Category: Scandinavia

  • MIL-OSI: BW Energy: Makes FID on Maromba field development in Brazil  

    Source: GlobeNewswire (MIL-OSI)

    BW Energy makes FID on Maromba field development in Brazil  

    BW Energy is pleased to announce the final investment decision (FID) for the Maromba development offshore Brazil based on a capex-efficient development with an integrated drilling and wellhead platform (WHP) and a refurbished FPSO. The development targets 500 million barrels of oil in place in the highly delineated and tested Maastrichtian sands. First oil is planned by end-2027 with expected plateau production of 60,000 barrels of oil per day. The development will more than double BW Energy’s total net production by 2028 and has short pay-back time.    

    Project highlights: 

    • Initial six production wells from the WHP 
    • The WHP will be a converted drilling jack-up with up to 16 well slots and production- and test-flowlines connected to the redeployed FPSO BW Maromba (ex. Polvo) 
    • A second six-well drilling campaign will fully leverage the established field infrastructure and allow for appraisal and testing of other reservoir horizons  
    • BW Maromba refurbishment and life extension work is already underway at the COSCO yard in China 
    • Total investments of USD ~1.5 billion, split USD ~1.2 billion for the initial development and a further USD ~0.3 billion for the secondary drilling campaign 

    “We have spent time on optimising the Maromba development plan and concluded on a highly competitive concept with a repurposed jack-up platform and FPSO, repeating the approach we very successfully applied in Gabon. Maromba will enable BW Energy to deliver industry-leading organic production growth and position the Company for further low-cost developments of known potential developments. We expect to unlock significant shareholder value in all realistic oil price scenarios,” said Carl K. Arnet, the CEO of BW Energy. 

    Capex-efficient development concept  

    The development comprises six initial Maastrichtian horizontal production wells with dry-trees and artificial lift by downhole Electric Submersible Pumps (ESPs). Production will be transferred from the WHP to the spread moored FPSO Maromba for treatment, storage and offloading to shuttle tankers. The WHP will be installed in ~150 meters of water depth with full drilling facilities. Once installed, the infrastructure will also enable the planned secondary six-well drilling campaign and provide potential for future development phases with low-cost infill wells, potential water injectors as well as allowing appraisal and production of multiple proven reservoirs outside the main Maastrichtian resources.    

    The FPSO Maromba is currently at the COSCO yard in China, undergoing initial refurbishment and life extension work following completion of condition assessment and FEED.  The FPSO is designed with 1 million barrels of storage capacity. The total liquid capacity will be 100,000 barrels per day with oil production capacity of 65,000 barrels per day and water treatment capacity of 85,000 barrels per day.  

    BW Energy has agreed to acquire a jack-up with complete leg extensions for USD 107.5 million. The rig will undergo a limited conversion to serve as an integrated drilling and wellhead platform prior to installation on the field.

    “The repurposing of existing energy infrastructure enables reduced investments and shorter time to first oil with significantly reduced greenhouse gas emissions in the development phase, as compared to installing new production assets,” said Carl K. Arnet, the CEO of BW Energy. 

    Attractive field economics  

    BW Energy expects to invest approximately USD 1 billion before first oil and a further USD 200 million to complete the initial drilling campaign before end 2028. This will be followed by USD 300 million for the additional six wells in the second campaign with completion before end 2030.  

    BW Energy anticipates Maromba to achieve a competitive production cost, averaging less than USD 10 per barrel over the first five years, underpinning robust project economics. 

    Estimated project IRR exceeds 30% at oil at USD 60 per barrel Brent and break-even at 10% IRR is around USD 40 per barrel Brent. The heavy oil from the Maromba is expected to trade at a discount to Brent of approximately USD 7.5 per barrel.  

    The development will be financed through existing cash and undrawn facilities, cashflow from operations, and separate infrastructure financing solutions related to the FPSO and WHP. The Company is also evaluating a range of financing alternatives, including a corporate facility, reserve-based lending, trader financing and the potential issuance of bonds.  

    BW Energy has also received a commitment by the main shareholder BW Group for a USD 250 million shareholder loan facility.   

    The Maromba field 

    Maromba is located 100 km off the Brazilian coast in the Campos Basin. Nine wells were drilled in the license between 1980 and 2006, with oil found in eight of these across various reservoirs. The development project targets 123 million barrels of 2P reserves (management estimates), with potential additional resources from other reservoirs to be appraised along the development. BW Energy acquired 100% ownership in Maromba in 2019 for a total of USD 115 million, of which USD 85 million remains to be paid to the sellers at predefined milestones. Magma Oil holds a 5% back-in right in the Maromba licence which is expected to be executed upon first oil.  

    BW Energy is following all the steps of the approval process with the Brazilian O&G Regulator (ANP) and with the Environmental Agency (IBAMA). The Company will now proceed with contracting of long-lead items and services, as well as finalising the financing agreements.   

    More information on the Maromba development will be shared in connection with the first quarter 2025 earnings presentation held at Teatersalen, Hotel Continental in Oslo, Norway, 09:30 CEST on 5 May.  

    The presentation can also be followed via webcast on: 

    VIEWER REGISTRATION • Q1 2025  
    https://events.webcast.no/viewer-registration/9LwLZF1X/register   

    For further information, please contact: 

    Brice Morlot, CFO BW Energy

    +33.7.81.11.41.16
    ir@bwenergy.com  

    About BW Energy  

    BW Energy is a growth E&P company with a differentiated strategy targeting proven offshore oil and gas reservoirs through low risk phased developments. The Company has access to existing production facilities to reduce time to first oil and cashflow with lower investments than traditional offshore developments. The Company’s assets are 73.5% of the producing Dussafu Marine licence offshore Gabon, 100% interest in the Golfinho and Camarupim fields, a 76.5% interest in the BM-ES-23 block, a 95% interest in the Maromba field in Brazil, a 95% interest in the Kudu field in Namibia, all operated by BW Energy. In addition, BW Energy holds approximately 6.6% of the common shares in Reconnaissance Energy Africa Ltd. and a 20% non-operating interest in the onshore Petroleum Exploration License 73 (“PEL 73”) in Namibia. Total net 2P+2C reserves and resources were 599 million barrels of oil equivalent at the start of 2025. 

    This information is considered inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This stock exchange release was published by Regine Andersen, 05 May 2025.

    The MIL Network

  • MIL-OSI: Inside information: Jouko Pölönen appointed as the CEO of eQ Plc

    Source: GlobeNewswire (MIL-OSI)

    eQ Plc Stock exchange release, inside information

    5 May 2025, at 8:00 AM

    The Board of Directors of eQ Plc (“eQ”) has decided to appoint M.Sc. (Econ & Bus. Adm.), eMBA Jouko Pölönen as the company’s new Chief Executive Officer. Jouko Pölönen will assume the position no later than 5 November 2025. Since 28 October 2024, Janne Larma has been serving as eQ’s interim CEO and will continue in that role until Pölönen is able to start as a new CEO.

    eQ will host a press conference regarding Pölönen’s appointment on 5 May at 1:30 PM, welcoming representatives of the media, investors and analysts. Further details regarding participation can be found at the end of this release.

    Pölönen, 55, has made a distinguished career in the financial sector. Most recently, he has served for seven years as CEO of Ilmarinen Mutual Pension Insurance Company. Prior to that, he held roles such as Head of Banking at OP Financial Group and CEO positions at OP Corporate Bank Plc, Helsinki Area Cooperative Bank, and Pohjola Insurance Ltd.

    “eQ is one of the leading asset managers in Finland, with a particularly strong position in private equity and real estate asset management. I am excited to join eQ’s talented team and confident that together we can create added value for our clients and shareholders. I am highly goal- and results-oriented. I expect that we can drive profitable growth during the coming years,” says Pölönen.

    Chair of the Board Georg Ehrnrooth says that the Board is very pleased to have appointed Pölönen as CEO of eQ.

    “We are convinced that Jouko is the right person to lead eQ and to implement our growth objectives and strategy together with our skilled and professional team,” Ehrnrooth says.

    “Jouko brings in his extensive experience in the financial sector, leadership, and strategic development and execution. In addition, Jouko has a broad network of contacts with investors, businesses, and the public sector. While eQ’s financial performance in the past couple of years has not met the targets, we believe the fundamentals for a turnaround are already in place,” Ehrnrooth continues.

    Pölönen sees significant opportunities in the asset management market:

    “eQ has excellent products that many institutions and family offices rely on. More and more private individuals are saving and investing, and we want to offer also to them the best wealth management products and services to build their wealth. I consider professional asset management as a highly interesting and growing market. A key factor for me in a accepting this role was also the opportunity to become an owner myself,” Pölönen says.

    The three largest shareholders of eQ have agreed to sell a total of one million (1,000,000) eQ shares to Pölönen. Technically, the shares will be sold to Pölönen’s personal investment company. This amount represents approximately 2.4 percent of eQ’s total share capital. As a result of the transaction, Pölönen will rank among the ten largest shareholders of eQ. The share sale will be completed during May.

    Georg Ehrnrooth comments:

    “We want to ensure Jouko’s commitment and give him a strong incentive to drive growth with an entrepreneurial spirit and act in accordance with eQ’s values.”

    Additionally, the Board of Directors has decided to grant Pölönen 100,000 stock options under the 2025 option program. The terms of the option program were announced on 4 February 2025 and are available on the company’s website. Pölönen will receive the options upon the commencement of his employment.

    Jouko Pölönen’s CV is attached to this release.

    Press Conference

    eQ will hold a press conference today, 5 May 2025, at 1:30 PM. Speakers will include Georg Ehrnrooth, Chair of the Board; Janne Larma, interim CEO of eQ; and Jouko Pölönen, appointed CEO of eQ. The event will take place at Studio Eliel in Sanomatalo, Helsinki. Participants will have the opportunity to ask questions after the presentations. The event can also be followed via webcast at: https://eq.videosync.fi/2025-05-05

    eQ Plc

    Additional information:

    Janne Larma, interim CEO, tel. +358 40 500 4366
    Georg Ehrnrooth, Chair of the Board, tel. +358 9 6817 8777 

    Distribution: Nasdaq Helsinki, www.eQ.fi, media

    eQ is a Finnish group of companies specialising in asset management and corporate finance business. eQ Asset Management offers a wide range of asset management services (including private equity funds and real estate asset management) for institutions and individuals. The assets managed by the group total approximately EUR 13.6 billion. Advium Corporate Finance, which is part of the group, offers services related to mergers and acquisitions, real estate transactions and equity capital markets. The share of the group’s parent company eQ Plc is listed on Nasdaq Helsinki. More information about the group is available on our website at www.eQ.fi.

    Attachment

    The MIL Network

  • MIL-Evening Report: A ‘Trump slump’ has lifted the left in Canada and now Australia – what are the lessons for NZ?

    Source: The Conversation (Au and NZ) – By Grant Duncan, Teaching Fellow in Politics and International Relations, University of Auckland, Waipapa Taumata Rau

    Trying to capitalise on the electoral success of US President Donald Trump, now that his policies are having real-world effects, is proving to be a big mistake for conservative leaders.

    Australian voters have delivered a landslide win for the incumbent Labor Party, returning Prime Minister Anthony Albanese for a second term with a clear majority of seats.

    When he said in his victory speech that Australians had “voted for Australian values”, an unspoken message was that they’d firmly rejected Trumpian values.

    Meanwhile, opposition and Liberal Party leader Peter Dutton had such a bad election he lost his own seat. While not the only reason for his electoral demise, Dutton’s adoption of themes associated with Trump backfired.

    As recently as mid-February, however, it was a completely different story. Opinion polls were projecting Dutton’s Coalition to win. Betting markets followed suit, pricing in a change of government.

    But by March, Labor had pulled ahead in the polls, and exceeded expectations in the election itself. As one commentator put it, the Liberals were “reduced to a right-wing populist party that is all but exiled from the biggest cities”.

    Reversal of fortune

    Where, then, did Dutton go wrong? Commentators identified a number of reasons, including his “culture wars” and being depicted by Labor as “Trump-lite”.

    Following a Trumpian pathway turned out to be a strategic blunder. And Dutton’s downfall mirrors Conservative leader Pierre Poilievre’s defeat in Canada’s election on April 28.

    In January, Canada’s incumbent centre-left Liberals were heading for defeat to the Conservatives. But there were two gamechangers: the Liberals switched leaders from Justin Trudeau to Mark Carney, and Trump caused a national uproar with his aggressive tariffs and his call for Canada to become the 51st US state.

    Pre-election opinion polls then did a dramatic flip in favour of the Liberals, who went on to win their fourth election in a row.

    Poilievre’s campaign had adopted elements of the Trump style, such as attacking “wokeness” and using derogatory nicknames for opponents.

    His strategy failed as soon as Trump rolled out “America First” policies contrary to Canadians’ economic interests and national pride. The takeaway for serious right-wing leaders in liberal democracies is clear: let Trump do Trump; his brand is toxic.

    Not a universal trend

    Trump’s actions are harming America’s allies. His tariffs, disregard for the rule of law, and tough policies on migrants, affirmative action and climate change have seen voters outside the US react with self-protective patriotism.

    A perceived association with Trump’s brand has now upended the electoral fortunes of (so far) two centre-right parties that had been in line to win, and had been banking on the 2024 MAGA success somehow rubbing off on them.

    Admittedly, what has been dubbed the “Trump slump” isn’t a universal trend.

    In Germany, the centre-left Social Democratic-led government was ousted in February, in spite of Trump ally Elon Musk’s unhelpful support for the far-right, anti-immigrant Alternative for Germany (AfD) party.

    And in the United Kingdom, the populist Reform UK party has risen above 25%, while Labour has fallen from 34% in last year’s election to the low 20s in recent polls.

    But other governing centre-left parties are seeing an upside of the Trump effect.
    Norway’s next election is on September 8. In early January it looked like the incumbent Labour Party would be trounced by the Conservatives and the right-wing Progress Party.

    Opinion polls dramatically flipped in early February, however, boosting Labour from below 20% back into the lead, hitting 30%. If that trend is sustained, Prime Minister Jonas Gahr Støre will get another term in office.

    Denmark’s governing Social Democrats have enjoyed a small polling boost, too, since Trump declared he’d like to take Greenland off their hands.

    Lessons for NZ’s left and right

    The common denominator underlying these shifts to the left seems to be the Trump effect. Voters in countries normally closely allied with the US are turning away from Trump-adjacent politicians.

    In 2024, elections tended to go against incumbents. But, for now at least, people are rallying patriotically around centre-left, sitting governments.

    Ironically, Trump is harming leaders who could have been his allies. Unrepentant as always, the man himself seemed proud of the impact he had in Canada.

    Winston Peters: culture war rhetoric.
    Getty Images

    In Australia and New Zealand, polls in mid-2024 showed support for Trump was growing – heading well above 20%. Australia’s election suggests that trend may now be past its peak.

    In New Zealand, with debate over ACT’s contentious Treaty Principles Bill behind it, and despite NZ First leader Winston Peters’ overt culture-war rhetoric (which may appeal to his 6% support base), the right-wing coalition government’s polling shows it could be on track for a second term – for the time being.

    While the Trump effect may have benefited centre-left parties in Australia and Canada, polling for New Zealand’s Labour opposition is softer than at the start of the year.

    While “America First” policies continue to damage the global economy, centre-right leaders who learn the lesson will quietly distance themselves from the Trump brand, while maintaining cordial relations with the White House.

    Centre-left leaders, however, could do worse than follow Anthony Albanese’s example of not getting distracted by “Trump-lite” and instead promoting his own country’s values of fairness and mutual respect.

    Grant Duncan 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. A ‘Trump slump’ has lifted the left in Canada and now Australia – what are the lessons for NZ? – https://theconversation.com/a-trump-slump-has-lifted-the-left-in-canada-and-now-australia-what-are-the-lessons-for-nz-255715

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI United Nations: Committee against Torture Concludes Eighty-Second Session

    Source: United Nations – Geneva

    The Committee against Torture this morning closed its eighty-second session, after adopting concluding observations on the reports of Armenia, France, Mauritius, Monaco, Turkmenistan and Ukraine, which were reviewed during the session. The session was held from 7 April to 2 May.

    Claude Heller, Committee Chairperson, read out a summary of the concluding observations for each country reviewed this session under the Convention against Torture and Other Cruel, Inhuman or Degrading Treatment or Punishment . The concluding observations will be available on the webpage of the session as of 1 p.m. this afternoon.

    Mr. Heller said that the Committee had still not been informed whether its next two sessions scheduled for 2025 would take place. Sixteen treaty body sessions were at stake, and the Subcommittee on the Prevention of Torture had had to postpone four of its eight visits planned for 2025. As soon as more information became available, the Committee would announce the dates of its upcoming sessions and the country reviews planned for each session.

    Mr. Heller also noted that the sudden cessation of hybrid meetings would continue to negatively impact the work of the Committee members, civil society organizations, national human rights institutions, national preventive mechanisms and other stakeholders.

    In conclusion, he said that the Committee now came to the end of yet another session, held with professionalism, independence, and a constructive spirit to fully adhere to its mandate.

    Peter Vedel Kessing, Committee Rapporteur, presented the annual report, which covered the period from 11 May 2024 to 2 May 2025, including the eightieth session, which was held from 8 to 26 July 2024; the eighty-first session which was held from 28 October to 22 November 2024; and the eighty-second session which was held from 7 April to 2 May 2025.

    Documents relating to the Committee’s work, including reports submitted by States parties and the concluding observations of the Committee, will be available on the website of the session. Summaries of the public meetings of the Committee can be found here, and webcasts of the public meetings can be found here.

    The dates and details of the next session of the Committee will be communicated at a later date.
     

    Statements

    PETER VEDEL KESSING, Committee Rapporteur, presented the Committee’s annual report, which covered the period from 11 May 2024 to 2 May 2025, including the eightieth session, which was held from 8 to 26 July 2024; the eighty-first session which was held from 28 October to 22 November 2024; and the eighty-second session which was held from 7 April to 2 May 2025.

    As of today, there were 175 States parties to the Convention against Torture and other Cruel, Inhuman or Degrading Treatment or Punishment. Since the adoption of the Committee’s previous annual report, Dominica had acceded to the Convention, on 5 December 2024. The Committee called upon all States that had not ratified the Convention to do so and called upon those that were already parties to accept all the procedures of the Convention in order to enable the Committee to fulfil all aspects of its mandate. As of today, there were 94 States parties to the Optional Protocol to the Convention. 

    The Committee held a joint meeting between the members of the Committee and the Chair of the Subcommittee on Prevention of Torture. The Committee adopted a joint statement with the Special Rapporteur on torture and other cruel, inhuman or degrading treatment or punishment, the Subcommittee on Prevention of Torture, and the Board of Trustees of the United Nations Voluntary Fund for Victims of Torture to mark the United Nations International Day in Support of Victims of Torture, which was commemorated on 26 June.

    To mark the fortieth anniversary of the adoption of the Convention, the Committee, jointly with the other United Nations anti‑torture mechanisms held a high-level event in Geneva on 14 November 2024.

    The Committee expressed its appreciation to non-governmental organizations, with special thanks to the World Organization against Torture. The Committee requested that all multilingual hybrid meetings be maintained as a feature of an adequately resourced session and called upon States parties to support this request. 

    Concerning complaints under article 22 of the Convention, as of today, the

    the Committee had registered, since 1989, 1,260 complaints concerning 45 States parties. Of those, 449 complaints had been discontinued and 152 had been declared inadmissible. The Committee had adopted final decisions on the merits in 524 complaints and found violations of the Convention in 220 of them. Considering the adopted communications during the current session, some 133 complaints were pending consideration. All the Committee’s decisions could be found in the updated treaty body case law database, on the website of the Office of the High Commission for Human Rights, and in the Official Document System of the United Nations.

    At its eightieth session, the Committee adopted decisions on the merits in respect of 10 communications. The Committee further found two communications inadmissible and it discontinued the consideration of 19 complaints. At its eighty-first session, the Committee adopted decisions on the merits in respect of six communications. The Committee found three communications inadmissible and discontinued the consideration of 12 communications. At its eighty-second session, the Committee adopted decisions on the merits in 12 communications. It found 2 communications inadmissible and it discontinued the consideration of 12 cases. One communication was postponed.

    CLAUDE HELLER, Committee Chairperson, read out a summary of the concluding observations on the reports of the States parties that were reviewed during the session.

    Armenia

    Concerning Armenia, the Committee commended the State party on the adoption of its new Criminal Code, which established an expanded definition of torture, along with the adoption of a new Criminal Procedure Code, introducing a number of new procedural safeguards against torture and increasing the availability of non-custodial measures. The Committee recommended that Armenia ensure that the penalties for torture were commensurate with the gravity of the crime. It also recommended that the State party train prosecutors and judges on the use of non-custodial measures, provide sufficient material and financial resources for their application, and adopt the necessary regulations to ensure that they may be applied in practice.

    With regard to psychiatric and social care institutions, the Committee recommended that the State party guarantee sufficient legal and procedural safeguards for residents in psychiatric institutions and social care facilities, both in law and in practice. It also recommended that the State party reduce recourse to coercion in psychiatric settings, and ensure that physical or chemical means of restraint were used in accordance with domestic law and international standards. 

    France

    As for France, the Committee expressed its deep concern about the numerous allegations of excessive use of force, including lethal force, and ill-treatment by law enforcement officials, and was seriously concerned that such cases reportedly disproportionately affected members of certain minority groups, in particular persons of African descent, persons of Arab origin or Muslim religion, indigenous peoples and non-nationals. The Committee recommended that the State party ensure that all allegations of excessive use of force and ill-treatment were investigated promptly, thoroughly and impartially by an independent body, that those responsible were held accountable, and that victims or their families obtain adequate redress.

    The Committee recommended that France continue its efforts to improve living conditions in all places of deprivation of liberty and to reduce overcrowding in prisons and other places of detention. It also recommended that the State party ensure that all allegations of ill-treatment were thoroughly investigated, that alleged perpetrators were prosecuted and, if found guilty, sentenced to appropriate penalties, and that victims or their families received redress, including adequate compensation. It recommended that the State party improve the monitoring and control of violence among prisoners. The Committee recommended that the State party take all necessary measures to encourage the reporting of hate crimes motivated by racist, Islamophobic, anti-Semitic, xenophobic or homophobic prejudice, and to ensure that such crimes were thoroughly investigated, that perpetrators were prosecuted and punished, and that victims had access to effective remedies.

    Mauritius

    Concerning Mauritius, the Committee acknowledged the State party’s commitment to develop a code of practice for police officers and to strengthen their training to address those shortcomings. The Committee recommended that Mauritius strengthen its efforts to further ensure that the Independent Police Complaints Commission was properly resourced and equipped to carry out its functions, and guarantee that acts of torture and ill-treatment were promptly, impartially and effectively investigated and prosecuted, as appropriate. The Committee also asked the State party to take all appropriate measures to prevent acts of intimidation and reprisals against alleged victims, their legal representatives, and relatives.

    The Committee recommended that Mauritius ensure that all deaths in custody were promptly and impartially investigated by an independent entity, including through independent forensic examinations, with due regard to the Minnesota Protocol on the Investigation of Potentially Unlawful Death. Where appropriate, the Committee recommended that the corresponding sanctions be applied. It also asked the State party to compile and provide it with detailed information on all incidents of death in all places of detention, the causes, and the outcomes of the investigations.

    Monaco

    As for Monaco, the Committee voiced its concern about reports that the “maison d’arrêt de Monaco” and its facilities were structurally incompatible with their current purpose, as they remained unsuitable for prolonged deprivation of liberty. While it was aware of the State party’s land-use constraints, the Committee encouraged the State party to consider transferring prisoners to a new prison facility that better complied with international standards on deprivation of liberty and the prevention of ill-treatment. Meanwhile, it recommended that the State party continue its efforts to improve living conditions in the “maison d’arrêt de Monaco”, including by ensuring that persons in pretrial detention were allowed visits or telephone calls without specific authorisation from the judicial authorities.

    The Committee expressed its concern about reports of precarious working conditions affecting many migrant domestic workers and undeclared migrant workers, particularly in the construction, hotel and catering sectors, as well as on private yachts. The Committee recommended that the State party strengthen the capacity and resources of the labour inspectorate to enable it to monitor more effectively the situation of migrant workers, in particular domestic workers, including with regard to their recruitment and working conditions. It also recommended the State party to redouble its efforts to inform migrant workers, including undeclared workers, of their rights and the complaint mechanisms available to them, and facilitate their access to those mechanisms.

    Turkmenistan

    With regard to Turkmenistan, the Committee expressed grave concern about the persistent reports of widespread torture and ill-treatment of detainees in the State party. Despite the installation of audio-visual equipment in some detention facilities across the country, such measures appeared insufficient in preventing and curbing abuse. The Committee had further expressed serious concern about the lack of accountability, which reflected a worrying pattern of institutional impunity. The Committee urged the State party to adopt a zero-tolerance policy towards torture, including a clear public statement from the highest levels of Government, and to ensure that all allegations were promptly and independently investigated, perpetrators held accountable, and victims granted full redress.

    The Committee noted and welcomed the adoption of the Ombudsman Act and the recent “B” status accreditation of Turkmenistan’s Ombudsperson by the Global Alliance of National Human Rights Institutions. However, it expressed concern about the reported lack of independence and limited authority of the Ombudsperson’s office, particularly its failure to address serious and systemic human rights violations. The Committee recommended that the State party fully implement the recommendations of the Alliance’s Subcommittee on Accreditation and take all necessary steps to establish an independent national monitoring body capable of conducting unannounced visits to all places of detention, engaging with detainees in private, and responding effectively to allegations of abuse in line with the Paris Principles.

    Ukraine

    Concerning Ukraine, the Committee acknowledged the challenges faced by the State party in fully implementing its obligations under the Convention due to the full-scale invasion by the Russian Federation against it. It recalled, nevertheless, that the Convention was applicable in the State party’s entire territory and Ukraine should therefore take all possible steps to implement it.

    The Committee noted Ukraine’s commitment and measures taken to abide by international humanitarian law and international human rights law in the context of the ongoing armed conflict and occupation, but expressed concerns about reports indicating allegations of torture and ill-treatment, threats, humiliation, and other violations of Russian prisoners of war, allegedly committed by the Ukrainian armed forces and military police, as well as the inadequate recording and reporting of their visible injuries sustained by torture or ill-treatment, among other concerns. The Committee underscored that the prohibition of torture was non-derogable, that no exceptional circumstances whatsoever may be invoked as a justification of torture, and that the obligations stemming from this prohibition were not subject to reciprocity.

    The Committee also recommended that Ukraine ensure that all fundamental legal safeguards were guaranteed in practice for all detained persons from the outset of the deprivation of their liberty, including the right to request and receive a medical examination by an independent doctor, free of charge, or a doctor of their choice, that was conducted out of hearing and sight of police officers, unless the doctor concerned explicitly requested otherwise, as the access to an initial confidential medical examination did not appear to be routinely granted in Ukraine, and if it was granted, it was reportedly performed in the presence of a police officer.

    Other

    Mr. Heller said that during the session, the Committee also adopted lists of issues for Pakistan and Tajikistan and lists of issues prior to reporting for Antigua and Barbuda, Botswana, Iceland, Iraq, Kenya, Montenegro, State of Palestine and Uruguay.

    The Committee had still not been informed whether its next two sessions scheduled for 2025 would take place. Sixteen treaty body sessions were at stake, and the Subcommittee on the Prevention of Torture had had to postpone four of its eight visits planned for 2025. As soon as more information became available, the Committee would announce the dates of its upcoming sessions and the country reviews planned for each session. Mr. Heller noted that the sudden cessation of hybrid meetings would continue to negatively impact the work of the Committee members, civil society organizations, national human rights institutions, national preventive mechanisms and other stakeholders.

    Concerning the individual complaints procedure, he said the Committee this session examined 26 individual complaints. Of the examined cases, two were deemed inadmissible. Additionally, 12 cases were decided on the merits: in one case the Committee found no violations, while in 11 cases the Committee determined there was a violation by the State party. Furthermore, the Committee adopted 12 discontinuance requests. 

    Mr. Heller read out the results of the work of the Committee Rapporteurs on follow-up to concluding observations, individual cases, and reprisals. A summary of the meeting that was held on these results can be found here.

    In conclusion, Mr. Heller said that the Committee now came to the end of yet another session, held with professionalism, independence, and a constructive spirit to fully adhere to its mandate.

    __________

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

     

    CAT.009E

    MIL OSI United Nations News

  • MIL-OSI Asia-Pac: India and Denmark signs renewed Memorandum of Understanding (MoU) today.

    Source: Government of India

    India and Denmark signs renewed Memorandum of Understanding (MoU) today.

    India and Denmark Strengthen Energy Sector Cooperation Through Renewed Partnership

    The renewed MoU supports India’s ambitious target of achieving net-zero emissions by 2070

    Posted On: 02 MAY 2025 6:08PM by PIB Delhi

    India and Denmark have reinforced their long-standing energy cooperation by signing a renewed Memorandum of Understanding (MoU) today.

    The MoU was signed by Shri Pankaj Agarwal, Secretary, Ministry of Power, Government of India, and H.E. Mr. Rasmus Abildgaard Kristensen, Ambassador of Denmark to India, in the presence of Shri Manohar Lal, Hon’ble Minister of Power and Housing & Urban Affairs. This agreement reflects both countries’ continued commitment to accelerating clean energy transitions.

    The renewed MoU supports India’s ambitious target of achieving net-zero emissions by 2070. It aims to foster knowledge exchange and technological collaboration between the two countries, particularly in the area of clean and sustainable energy solutions.  This agreement follows five years of successful collaboration under the original MoU, signed on June 5, 2020, and initially set to expire on June 5, 2025. The proactive renewal ensures continuity in dialogue and cooperation, allowing for a seamless extension of joint efforts in energy sector development.

    The renewed agreement broadens the partnership to cover advanced areas such as power system modeling, integration of variable renewable energy, cross-border electricity trading, and development of EV charging infrastructure. It also emphasizes increased knowledge exchange through expert interactions, joint training sessions, and study tours.  Shri Manohar Lal, Hon’ble Minister of Power and Housing & Urban Affairs said that the renewed energy cooperation expresses the mutual commitment of India and Denmark to foster sustainable development.

    *****

    SK

    (Release ID: 2126235) Visitor Counter : 82

    MIL OSI Asia Pacific News

  • MIL-OSI Canada: Premier Heads to Spain, United Kingdom for Trade Mission

    Source: Government of Canada regional news

    Premier Tim Houston will leave on Sunday, May 4, for a provincial trade mission in two critical markets – Spain and the United Kingdom.

    The Premier and Kent Smith, Minister of Fisheries and Aquaculture, will head to Barcelona, Spain, to promote Nova Scotia’s seafood sector at events scheduled May 5-10. The Premier will also be attending meetings regarding defence and security as well as renewable energy before heading to London, England, for meetings and speaking opportunities to promote Nova Scotia to leaders in the United Kingdom.

    “It is a privilege to represent Nova Scotians on these provincial trade missions. Leaders and the business community from other countries repeatedly tell me how highly they think of our province, people and products,” said Premier Houston. “Spain and the United Kingdom are top destinations for Nova Scotia’s fish and seafood exports. We want to strengthen that partnership as well as explore additional opportunities to do more trade with them. Nova Scotia has a lot to offer, and we’re making sure the world knows it.”

    While in Spain, Premier Houston and Minister Smith will attend Seafood Expo Global, the largest international seafood event, which attracts serving industry professionals and buyers, at all points of the supply chain, from around the world. The Premier will also speak to international buyers, media and culinary decision-makers and influencers at an event promoting Nova Scotia’s seafood industry.

    During his stop in London, Premier Houston will be the keynote speaker at the annual general meeting of the Canada-United Kingdom Chamber of Commerce at the House of Lords on May 13. Premier Houston will speak to chamber members and attendees about the long-standing ties between Nova Scotia and the United Kingdom and the opportunities that exist to strengthen cultural connections and the trade relationship.

    Nova Scotia is currently focused on making the province more self-reliant by investing in the seafood sector, wind resources and critical minerals. The Province is also developing a comprehensive trade action plan to facilitate internal trade, enhance productivity and drive critical sectors with input from businesses and industry.


    Quotes:

    “The European market represents a great opportunity to grow Nova Scotia’s seafood industry. By promoting our premium-quality seafood, we are helping our companies expand internationally, driving economic growth and securing a sustainable future for our coastal communities.”
    Kent Smith, Minister of Fisheries and Aquaculture


    Quick Facts:

    • Nova Scotia continued to be Canada’s seafood export leader in 2024; top global export destinations were the United States ($1.2 billion), China ($614.2 million), South Korea ($61.5 million), Japan ($58.9 million) and France ($48.9 million)
    • seafood exports to the European Union reached $218.3 million; top markets were France, Belgium ($43.5 million), the Netherlands ($35.9 million), Spain ($31.9 million) and Denmark ($22.5 million)
    • mission delegates are Premier Houston; Minister Smith; Nicole LaFosse Parker, Chief of Staff and General Counsel; Jason Hollett, Deputy Minister of Fisheries and Aquaculture; Executive Deputy Minister Tracey Taweel; and Mike McMurray, Executive Director, International Relations and Military Relations

    Additional Resources:

    Canada-United Kingdom Chamber of Commerce: https://www.canada-uk.org/

    Seafood Expo Global: https://www.seafoodexpo.com/global/

    Information about Nova Scotia seafood and exporters is available at: https://nsseafood.com/


    Other than cropping, Province of Nova Scotia Photos are not to be altered in any way.

    MIL OSI Canada News

  • MIL-OSI Europe: The Atlantic Council hosted French Minister for Europe and Foreign Affairs Jean-Noël Barrot on Europe and the new world order.

    Source: France-Diplomatie – Ministry of Foreign Affairs and International Development

    Frederick Kempe: Good afternoon to those joining us in our headquarters, our relatively new global headquarters here in Washington today. Good evening to those watching online from Europe and the globe, to everyone joining us from throughout the world. My name is Frederick Kempe. I’m President and CEO of the Atlantic Council, and I’m delighted to welcome you to Atlantic Council Front Days. This is our premier platform for global leaders. And it’s an honor to host today the Minister for Europe and Foreign Affairs of the French Republic, Jean-Noël Barrot. Today’s discussion turns our attention to one of the most enduring and consequential bilateral relationships in U.S. history.

    In the nearly two and a half centuries since France became the first country to formalize diplomatic relations with the newly born United States. Next year, Mr. Minister, is the anniversary of the revolution here. France became the first country to formalize diplomatic relations with the newly born United States. Since that time, this pillar of the transatlantic relationship has seen moments of triumph and moments of trial. From Lafayette and Washington to the beaches of Normandy, the United States, and France have forged partnership unlike any other based on common values in history. However, this relationship goes beyond just sentiment. At each major inflection point in recent history, our countries have stood together, not just because of friendship, but because of shared interests. And now, facing a war on European soil, basing an unfolding trade war, potentially rapidly evolving technological disruptions, and more, the United States and France must consider how to recalibrate and perhaps how to reinvent its partnership and the broader Atlantic alliance with it in order to achieve our common goals of security, prosperity, and freedom.

    As we think through how best to address these challenges, we are delighted to welcome Minister Barrot for today’s event and on the occasion of his first visit to the United States in his current role. The Minister has held numerous positions in the French government, including most recently Minister Delegate for Europe and then Minister Delegate for Digital Affairs, making him well-placed to share the French perspective on the political dynamics at the EU level as well as critical issues of digital and tech policy, and it may help in these times also to be a policy. Minister, welcome to the Atlantic Council. Before we begin let me just say to our audience that we will be taking questions. First, the Minister will make some opening comments Then I will join him on the stage and ask a few questions and then turn to the audience for questions. For those in person, we’ll have a microphone to pass around. For those online, please go to askac.org, askac.org to send your question in virtually. Minister Barrot, it’s always a pleasure to have someone speak at the end of meetings in Washington instead of the beginning of the meetings in Washington. So we look very much forward to your attention.

    Jean-Noël Barrot : Thank you very much, Mr. President. Hello, everyone. One week from now, on May 8th, we mark an important anniversary, the 80th anniversary of the end of World War II in Europe. This was the starting point of an extraordinary endeavor, a formidable building, a building of rule-based international order, a building of multilateralism. Who was the architect of this formidable building? Well, the architect of this building were the United States of America. They did not do this out of charity. They did this as out of enlightened self-interest. They collected substantial dividends from multilateralism throughout the eight decades that have just passed by. The dividends of multilateralism. Think about security. Thanks to the nonproliferation treaty, we collectively have avoided a raise to the nuclear bomb that would have caused so much instability and raised the cost of defense for all our countries.

    NATO has allowed the US, alongside its European partners, to ensure security in the North Atlantic, but also to offer major investment opportunities for its defense industry. Think about trade. WTO has allowed the US economy to grow, has allowed US services to thrive, digital services, financial services around the world. Think about currency. The Bretton Woods framework has made the dollar a global reserve currency. What does it mean to be a global reserve currency? It means that everyone wants to hold it. So that the yields on your treasury bonds are the lowest on earth. And even more than that, when there is a crisis, even when there is a crisis in the US, people rush to buy your treasury bonds, and the cost of borrowing goes down. This exorbitant privilege, as a French president coined it, is part of the dividends of multilateralism that the US brought to the world and that they also benefited from.

    This formidable building, the building of multilateralism, was designed 80 years ago for a unipolar world, where a benevolent hegemon, the United States of America, was the guarantor of rule-based international order. A world in which US leadership was unchallenged, untested. But eight years later, indeed, the world has changed. It has become multipolar, US leadership is challenged, And sometimes multilateralism seems powerless or unfit for power. And therefore, and gradually, a temptation arises for the US to perhaps let go of multilateralism, quit multilateralism, to pull back, to restrain it. This is our choice that belongs to the American people. But this would be a major shift, a major shift for the US, who would not be able to collect the dividends of multilateralism any longer, a major shift for the world, because the multilateralism will survive whether or not the US quits multilateralism. And so someone will fill the void starting with China, which was already getting ready to step up and to become the new hegemon of this new era of multilateralism, in the case where the US would decide to let them play this role.

    Now there is another route, there is an alternative route. Rather than quitting multilateralism, reshaping it, adjusting it, making it fit for the 21st century. The first step, and this is a difficult step, is accepting to share the power. in order not to lose it altogether. This means reforming the UN and its Security Council, reforming the financial infrastructure to make space for big emerging countries and share the burden with them, but also hold them responsible because they have part of the burden to share in handling the global issues and challenges. The second step when building multilateral for a multipolar world is to be ready to build coalitions of the willing to overcome obstruction in multilateral forum like the UN Security Council when they arise. It’s not because something won’t happen at the UN, at the IMF, or the World Bank, that you cannot design a coalition of the willing with willing and able countries in order to overcome this obstruction. This is the new era of multilateralism. This is the route that Europe is willing to take and that Europe is hoping to take alongside the United States of America.

    One week from now, we’ll celebrate another anniversary, not on May 8th, but on May 9th, the 75th anniversary of the birth of Europe. On May 9th of 1950, my distant predecessor, Robert Schuman, woke up in a country, France, that was five years past World War II, where tensions were rising with the neighbor and rival, Germany. Germany was recovering from the war faster than France was. And so what was the tendency in Paris on that day, in that year? Well, the tendency was protectionism, was raising tariffs, raising barriers to prevent Germans from thriving and fully recovered. And so Robert Schuman, as he was heading to the Council of Ministers, he had this crazy idea in mind to put in common steel and coal across France and Germany, swimming against the tide to favor cooperation over confrontation. At the Council of Ministers, he barely mentioned his initiative for his prime minister not to prevent him from announcing it. And at 6 p.m., in a one-minute and 30-second speech, he made this unilateral offer to create the European steel and coal community and make the foundation of a multilateral, cooperative European Union. So you see, when times are hard, and when the tendency is to restrain, pull back, raise barriers, Those visionary men that brought us prosperity and that brought us peace in the European continent, they swung against the tide and offered innovative models for cooperation. So let us find inspiration in the great work of these visionary people. Thank you very much.

    Frederick Kempe : I feel that was a very important statement and I’m gonna start with that. You see by the audience and standing room only that there was a lot of interest in this conversation and what you had to say : 75th anniversary of the birth of Europe, the 80th anniversary of the E.A., all next weekend, we’re calling attention to that. And it seemed really to be a call to your American allies and to the current administration to stay the course on multilateralism and transatlantic engagement, et cetera. So, A, do you intend to do that? And it’s no accident that no one in this audience who’s following the news, everyone knows that there are doubts right now in the transatlantic stream. Not all of them do I share, but I just wonder if you could give us a little bit more of the context of your statement.

    Jean-Noël Barrot : Well, we deeply care about the world-based international model of multilateralism. So I spent two days in New York at the Security Council as we were wrapping up our presence. You know, 15 members of the Security Council, they get one month’s presidency every 15 months. And so we try and make the most of your months-long presence. And to give you a sense of what our commitment is, I am, we are very committed to the three fundamental missions of the United Nations, peace and security, human rights, sustainable development. That’s why we had three bottom security meetings, Ukraine, Middle East, but also non-proliferation, in a closed-door Security Council meeting that was on proliferation. that was first convened in 15 years, or last convened in 15 years, 15 years ago. On human rights, we brought together, mentioning coalitions of the wing, international humanitarian law is under attack, let’s say. And we brought together countries from all around the world, east, south, west, and north, in a coalition of the willing to support politically and better implement in practice the rules of international humanitarian law. And then third, on sustainable development, we took this opportunity to bring together the countries that are the most committed, like we are, to the preservation of oceans, 40 days ahead of the third United Nations Conference on Oceans that will take place in Nice, south of France, and that is aimed to be the equivalent for ocean as what the Paris Accord has been for carbon emissions. So we’re very ambitious with this event as many countries as possible to rally some of the key deliverables of these countries. And so I decided I would spend some time at the UN talking about that.

    So we think this is the right way to go, adjusting multilateralism to make it more efficient in the multi-border world that we’re living in. And I hear that the new leadership in the US is considering what its course of action is going to be. And I think amongst friends that are actually oldest friends, we owe each other an honest discussion on what we see our common interest to be. And I think that was the sense of my introductory remarks. Thank you so much.

    Frederick Kempe : And I think you’ve seen a signal of commitment today, I think, toward the United Nations with the nomination of National Security Advisor Mike Walz to be the UN ambassador, so also an interesting piece of news. Speaking of news, you have had meetings here. We do have media, French, US, other here, and I wonder whether you could tell us your perspective on what do you take away from the conversations, Secretary Rubio, others, anything specific that we can take away from that? And then in that context, as you’re looking at what your greatest challenges are, what were the priorities in your conversations with U.S. leadership?

    Jean-Noël Barrot : Well, I mentioned the 9th of May and 75th anniversary of this declaration by Robert Truman. This year will be Ukraine, because I think a very important, significant chunk of our future, and I’m not talking about the future of Europeans only, depends on how this war of aggression is going to end. So we’ll be with my fellow European ministers of foreign affairs there to express our support to Ukraine and our willingness for this war to end in accordance with the UN Charter international rule. So that was clearly an important topic that I discussed with the US leadership at the State Department as well as Capitol Hill. But we also discussed Middle East, where France and the US have been leading the efforts to put an end to the war that was basically destroying Lebanon eight months ago. We managed to broker a ceasefire five months ago to monitor the ceasefire through a joint mechanism. We managed to bring the conditions for the end of the political crisis with the election of President Joseph Aoun. that then appointed the government, that is now at work trying to implement reforms that are long due in Lebanon. And we want to do the same thing, same food for cooperation in Syria, where this, after overturning the dictatorship of Bashar al-Assad, there is an opportunity to build a strong sovereign country that will be a source of stability rather than instability for the region. I cannot let aside Gaza and the Israel-Palestinian conflict, where again, we converge on the necessity to bring back stability and peace to the region. We have praised the Arab accord logic, and we’re working in the same direction, bringing peace to the region. Muslim and Arabic countries in the region and Israel towards security architecture that would ensure the security of all peace and stability. We also discussed Africa, where the U.S. made a breakthrough in handling or in sort of moving towards a cessation of hostilities in the Great Lakes regions in the east of the Democratic Republic of Congo, where the second worst humanitarian crisis is happening right now. This is good. And after they were received or they were hosted by the Department of State, a few days ago, the DRC and Rwanda gathered in Qatar with France and with the United States. So as you can see, some of the major, major issues, major crises. France and the U.S. are working together in order to find the right solution. Sometimes it isn’t we. Sometimes we don’t start from the same point, but look at Lebanon. It’s because of our complementarity, because of different history in the region, because of the different nature of our partnership, relationship, friendship with the stakeholders of that crisis that we were able.

    Frederick Kempe : Thank you for that answer. Let’s start with Ukraine. News yesterday about critical minerals deal with Ukraine almost more interested in the political side of this than the economic side of this. Talking to Ukrainian officials over the last few months, they’ve been concerned that the U.S. gone more from being an actual partner of Ukraine in trying to counter Russian threat and the Russian attack, and more of an arbitrator, more of a moderator. This critical mineral deal, if you read the language of it, suggests a little bit of a change of direction. And I just wonder, and that is an area where France and the U.S. have not always been entirely singing from the same song sheet. What did you hear during your trip there? How do you assess this new agreement and its political meaning?

    Jean-Noël Barrot : Well, I think it’s a very good agreement. I think it’s a very good agreement for Ukraine and also for the U.S. But I also think that it tells us something very important about what’s happening right now. Let’s go back to the Oval Office when President Zelensky was there. What was the expectation by President Trump with respect to Ukraine? Well, actually, there were two expectations. Ceasefire and sign of a new deal. Since then, on March 9, in Jeddah, Saudi Arabia, Ukraine accepted a comprehensive ceasefire. And yesterday night, they agreed to a mineral deal with the United States of America. They’ve done their part of the job. They’ve walked their part of the talk. But in the meantime, we haven’t seen Vladimir Putin send any signal, any sign of his willingness to comply with the requests of President Trump, to the very contrary. So let’s face it, right now, the main obstacle to peace is Vladimir Putin. So what I found very interesting in my meetings here in Washington is the efforts, the commendable efforts by Senator Lindsey Graham, who put together a massive package of sanctions that he collected bipartisan support for, with almost 70 senators now signing the bill which is aimed at threatening Russia into accepting a ceasefire, or else those sanctions will apply. And here again, we agree that we will try to coordinate because we, Europeans, are in the process of putting together the 17th sanction package that we are going to try, on substance and timing, to coordinate with Senator Graham’s own package. That was, perhaps, a bit of a long answer. But in summary, it’s good news that this deal was struck. It’s good news that the US, and I heard Secretary Besant express what he had in mind, the US was considering deep economic cooperation with Ukraine. It goes in the right direction. It’s the right course that they should, that should be taken.

    Frederick Kempe : And Secretary Bessent also said this is meant to be a signal to Putin. You see this as well.

    Jean-Noël Barrot : Yeah, put together this deal. The package by Lindsey Graham, who last time I checked is not a political adversary of President Trump, as well as the pressure that Europe is building up on Russia. And you get, the sense of the variant, it’s now basically Putin’s fault if we don’t yet have a ceasefire in the world.

    Frederick Kempe : So in recent discussions with US envoy Steve Witkoff, what divergences existed between France and the United States? And how do you hope to close those divergences? I guess part of this has to do with European troops, American backstop, but it also gets to the conditions behind a peace deal.

    Jean-Noël Barrot : If Ukraine was to capitulate, this would have long-lasting, wide-ranging consequences for the entire world. because it would basically replace rule-based international order by the law of the strongest. It would create massive incentives for countries around the world that that have border issues with their neighbors to consider that they can invade, that they can use military threats or force to obtain territorial concessions. This would be major, and this would be very costly for all of us, at least for responsible powers like the US and France that tend to get involved when there are issues around the world. When we would see issues exploding all around, it would be a major threat. In addition to that, should Ukraine capitulate after Ukraine has agreed to let go of its nuclear weapons in exchange for security guarantees. This will send the signal that the only ultimate security guarantee is the possession of nuclear weapons. And there we have a nuclear proliferation crisis, which again raises global instability at levels that we haven’t seen for the past 80 years, and will increase the cost massively of security in the US, security in Europe. And I think this view is shared between the U.S. and France. But of course, there is one difference between the perspective of the U.S. and the European perspective of this crisis, which is that our own security is at stake because we are neighbors of Russia or because we don’t want to be neighbors of this Russia that is now spending 40% of its budget on its military spending, 10% of its GDP, that just conscribed 160,000 additional soldiers, the largest conscription in 14 years. I’ve heard many, many times Russia say that they don’t want NATO at their borders. Well, we don’t want this Russia at our borders either. And that’s why we are so serious about what’s happening and about how the war will end. And that’s why we’ve been insisting so much about the security guarantees. And I think our message went through. And I think the US are counting on us to build the security arrangements such that when the peace deal is struck, that we can provide those security arrangements in order for the peace to be lasting and durable. But I think it’s well understood, and I’ve heard President Trump, but also officials from the US, clearly saying that of course they want this peace to be lasting, and of course this means that there is security guarantee.

    Frederick Kempe : And can it work without an American backstop where you’re getting closer to a conversation about that? Or, alternatively, is this critical minerals deal a security guarantee in a different form?

    Jean-Noël Barrot : So you should put things in two perspectives. We have been supporters of the Euro-Atlantic integration of Ukraine. Namely, we said that we were open to extend an invitation, a NATO invitation to Ukraine. We understand that NATO members, not all NATO members, agree with our view, so we have to find an alternative path. The sense of this coalition of the able of the willing that France and the UK has been putting together in order to design those security arrangements. This is ongoing work. This starts with making the Ukrainian army strong enough to be able to deter any further aggression by Russia, but it also very likely means some form of military capacity as a second layer of sanction or guarantee. When those detailed discussions will have been wrapped up, they’re currently ongoing, it will appear whether or not and how much any contribution or backstop by the US is needed. It’s possible that it is needed. Why? Well, because as far as Europeans are concerned, we’ve been working. We’ve been working and planning for our defense. It’s a little bit different for France, the UK, and Poland. But for the rest of European armies, we’ve been working within NATO. So if you’re going to work on a security arrangement outside of NATO framework, then at some point, you might need some kind of NATO-like enablers or make items that are going to make sure that the security arrangements are robust. But that being said, in the same way, do we understand that the US have decided that they will likely reduce their commitment to. We also understand that they are counting on us to bear the burden of providing the security arrangements. But we also need to be honest with them once we’ve done our homework. If there are pieces of these security arrangements that cannot be found outside of US contribution, we’ll just be honest.

    Frederick Kempe : Thank you so much. The one thing you didn’t mention in your opening comments is you didn’t talk about tariffs. You knew I was going to say that. And I wondered if it came up at all in your discussions. And also, I wonder if you could talk a little bit about what this 90-day pause gives a potential for an agreement. What sort of agreement can you imagine, or what is the direction of agreement with the European Union and the United States? How concerned are you about the tariffs driving a more lasting wedge across the Atlantic?

    Jean-Noël Barrot : Well, the good thing when you’re a foreign minister or an FF minister from France is that you’re not in France working tariffs. That being said, you’re allowed to have your own view on things. And indeed, as an economist, I have to say, otherwise I would be a traitor to my profession, that tariffs are not a good idea. President Trump wants to bring jobs back to America, and this is a perfectly legitimate ambition. In fact, we have the same in Europe. We want to bring jobs back to Europe. But tariffs are probably not the best way to achieve this objective. Tariffs are a tax on our economy. It’s a tax on the middle class. And it will make us Europeans, as well as Americans, poor. We do have research on what happened during the last trade war, the 2018 trade war. What happened? Well, the effect on the economy on this side of the Atlantic was limited. It’s basically a $7 billion loss, $7 billion loss on the economy. That’s not big. But it led to a massive transfer from the US consumer, middle class, of $50 billion. So the loss for the US consumer of $50 billion transferred to producers, $9 billion, to the government, $35 billion. And the rest is what’s lost for the US economy. So it’s a mild loss. But it’s a massive transfer from the US consumers to the US government. That’s what happened last time around. And those numbers are small because the trade war at the time was very big. Multiply this by 10. And you’ll get the kind of effects that you’re going to see on European economies, U.S. economies, and so on. So our hope is to reach the same type of outcome that we got the last time around. The U.S. retaliated, we retaliated, and then at some point we suspended those who lifted those tariffs. It was not the same administration that did it, but still, those tariffs were lifted. And I really hope that we get to this objective because, again, we’re very closely intertwined economies, so we have a lot to lose, but we have major rivals, adversaries, competitors that are going to benefit massively from this framework if we sort of choose confrontation over cooperation.

    Frederick Kempe : So let me ask one more follow-up there, and then I’ll go to the audience. On the tariffs, didn’t you raise this issue when you were here, when you are the foreign minister, but it is a political as well as an economic issue. And did you get any indications of what direction ?

    Jean-Noël Barrot : Well, the good thing about being Marco Rubio is that you’re not in charge of terrorists either. But when we met in NATO, I told him that if there was only one positive aspect of those tariffs, is that by lowering GDPs, it would allow us to reach our NATO targets.

    First question from an author and journalist : We see re-entering a phase, a new intensive phase of big power rivalry with the United States retreating from security commitments in Europe, Russian military militarizing its society and having designs on other neighbors besides Ukraine and China seeking economic domination of the world. President Macron has spoken often about the need for Europe to achieve greater strategic autonomy. Do you think Europe should seek to constitute a fourth bloc, even at the risk of putting greater space with its principal ally, the United States? And a quick follow-up, you spoke about the need to share power in a multilateral context. In terms of UN Security Council reform, is France prepared to fold its seat into the European Union presence, or would you also agree to the idea of expanding the Security Council to have 10 to 12 nations? Thank you.

    Jean-Noël Barrot : So you mentioned Russia. You mentioned the four months. That was your first question. I wouldn’t go Russia a block. Russia has a GDP that is 20 times smaller than the EU. I wouldn’t call that a block. Russia is a big country geographically. It is one of the winning nations of the Second World War. So, there are a number of consequences coming with that, including the permanent seat of the Security Council. But I wouldn’t call Russia a block. And we don’t see ourselves, when we speak about strategic autonomy, we don’t see ourselves as entering into a logic of blocks or spheres of influence and stuff like that. We remain committed to multilateralism, rule-based international world order, balance. The only thing is that in a more brutal world, if you want to be heard and be respected, when you’re upholding the values that Europe and the EU upholding, freedom, democracy, free speech and so on, you’re going to need to be much stronger, much less dependent on other regions. And so we see our strategic autonomy as a way to defend the model, which is an open model, which is a balanced model, which is a multilateral model of governance for the world. And we see a lot of appetite for this approach, because since those trade wars started, we cannot count the number of countries that are knocking at EU’s door to strike a trade deal or even to become a candidate. And it’s not only Iceland and Norway that seem to be interested. I heard that on this side of the Atlantic, there are people considering. And you know that there is one geographical criteria. But I just want to mention that even though it’s a very, very, very, very tiny island in the middle of the Atlantic Ocean, no one lives there. I think it’s like 20 meters long. But this island is split between Canada and Denmark, which gives Canada an actual border with the European Union. And the second question is about… I went quickly because I was told that we should not be long in the introduction of those conversations, but I really think that if we want to adjust those institutions, Security Council and so on, To the new era, we need to accept that others have grown over the past 18 years and they need to be represented, but they also need to take their responsibility. Some of them are no longer developing countries. They are actual major economies, major powers. So they should have a seat at the table, but they should also behave as major powers. So what’s our position? Our position is a permanent seat of the Security Council for India, Germany, Japan, Brazil, and two African countries with all associated priorities. This is what we want for the reform of the Security Council. But we also want the same kind of thing to happen with international financial institutions. And this is the spirit of what President Macron has called the Paris Act, or the Act for the People and the Planet, where the ideal is reform. No country in the south should have to choose between fighting against poverty and fighting against climate change. So it should be more balanced, more equal, equitable funding for southern countries. But those emerging countries from the South that are now developed economies should also bear their responsibilities with respect to the least developed countries, the poorest countries. Because right now, some of them are sort of bunching with the least advanced countries sort of take their responsibility with respect to the poor countries. So that’s the spirit in which we’re pushing. And in fact, I had a meeting dedicated to security council reform on Monday in New York with some of the African countries that were working on it.

    Frederick Kempe : Thank you for that good answer. While we’re open, we’ve got a lot of questions now. I saw this gentleman first. and then we’ll go, I’ll figure it out, we’ll figure it out. Anyone here that wants to, there we go, that’s what I’m gonna do next. There we go, please.

    Second question : In context with President Macron’s call to Prime Minister Modi of India in solidarity after the terror attack in Palgakush, India, do you see a justifiable response by India against this attack as another roadblock to ensuring the India-Middle East Corridor gets off the ground. Of course, it was set back after the Israel-Hamas war. And did that conversation come up in your discussion with Secretary Rubio today? And if not, then what do we need to do collectively as the international community to make sure this gets off the ground?

    Jean-Noël Barrot : Thank you, so President Macron has been in touch with Prime Minister Modi, I have been in touch two times with my fellow foreign minister from India. We expressed solidarity. We hope tensions not to escalate and I heard Secretary Rubio call Pakistan to formally recognize the terrorist nature of this attack and to condemn it in the strongest possible way. And I would happily join this call to Pakistan to recognize the terrorist nature of what happened. And we’ll keep in touch with Marco Rubio, but also with my fellow minister David Lamb from Great Britain, UK, and my Indian colleague, in order to ensure or to try and avoid procrastination in the region.

    Third question : Good afternoon, journalist from the French newspaper Le Monde. I have two questions, the first one regarding security guarantees for Ukraine. For months, France supported the idea of the deployment of some international monitoring force in Ukraine, but with a very strong American security guarantees. The Trump administration doesn’t seem to see eye to eye on this. They’re not inclined to offer any sort of serious security guarantees, so what’s the plan B? Have you given up on this two-fold idea or not? And the second question regarding Iran, there are currently very important discussions between the Trump administration directly and indirect with the Iranian representatives. For a very long time, France was in favor of putting on the table as well with Iran the ballistic issue. It doesn’t seem the case at all right now. The Trump administration is basically considering a sort of GCPOA revisited or maybe an interim agreement. So what’s your view exactly on the current discussions? Thank you.

    Jean-Noël Barrot : So on the first question, let me just clarify, because I think it’s important that everyone gets this right. There are two things. First, there is a ceasefire, and a ceasefire needs to be monitored. And the coalition of the able and willing put together by France and the UK have been working on proposals so that at the minute the ceasefire is broken, that the US have in their hands, because there will be that sort of origins of the ceasefire, solutions for this ceasefire to be monitored. And this might involve some European capacity just to check what’s happening in the line of contact and to be able to attribute violations. So that’s one thing. But the ceasefire is only one step towards what’s our end goal, which is a full-fledged peace treaty or peace agreement. This peace agreement that the Ukrainians and Russians will be discussing, but that was President Trump’s intuition, this discussion cannot happen while the war is happening in Ukraine. That’s why he did a ceasefire for the discussion. It will end up with discussions on territories and a discussion on security. And with the same question of the coalition of willing, we’re working on this second piece, which is security guarantee. But security guarantee has nothing to do with monitoring the ceasefire. Security guarantee is deterrence against any further aggression. How do you do that? As I was saying earlier, the first layer is to porcupine the Ukrainian army for it to be deterrent enough for anyone to try and invade. But then you probably have other layers, so military capacity deployed in Ukraine or around Ukraine, and that’s what we’re working on, and when the moment is right, we get to the Americans and ask them or tell them what is it we need for this security guarantee. And we’re working on this, and we’re confident, and again, as I was saying, I’ve heard President Trump in several occasions speak in a way that shows that he understands the importance of the security terms. And then on Iran, a very important topic that I should have mentioned in response to your first question, Mr. President, because this is a topic in which we’ve been coordinating with Marco Rubio from day one. We are supporting, encouraging the discussion that the U.S. opened with Iran. Why? Because Iran is posing a major threat to our security interests. Because we France, Marseille are within reach. And because our partners, close partners, in the region are also within reach. So we are very serious about this question. But we believe that there is no other route, no other path, and a diplomatic path to solve this issue. That there is no military solution to this issue and that any form of military attempt to solve this issue will have very large costs that we would not like to bear. So, in order for this discussion to be as successful as possible, we’ve been coordinating with the US on a substance and timing. substance because our teams have been working for the last few months ahead from the expiration of the GCP area, the nuclear agreement that was struck 10 years ago and that is expiring in the fall. So we were getting ready for this expiration a clear idea of indeed what might be a robust and protected field for us, and this would include indeed some of the ballistic components, but also the regional activities components. And the substance is sort of at the disposal of U.S. negotiators because it’s for free and there is no copyright. But we’re also coordinated on timing because we will not hesitate to reapply all the sanctions that we lifted in 10 years ago when GCPOA was struck. In the case where the IAEA confirms that Iran has violated its obligations under GCPOA, and if it happens that by the summer we will have a protected frontier that is sufficiently protected of our security interests.

    Frederick Kempe : So this has got to be the last question. I really apologize to others, but I saw that gentleman’s hand approach right through the middle. So, no, no. Yes, thank you. Yes. Thank you.

    Last question from a student from Sciences Po : I’d like to know what’s your opinion what’s your take on how france will balance its relationship with the U.S. and at the same time with China in light of the fact that France needs new partners and also in light of the fact that President Trump openly asked European leaders to direct ties with the PRC. Thank you.

    Frederick Kempe : And since this is the last question, let me add to it on the terror front because You know, in your conversations here, and you’ve spoken before about the relationship between the European Union and China on the trade front, does this terror policy drive Europe more into the hands of trade and economic relationships with China? And if you believe that, have you said that to your interlocutors here watching during your visit?

    Jean-Noël Barrot : I mean, it’s obvious, no? Whether you want it or not, look at one and read economic research. The numbers I quoted earlier are from a paper in the Portal Reform of Economics called the Returns to Protection. It’s the last paper on the 2018 trade war, last economic paper, research paper. But anyway, I will tell you that what happened last time is that during the 2018 trade war, it’s not like suddenly factories moved from one country to another. It was a reshuffling of international trade. So you’re going to see a lot of reshuffling. You mentioned, or you recall what I said, on China and filling the void. Listen to Chinese officials’ speeches now. And again, we take all of this with lots of grains of salt, but my colleague, Wang Li, now in all his speeches, he’s saying how much he cares about multilateralism. And I’m sure… No, seriously. And he will, I mean, I’m pretty sure that they will consider filling the void at the World Health Organization. I’m pretty sure that they will, anytime they will see some pullback, they will try to step in. Because they have two, there are two possible strategies. Either the U.S. are there, filling the void, then they will try to build sort of formats outside of the established formats that we’ve seen them do or they will see U.S. pull back and they will try fill the void. Now, what’s our relationship with China? As far as Europe is concerned. Again, we’re lucid. We’re not blind. And so we think there can be a trade agenda with China. So that’s some of the issues that we’ve are sold, which is not quite the case now. We’ve also had our trade war with China these past few years, with us sanctioning Chinese EVs and then sanctioning European cognac and armagnac. So this is dear to our hearts. And of course, it’s going to be difficult to engage into a natural trade agenda until those sort of contentious issues are solved. Then we can. But of course, our discussion cannot only touch upon trade. And when China is supporting Russia’s war on Russia, when China is on the side of DPRK, on the side of Iran, proliferating countries that are threatening this non-proliferation treaty and sort of the global stability, it’s difficult to build trust. If China was to establish a sort of trusted relationship with European countries, it will have to show also that it takes our security interests into account. Otherwise, it might be challenging.

    Frederick Kempe : Thank you. Do you have your answer? Yes, Fred, thank you. So, look, this, Minister Barrot, on behalf of the audience, on behalf of the Atlantic Council, thank you for three things. First of all, for your visit to the United States, a very timely visit, a very crucial moment. Second of all, for taking so much time with us at the Atlantic Council and talking so frankly and clearly in your opening statement and in this fascinating engagement, and then most of all for our enduring alliance. Thank you so much.

    MIL OSI Europe News

  • MIL-OSI Europe: Building Climate Resilience: OSCE Chairpersonship Event in Vienna

    Source: Organization for Security and Co-operation in Europe – OSCE

    Headline: Building Climate Resilience: OSCE Chairpersonship Event in Vienna

    VIENNA, 2 May 2025 – Over 140 participants from OSCE Participating States, Partners for Co-operation, OSCE Institutions, civil society, and international organizations gathered in Vienna for the “Resilient Together in a Changing Climate” Chairpersonship Event, organized under Finland’s 2025 OSCE Chairpersonship on 28 to 29 April 2025.
    The event addressed the interconnected challenges of climate change, energy security, biodiversity protection, and political stability, emphasizing the need for comprehensive, inclusive approaches to enhance resilience across the OSCE area.
    Opening the event, Vesa Häkkinen, Chairperson of the OSCE Permanent Council and Permanent Representative of Finland to the OSCE, said, “The OSCE has been proactive in addressing the implications of environmental degradation, energy security, and climate change as part of its comprehensive concept for security.” In recognition of this year’s 50-year anniversary of the Helsinki Final Act, he added that “respect for the OSCE’s core principles must remain the basis of all action”.
    In her keynote, Special Representative of the Chairperson-in-Office on Climate and Security Kerstin Stendahl underlined: “In today’s turbulent world, the concept of the triple planetary crisis is evolving into that of a polycrisis, which includes other elements of discord such as wars, financial crises, social inequalities, and technological disruptions.”
    Bakyt Dzhusupov, Co-ordinator of OSCE Economic and Environmental Activities, focused on the need for resilient energy systems: “Developing climate-resilient energy systems that are adaptive, efficient, and innovative is essential — not only to confront rising challenges but also to advance secure, equitable, and reliable energy access for all.”
    Throughout the sessions, participants shared practical approaches to building resilience, discussed future scenarios for climate-related risks, and highlighted the importance of joint efforts across sectors and borders. The war against Ukraine featured in all sessions, with the Deputy Minister of Energy of Ukraine also appearing as high-level speaker.
    A field visit on 29 April offered participants the opportunity to observe local initiatives integrating renewable energy generation with biodiversity protection, underscoring the importance of addressing both energy development and ecosystem preservation in the context of climate resilience.
    Organized with the Office of the Co-ordinator of OSCE Economic and Environmental Activities, the event reflects Finland’s 2025 Chairpersonship priorities to enhance security through a whole-of-society approach to environmental challenges, climate change, and sustainable development.

    MIL OSI Europe News

  • MIL-OSI Global: Donald Trump has cast a long shadow over the Australian election. Will it prove decisive?

    Source: The Conversation – Global Perspectives – By Emma Shortis, Adjunct Senior Fellow, School of Global, Urban and Social Studies, RMIT University

    Donald Trump is everywhere, inescapable. His return to power in the United States was always going to have some impact on the Australian federal election. The question was how disruptive he would be.

    The answer is very – but not in the ways we might have thought.

    As soon as Trump was elected president, the political debate in Australia focused on whether Prime Minister Anthony Albanese or Opposition Leader Peter Dutton would be best suited to managing him – and keeping the US-Australia security alliance intact.

    Initially, at least, this conversation was predictable.

    The Coalition looked set to continue an ideological alignment with Trumpism that had flourished under the prime ministership of Scott Morrison. Dutton prosecuted the argument that given his party’s experience with the first Trump administration, it would be better placed than Labor to handle the second.

    Albanese, meanwhile, appeared caught off guard by Trump’s victory and timid in his response.

    But as has become all too clear, the second Trump administration is radically different from the first. That has rattled the right of Australian politics and worked to Labor’s advantage.

    A turning point at the White House

    In January, the Coalition announced that NT Senator Jacinta Nampijinpa Price had been appointed shadow minister for government efficiency – a direct importation of the Department of Government Efficiency (DOGE) being led by Elon Musk in the US.

    In a barely disguised imitation of the Trump administration’s attacks on “diversity, equity and inclusion” (DEI) measures, members of the Coalition, including Price, singled out Welcome to Country ceremonies as evidence of the kind of “wasteful” spending it would cut.

    When the Coalition seemed to be riding high in the polls, Dutton, too, nodded at “wokeism” and singled out young white men feeling “disenfranchised”.

    Soon after, however, this began to change. The first few weeks of Trump’s second term were marked by a cascade of executive actions targeting trans people, climate action and immigration. Trump and his new appointees began the process of radically reshaping the United States and its role in the world.

    In February, polling by the independent think tank The Australia Institute found Australians saw Trump as a bigger threat to world peace than Russian President Vladimir Putin or Chinese leader Xi Jinping.

    And then Volodymyr Zelensky went to the White House.

    The Ukrainian president was humiliated in an Oval Office meeting with Trump and Vice President JD Vance, laying bare how the administration was willing to treat the leader of an ally devastated by a war it hadn’t started.

    Trump’s territorial threats towards Canada and Greenland, in addition to his dismissive statements about European allies, shattered the long-held assumptions about the US as a force for stability in the world.

    MAGA ideology isn’t ‘pick and choose’

    After this incident, Dutton was careful to distance himself from Trump’s abandonment of Ukraine. He even went so far as to say that leadership might require “standing up to your friends and to those traditional allies because our views have diverged”.

    Similarly, influential Coalition powerbroker Peta Credlin wrote in The Australian:

    it’s hard to see America made great again if the Trump administration’s message to the world is that the strong do what they will and the weak suffer what they must.

    Therein lies the bind for the Coalition – an ideological alignment with “Make America Great Again” cannot be fully reconciled with a nationalism that puts Australian interests first.

    MAGA ideology is all-or-nothing, not pick-and-choose.

    During the election campaign, the Coalition attempted to walk the path of “pick-and-choose”. And Labor quite successfully used this against them. Assertions the opposition leader was nothing but a “Temu Trump”, or “DOGE-y Dutton”, stuck because they had at least a ring of truth to them.

    The opposition’s pledge to dramatically reduce the size of the public service, for example, was clearly linked to Musk’s efforts at DOGE to take a chainsaw to the public service in the US. This idea has been deeply unpopular with Australian voters, and the Coalition has faced innumerable questions about it.

    For all the talk of “shared values” and how essential the US alliance is to Australian security, this campaign shows that Australia is not like America.

    Most Australians concerned about Trump’s impact

    When Trump’s tariffs arrived on “Liberation Day” in early April, both leaders claimed they were best placed to negotiate.

    Albanese insisted Australia had got one of the best results in the world, while Dutton asserted, without evidence, that he would be able to negotiate a better one.

    More broadly, the Trump tariffs have contributed to a growing sense of unease in the electorate.

    A recent YouGov poll found that 66% of Australians no longer believe the US can be relied on for defence and security. According to Paul Smith, the director of YouGov, this is a “fundamental change of worldview”.

    In the same poll, 71% of Australians also said they were either concerned or very concerned Trump’s policies would make Australia worse off.

    While neither party has signalled it would make a fundamental shift in Australia’s alliance with the US if elected, that doesn’t mean changes aren’t possible.

    Independents and minor parties may well play a significant role in the formation of the next government. Some, like Zoe Daniel and Jacqui Lambie, are increasingly vocal about the risks the Trump administration poses to Australia.

    A limit to Trumpism’s appeal

    As election day approaches, many of the assumptions driving conventional Australian political thinking are under pressure.

    Labor’s recovery in the polls, and the Liberals’ election win in Canada, suggest assumptions about the dangers of incumbency might have been misplaced. The dissatisfaction with incumbent governments last year may have had more to do with unresponsive political parties and systems.

    There’s evidence emerging, instead, that in more responsive democracies with robust institutions like Australia and Canada, Trumpism does not have great appeal.

    The idea that “kindness is not a weakness” may yet prove to be a winning political strategy.

    Emma Shortis is Director of International and Security Affairs at The Australia Institute, an independent think tank.

    ref. Donald Trump has cast a long shadow over the Australian election. Will it prove decisive? – https://theconversation.com/donald-trump-has-cast-a-long-shadow-over-the-australian-election-will-it-prove-decisive-255422

    MIL OSI – Global Reports

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

    MUNICIPALITY FINANCE PLC

    Further information:

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

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

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

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

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

    Important Information

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

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

    The MIL Network

  • MIL-OSI Europe: Focus on trade, investment and regional security for meeting between Sweden’s and Algeria’s foreign ministers

    Source: Government of Sweden

    On 23 April, Minister for Foreign Affairs Maria Malmer Stenergard received Algeria’s Minister of Foreign Affairs Ahmed Attaf in Stockholm. The purpose of the visit was to deepen cooperation between the two countries, primarily in terms of trade, and also to discuss security challenges in the region.

    MIL OSI Europe News

  • MIL-OSI Europe: Statement by Minister for Foreign Affairs Maria Malmer Stenergard on the detention and death sentence of Ahmadreza Djalali in Iran

    Source: Government of Sweden

    Nine years have passed since Ahmadreza Djalali was imprisoned and then sentenced to death in Iran. Ahmadreza Djalali is being held under very difficult conditions and his poor health is deteriorating further. This is extremely worrying. The Swedish Government demands that Iran immediately release Ahmadreza Djalali on humanitarian grounds so that he can be reunited with his family.

    I want Ahmadreza Djalali and his relatives to know that my and the Swedish Government’s efforts to secure his release continue with full force.

    Sweden and the EU continue to contribute to strong international pressure on Iran.

    MIL OSI Europe News

  • MIL-OSI Europe: Programme for State Visit from Iceland, 6–8 May 2025

    Source: Government of Sweden

    Iceland’s President Halla Tómasdóttir is paying a State Visit to Sweden at the invitation of His Majesty the King. The President is accompanied by her spouse Björn Skúlason, Iceland’s Minister for Foreign Affairs Þorgerður Katrín Gunnarsdóttir and Minister for Health Alma Möller, together with a delegation from the business sector.

    MIL OSI Europe News

  • MIL-OSI Europe: CEO of Global Environment Facility, Carlos Manuel Rodríguez, to visit Sweden

    Source: Government of Sweden

    The CEO of the Global Environment Facility (GEF) Carlos Manuel Rodríguez will visit Stockholm on 1–2 April for meetings with Minister for International Development Cooperation and Foreign Trade Benjamin Dousa and Minister for Climate and the Environment Romina Pourmokhtari. In connection with the visit, meetings will also be held with the Riksdag’s Committee on Environment and Agriculture, the business sector, universities, civil society organisations and representatives of public authorities.

    MIL OSI Europe News

  • MIL-OSI Europe: Sweden procures new tactical transport aircraft

    Source: Government of Sweden

    Sweden is investing billions in the procurement of four new tactical transport aircraft. Together with the Netherlands and Austria, Sweden is purchasing C-390 aircraft from Brazilian manufacturer Embraer. As Sweden is joining an existing contract, delivery times will be shortened.

    MIL OSI Europe News

  • MIL-OSI Europe: Major potential for Sweden and Swedish businesses at Expo 2025 in Japan

    Source: Government of Sweden

    Expo 2025 will take place from 13 April to 13 October in Osaka with the theme “Designing Future Society for Our Lives”. Sweden will take part in the event, with 14 May designated the “national day” for Sweden when the spotlight will be on the country. H.M. The King will lead the Swedish delegation, which will also include Minister for International Development Cooperation and Foreign Trade Benjamin Dousa together with representatives from Swedish business, Swedish public authorities, academia, research and creative industries.

    MIL OSI Europe News

  • MIL-OSI Europe: Swedish economic recovery under way

    Source: Government of Sweden

    In the second half of 2024, the Swedish economy entered into a recovery phase that is expected to continue this year. At the same time, the high level of uncertainty resulting from factors such as increased tariffs is projected to dampen growth in the near future. These are the conclusions of the Ministry of Finance in a new forecast of economic developments.

    MIL OSI Europe News

  • MIL-OSI Europe: Sweden’s capital markets journey

    Source: Government of Sweden

    Integrating and further developing the European capital market is a priority for the European Union and for Sweden, as it could provide households with better returns on their savings and businesses with a more diversified set of sources for funding.

    Sweden has what is seen by many as a well-functioning and deep capital market. That was not always the case, and this article seeks to provide an assessment of the Swedish journey with the purpose of contributing to the ongoing European discussion. While there is no claim to portray the full story and all relevant aspects, the article seeks to outline some of the components that have been of great importance in bringing the Swedish capital market to the point where it is today.

    MIL OSI Europe News

  • MIL-OSI: Suspension is lifted

    Source: GlobeNewswire (MIL-OSI)

                                                                                                              Lysaker, 2 May 2025

    Yesterday’s suspension from the live trading on Nasdaq Copenhagen is now liftet on behalf of the below funds, and the share classes will resume trading today on 2 May.

    Regards

    Storebrand Asset Management AS

    Contacts:

    Henrik Budde Gantzel, Director, henrik.budde.gantzel@storebrand.no

    Frode Aasen, Product Manager, fdc@storebrand.com

    Fund name and share class Symbol ISIN
    SKAGEN Focus A SKIFOA NO0010735129
    SKAGEN Global A SKIGLO NO0008004009
    SKAGEN Kon-Tiki A SKIKON NO0010140502
    SKAGEN m2 A SKIM2 NO0010657356
    SKAGEN Vekst A SKIVEK NO0008000445
    Storebrand Indeks – Alle Markeder A5 STIIAM NO0010841588
    Storebrand Indeks – Nye Markeder A5 STIINM NO0010841570
    Storebrand Global Plus A5 STIGEP NO0010841604
    Storebrand Global Solutions A5 STIGS NO0010841612
    Storebrand Global Multifactor A5 STIGM NO0010841596

    Storebrand is Norway’s largest private asset manager with an AuM of around DKK 900 billion, and a leading Nordic provider of sustainable pensions and savings. The company has been a global pioneer in ESG investing for over 30 years, offering broad and scalable solutions for both institutional and private investors in the Nordic region and other European countries. In Denmark, Storebrand delivers sustainable investment solutions and client value through a multi-boutique platform, with the brands Storebrand Funds, SKAGEN Funds, Cubera Private Equity, Capital Investment and a majority ownership of AIP.

    The MIL Network

  • MIL-OSI: EXA Infrastructure selects Nokia to expand international connectivity network capabilities

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    EXA Infrastructure selects Nokia to expand international connectivity network capabilities

    • EXA Infrastructure’s modernized network will support data center connectivity with significantly lower cost and power per bit to keep up with demand in the AI era.
    • Network capacity will increase by as much as 15% while reducing power and cost per bit by as much as 50%.
    • The upgrade with Nokia’s 1830 Global Express (GX) platform and ICE7 coherent optics enables EXA Infrastructure to better deliver high-speed connectivity services to its customers.

    2 May 2025
    Espoo, Finland – Nokia today announced that EXA Infrastructure has selected Nokia’s optical transport solution to expand its network capabilities to support customers’ demand for cost-effective connectivity, including between major data centers. The modernized 1.2T-per-channel network will offer enhanced high-capacity and low-latency data center connectivity services across EXA Infrastructure’s international network.

    EXA Infrastructure, based in London, provides critical modern infrastructure that serves as the backbone for digital and economic growth. This includes mission-critical networks for governments and enterprises, hyperscale infrastructure, and ultra-low latency, high-bandwidth networks for data centers. EXA Infrastructure owns 155,000 km of fiber network across 37 countries, including six transatlantic cables and the lowest-latency link between Europe and North America.

    Following the success of an industry-first trial of the Nokia ICE7 solution in Europe, EXA Infrastructure selected the high-performance 1.2T coherent optical transport solution to upgrade its terrestrial network and deliver high-capacity services for its customers at the lowest cost and power per bit.

    “Nokia’s 1830 GX solution with ICE7 coherent optics ensures a smooth transition from our existing ICE6-based infrastructure. The advanced performance of ICE7 will significantly enhance connectivity, empowering EXA Infrastructure’s global network to deliver robust services that keep pace with increasing bandwidth demands,” said Ciaran Delaney, Chief Operating Officer at EXA Infrastructure.

    “Driving down power consumption per bit is not just important from a sustainability point of view, but is also essential if providers are to meet spiraling connectivity needs, because power requirements are a potential limiting factor to data center growth. Nokia’s industry-leading solutions ensure networks are not just keeping pace but staying ahead in the race to meet surging bandwidth demands,” said James Watt, Senior Vice President and General Manager, Optical Networks at Nokia.

    Multimedia, technical information and related news
    Product Page: ICE7 1.2Tb/s high-performance coherent optics

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs, which is celebrating 100 years of innovation.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Media inquiries
    Nokia Press Office
    Email: Press.Services@nokia.com

    Follow us on social media
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    The MIL Network

  • MIL-OSI Europe: State aid for investment in new nuclear energy in Sweden

    Source: Government of Sweden

    In a government bill submitted to the Riksdag last week, a new Act is proposed concerning state aid for companies looking to invest in new nuclear power reactors. A memorandum that will be referred for consultation today proposes supplementary provisions on how companies’ applications for aid should be structured.

    MIL OSI Europe News

  • MIL-OSI Europe: A Spring Budget that supports the economy and increases security

    Source: Government of Sweden

    The Spring Budget, or the 2025 Spring Fiscal Policy Bill and 2025 Spring Amending Budget, is being presented today. In the Spring Budget, which is based on an agreement between the Government and the Sweden Democrats, the Government is using the strength of the Swedish economy to strengthen economic development and counteract the negative effects of the prevailing economic uncertainty.

    MIL OSI Europe News

  • MIL-OSI Europe: Minister for Finance in talks about latest report on Russia’s economy

    Source: Government of Sweden

    Russia’s full-scale war against Ukraine continues with unabated intensity, bringing serious consequences for civilians. Russian propaganda continues to spread the false narrative of a strong and resilient economy. On behalf of the Swedish Government, the Stockholm Institute of Transition Economics (SITE) drafted a report in late 2024 concerning economic developments in Russia. The report highlighted the unreliability of Russian statistics, and that the country’s economy is not performing as well as its statistics suggest. SITE has now published a follow-up report, and Minister for Finance Elisabeth Svantesson has met with Director of SITE Torbjörn Becker to discuss the Russian economy and the report’s conclusions.

    MIL OSI Europe News

  • MIL-OSI Europe: Government proposes criminalising virginity testing, virginity certificates and hymenoplasty

    Source: Government of Sweden

    The Government has decided to refer a proposal for new legislation to criminalise virginity testing, virginity certificates and hymenoplasty to the Council on Legislation. The proposal also includes criminalising the failure to report forced or child marriage. These proposals aim to strengthen the protection of women and girls living in communities where honour-based abuse is prevalent.

    MIL OSI Europe News

  • MIL-OSI: Solid results for the first quarter of 2025 driven by good customer activity across the business and strong credit quality in an uncertain global environment. Net profit of DKK 5.8 billion.

    Source: GlobeNewswire (MIL-OSI)

    Press release Danske Bank
    Bernstorffsgade 40
    DK-1577 København V
    Tel. + 45 45 14 14 00

    2 May 2025

    Page 1 of 3

    Solid results for the first quarter of 2025 driven by good customer activity across the business and strong credit quality in an uncertain global environment
    Net profit of DKK 5.8 billion.

    Carsten Egeriis, Chief Executive Officer, comments on the financial results:

    “For Danske Bank, the first quarter of 2025 was a continuation of our satisfactory and stable performance in 2024. We delivered solid results in line with our expectations, driven by a steady development in core income and a stable cost level. In addition, credit quality remained strong, and this resulted in low loan impairments.

    Our solid financial results and capital position enable us to be a strong financial partner that offers expert advice and helps our customers and society navigate the uncertainty. We continue to invest in technology and customer offerings, and we are well on track to meet our targets and to deliver on our Forward ’28 strategy.”

    Solid financial performance

    In a challenging market environment, we continued our work to deliver on our strategic ambitions and achieved a strong return on shareholders’ equity of 13.3% in the first quarter of 2025, up from 12.9% in the first quarter of 2024, while also reducing the cost/income ratio from 45.4% to 45.2%.

    Net profit increased 2% to DKK 5.76 billion as a result of an 8% increase in net fee income, driven by solid customer demand for cash management and everyday banking activities, a 15% increase in net trading income, which also benefited from good customer activity, as well as lower operating expenses and low loan impairment charges. The increases in net fee income and net trading income were partly offset by slightly lower net interest income due to rate cuts and the divestment of the personal customer business in Norway as well as lower net income from insurance business, which was affected by a one-off provision.

    The improvement was based on strong business customer activity as our Business Customers and Large Corporates & Institutions units both saw solid growth in lending volumes and an expanding customer base, underpinning core income line increases.

    Continuously good demand for our products from personal customers in Denmark resulted, among other things, in an increase in deposits as well as in the market share of bank lending. We have therefore seen a stable performance, despite the divestment of the personal customer business in Norway, as deposit growth and the rise in net fee income due to strong customer activity partially offset the effect of interest rates coming down.

    Sustainability remains a core pillar of our Forward ’28 strategy, and we have published our Climate Action Plan Progress Report 2024, which provides an update on the Group’s climate targets set in January 2023.

    “Thanks to our strong capital and liquidity positions, we continue to support our customers in these uncertain times, as evidenced by our Q1 results. We saw a solid financial performance, driven in particular by strong business customer activity, which resulted in stable core banking income and higher net trading income. The increase in net profit was supported by stable costs and a low level of impairments,” says Cecile Hillary, Chief Financial Officer.

    First quarter 2025 vs first quarter 2024

    Total income of DKK 13.9 billion (DKK 14.0 billion in the first quarter of 2024)

    Operating expenses of DKK 6.3 billion (DKK 6.3 billion in the first quarter of 2024)

    Loan impairments of DKK 50 million (DKK 101 million in the first quarter of 2024)

    Net profit of DKK 5.8 billion (DKK 5.6 billion in the first quarter of 2024)

    Return on shareholders’ equity of 13.3% (12.9% in the first quarter of 2024)

    Strong capital generation further supported capital ratios: Total capital ratio of 22.9 % and CET1 capital ratio of 18.4% (total capital ratio of 23.0% and CET1 capital ratio of 18.5% in the first quarter of 2024)

    Stable economies in uncertain environment

    Danske Bank’s results for the first quarter of 2025 highlight the resilience of the Nordic economies amid global uncertainty. In the first quarter of 2025, we saw an increasingly promising outlook for growth and inflation and robust employment across the Nordic countries. Although household credit demand remained modest, consumer spending continued to hold up well throughout the Nordic countries, despite the higher degree of uncertainty.

    Globally, US tariffs and potential retaliatory measures have created significant uncertainty regarding global growth prospects. While a potential risk of recession is highlighted in the US, a more moderate impact is expected on European growth, including in the Nordic countries.

    A trade war and tariffs are likely to dampen growth in the Nordic countries, but the foundation is still in place for a decent economic outlook, as many interest rates have been lowered, real incomes are increasing and export markets other than the US continue to grow,” says Las Olsen, Head of Macro Research.

    Personal Customers

    Despite challenges, the housing market in Denmark showed consistent growth, and signs of recovery emerged in Finland, while Sweden’s housing market continued to face difficulties. Profit before tax for Personal Customers decreased 18% relative to the level in the first quarter of 2024 and amounted to DKK 2.25 billion. The decrease was due mainly to higher loan impairment charges. Additionally, both income and operating expenses were affected by the divestment of our personal customer business in Norway. We concluded negotiations with Blackrock to implement their Aladdin Wealth platform to enhance investment services and improved the digital self-service tools that customers use to manage their mortgages.

    Business Customers

    In the first quarter of 2025, we expanded our customer base in the mid-sized segment across the Nordic markets and grew our business with international subsidiaries. Profit before tax amounted to DKK 2.83 billion and increased 64% from the level in the same period last year, primarily on the back of loan impairment reversals and increased net fee income, although the increase was to some degree offset by lower income from our leasing company. We continued to support our customers’ business growth as a strategic financial partner, sharing expert insights on economic issues and launching training programmes to enhance the skills of our leaders and advisers.

    Large Corporates & Institutions

    Despite increased geopolitical uncertainty, macroeconomic conditions remained stable. We supported customers with advisory services, backed by a strong product offering, and supported major bond issues in the Nordic region. Our fee business maintained the positive momentum across all areas. Profit before tax decreased to DKK 2.4 billion, or 12% relative to the level in the same period last year, due to higher loan impairment charges, although the return on allocated capital before impairments increased to 27.2%.

    Danica

    Danica experienced a decrease in net income from insurance business to DKK 201 million in the first quarter of 2025, a fall of 59% from DKK 492 million in the same period last year. This was due primarily to a decrease in the insurance service result, which was impacted by provisions related to legacy life insurance products in run-off and more expensive claims in the health and accident business, partly offset by adjustment of an accrued interest income. The return on customer pension savings was impacted by large volatility in the equity markets, but bonds and alternative investments saw a more stable development.

    Northern Ireland

    Profit before tax increased 32% to DKK 602 million, reflecting strong growth in net interest income and net impairment recoveries. Profit before impairments was 15% higher than for the same period in 2024.

    Outlook for 2025

    We maintain our guidance and expect net profit to be in the range of DKK 21-23 billion. The outlook is subject to uncertainty and depends on economic conditions.

    Danske Bank        

    Contact: Helga Heyn, Head of Media Relations, tel. +45 45 14 14 00

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  • MIL-Evening Report: This NZ law aims to give people with criminal convictions a ‘clean slate’. It’s not working

    Source: The Conversation (Au and NZ) – By Alexander Plum, Senior Research Fellow, Auckland University of Technology

    Andrey_Popov/Shutterstock

    If you own a business, would you be willing to hire a person who has been convicted for a crime? Give them a chance when a background check shows they have a criminal record?

    The answers matter for both individuals and communities. For people who have paid their debt to society, rejoining it can hinge on getting a second chance without being judged on their past.

    It is not something they can really hide. Employers often conduct criminal background checks as part of the hiring process. People with criminal records face high levels of stigmatisation, making it harder to reenter their communities and make money legally.

    The thorny question of what to do with people with convictions when it comes to employment has been considered by policymakers and justice campaigners around the world.

    In the United States, more than 27 states have introduced “Ban the Box” legislation. While each law is unique, by and large they have eliminated the requirement to provide criminal background information in job applications.

    And a number of countries, including New Zealand, have implemented clean slate initiatives which help conceal criminal records for people who meet certain criteria.

    Our new research looks at whether New Zealand’s clean slate scheme increases the job prospects for eligible people.

    The clean slate reform was introduced as the Criminal Records Act in 2004. People who were previously convicted of minor offences can now have their criminal records automatically concealed if they can maintain a conviction-free record for seven years after their last sentence.

    The regulation excludes people who were involved in a serious offence (such as sexual misconduct) or who received a particularly punitive sentence (such as incarceration or an indefinite disqualification from driving).

    The Criminal Records Act allows eligible people with a conviction to wipe their slate clean seven years after their last sentencing.
    Shutterstock

    Clean slate and the labour market

    Our research started with the Integrated Data Infrastructure (IDI), hosted by Statistics New Zealand (StatsNZ). This is a repository of records provided by different public and private agencies, including court charge data from the Ministry of Justice and tax records from Inland Revenue.

    StatsNZ uses specific characteristics of individuals (such as name and birth date) to identify them across the different datasets. This enables researchers to track the same individual’s data footprint across different administrative records.

    We used court charges data on all men convicted between 1992 and 2003 who had fulfilled the clean slate eligibility criteria. We then linked this pool of people with their Inland Revenue records to measure their employment and earnings.

    To identify the labour market impact of the clean slate policy, we compared the employment and earnings of those who completed their seven-year rehabilitation period (the treatment group) with individuals who become eligible some time later (control group).

    Limited benefits of clean slate scheme

    Our analysis found the clean slate scheme has no relevant impact on the likelihood of eligible individuals finding work. This could result from the length of time required between sentencing and being eligible for a clean slate. Seven years could simply be too long.

    But the clean slate scheme did create at least a 2% increase in eligible workers’ monthly wages and salaries – equivalent to a NZ$100 hike for an individual with an average monthly salary of $5,000.

    The increase in monthly earnings appears to be greater for workers with a stronger commitment to working and for those who remain with one company for longer periods.

    Global patterns

    The labour market effects of concealing past convictions have also been explored in the US. Recent research looked at a policy enacted in Maryland, New Jersey, Pennsylvania and Bexar County, Texas. Mirroring our own results, the authors do not find any relevant impact on gaining employment.

    Our findings indicate the concealment of past convictions through New Zealand’s clean slate scheme might happen too late to make a huge difference. But there are changes that can be made to improve work outcomes for people who have completed their sentences.

    This could include following the example of countries such as Finland, where access to criminal histories is much more restricted. In Finland, the background check has to be directly relevant to the job requirements. For example, the law allows checks for someone applying to work in the financial sector who was convicted of fraud.

    There would also be benefits from looking at the eligibility criteria for New Zealand’s clean slate scheme.

    Currently, it only applies to people who committed a minor offence. But policymakers should consider whether it makes sense to expand the policy to people who committed more serious crimes but managed to turn their life around. Making this change would allow people to reap the benefits of working without stigma.

    All that said, the government’s current “tough on crime” stance makes change unlikely, with a focus on the cost of crime rather than what happens after punishment has been completed.

    Kabir Dasgupta is affiliated with the Federal Reserve Board. The opinions expressed in this article does not reflect the views of the the Federal Reserve Board or the Federal Reserve System.

    Alexander Plum 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. This NZ law aims to give people with criminal convictions a ‘clean slate’. It’s not working – https://theconversation.com/this-nz-law-aims-to-give-people-with-criminal-convictions-a-clean-slate-its-not-working-254687

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Asia-Pac: India Advocates Global Action on Chemicals and Waste at BRS COPs 2025

    Source: Government of India

    India Advocates Global Action on Chemicals and Waste at BRS COPs 2025

    Union Minister for Environment Forest & Climate Change Shri Bhupender Yadav leads Indian Delegation at high-level Segment in Geneva

    Shri Yadav emphasizes India’s Regulatory Framework and Global Leadership on Plastic Pollution

    Posted On: 01 MAY 2025 8:27PM by PIB Delhi

    An Inter-Ministerial delegation from India, led by the Union Minister of Environment, Forest and Climate Change, Shri Bhupender Yadav, is participating in the Conference of the Parties (COPs) to the Basel, Rotterdam and Stockholm (BRS) Conventions, taking place in Geneva from 30th April to 1st May, 2025. The theme of this year’s high-level segment is “Make visible the invisible: Sound management of chemicals and wastes.”

    During his address in opening ceremony, Shri Bhupender Yadav emphasized that the theme reflects the global imperative of addressing the often-unseen threats of chemical and waste mismanagement. He reiterated India’s commitment to environmentally sound policies, underpinned by a robust legal and institutional framework.

    Key Interventions and Bilateral Engagements

    At the ministerial roundtable on ‘Means of Implementation’, Shri Yadav highlighted that the effective execution of the BRS Conventions relies significantly on access to finance, technology transfer, capacity-building, technical assistance, and strengthened international cooperation. He outlined India’s integrated approach to implementing the conventions through national legislation such as the Environment (Protection) Act, the Hazardous and Other Wastes (Management and Transboundary Movement) Rules, and the E-Waste Management Rules, 2016, which are supported by sustained investments in institutional and technical infrastructure.

    On the sidelines of the COPs, the Union Minister Shri Yadav participated in a consultation meeting organized by Norway on the work of the Intergovernmental Negotiating Committee (INC) on Plastic Pollution. He apprised participants of India’s domestic initiatives such as the ban on identified single-use plastic items and the implementation of Extended Producer Responsibility (EPR) for plastic packaging.

    Shri Yadav further underlined India’s pioneering role in international environmental governance under the leadership of Prime Minister Shri Narendra Modi, highlighting that India introduced a resolution on single use plastics at UNEA-4, bringing the issue to the center of global discourse.

    During the bilateral meeting with Ms. Katrin Schneeberger, Director of the Federal Office for the Environment, Switzerland, Shri Yadav discussed matters related to the development of a legally binding international instrument on plastic pollution, and India’s support for the establishment of a Science-Policy Panel on Chemicals and Waste, as mandated by UNEA resolutions.

    Forward-Looking Engagement

    The High-Level Segment of the BRS COPs features ministerial roundtables and interactive dialogues focused on collaborative global action.

    India remains steadfast in its commitment to multilateral environmental cooperation and will continue to advocate for the interests of developing countries while ensuring equitable, science-based, and sustainable solutions for the planet.

    *****

    GS

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    MIL OSI Asia Pacific News

  • MIL-OSI Global: Trump’s Ukraine mineral deal finally lands as US economy shivers

    Source: The Conversation – UK – By Rachael Jolley, International Affairs Editor

    Donald Trump promised he could sort out a peace deal for the Ukraine war in 24 hours. It still hasn’t happened. Instead the US administration has taken 100 days just to sign a mineral deal with Ukraine.

    This agreement will give the US access to revenue from Ukrainian natural resources, including 100 major deposits of critical minerals. It also has huge symbolism. Ukrainians see it as a sign that the US is committed to staying involved in their country, and also as a warming of the relationship between Ukraine’s president and Trump. It will also be a signal to Russia that what hurts Ukraine could also hurt the US economy.

    Of course, White House press secretary Karoline Leavitt calls the deal “historic” and puts its brilliance down to Trump’s amazing negotiation skills.

    However, in the week that Trump celebrated 100 days in office, others would argue that Trump’s deal-making skills are nowhere near as astute as he thinks they are. That he gave Russia way too much room to manoeuvre in the early months of 2025 by leaning so clearly in Putin’s direction, allowing the Russian leader to think he could pretty much do anything he fancied and win as much of Ukraine as he desired.

    US and Ukraine sign a mineral deal.

    But US national security advisor Michael Waltz, who has announced he is standing down, has signalled that the balance may now be shifting, when he said the minerals deal was “a momentous step” and: “Russia needs to come to the table.”

    As Bridget Storrie from UCL’s Institute for Global Prosperity has pointed out, this deal was all about what the global super power was going to get as justification for its support in the war, rather than about how it could increase prosperity in a war-torn country.




    Read more:
    Ukraine minerals deal: the idea that natural resource extraction can build peace has been around for decades


    Andrew Gawthorpe, a lecturer in history and international studies at Leiden University, has looked at the details and believes Kyiv is getting more than many expected, and more than was on offer earlier in the year, when Trump fell out so publicly with Ukraine’s president, Volodymyr Zelensky, at a White House press conference. As part of the deal Ukraine will retain ownership of its natural resources. All profits are to be invested in Ukraine for ten years after the agreement comes into force. It also looks like Washington will contribute new military aid.




    Read more:
    US-Ukraine minerals deal looks better for Kyiv than expected – but Trump is an unpredictable partner


    Presidential power

    Trump’s first 100 days have been tumultuous, not just for the US, but for most of the world. His “liberation day” tariffs on international goods have turned existing economic balances and expectations upside down.

    Countries that have long seen themselves as confident allies of the US – Canada, Denmark and Germany, for instance – now see the landscape somewhat differently, given the high US tariffs that have landed on their doorsteps. No longer convinced of the strength of their relationship with the world’s superpower, many are rethinking both their economic plans and their alliances.

    Meanwhile, China, the main focus of Trump’s tariffs, can see opportunities opening up to forge stronger relationships with, and sales to, other countries also looking for new markets. China has not crumbled yet under the weight of 145% US tariffs. And China’s president, Xi Jinping, is showing no sign of blinking first and heading to Washington to negotiate as Trump was clearly expecting.

    Trump now swings daily from claiming he is negotiating with China and that their tariffs can come down, to stating that Beijing will cave. All that sound and fury sounds a good deal like wavering. And with US supermarket bosses warning of empty shelves around the corner, and US ports expecting traffic from China to significantly slow this month, as Nottingham University’s Chee Meng Tan sets out, there is every reason to expect Trump will cave and open negotiations before Xi Jinping does.




    Read more:
    China has identified how to fight back against Trump’s tariffs, and is not ready to back down


    Many nations now see the US as a far less trustworthy partner now than in the past. The most obvious of these is Canada, which just elected the leader of a party that was 20 percentage points behind in the polls in January and expected to be beaten badly not long ago. But when Trump decided that he wanted Canada as the 51st state, normality went out the window over its northern border.

    This week, newly elected Canadian prime minister Mark Carney said he would seek meetings with Trump with the “full knowledge that we have many, many other options than the United States”, promising to strengthen relations with “reliable partners” in Europe, Asia and elsewhere.

    “We are over the shock of America’s betrayal,” he said. He is ready to write a new foreign policy. He’s not the only one.


    Sign up to receive our weekly World Affairs Briefing newsletter from The Conversation UK. Every Thursday we’ll bring you expert analysis of the big stories in international relations.


    Two of the US’s firm friends for decades, South Korea and Taiwan, are now not so sure that they see Washington as a dependable ally, according to a report from research organisation the Brookings Institution. It saw a significant jump in the numbers of people who saw the US as untrustworthy from July 2024, to March 2025.

    This matters, as Steve Dunne, a political scientist at the University of Warwick points out, because without trust people and nations are likely not to honour their commitments. After the second world war, the western allies decided to create a series of international bodies to avert such a disaster happening again, and to encourage nations to follow a set of rules that would encourage democracy and trust in each other.

    In his first 100 days, says Dunne, Trump broke the compact of trust with countries that had a long alliance with the US, and that could have a deep impact on the trust that has existed for decades between western nations.




    Read more:
    Donald Trump’s first 100 days have badly damaged trust in America both economically and as an ally


    Global power reducing?

    Declining trust in the US could well reduce other forms of its global power. As well as financially and politically, in the post-war decades the US has influenced the world, by exporting its culture, its films, its television programmes and its ideas, as well as importing tourists to visit its national treasures, from Yosemite national park to New York City.

    In the past 100 days, international tourists are reported to be cancelling their bookings, partly worried about the welcome, or the lack of it, they may encounter at the border. Summer airline bookings from Canada (21%), Germany (17%) and the Netherlands (12%) to the US have fallen significantly for this year, although other countries such as UK show only a minor fall.

    Admittedly, Trump told voters that he wanted to put “America first”. However, at his inauguration, the president declared he wanted to make America the “most respected nation on earth”. That achievement is looking quite far off at the moment. In fact, in many countries it is going the other way.

    That international respect took a significant hit at one of the most remarkable moments of the past 100 days, when Trump proceeded to take Zelensky to task publicly for a range of offences including not being grateful enough for US support and not wearing a suit.

    So what has Trump achieved domestically in his first 100 days and how does that match up against the promises he made? Let’s look at some of the plans he set out in his inauguration speech.

    Trump said he wanted to increase US wealth. But current economic indicators are more than a bit shaky, with US stock markets falling and rising on a regular basis as they follow Trump’s on-and-off-again announcements on tariff negotiations with various countries. On April 30, the day after Trump’s big 100 days rally, stocks fell after data was released showing a contraction in the GDP of the US in the first quarter.

    But Trump has told his supporters that, in the long term, tariffs will work and manufacturing jobs will benefit. So far, Republican voters still believe in Trump’s policies on jobs and the economy, with 82% approving, according to a recent Economist/YouGov poll. Only 8% of Democrats and 32% of independent voters do though.

    Many of the big decisions we have seen playing out in the first 100 days – including the Elon Musk-led dismantling of some parts of government and Trump’s swing at driving down immigration – were detailed in the Project 2025 document, published the conservative think-tank the Heritage Foundation before the election, says Dafydd Townley of the University of Portsmouth. But it also hints at what may come next, including more legislation restricting American women’s access to abortion further.




    Read more:
    How Project 2025 became the blueprint for Donald Trump’s second term


    On January 20 Trump thought that Americans stood “on the verge of the four greatest years in American history”. For many Americans worried about their pensions, savings and the cost of groceries, the future is not looking so great right now. But for those who were sharp focused on cutting immigration, Trump may have made the great start they were hoping for.

    ref. Trump’s Ukraine mineral deal finally lands as US economy shivers – https://theconversation.com/trumps-ukraine-mineral-deal-finally-lands-as-us-economy-shivers-255747

    MIL OSI – Global Reports

  • MIL-OSI Global: Whether GDP swings up or down, there are limits to what it says about the economy and your place in it

    Source: The Conversation – USA – By Sophie Mitra, Professor of Economics, Fordham University

    The price of eggs might mean more to some Americans than what’s going on with GDP. Scott Olson/Getty Images

    The Bureau of Economic Analysis released the latest U.S. gross domestic product data on April 30. In the first three months of 2025, it said, GDP contracted by 0.3%. The GDP growth rate captures the pace at which the total value of goods and services grows or shrinks. Together with unemployment and inflation, it usually receives a lot of attention as an indicator of economic performance.

    Some economists and analysts said the economy might not be as bad as this rate’s decline might suggest. While this is the first time in three years that GDP has shrunk instead of growing, it is a relatively small decline.

    This raises a critical question: Does a relatively small GDP contraction mean the economy is in trouble? I have spent much of my working life studying economic well-being at the level of individuals or families.

    What I’ve learned can offer a different lens on the economy than you’d get from just focusing on the most popular indicators, such as the GDP growth rate.

    GDP problems

    The GDP growth rate has many limitations as an economic indicator. It captures only a very narrow slice of economic activity: goods and services. It pays no attention to what is produced, how it is produced or how people assess their economic lives.

    GDP gets a lot of attention, in part, because of the misconception that economics only has to do with market transactions, money and wealth. But economics is also about people and their livelihoods.

    Many economists would agree that economics treats wealth or the production of goods and services as means to improve human lives.

    Since the 1990s, a number of international commissions and research projects have come up with ways to go beyond GDP. In 2008, the French government asked two Nobel Prize winners, Joseph Stiglitz and Amartya Sen, as well as the late economist Jean-Paul Fitoussi, to put together an international commission of experts to come up with new ways to measure economic performance and progress. In their 2010 report, they argued that there is a need to “shift emphasis from measuring economic production to measuring people’s well-being.”

    Considering complementary metrics

    One approach is to use a composite index that combines data on a variety of aspects of a country’s well-being into a single statistic. That one number could unfold into a detailed picture of the situation of a country if you zoom into each underlying indicator, by demographic group or region.

    The production of such composite indices has flourished. For example, the Human Development Index of the United Nations, started in 1990, covers income per capita, life expectancy at birth and education. This index shows how focusing on GDP alone can mislead the public about a country’s economic performance.

    In 2024, the U.S. ranked fifth in the world in terms of GDP per capita, but was in 20th place on the Human Development Index due to relatively lower life expectancy and years of schooling compared to other countries at the top of the list, like Switzerland and Norway.

    Monitoring other indicators

    Another approach is to rely on a larger number of indicators that are frequently updated. These other data points reflect a variety of perspectives about the economy, including subjective ones that convey personal perceptions and experiences.

    For instance, in addition to inflation rates, there is data on stress due to inflation as well as inflation expectations. Both offer insights into people’s perceptions, perspectives and experiences about inflation.

    During the COVID-19 pandemic, the annual U.S. inflation rate increased from 1% in July 2020 to 8.5% in July 2022. My research partners and I found, using U.S. Census data, that more than 3 in 4 adults in the U.S. were experiencing moderate or high levels of stress due to inflation at that time and continued to do so even after inflation went down in 2023.

    More recently, the Trump administration’s sporadic tariff changes have made future prices more uncertain, which exposes people to risks. That, in turn, makes people adjust their expectations and feel worse off.

    The share of consumers expecting higher inflation rates has climbed sharply in 2025, while consumer confidence has declined abruptly. About 1 in 3 consumers expect that there will be fewer jobs created in the next six months, which is almost as low as during the Great Recession of 2007-2009.

    Consumers also have negative expectations about their own future income and worry about their own economic status.

    At this moment, the U.S. economy has not officially entered a recession – which requires a longer period of GDP contraction than just one quarter. Although unemployment and inflation rates remain relatively low, the broad picture of the economy that takes into account people’s expectations and perceptions is troubling. To be clear, I’m not saying that just because of what the GDP data may indicate.

    This article includes material from an article originally published on Aug. 7, 2018.

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

    ref. Whether GDP swings up or down, there are limits to what it says about the economy and your place in it – https://theconversation.com/whether-gdp-swings-up-or-down-there-are-limits-to-what-it-says-about-the-economy-and-your-place-in-it-255688

    MIL OSI – Global Reports

  • MIL-OSI Global: What makes people flourish? A new survey of more than 200,000 people across 22 countries looks for global patterns and local differences

    Source: The Conversation – USA – By Victor Counted, Associate Professor of Psychology, Regent University

    Flourishing is about your whole life being good, including the people and places around you. Westend61 via Getty Images

    What does it mean to live a good life? For centuries, philosophers, scientists and people of different cultures have tried to answer this question. Each tradition has a different take, but all agree: The good life is more than just feeling good − it’s about becoming whole.

    More recently, researchers have focused on the idea of flourishing, not simply as happiness or success, but as a multidimensional state of well-being that involves positive emotions, engagement, relationships, meaning and accomplishment − an idea that traces back to Aristotle’s concept of “eudaimonia” but has been redefined within the well-being science literature.

    Flourishing is not just well-being and how you feel on the inside. It’s about your whole life being good, including the people around you and where you live. Things such as your home, your neighborhood, your school or workplace, and your friends all matter.

    We are a group of psychological scientists, social scientists and epidemiologists who are all contributors to an international collaboration called the Global Flourishing Study. The goal of the project is simple: to find patterns of human flourishing across cultures.

    Do people in some countries thrive more than others? What makes the biggest difference in a person’s well-being? Are there things people can do to improve their own lives? Understanding these trends over time can help shape policies and programs that improve global human flourishing.

    What does the flourishing study focus on?

    The Global Flourishing Study is a five-year annual survey of over 200,000 participants from 22 countries, using nationally representative sampling to understand health and well-being. Our team includes more than 40 researchers across different disciplines, cultures and institutions.

    With help from Gallup Inc., we asked people about their lives, their happiness, their health, their childhood experiences, and how they feel about their financial situation.

    The study looks at six dimensions of a flourishing life:

    1. Happiness and life satisfaction: how content and fulfilled people feel with their lives.

    2. Physical and mental health: how healthy people feel, in both body and mind.

    3. Meaning and purpose: whether people feel their lives are significant and moving in a clear direction.

    4. Character and virtue: how people act to promote good, even in tough situations.

    5. Close social relationships: how satisfied people are with their friendships and family ties.

    6. Financial and material stability: whether people feel secure about their basic needs, including food, housing and money.

    We tried to quantify how participants are doing on each of these dimensions using a scale from 0 to 10. In addition to using the Secure Flourish measure from Harvard’s Human Flourishing Program, we included additional questions to probe other factors that influence how much someone is flourishing.

    For example, we assessed well-being through questions about optimism, peace and balance in life. We measured health by asking about pain, depression and exercise. We measured relationships through questions about trust, loneliness and support.

    Who is flourishing and why?

    Our first wave of results reveals that some countries and groups of people are doing better than others.

    We were surprised that in many countries young people are not doing as well as older adults. Earlier studies had suggested well-being follows a U-shape over the course of a lifespan, with the lowest point in middle age. Our new results imply that younger adults today face growing mental health challenges, financial insecurity and a loss of meaning that are disrupting the traditional U-shaped curve of well-being.

    Married people usually reported more support, better relationships and more meaning in life.

    People who were working – either for themselves or someone else – also tended to feel more secure and happy than people who were seeking jobs.

    People who go to religious services once a week or more typically reported higher scores in all areas of flourishing – particularly happiness, meaning and relationships. This finding was true in almost every country, even very secular ones such as Sweden.

    It seems that religious communities offer what psychologists of religion call the four B’s: belonging, in the form of social support; bonding, in the form of spiritual connection; behaving, in the cultivation of character and virtue through the practices and norms taught within religious communities; and believing, in the form of embracing hope, forgiveness and shared spiritual convictions.

    But some people who attend religious services also report more pain or suffering. This correlation may be because religious communities often provide support during hard times, and frequent attendees may be more attentive to or more likely to experience pain, grief or illness.

    Your early years shape how you do later in life. But even if life started off as challenging, it doesn’t have to stay that way. Some people who had difficult childhoods, having experienced abuse or poverty, still found meaning and purpose later as adults. In some countries, including the U.S. and Argentina, hardship in childhood seemed to build resilience and purpose in adulthood.

    Globally, men and women report similar levels of flourishing. But in some countries there are big differences. For example, women in Japan report higher scores than men, while in Brazil, men report doing better than women.

    Where are people flourishing most?

    Some countries are doing better than others when it comes to flourishing.

    Indonesia is thriving. People there scored high in many areas, including meaning, purpose, relationships and character. Indonesia is one of the highest-scoring countries in most of the indicators in the whole study.

    Mexico and the Philippines also show strong results. Even though these countries have less money than some others, people report strong family ties, spiritual lives and community support.

    Japan and Turkey report lower scores. Japan has a strong economy, but people there report lower happiness and weaker social connections. Long work hours and stress may be part of the reason. In Turkey, political and financial challenges may be hurting people’s sense of trust and security.

    One surprising result is that richer countries, including the United States and Sweden, are not flourishing as well as some others. They do well on financial stability but score lower in meaning and relationships. Having more money doesn’t always mean people are doing better in life.

    In fact, countries with higher income often report lower levels of meaning and purpose. Meanwhile, countries with higher fertility rates often report more meaning in life. These findings show that there can be a trade-off. Economic progress might improve some things but weaken others.

    One of the authors reflects on what the survey data reveals about what helps people truly flourish across the world.

    The big picture

    The Global Flourishing Study is helping us see that people all over the world want many of the same basic things: to be happy, healthy, connected and safe. But different countries reach those goals in different ways. There is no one-size-fits-all answer to flourishing. What it means to flourish can look different from place to place and from one person to another.

    One challenge with the Global Flourishing Study is that it uses the same set of questions in all 22 countries. This method, known as an etic approach, helps us compare results across cultures. But it can miss the nuance and local meanings of flourishing. What brings happiness or purpose in one country or context might not mean the same thing in another.

    We consider this study to be a starting point. It opens the door for more emic studies – research that uses questions and ideas that fit the values, language and everyday life of specific cultures and societies. Researchers can build on this study’s findings to expand how we understand and measure flourishing around the world.

    Tyler J. VanderWeele reports consulting fees from Gloo Inc., along with shared revenue received by Harvard University in its license agreement with Gloo according to the University IP policy.

    Byron R. Johnson and Victor Counted do not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    ref. What makes people flourish? A new survey of more than 200,000 people across 22 countries looks for global patterns and local differences – https://theconversation.com/what-makes-people-flourish-a-new-survey-of-more-than-200-000-people-across-22-countries-looks-for-global-patterns-and-local-differences-243671

    MIL OSI – Global Reports