.

    One Health has gained traction globally. But there’s still a great deal to be done.

    The cost of inaction

    According to a 2022 World Bank estimate, preventing a pandemic would cost approximately US$11 billion per year, while managing a pandemic can run up to US$31 billion annually. So the investment return of 3:1 is an important reason to call for investment in One Health.

    The Pandemic Fund was launched in November 2022 by leaders of the Group of 20 nations and hosted by the World Bank Group to help low- and middle-income countries prepare better for emerging pandemic threats. US$885 million has been awarded to 47 projects to date through the two rounds in the last three years.

    However, relative to the US$11 billion per year required for prevention, this investment is modest. Urgent investment in One Health needs to be made by countries themselves, in particular low- and middle-income countries.

    The last two World One Health congresses (in Singapore in 2022, and in Cape Town in 2024) called for investment in One Health. There were also calls for investment in One Health at regional level to prevent zoonotic diseases and the next pandemic.

    At the 78th World Health Assembly in Geneva, member states of the World Health Organization (WHO) formally adopted by consensus the world’s first Pandemic Agreement. The landmark decision culminates more than three years of intensive negotiations launched by governments in response to the devastating impacts of the COVID-19 pandemic.

    This is major global progress in One Health and disease prevention.

    But the lessons of COVID-19 have shown us that the cost of inaction is incalculable in terms of lives lost, economic turmoil and societal disruption. To date, there have been over 777 million cases of COVID-19, including more than 7 million deaths worldwide.

    According to estimates by the International Monetary Fund, COVID will have caused a cumulative production loss of US$13.8 trillion by 2024.

    The choice is clear: invest today to prevent tomorrow’s pandemics, or pay a heavy price in the future.

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

    ref. Preventing the next pandemic: One Health researcher calls for urgent action – https://theconversation.com/preventing-the-next-pandemic-one-health-researcher-calls-for-urgent-action-255229

    MIL OSI – Global Reports

  • MIL-OSI Security: Laurence Taylor and Rachel Williams appointed as Assistant Commissioners

    Source: United Kingdom London Metropolitan Police

    The Met has appointed Laurence Taylor and Rachel Williams as Assistant Commissioners.

    Assistant Commissioner Taylor, who has been temporarily occupying the post of Assistant Commissioner for Professionalism, has been permanently appointed as Assistant Commissioner for Specialist Operations.

    Assistant Commissioner Williams has been serving temporarily as the Assistant Commissioner for Trust and Legitimacy. She has been permanently appointed as Assistant Commissioner for Professionalism.

    Laurence and Rachel will move into their new roles in July.

    Commissioner Sir Mark Rowley said: “I am very pleased to welcome both Laurence and Rachel into their new permanent Assistant Commissioner positions.

    “They bring a wealth of experience, having served at forces across the country before coming to the Met. Here, they have both been pivotal part of our senior leadership team, with Laurence driving forward changes in frontline policing and Rachel improving our culture so we can increase public trust in the Met.

    “I wish them both the best of luck in their new roles and look forward to working closely with them as they help us deliver a New Met for London.”

    Bios

    AC Taylor joined policing in 1996 as a constable with Sussex Police.

    Working hard to become an inspector in just eight years, his work at the beginning of his career spanned patrolling the neighbourhoods of East Sussex to leading on 24/7 response policing in central Brighton – one the UK’s busiest cities.

    His final position at Sussex Police was Deputy Chief Constable, where he managed Local Policing, Operations and Specialist Crime Command.

    From there, he joined the Met in 2018 as Deputy Assistant Commissioner for Uniformed Operations. In this role AC Taylor was responsible for more than 8,000 officers and staff, delivering specialist policing and pan-London services, including firearms, roads policing and safer transport teams, and taskforce. He was critical in the Met’s response to the COVID-19 pandemic, as well as some of the city’s most challenging political moments in modern history.

    Before his most recent post, AC Taylor was Deputy Assistant Commissioner for Frontline Policing – Local Policing from March 2021 to February 2023. Under his leadership, the number of wanted offenders outstanding reduced by 20 per cent and several new initiatives were established, including community mental health projects and town centre teams.

    AC Taylor then served as DAC Specialist Operations from February 2023 until April 2024 when he took over the role of Temporary Assistant Commissioner for Professionalism.

    AC Williams joined policing in February 1998.

    Rachel had an impressive career at Avon and Somerset Police and worked her way up the ranks to T/Assistant Chief Constable Crime and Operations where she led on several areas including crime and investigations, intelligence and covert work.

    She then moved to the Met in 2020 and joined as Commander Intelligence and Covert Policing. Rachel oversaw 2,000 staff and officers leading on covert, sensitive and frontline intelligence work.

    Following this role, Rachel moved on to become Commander Rebuilding Trust / Serious Violence where she focused on improving public confidence in the Met and driving down violence across the city.

    In November 2022 she moved to Gwent Police as Deputy Chief Constable, where she was critical in the protection of some of the most diverse and vulnerable communities in Wales.

    Rejoining the Met in 2024, Rachel returned to occupy the role of Temporary Assistant Commissioner for Trust and Legitimacy, helping deliver high standards and professionalism – a key pillar in the Met’s New Met for London strategy.

    During this time AC Williams was also head of the Met’s Culture, Diversity and Inclusion directorate, chair of the CD&I group and led on the force’s culture programme.

    MIL Security OSI