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Category: Statistics

  • MIL-OSI Russia: Financial news: From April 1, the restriction of the PSC on consumer loans and credits will be resumed (03/28/2025)

    Translartion. Region: Russians Fedetion –

    Source: Central Bank of Russia –

    The total cost of credit (TCC) under consumer credit (loan) agreements concluded or amended from April 1, 2025, must not exceed by more than a third average market value for the relevant category of credit (loan). Limiting the APR will help control the growth of interest rates on loans, which will ensure the protection of people’s interests.

    In Q4 2024, the Bank of Russia decided to temporarily lift the PSC1 restriction so that financial institutions could adapt to the tightened monetary conditions. During the relaxation, market participants managed to adjust the cost of their credit products. Now that market conditions have generally stabilized and the cost of funding has begun to decline, financial institutions can comply with the PSC restriction as usual.

     

    1 From October 10, 2024 to March 31, 2025 suspended limitation of the APR for credit institutions on consumer mortgage loans for the purchase (construction) of housing or land.

    From January 1 to March 31, 2025 suspended limitation of the APR for credit institutions for all other categories of consumer loans (credits); for credit consumer cooperatives, agricultural credit consumer cooperatives, pawnshops – for all categories of consumer loans; for microfinance organizations – for certain categories of consumer loans.

    When using the material, a link to the Press Service of the Bank of Russia is required.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    HTTPS: //VVV. KBR.ru/Press/PR/? File = 63878779315077970shbank_ sectator. CHTM

    MIL OSI Russia News –

  • MIL-OSI USA: Senator Coons, colleagues press USDA to not take food away from food banks and hungry families

    US Senate News:

    Source: United States Senator for Delaware Christopher Coons
    WASHINGTON – U.S. Senators Chris Coons (D-Del.), Amy Klobuchar (D-Minn.), and 24 of their colleagues demanded more information from the U.S. Department of Agriculture about the cancellation of previously approved emergency food assistance funding for food banks and other emergency food providers. The administration has canceled at least 900,000 meals for the Food Bank of Delaware, harming our hungry neighbors already facing high grocery prices and as well as American farmers who are being squeezed by tariffs and other cuts to domestic markets.
    “We write regarding the reported cancellation of hundreds of millions of dollars in previously approved funding for food banks and other emergency food providers through The Emergency Food Assistance Program (TEFAP),” the senators wrote. “A cancellation of these funds could result in $500 million in lost food provisions to feed millions of Americans at a time when the need for food shelves is extremely high due to costly groceries and an uncertain economy.” 
    “If true, this major shift in a program utilized by emergency food providers in every state in the nation will have a significant and damaging impact upon millions of people who depend upon this program for critical food assistance,” the senators continued. “In addition, this program consists of purchases of U.S. commodities at a time when America’s growers and producers are struggling due to tariffs, proposed tariffs, animal disease and many other challenges.”
    In addition to Senators Coons and Klobuchar, the letter was signed by Senate Minority Leader Chuck Schumer (D-N.Y.) and Senators Jeanne Shaheen (D-N.H.), Ron Wyden (D-Ore.), Dick Durbin (D-Ill.), Jack Reed (D-R.I.), Bernie Sanders (I-Vt.), Sheldon Whitehouse (D-R.I.), Mark Warner (D-Va.), Jeff Merkley (D-Ore.), Michael Bennet (D-Colo.), Kirsten Gillibrand (D-N.Y.), Richard Blumenthal (D-Conn.), Tammy Baldwin (D-Wis.), Angus King (I-Maine), Cory Booker (D-N.J.), Catherine Cortez Masto (D-Nev.), Tina Smith (D-Minn.), Jacky Rosen (D-Nev.), Ben Ray Luján (D-N.M.), Raphael Warnock (D-Ga.), Peter Welch (D-Vt.), Adam Schiff (D-Calif.), Andy Kim (D-N.J.), and Elissa Slotkin (D-Mich.).
    The full letter is available here and below. 
    Dear Secretary Rollins: 
    We write regarding the reported cancellation of hundreds of millions of dollars in previously approved funding for food banks and other emergency food providers through The Emergency Food Assistance Program (TEFAP). A cancellation of these funds could result in $500 million in lost food provisions to feed millions of Americans at a time when the need for food shelves is extremely high due to costly groceries and an uncertain economy. If true, this major shift in a program utilized by emergency food providers in every state in the nation will have a significant and damaging impact upon millions of people who depend upon this program for critical food assistance. 
    In addition, this program consists of purchases of U.S. commodities at a time when America’s growers and producers are struggling due to tariffs, proposed tariffs, animal disease and many other challenges. 
    According to recent statistics, nearly one in every seven Americans have faced food insecurity. Many of these households turn to community and emergency relief organizations such as food banks and food pantries to help them obtain sufficient nutrition. In 2023 alone, 50 million Americans turned to emergency food providers, according to a report from Feeding America, America’s largest network of food banks. While food banks rely on a variety of sources (including private) to obtain food for distribution through their networks, federally purchased commodities are a key part of how they provide nutritious meals to Americans.  
    Due to this reported change, a number of us have heard that trucks delivering American-grown foods may not arrive. These trucks represent hundreds of thousands of nutritious meals containing poultry, fruits, vegetables, and dairy. If confirmed, the cancellation of this previously announced funding also comes on top of the cancellation of Local Food for School Program and the Local Food Purchase Assistance Program funding, which also helps farmers deliver nutritious foods to schools and food banks. These cuts will deprive Americans of food assistance, emergency food providers of necessary support to carry out their work, and American farmers of vital domestic markets. 
    To help us understand USDA’s actions and their impact on communities around the country, we ask that you answer the following questions. 
    1.            Has USDA cancelled previously approved purchases of food provided through TEFAP? If so, what level of funding has been cancelled thus far and when will state agencies be notified of any cancelled TEFAP purchases? 
    2.            Does USDA plan to cancel additional purchases of food provided through TEFAP? 
    3.            Has USDA paused any TEFAP food orders or purchases? If so, what is the current status of those orders or purchases? Does USDA intend to un-pause these funds?  
    4.            Please provide information on what types of funding, by commodity, have been cancelled and the financial impact of those cancellations on producers such as pork, chicken, turkey and dairy farmers. 
    5.            Is the funding announced on October 1, 2024, and detailed in the implementation memo that the Food and Nutrition Service sent to state agencies on December 2 rescinded? 
    6.            Does USDA intend to use Commodity Credit Corporation funds in Fiscal Year 2025 for future purchases that will be distributed through TEFAP?  
    The senators asked for a prompt response to these questions by the end of the week. 

    MIL OSI USA News –

  • MIL-OSI United Nations: 47 million health workers and advocates call for cleaner aid to curb pollution deaths

    Source: United Nations MIL OSI

    The Second WHO Global Conference on Air Pollution and Health co-hosted by the World Health Organization and Colombia, in the city of Cartagena, brought together over 700 participants from 100 countries – including heads of state, ministers, scientists, and civil society groups — to accelerate action to curb what’s increasingly described as a full-scale health emergency. 

    “It is time to move from commitments to bold actions,” said Tedros Adhanom Ghebreyesus, WHO Director-General. 

    “To achieve clean air, we need urgent actions on all fronts: financial investment in sustainable solutions, such as in clean energy and sustainable transport, technical enforcement of WHO global air quality guidelines, and social commitment to protect the most vulnerable in our most polluted regions.” 

    The shared goal? A 50 per cent reduction in the health impacts of air pollution by 2040. 

    Countries including Brazil, Spain, China, and the United Kingdom laid out national roadmaps, while the Clean Air Fund pledged an additional $90 million for climate and health programmes. 

    Cities which are part of the C40 network, including London, vowed to strengthen air quality monitoring and push for greater investment in clean air strategies. 

    A health crisis hidden in plain sight 

    According to WHO, air pollution is responsible for seven million premature deaths annually and is now the second leading global risk factor for disease, after hypertension. 

    “Today air pollution is the first risk factor for disease burden,” said Maria Neira, WHO’s Director of Environment, Climate Change and Health. “It’s the number one risk factor for getting sick.” 

    The burden is heaviest in countries with fast-growing cities and weak regulatory frameworks. But Neira pointed out that the economic costs and health toll are rising globally. “Those chronic diseases are costing us well – to our health system and to our hospitals,” she said. 

    Despite the grim statistics, WHO leaders say solutions are at hand. Neira cited China’s progress in cutting emissions while continuing to grow economically. “At one point they demonstrated that you can reduce air pollution while still maintaining economic growth,” she said. “This argument that in order to tackle the causes of climate change, air pollution and environmental health, you need to invest and you don’t obtain benefits immediately – that’s not correct.” 

    Climate and health emergency 

    Indeed, air pollution is not just a public health issue but a key driver and symptom of the climate crisis. The burning of fossil fuels which feeds air pollution also releases greenhouse gases – adding to global warming. 

    “Climate change causes and air pollution causes overlap,” said Neira. “We have a lot to gain for health, for the economy, and for society, sustainable development, if we accelerate this transition.” 

    She emphasized that clean air solutions – including renewable energy, better urban design, and phasing out fossil fuels – also serve as climate mitigation strategies. 

    “This pollution, this particulate matter we are breathing every day…is coming from different sources, but fundamentally from the combustion of fossil fuels,” she said. “This can be avoided only by accelerating the transition to more renewables; cleaner sources of energy.” 

    © UNICEF/Aliraza Khatri

    Examples from Colombia and Europe 

    Hosts Colombia presented a slate of national initiatives, including cleaner fuels, zero-emission public transit, and a target to reduce carbon emissions 40 per cent by 2030. 

    “Air pollution claims more victims than violence itself. Poisoning our air costs lives in silence – this conference reinforces our determination to implement policies for both the environment and the health of our people,” said Colombia’s President Gustavo Petro. 

    He stressed the importance of smarter regulation and bridging the inequality gap with indigenous peoples, local and rural communities. 

    In Europe, where air pollution still causes 300,000 premature deaths annually, lawmakers are moving toward stricter regulation. “Pollution is an invisible pandemic. It is a slow-motion pandemic,” underscored Javier López, Vice President of the European Parliament’s Environment Committee. 

    The European Union recently adopted a new Air Quality Directive, halving legal air pollution thresholds and aiming to reduce pollution-related deaths by 30 per cent by 2030. “We have decided to come up with the air quality directive, which is part of the European Green Package,” Mr. López said. 

    Regional model, global lessons 

    Officials from the United Nations Economic Commission for Europe (UNECE) also took part in Cartagena, highlighting the Convention on Long-range Transboundary Air Pollution as one of the most successful multilateral environmental agreements to date. 

    “The Air Convention…is a multilateral environmental agreement that was adopted in 1979 to address air pollution that crosses national borders,” said policy officer Carolin Sanz Noriega.  

    Since its adoption, the convention has expanded to 51 parties and achieved deep emissions cuts across the region. “Reducing emissions of sulfur dioxide, nitrogen oxides by 40 to 80% from 1990 levels in the UNECE region, and for more than 30% for particulate matter,” Ms. Sanz Noriega said. 

    She emphasized that the agreement’s success lies in its binding commitments, robust science, and long-standing trust-building mechanisms. “Countries implement the convention because it really brings benefits. It brings health benefits, environmental benefits, crop benefits. It has co-benefits for climate.” 

    Through the Forum for International Cooperation on Air Pollution, UNECE is now working with countries in Latin America, Africa, and Asia to share scientific tools and regulatory approaches. 

    But a major challenge, especially in the Global South, remains technical capacity.  

    “We need to make sure that the countries are able to monitor air quality. That’s the first step,” Neira said. “In Africa, unfortunately, we are still missing a lot of monitoring capacity…You cannot manage what you cannot measure.” 

    Prescribing clean air 

    The health sector provided one of the key takeaways of the conference. With millions of medical professionals and individuals already backing the WHO campaign, delegates emphasized that clean air must be recognized as central to disease prevention.  

    “We have 47 million signatures from health professionals, from patients, from advocates, from institutions, saying ‘I want to prescribe clean air’,” Neira said.  

    “I don’t want to treat the patients with diseases caused by exposure to toxic air. I want to make sure that my patients will not be exposed and therefore they will not develop those diseases.” 

    As the conference wrapped up, delegates left Cartagena emboldened with new partnerships, data, and policy options – but also a resounding moral imperative. 

    MIL OSI United Nations News –

  • MIL-OSI USA: Gross Domestic Product by State and Personal Income by State, 4th Quarter 2024 and Preliminary 2024

    Source: US Bureau of Economic Analysis

    Real gross domestic product (GDP) increased in 48 states and the District of Columbia in the fourth quarter of 2024, with the percent change ranging from 5.1 percent at an annual rate in Arkansas to 0.6 percent in Vermont and remaining unchanged in Idaho and South Dakota, according to statistics released today by the U.S. Bureau of Economic Analysis (table 1). Current-dollar GDP increased in all 50 states and the District of Columbia. For the year 2024, real, or inflation-adjusted, GDP also increased in 48 states and the District of Columbia.

    Personal income, in current dollars, increased in all 50 states and the District of Columbia in the fourth quarter of 2024, with the percent change ranging from 6.1 percent at an annual rate in Delaware to 2.4 percent in Louisiana (table 4). For the year 2024, current-dollar personal income also increased in all 50 states and the District of Columbia.

    Quarterly GDP

    In the fourth quarter of 2024, real GDP for the nation grew at an annual rate of 2.4 percent. Real GDP increased in 15 of the 23 industry groups for which BEA prepares quarterly state estimates. Real estate and rental and leasing; professional, scientific, and technical services; and health care and social assistance were the leading contributors to growth in real GDP nationally (table 2).

    • Agriculture, forestry, fishing, and hunting, which increased in 17 states, was the leading contributor to growth in six states including Arkansas, Mississippi, and Alabama, the states with the first-, second-, and fifth-largest increases in real GDP, respectively.
    • Mining, which increased in 45 states, was the leading contributor to growth in five states including Alaska, the state with the third-largest increase in real GDP.
    • Construction, which increased in 48 states and the District of Columbia, was the leading contributor to growth in Utah, the fourth-largest growing state.

    Annual GDP

    In 2024, real GDP for the nation grew at an annual rate of 2.8 percent, with the percent change ranging from 4.5 percent in Utah to –0.7 percent in North Dakota (table 1). Real GDP increased in 19 of the 23 industry groups for which BEA prepares preliminary annual state estimates. Retail trade; health care and social assistance; and professional, scientific, and technical services were the leading contributors to growth in real GDP nationally (table 3).

    • Retail trade, which increased in all 50 states and the District of Columbia, was the leading contributor to growth in 30 states. Retail trade was one of the leading contributors in Utah, the state with the largest increase in real GDP.
    • Nondurable-goods manufacturing, which increased in 49 states, was the leading contributor to growth in four states including South Carolina, the state with the second-largest increase in real GDP.
    • Agriculture, forestry, and fishing, which increased in 36 states, was the leading contributor to growth in two states including Idaho, the third-largest growing state.

    Quarterly personal income

    In the fourth quarter of 2024, current-dollar personal income increased $281.8 billion, or 4.6 percent at an annual rate (table 5). Nationally, increases in earnings, transfer receipts, and property income (dividends, interest, and rent) contributed to the increase in personal income (chart 1).

    Earnings increased in all 50 states and the District of Columbia, while growing 5.1 percent nationally. The percent change in earnings ranged from 7.3 percent in Mississippi to 3.1 percent in Idaho. Earnings increased in 23 of the 24 industries for which BEA prepares quarterly estimates and was the largest contributor to growth in personal income in all 50 states and the District of Columbia (tables 5 and 6).

    • Farm earnings, which increased in 40 states, was the leading contributor to the increase in Delaware, South Carolina, Georgia, and Alabama, the states with the first-, second-, third-, and fifth-largest growth in personal income, respectively.
    • In Virginia, the state with the fourth-largest increase in personal income, professional, scientific, and technical services was the leading contributor to the increase in earnings.
    • In Utah, the state with the sixth-largest increase in personal income, construction and state and local government were the leading contributors to the increase in earnings.

    Transfer receipts increased in 47 states, while growing 5.0 percent nationally. The percent change in transfer receipts ranged from 9.4 percent in California to –2.4 percent in Louisiana (table 5).

    Property income increased in all 50 states and the District of Columbia, while growing 2.9 percent nationally. The percent change ranged from 4.0 percent in Idaho to 2.0 percent in Alaska (table 5).

    Annual personal income

    In 2024, personal income for the nation increased at an annual rate of 5.4 percent, with the percent change ranging from 6.9 percent in North Carolina to 0.1 percent in North Dakota (table 7).

    Nationally, increases in earnings, transfer receipts, and property income contributed to the increase in personal income (chart 2).

    Earnings increased in 49 states and the District of Columbia, while growing 5.5 percent nationally. The percent change in earnings ranged from 7.0 percent in Hawaii to –2.0 percent in North Dakota (table 7). Earnings increased in 21 of the 24 industries for which BEA prepares annual estimates (table 8). Health care and social assistance; state and local government; and professional, scientific, and technical services were the leading contributors to the increase in earnings for the nation.

    • In South Carolina, the state with the second-largest increase in personal income, growth in state and local government earnings was the leading contributor to the increase in personal income.

    Transfer receipts increased in 50 states and the District of Columbia, while growing 6.3 percent nationally. The percent change in transfer receipts ranged from 11.8 percent in North Carolina to 1.7 percent in Arkansas (table 7).

    • In North Carolina and California, the states with the first- and third-largest increase in personal income, growth in Medicaid benefits was the leading contributor to the increase in personal income.

    Property income increased in all 50 states and the District of Columbia, while growing 4.0 percent nationally. The percent change ranged from 5.1 percent in Idaho to 3.3 percent in Hawaii (table 7).

    Update of state statistics

    Today, BEA also released revised quarterly estimates of personal income by state for the first quarter of 2024 through the third quarter of 2024. This update incorporates new and revised source data that are more complete and more detailed than previously available and aligns the states with the national estimates from the National Income and Product Accounts released on March 27, 2025.

    BEA also released new estimates of per capita personal income for the fourth quarter of 2024, along with revised estimates for the second quarter of 2020 through the third quarter of 2024. BEA used U.S. Census Bureau population figures to calculate per capita personal income estimates for the second quarter of 2020 through the fourth quarter of 2024. BEA also used new Census Bureau population figures to update annual 2020 to 2023 per capita personal income statistics and to produce new per capita personal income statistics for 2024.

    For definitions, statistical conventions, BEA regions, uses of these statistics, and more, visit “Additional Information.”

    Next release: June 27, 2025, at 10:00 a.m. EDT
    Gross Domestic Product by State and Personal Income by State, 1st Quarter 2025

    MIL OSI USA News –

  • MIL-OSI Global: Cuts to science research funding cut American lives short − federal support is essential for medical breakthroughs

    Source: The Conversation – USA – By Deborah Fuller, Professor of Microbiology, School of Medicine, University of Washington

    Divesting from the next generation of researchers means cutting the lifeblood of science and medicine. J Studios/DigitalVision via Getty Images

    Nearly every modern medical treatment can be traced to research funded by the National Institutes of Health: from over-the-counter and prescription medications that treat high cholesterol and pain to protection from infectious diseases such as polio and smallpox.

    The remarkable successes of the decades-old partnership between biomedical research institutions and the federal government are so intertwined with daily life that it’s easy to take them for granted.

    However, the scientific work driving these medical advances and breakthroughs is in jeopardy. Federal agencies such as the National Institutes of Health and the National Science Foundation are terminating hundreds of active research grants under the current administration’s direction. The administration has also proposed a dramatic reduction in federal support of the critical infrastructure that keeps labs open and running. Numerous scientists and health professionals have noted that changes will have far-reaching, harmful outcomes for the health and well-being of the American people.

    The negative consequences of defunding U.S. biomedical research can be difficult to recognize. Most breakthroughs, from the basic science discoveries that reveal the causes of diseases to the development of effective treatments and cures, can take years. Real-time progress can be hard to measure.

    Medical breakthroughs are built on years of painstaking research.
    Scott Olson/Getty Images

    As biomedical researchers studying infectious diseases, viruses and immunology, we and our colleagues see this firsthand in our own work. Thousands of ongoing national and international projects dedicated to uncovering the causes of life-threatening diseases and developing new treatments to improve and save lives are supported by federal agencies such as the NIH and NSF.

    Considering a few of the breakthroughs made possible through U.S. federal support can help illustrate not only the significant inroads biomedical research has made for preventing, treating and curing human maladies, but what all Americans stand to lose if the U.S. reduces its investment in these endeavors.

    A cure for cancer

    The hope and dream of curing cancer unites many scientists, health professionals and affected families across the U.S. After decades of ongoing NIH-supported research, scientists have made significant progress in realizing this goal.

    The National Cancer Institute of the NIH is the world’s largest funder of cancer research. This investment has led to advances in cancer treatment and prevention that helped reduce the overall U.S. cancer death rate by 33% from 1991 to 2021.

    Basic science research on what causes cancer has led to new strategies to harness a patient’s own immune system to eliminate tumors. For example, all 12 patients in a 2022 clinical trial testing one type of immunotherapy had their rectal cancer completely disappear, without remission or adverse effects.

    Cuts in NIH funding will directly affect patients.

    Another example of progress is the 2024 results of an ongoing clinical trial of a targeted therapy for lung cancer, showing an 84% reduction in the risk of disease progression or death. Similarly, in a study of women who were immunized against the human papillomavirus at age 12 or 13, none developed the disease later. Since the widespread adoption of HPV vaccination, cervical cancer deaths have dropped 62%.

    Despite these incredible successes, there is still a long way to go. In 2024, over 2 million people in the U.S. were estimated to be newly diagnosed with cancer, and 611,720 were expected to die from the disease.

    Without sustained federal support for cancer research, progress toward curing cancer and reducing its death rate will stall.

    Autoimmune and neurodegenerative diseases

    Nearly every family is touched in some way by autoimmune and neurodegenerative diseases. Government-funded research has enabled major advances to combat conditions such as rheumatoid arthritis, multiple sclerosis, Parkinson’s and Alzheimer’s disease.

    For example, approximately 1 in 5 Americans have arthritis, an autoimmune disease that causes joint swelling and stiffness. A leading cause of disability and economic costs in the U.S., there is no cure for arthritis. But new drugs in development are able to significantly improve symptoms and slow or prevent disease progression.

    Researchers are also gaining insight into what causes multiple sclerosis, an autoimmune disease where the immune system attacks the protective covering of nerves and can result in paralysis. Scientists recently found a link between multiple sclerosis and Epstein-Barr virus, a pathogen estimated to infect over 90% of adults around the world. While multiple sclerosis is currently incurable, identifying its underlying cause can provide new avenues for prevention and treatment.

    The NIH’s BRAIN Initiative has invested more than $3 billion in neuroscience research since it began in 2013.
    Mandel Ngan/AFP via Getty Images

    Alzheimer’s disease causes irreversible nerve damage and is the leading cause of dementia. In 2024, 6.9 million Americans ages 65 and older were living with Alzheimer’s. Most treatments address cognitive and behavioral symptoms. However, two new drugs developed with NIH-supported research and clinical trials were approved in July 2023 and July 2024 to treat early-stage Alzheimer’s. Federal funding is also supporting the development of blood tests for earlier detection of the disease.

    None of these breakthroughs are a cure. But they represent important steps forward on the path toward ultimately reducing or eliminating these devastating ailments. Lack of funding will slow or block further progress, leading to the continued rise of the incidence and severity of these conditions.

    Infectious diseases and the next pandemic

    The world’s capacity to combat infectious disease will also be weakened by cuts to U.S. federal support of biomedical research.

    Over the past 50 years, medical and public health advances have led to the eradication of smallpox globally and the elimination of polio in the U.S. HIV/AIDS, once a death sentence, is now a disease that can be managed with medication. Moreover, a new version of treatments called preexposure prophylaxis, or PrEP, offers complete protection against HIV transmission when taken only twice per year.

    Similarly, the COVID-19 pandemic highlights the critical role biomedical research plays in responding to public health threats. Increased federal support of science during this time allowed the United States to emerge with new drugs, vaccine platforms with the potential to treat a variety of chronic diseases, and insights on how to effectively detect and respond to pandemic threats.

    The ongoing avian influenza outbreak and its spillover into American dairy herds and poultry farms is another pandemic threat looming on the horizon. Rather than build upon infrastructure for outbreak surveillance and preparedness, grants that would allow scientists to better understand long COVID-19, vaccines and other pandemic-related research are being cut. Decreased funding of biomedical research will hamper the U.S.’s ability to respond to the next pandemic, putting everyone at risk.

    Research across the country has ground to a halt as grants remain in limbo or have been terminated altogether.
    Scott Olson/Getty Images

    Losses from defunding biomedical research

    The National Institutes of Health contributed over $100 billion to support research that ultimately led to the development of all new drugs approved from 2010 to 2016 alone. Over 90% of this funding was for basic research into understanding the causes of disease that provides the foundation for new treatments.

    Under the new directive to eliminate projects that support or use terms associated with diversity, equity and inclusion, the NIH and other federal agencies have made deep cuts to biomedical research that will directly affect patient lives.

    Already, nearly 41% of Americans will be diagnosed with cancer at some point in their lifetime, and nearly 11% with Alzheimer’s. About 1 in 5 Americans will die from heart disease, and nearly 1.4 million will be rushed to an emergency room due to pneumonia from an infectious disease.

    Defunding biomedical research will result in a cascade of effects. There will likely be fewer clinical trials, fewer new treatments and fewer lifesaving drugs. Labs will likely shut down, jobs will be lost, and the process of discovery will stall. The U.S.’s health care system, economy and standing as the world’s leader in scientific innovation will likely decline.

    Moreover, when the pipelines of scientific progress are turned off, they will not so easily be turned back on. These consequences will affect all Americans and the rest of the world for decades.

    University shortfalls directly resulting from cuts to research support will dramatically reduce the capacity of American institutions to educate and provide opportunities for the next generation. Funding cuts have led to the shuttering or heavy reduction of training programs for future scientists.

    Graduate students and postdoctoral trainees are the lifeblood of biomedical research. Supporting these young people committed to public service through research and health care is also an investment in medical advancements and public health. But the uncertainty and instability resulting from the divestment of federally funded programs will likely severely deplete the biomedical workforce, crippling the United States’ ability to deliver future biomedical breakthroughs.

    By cutting biomedical research funding, Americans and the rest of the world stand to lose new cures, new treatments and an entire generation of researchers.

    Deborah Fuller receives funding from the National Institutes Health. The personal views expressed here are those of the authors.

    Patrick Mitchell receives funding from the National Institutes of Health. The personal views expressed here are those of the authors.

    – ref. Cuts to science research funding cut American lives short − federal support is essential for medical breakthroughs – https://theconversation.com/cuts-to-science-research-funding-cut-american-lives-short-federal-support-is-essential-for-medical-breakthroughs-252150

    MIL OSI – Global Reports –

  • MIL-OSI Africa: Call to scale up cervical cancer interventions 

    Source: South Africa News Agency

    The international community has been called upon to scale up cervical cancer interventions and progress against the only noncommunicable disease that can be eliminated. 

    This call was made by the Government of South Africa, Unitaid and the World Health Organization (WHO) at the Group of Twenty (G20) Health Working Group meeting, which took place on Thursday in Zimbali, outside Durban.  

    According to the Department of Health, cervical cancer is preventable and potentially curable, as long as it is detected early and managed effectively. It is the second most common form of cancer among women in South Africa. 

    Statistics by the WHO show that the disease claimed the lives of almost 350 000 women globally in 2022.

    “New vaccines, tests, and treatment technologies have transformed cervical cancer prevention in recent years, yet the disease continues to disproportionately impact women mostly in low- and middle-income countries where access to primary health care and preventive services are limited. Cervical cancer elimination would address a major gap in Women’s health,” the department said.

    Speaking on the sidelines of the G20 health meeting, Unitaid’s Deputy Executive Director Tenu Avafia said Unitaid has invested US $81 million or R1.4 billion to bring down prices, increase volumes and address operational questions involved in cervical cancer screening and treatment to enable countries to scale up proven interventions with minimal risk.

    “However, funding shortfalls still pose enormous challenges to building national cervical cancer elimination programs in low- and middle-income countries,” Avafia said.

    Unitaid makes health products accessible, available and affordable for people who need them most.

    Department of Health’s Director-General Dr Sandile Buthelezi said improving women’s health was not just a health issue but “an economic imperative”.

    “It drives social stability, boosts productivity, and breaks the cycle of poverty. Global efforts to combat cervical cancer serve as a concrete illustration of how cooperation can advance women’s health and realize a shared goal to bring about the first-ever elimination of a cancer,” he said.

    In 2020, the WHO launched the global strategy for cervical cancer elimination, the first-ever roadmap for the elimination of a cancer. Since then, countries have made enormous strides in rolling out new tools and services. 

    Vaccination against Human Papillomavirus (HPV) provides protection against infection that causes nearly all cases of cervical cancer. 

    And a package of screening and treatment tools – including HPV tests with the option for self-sampling and devices for quickly and easily removing pre-cancerous cells – make it possible to make lifesaving services available to women at lower levels of the health care system.

    The health working group session called for a coordinated approach drawing on domestic resource mobilization, blended financing, and partnerships with multilateral development banks to scale these solutions, ensure long-term sustainability and reduce dependency on external aid.

    Government asserted South Africa’s commitment to scaling up cervical cancer prevention programs nationwide with support from Unitaid, the WHO and other partners.

    “The South African G20 health agenda promotes solidarity, equality and sustainability. It complements the African Union’s Agenda 2063, the development agenda of Africa as the world’s fastest-growing continent, and the Lusaka Agenda. It also focuses on rebuilding momentum to reach the 2030 Sustainable Development Goals (SDGs),” the department said.

    On Wednesday, Health Minister Dr Aaron Motsoaledi reiterated the importance of nations reallocating resources towards health, strengthening global health partnerships, and exploring innovative financing mechanisms to address funding gaps.

    READ | Motsoaledi urges global action to address health funding gaps

    The Minister used the platform to highlight South Africa’s commitment to universal health coverage (UHC) through the National Health Insurance (NHI) system, which aims to provide financial protection and efficient resource utilisation.

    The three-day meeting which began on Wednesday, will conclude on Friday, 28 March 2025. – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI USA: Personal Income and Outlays, February 2025

    Source: US Bureau of Economic Analysis

    Personal income increased $194.7 billion (0.8 percent at a monthly rate) in February, according to estimates released today by the U.S. Bureau of Economic Analysis. Disposable personal income (DPI)—personal income less personal current taxes—increased $191.6 billion (0.9 percent) and personal consumption expenditures (PCE) increased $87.8 billion (0.4 percent).

    Personal outlays—the sum of PCE, personal interest payments, and personal current transfer payments—increased $118.4 billion in February. Personal saving was $1.02 trillion in February and the personal saving rate—personal saving as a percentage of disposable personal income—was 4.6 percent.

    The increase in current-dollar personal income in February primarily reflected increases in personal current transfer receipts and compensation.

    The $87.8 billion increase in current-dollar PCE in February reflected increases of $56.3 billion in spending for goods and $31.5 billion in spending for services.

    From the preceding month, the PCE price index for February increased 0.3 percent. Excluding food and energy, the PCE price index increased 0.4 percent.

    From the same month one year ago, the PCE price index for February increased 2.5 percent. Excluding food and energy, the PCE price index increased 2.8 percent from one year ago.

    Personal Income and Related Measures
    [Percent change from Jan. to Feb.]
    Current-dollar personal income 0.8
    Current-dollar disposable personal income 0.9
    Real disposable personal income 0.5
    Current-dollar personal consumption expenditures (PCE) 0.4
    Real PCE 0.1
    PCE price index 0.3
    PCE price index, excluding food and energy 0.4
    For definitions, statistical conventions, updates to PIO, and more, visit “Additional Information.”

    Next release: April 30, 2025, at 10:00 a.m. EDT
    Personal Income and Outlays, March 2025

    Technical Notes

    Changes in Personal Income and Outlays for February

    The increase in personal income in February primarily reflected increases in personal current transfer receipts and compensation.

    • The increase in personal current transfer receipts was led by government social benefits to persons and other current transfer receipts.
      • Within government social benefits, the increase primarily reflected premium tax credits for health insurance purchased through the Health Insurance Marketplace.
      • The increase in other current transfer receipts was led by business payments to persons, reflecting settlements from a domestic medical device manufacturer and a social media company.
    • The increase in compensation was led by private wages and salaries, based on data from the Bureau of Labor Statistics (BLS) Current Employment Statistics (CES). Wages and salaries in services-producing industries increased $35.7 billion. Wages and salaries in goods‑producing industries increased $12.7 billion.
    • In February, some federal government employees opted to accept a deferred resignation program offer. Federal workers who accepted the deferred resignation offer are counted as employed in the BLS source data. BEA has made no adjustment as a result of this program because these employees will continue to receive compensation until they officially separate from the federal government.

    Revisions to Personal Income

    Estimates have been updated for October through January, reflecting updated BLS CES data. The increase in wages and salaries for January was revised down to 0.2 percent, which is 0.2 percentage point lower than previously estimated.

    January farm proprietors’ income was revised down from $87.9 billion to $54.0 billion, reflecting new information about the timing of payouts from the American Relief Act.

    MIL OSI USA News –

  • MIL-OSI Economics: Monthly Data on India’s International Trade in Services for the Month of February 2025

    Source: Reserve Bank of India

    The value of exports and imports of services during February 2025 is given in the following table.

    International Trade in Services
    (US$ million)
    Month Receipts (Exports) Payments (Imports)
    October – 2024 34,411
    (22.7)    		 17,232
    (28.0)
    November – 2024 32,109
    (14.2)    		 17,246
    (26.1)
    December – 2024 36,967
    (16.9)    		 17,799
    (13.9)
    January – 2025 34,726
    (12.0)    		 16,706
    (12.6)
    February – 2025 31,625
    (11.6)    		 14,506
    (-4.8)
    Notes: (i) Data for January-February are provisional while those for October-December are revised on pro-rata basis using balance of payments statistics of Q3:2024-25; and
    (ii) Figures in parentheses are growth rates over the corresponding month of the previous year which have been revised on the basis of balance of payments statistics.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2504

    MIL OSI Economics –

  • MIL-OSI Economics: Developments in India’s Balance of Payments during the Third Quarter (October-December) of 2024-25

    Source: Reserve Bank of India

    Preliminary data on India’s balance of payments (BoP) for the third quarter (Q3), i.e., October-December 2024-25, are presented in Statements I and II.

    Key Features of India’s BoP in Q3:2024-25

    • India’s current account deficit (CAD) increased to US$ 11.5 billion (1.1 per cent of GDP) in Q3:2024-25 from US$ 10.4 billion (1.1 per cent of GDP) in Q3:2023-24 but moderated from US$ 16.7 billion (1.8 per cent of GDP)1 in Q2:2024-25.2

    • Merchandise trade deficit increased to US$ 79.2 billion in Q3:2024-25 from US$ 71.6 billion in Q3:2023-24.

    • Net services receipts increased to US$ 51.2 billion in Q3:2024-25 from US$ 45.0 billion a year ago. Services exports have risen on a y-o-y basis across major categories such as business services, computer services, transportation services and travel services.

    • Net outgo on the primary income account, primarily reflecting payments of investment income, increased to US$ 16.7 billion in Q3:2024-25 from US$ 13.1 billion in Q3:2023-24.

    • Personal transfer receipts, mainly representing remittances by Indians employed overseas, rose to US$ 35.1 billion in Q3: 2024-25 from US$ 30.6 billion in Q3:2023-24.

    • In the financial account, foreign direct investment recorded a net outflow of US$ 2.8 billion in Q3:2024-25 as against an inflow of US$ 4.0 billion in the corresponding period of 2023-24.

    • Foreign portfolio investment recorded a net outflow of US$ 11.4 billion in Q3:2024-25 as against an inflow of US$ 12.0 billion in Q3:2023-24.

    • Net inflows under external commercial borrowings (ECBs) to India amounted to US$ 4.3 billion in Q3:2024-25, as against an outflow of US$ 2.7 billion in the corresponding period a year ago.

    • Non-resident deposits (NRI deposits) recorded a net inflow of US$ 3.1 billion, lower than US$ 3.9 billion a year ago.

    • There was a depletion of US$ 37.7 billion to the foreign exchange reserves (on a BoP basis) in Q3:2024-25 as against an accretion of US$ 6.0 billion in Q3:2023-24 (Table 1).

    BoP During April-December 2024

    • India’s CAD widened to US$ 37.0 billion (1.3 per cent of GDP) during April-December 2024 from US$ 30.6 billion (1.1 per cent of GDP) during April-December 2023 primarily on account of a higher merchandise trade deficit.

    • Net invisibles receipts were higher during April-December 2024 than a year ago on account of services and transfers.

    • Net FDI inflow at US$ 1.6 billion during April-December 2024 was lower than US$ 7.8 billion during April-December 2023.

    • During April-December 2024, portfolio investment recorded a net inflow of US$ 9.4 billion, lower than US$ 32.7 billion during the corresponding period a year ago.

    • There was a depletion of US$ 13.8 billion to the foreign exchange reserves (on a BoP basis) during April-December 2024.

    Table 1: Major Items of India’s Balance of Payments
    (US$ billion)
      October- December 2023 PR October-December 2024 P April – December 2023 PR April – December 2024 P
      Credit Debit Net Credit Debit Net Credit Debit Net Credit Debit Net
    A. Current Account 236.0 246.4 -10.4 261.6 273.1 -11.5 689.3 719.9 -30.6 753.2 790.2 -37.0
    1. Goods 106.6 178.3 -71.6 109.8 189.0 -79.2 319.8 512.7 -192.9 325.5 552.8 -227.2
        of which:                        
          POL 20.2 46.0 -25.9 12.6 48.4 -35.7 61.9 130.0 -68.1 49.3 141.4 -92.1
    2. Services 87.8 42.8 45.0 103.5 52.3 51.2 251.7 131.6 120.1 285.5 150.0 135.5
    3. Primary Income 10.1 23.2 -13.1 12.3 29.0 -16.7 31.0 65.9 -34.9 41.3 78.6 -37.3
    4. Secondary Income 31.5 2.2 29.3 36.1 2.9 33.2 86.8 9.7 77.1 100.9 8.9 92.0
    B. Capital Account and Financial Account 216.3 205.0 11.3 320.0 309.1 10.9 603.9 573.0 30.9 898.7 862.2 36.4
        of which:                        
    1. Direct Investment 18.9 14.9 4.0 20.8 23.6 -2.8 54.7 46.9 7.8 66.2 64.6 1.6
    2. Portfolio Investment 125.5 113.5 12.0 171.4 182.8 -11.4 327.2 294.5 32.7 513.4 503.9 9.4
    3. Other Investments 65.9 62.4 3.5 83.4 90.4 -7.0 205.2 176.9 28.2 261.9 235.5 26.4
        of which:                        
          NRI Deposits 22.4 18.5 3.9 25.9 22.8 3.1 62.5 53.2 9.3 78.3 64.9 13.3
          ECBs to India 3.9 6.6 -2.7 11.2 6.9 4.3 21.7 20.7 1.0 32.1 21.1 11.0
    4. Reserve Assets [Increase (-)/Decrease (+)] 0.0 6.0 -6.0 37.7 0.0 37.7 0.0 32.9 -32.9 37.7 23.8 13.8
    C. Errors & Omissions (-) (A+B) 0.0 0.9 -0.9 0.6 0.0 0.6 0.0 0.3 -0.3 0.6 0.0 0.6
    PR: Partially Revised; and P: Preliminary.
    Note: Total of sub-components may not tally with aggregate due to rounding off.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2498

    MIL OSI Economics –

  • MIL-OSI Europe: ECB Consumer Expectations Survey results – February 2025

    Source: European Central Bank

    28 March 2025

    Compared with January 2025:

    • median consumer perceptions of inflation over the previous 12 months decreased, while median inflation expectations for the next 12 months and for three years ahead remained unchanged;
    • expectations for nominal income growth over the next 12 months increased, while expectations for spending growth over the next 12 months decreased;
    • expectations for economic growth over the next 12 months became more negative, while the expected unemployment rate in 12 months’ time increased;
    • expectations for growth in the price of homes over the next 12 months remained unchanged, while expectations for mortgage interest rates 12 months ahead declined.

    Inflation

    The median rate of perceived inflation over the previous 12 months decreased in February to 3.1%, from 3.4% in January. This is its lowest level since September 2021. Median expectations for inflation over the next 12 months were unchanged at 2.6%, as were those for inflation three years ahead at 2.4%. Inflation expectations at the one-year and three-year horizons thus remained below the perceived past inflation rate. Uncertainty about inflation expectations over the next 12 months decreased slightly in February to its lowest level since January 2022. While the broad evolution of inflation perceptions and expectations remained relatively closely aligned across income groups, over the previous year and a half inflation perceptions and expectations for lower income quintiles were, on average, slightly above those for higher income quintiles. Younger respondents (aged 18-34) continued to report lower inflation perceptions and expectations than older respondents (those aged 35-54 and 55-70), albeit to a lesser degree than in previous years. (Inflation results)

    Income and consumption

    Consumers’ nominal income growth expectations over the next 12 months increased to 1.0% in February from 0.9% in January. Perceived nominal spending growth over the previous 12 months decreased further to 4.9% in February, from 5.1% in January and 5.2% in December. This decrease was observed across most income groups. Expected nominal spending growth over the next 12 months also decreased to 3.5% in February, the same value as in December, from 3.6% in January. (Income and consumption results)

    Economic growth and labour market

    Economic growth expectations for the next 12 months were more negative, standing at -1.2%, compared with -1.1% in January, but still above the December value of -1.3%. Expectations for the unemployment rate 12 months ahead increased to 10.5%, the same as in December, from 10.4% in January. Consumers continued to expect the future unemployment rate to be only slightly higher than the perceived current unemployment rate (10.0%), implying a broadly stable labour market. Expectations for both economic growth and the unemployment rate remained broadly stable in the previous fourth months, fluctuating within a narrow range. (Economic growth and labour market results)

    Housing and credit access

    Consumers expected the price of their home to increase by 3.0% over the next 12 months, which was unchanged from January. Households in the lowest income quintile continued to expect higher growth in house prices than those in the highest income quintile (3.5% and 2.7% respectively). Expectations for mortgage interest rates 12 months ahead declined slightly to 4.4% from 4.5%. As in previous months, the lowest income households expected the highest mortgage interest rates 12 months ahead (5.0%), while the highest income households expected the lowest rates (3.9%). The net percentage of households reporting a tightening (relative to those reporting an easing) in access to credit over the previous 12 months declined, as did the net percentage of those expecting a tightening over the next 12 months. (Housing and credit access results)

    The release of the Consumer Expectations Survey (CES) results for March is scheduled for 29 April 2025.

    For media queries, please contact: Nicos Keranis, Tel: +49 172 758 7237

    Notes

    MIL OSI Europe News –

  • MIL-OSI Europe: Commission to invest €1.3 billion in artificial intelligence, cybersecurity and digital skills

    Source: EuroStat – European Statistics

    European Commission Press release Brussels, 28 Mar 2025 The Commission will allocate €1.3 billion for the deployment of critical technologies that are strategically important for the future of Europe and the continent’s tech sovereignty through the Digital Europe Programme (DIGITAL) work programme for 2025 to 2027 adopted today.

    MIL OSI Europe News –

  • MIL-OSI Security: Nearly 60,000 drink and drug tests conducted in seasonal crackdown

    Source: United Kingdom National Police Chiefs Council

    Double number of drivers arrested than previous years

    • 8,648 arrests made for drink and drug driving offences 
    • Positive results for drink driving remain below 10% 
    • Breath tests following a collision show nearly 15% motorists testing positive for alcohol, at its highest since 2019 
    • Drug wipes result in positive test results of over 42% 

    Police officers proactively undertook 58,675 roadside tests for drink and/or drugs on drivers across the UK over the festive period in 2024 (1 Dec 2024 – 1 Jan 2025) as part of the nationally coordinated Operation Limit crackdown which sees 45 police forces across England, Wales and Northern Ireland working together.  

    Intelligence and hotspot-led, roadside breath tests for alcohol saw nearly 10% of drivers testing positive (9.7%) with drug wipes resulting in 42.2% positive tests.  

    Shockingly, 2,782 drivers were arrested for both drink and drug driving offences, almost double the number from previous years’ national operations. While many tests during Op Limit are proactive stops, tests following a collision showed 14.5% motorists testing positive for alcohol, the highest in these circumstances since 2019. Unfortunately this trend aligns with data from the Department for Transport (DfT) which also shows a rise in alcohol-related collisions.  

    The figures prompt warnings from senior officers about the risks of driving under the influence, a ‘selfish and reckless’ decision that costs too many lives each year.  

    Men continue to be disproportionately represented, making up 85% of the offences for driving under the influence of drink or drugs and 79% of offenders were 25 years of age or older.  

    Chief Superintendent Marc Clothier is National Police Chiefs’ Council Operational Lead for Operation Limit. He said: 

    “In 2023, 19.6% of fatal collisions were assigned at least one drink or drugs related factor. That’s pretty much 20% of road deaths caused by drink or drugs, with a significant number occurring in December – two facts which are completely unacceptable and which make Op Limit so important.  

    “Now in its third year of running as a national operation, the Christmas drink and drug driving crackdown brings together all police forces in a positive coordinated effort to tackle this driving behaviour. 

    “The statistics of positive results and the demographics of offenders remain consistent and what is encouraging is to see the dedication and innovation which policing puts into this operation across the country. Many forces collaborate on a regional level, working cross border and strengthening their resources as a result.  

    “In addition, we are seeing the numbers of collisions in December specifically as a result of drink or drug driving reduce each year, remaining consistently at the levels experienced during Covid when far less drivers were on the roads. While there will be many factors impacting this fall, we can certainly draw a link between policing’s increased focus and enforcement activity to tackle drink and drug driving over this time of year.   

    “The decision to get behind the wheel under the influence of alcohol or drugs is reckless and selfish and it will not be tolerated. Not only do you risk your own life but you seriously endanger everyone else on the road and the tragic impact of your decision will be felt by individuals, families, friends and whole communities.” 

    Collisions in December where drink and drug driving is a factor 

    Association of Police and Crime Commissioners (APCC) lead for drink and drug driving, Police and Crime Commissioner for Durham, Joy Allen said:   

    “With responsibility for supporting victims, PCCs see and deal with the devastating impact of drink and drug driving. 

    “The Operation Limit results show that more intensive enforcement works. We want to see more resource invested in roads policing and the appropriate use of tougher penalties for drink and drug driving, including immediate bans and full cost recovery of the costs from offenders, to act as a greater deterrent and protect the public.” 

    Key statistics not included in report 
    • A total of 8,203 drivers were caught drink or drug driving during the period of enforcement activity, with 60% (4,940) drink drive offences detected and 40% (3,263) drug drive offences detected. A total of 74,456 vehicles were stopped during this campaign with 50,948 breath tests administered, resulting in 4,940 drivers testing positive, failed or refused to provide. 
    • A total of 7,112 breath tests were administered following a collision, with 1,030 drivers committing a drink drive offence following a collision. 14.5% motorists tested positive for alcohol following a collision. This percentage is the highest it has been since 2019. 
    Contextual data  

    Drug driving: 

    • In 2022, most drivers with detected drugs had illegal substances in their system (127), followed by query drugs (61) and prescribed drugs (27). Query drugs refer to substances that may have been administered medically after a collision but also have potential for abuse.  
    • Illegal drugs were primarily found in deceased drivers aged 20 to 39, while medicinal drugs were more common in those aged 30 and older.  
    • Among drivers aged 70 and above, medicinal drugs were detected more often than illegal drugs, though the overall numbers in this group were small.  
    • The five most frequently detected substances were cocaine, benzoylecgonine (a cocaine metabolite), cannabis, morphine, and ketamine, highlighting cocaine and cannabis as the most common illegal drugs in road fatalities.  
    • From 2014 to 2022, approximately two-thirds of casualties in drug-impaired collisions were fatalities. Of these, 91% were drivers with drugs detected in their system, indicating that most fatalities were drug-impaired drivers themselves. The majority of other casualties were passengers of the impaired driver. 

    Drink driving 

    • The central estimate of fatalities for 2022 is the highest level since 2009, and an increase compared to the previous year.  
    • The central estimate of the number of deaths in collisions with at least one driver over the alcohol limit for 2022 is 300. This represents about 18% of all deaths in reported road collisions in 2022.  
    • Overall, an estimated 6,800 people were killed or injured when at least one driver was over the drink-drive limit. This represents an increase of 1% from 6,740 in 2021. 
    • DfT collisions data where drink/drugs were reported as a key factor:  

    MIL Security OSI –

  • MIL-OSI Russia: 27 Polytechnic students became recipients of Potanin Foundation scholarships

    Translartion. Region: Russians Fedetion –

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    The Potanin Foundation has summed up the results of the 2024/2025 scholarship competition. This prestigious scholarship is a recognition of the outstanding achievements of master’s students in their studies, leadership and public activities. This year, 750 people became winners of the competition. Among the lucky ones are 27 talented students of SPbPU, who will now receive a scholarship of 25,000 rubles until the end of their studies.

    The result of the Advanced Engineering School “Digital Engineering” was especially successful – five students of the SPbPU PISh were among the winners. They demonstrated not only deep academic knowledge, but also the ability to turn theory into practice, which is especially valuable for modern engineering education.

    We are proud of our students, who have once again proven that SPbPU PISh is a forge of talents and innovations. Their victory is not only a personal achievement, but also recognition of the high level of training, – noted the Vice-Rector for Digital Transformation of SPbPU, the head of SPbPU PISh Alexey Borovkov.

    Master’s students of the program “Organization and management of high-tech technologies in the oil and gas industry” shared their impressions of the competition:

    Ksenia Grigorieva: Participation in the competition was not only an opportunity for me to demonstrate my knowledge and skills, but also an important stage in my personal and professional growth. This is not just a competition, but a unique platform for exchanging ideas, finding inspiration and meeting talented people from all over the country. I would like to express special gratitude to the teachers of the Advanced Engineering School, my mentors.

    During her years of bachelor’s degree at the Polytechnic University in the specialty “General Biotechnology”, Ksenia actively demonstrated herself in scientific, educational and creative activities. She considers her participation in the project on the synthesis of human parathyroid hormone and work in the biochemistry department of the “Institute of Experimental Medicine”, the main goal of which was to identify antibodies to modified low-density lipoproteins and study the effect of these antibodies on the development of atherosclerotic lesions, to be some of her main achievements. In addition to scientific activities, last year Ksenia successfully graduated with honors not only from her bachelor’s degree, but also from the additional education program “Digital Departments”. Ksenia’s interests are not limited to study and science – for the fifth year now, the girl has been singing in the youth choir “Polyhymnia”.

    Artem Shcherbak: The purpose of my participation in the Vladimir Potanin scholarship competition was to establish contacts in the professional sphere and meet proactive young people for the potential construction of new projects and work on joint events. I have friends who have previously become laureates of this award, their experience inspired me.

    Artem was an organizer of major events at the Saint Petersburg Mining University of Empress Catherine II, a delegate to the Student Council of Saint Petersburg under the Committee on Youth Policy, a volunteer and organizer of events “Volunteer Company of Combat Brotherhood”, a member of the youth council of the Central District of Saint Petersburg, a laureate of the city award “Best Youth Project 2022”, the owner of a letter of gratitude “For personal contribution to the implementation of socially significant projects and the development of volunteer activities in 2023” from the Committee on Youth Policy under the Government of Saint Petersburg.

    Stepan Akimov: I am very glad that I was able to take part in the scholarship competition. The main thing here is initiative. I realized that if I approach the matter not half-heartedly, show a little interest and turn on creativity, then my approach will pay off. And so it happened! At the end of the final competition day, I felt great pleasure from everything that had been done, I was happy with the stunning victory of my team in the main test and that I was able to play an important role in this.

    Alexey Plyushch has been actively working in the Trade Union of Students of the Polytechnic University for five years now, was the first deputy chairman, head of the sports department, and acts as the main organizer in most projects. Alexey is a trainer and mentor of the inter-institutional training of “Adapters of SPbPU”, the best graduate of the “management” department of IPMET.

    Sergey Gaurgov graduated from the Institute of Mechanical Engineering, Materials and Transport of SPbPU with a bachelor’s degree in “Automation of Technological Processes and Production” in 2024. He is a versatile engineer who can work with both pneumatic and hydropneumatic devices, and is well versed in electrical engineering, circuit design and the development of electronic devices.

    For his master’s degree, Sergey chose the Advanced Engineering School: It seemed to me that studying at PISH would be a logical continuation of the direction of production automation, which I studied in my bachelor’s degree. Here I can specialize in robotics under the guidance of my teacher, an expert in autonomous unmanned systems Georgy Vasilyanov.

    Sergey is currently undergoing an internship at the Saint Petersburg Automobile Plant (formerly Nissan), where he is engaged in optimizing the logistics of unmanned robots in the automation department.

    Also among the winners of the scholarship program are master’s students: Irina Smirnova, Angelina Rubleva, Aelita Maslova and Viktor Sorokin (headquartered in Statistics), Egor Vinokurov and Vitalina Furman (headquartered in Biotechnical Systems and Technologies), Olga Obraztsova and Veronika Chernova (headquartered in Biotechnology), Denis Mametyev and Sergey Sudnishchikov (Construction), Sofia Ivanova (Business Informatics), Alexandra Voziyan (Software Engineering), Gennady Zyabkin (Automation of Technological Processes and Production), Nikita Izbyakov (Power Engineering), Konstantin Mashyanov (Mechatronics and Robotics), Anastasia Mikulenko (Materials Science and Materials Technology), Anastasia Murashova (Sociology), Nikita Oparin (Metallurgy), Zinaida Pavlenkova (Design), Daria Ryzhova (Foreign Regional Studies), Alexey Filatchev (Economics), Anastasia Yarkova (Information Systems and Technologies).

    The winners of the Potanin scholarship receive not only monthly financial support, but also the opportunity to participate in the foundation’s educational and social projects aimed at developing leadership and professional skills.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI United Kingdom: Mayor launches ambitious new London policing plan for 2025-2029

    Source: Mayor of London

    • Sadiq’s new Police and Crime Plan will help revitalise neighbourhood policing teams with City Hall working with Government to help put more officers in the heart of communities over the next four years
    • The Plan re-commits to being tough on crime and tough on the causes of crime, and places partnership working with the Met Police, Government, Transport for London, London Councils and other agencies at the heart of work to tackle Londoners’ priorities
    • Detailed plan has been developed in consultation with more than 4,000 Londoners and key partners including police, local councils, justice agencies and voluntary groups

    The Mayor of London, Sadiq Khan, has today launched his new London Police and Crime Plan1 which will focus on revitalising high-visibility policing in our neighbourhoods and high streets to deal with local priorities and make London safer for everyone. 
     
    The detailed plan for 2025-2029 sets out Sadiq’s priorities to build on crime reductions already achieved in the capital2 and is focused on working with Government throughout the four-year period of the plan to strengthen neighbourhood policing in London so that more officers are in the heart of communities to crack down on crime and anti-social behaviour. 
     
    Comparing statistics for the financial year before the Mayor’s previous Police and Crime Plan and the 12 months from January-December 2024, violence with injury in the Met Police area fell by 11%, domestic homicide by 28%, non-domestic homicide by 8%, teen homicide by 43%, lethal barrel discharges by 25% and the number of people under 25 admitted to hospital due to assault with a sharp object by 13%. 
     
    Latest ONS figures show the rate of violence in London is lower than the rest of England and Wales. Last year there were fewer homicides of people under-25 than any year since 2003 and the number of teenage homicides in London in 2024 was also at its lowest total since 2012.
     
    The plan comes as the Mayor has welcomed the Government’s Neighbourhood Policing Guarantee, announced at the end of last year, to have 13,000 additional neighbourhood policing officers, Police Community Support Officers and special constables in dedicated neighbourhood policing roles nationally to help tackle and prevent crime in high streets and town centres.
     
    As Mayor, Sadiq has gone above and beyond to ensure the capital’s police have the resources to continue tackling crime locally. Directly funding 1,300 extra police officers, backing the Met with a record £1.16bn in City Hall funding in this year’s budget alone.
     
    The Mayor’s new plan has been developed following consultation with more than 4,000 Londoners, the Met Police and other key partners including local authorities, and voluntary groups. The key priorities are: reducing violence and criminal exploitation; building safer, more confident communities; supporting and overseeing reform of the Met Police; and improving the criminal justice system and supporting victims.
     
    The Mayor’s Office for Policing and Crime (MOPAC) will bring partners and agencies together to help address community concerns and bear down effectively on crime and anti-social behaviour. This will include looking at ways to improve best practice in the sharing of data, cross-boundary working and developing critical partnership skills.
     
    Neighbourhood policing remains the bedrock of community confidence and safety in London. Against the backdrop of 14 years of Government austerity and its continued impact on the Met, record investment from City Hall3 is empowering the Met to deliver its new Met for London plan, which prioritises local high-visibility policing and taking officers out of back-office roles to deliver on the issues that matter most to Londoners including tackling robbery, theft and anti-social behaviour.
     
    The Mayor is clear that one violent crime is one too many and his new plan will build on reductions already achieved to further drive down serious violence in line with the Government’s national mission to halve knife crime in a decade. Sadiq has always been clear that the police alone cannot reduce violence and the plan is focused on enhanced and effective working with partners including the Met Police, Government, Transport for London, London Councils and other agencies. 
     
    The Mayor of London, Sadiq Khan, said: “Nothing is more important to me than keeping Londoners safe and I’m determined to do all I can to tackle violence and crime in our city. My new Police and Crime Plan is about putting communities first and over the next four years we will work with the Government and the Met to improve visible neighbourhood policing and strengthen partnership working to deal with the violence, crime and anti-social behaviour issues that matter to Londoners.

    “This plan is about tackling the issues that matter most for our city and it has been created in consultation with thousands of Londoners, partners and local organisations. I want to thank everyone who took the time to give their views – and all of those who continue to work day-in, day-out to make our city safer.  

    “My new plan will build on crime reductions already achieved in the capital where we have seen fewer young people being injured with knives and the number of teenage homicides in London in 2024 being at its lowest total since 2012. But clearly there is still much more work to do. At City Hall we are fully focused on that, and I will continue to do everything in my power to make London a safer city for all.”
     
    The Mayor’s Violence Reduction Unit (VRU) will continue to tackle the complex causes of violence through prevention and early intervention, building on 400,000 diversionary activities and opportunities for young Londoners through youth work and access to youth clubs, and interventions to tackle school exclusions. 

    His VRU will oversee the Government’s Young Futures Prevention Partnerships in London, which aim to provide support for young people at risk of crime.
     
    The plan also highlights the continued commitment of the Mayor and the Met Commissioner to crack down on mobile phone robberies – a key driver of violence in London. Over the next four years, the Met will continue to take tough enforcement action against robbery offenders and City Hall will continue to work in partnership with the Government, leading mobile phone companies, manufacturers and the tech industry to design out the theft of their products. 
     
    The Mayor has committed to publishing a refreshed strategy to tackle Violence Against Women and Girls (VAWG), building on the pioneering work done in London over the last eight years to tackle the perpetrators of these crimes, support victims and survivors and educate young men and boys about the dangers posed by misogynistic attitudes and behaviours – backed with £233 million investment from the Mayor. 
     
    Sadiq has been clear that police reform is a critical part of his Mayoralty, and he will not be satisfied until Londoners have the police service they deserve – one that is trusted, puts communities first, is representative of London and delivers the highest possible service to every community in our city. Important steps forward have been made, including the Met coming out of HMICFRS special measures earlier this year. The plan sets out how Sadiq will continue to support and oversee the work of the Met to embed reform and deliver more trust, less crime and higher standards.
     
    Victims of crime will remain at the heart of everything City Hall does, and the plan sets out how the Mayor will continue to invest in innovative, high-quality services for victims through the Mayor’s Office for Policing and Crime (MOPAC). The plan also sets out how London’s Independent Victim’s Commissioner, Claire Waxman OBE, will continue her vital work to champion the rights of victims of crime and press for improvements in the services they receive at every stage of their journey. 
     
    Deputy Mayor for Policing and Crime, Kaya Comer-Schwartz, said: “It has been so valuable to hear from so many Londoners, partner organisations and community groups as we’ve developed this plan who contribute daily to keeping London safe. I’m grateful to everyone who has helped us to shape the strategy we publish today so that we can continue delivering for Londoners.
     
    “After years of chronic underfunding by the previous Government and huge cuts to policing, the Mayor and I are determined to drive this plan forward and working with partners is at the heart of my approach to build on the progress that has already been made to reduce serious violence in the capital.
     
    “Strong partnerships make communities safer, and that’s why this plan focuses so much on strengthening joint working between police, Government, local authorities, justice agencies and key partner organisations like TfL and the NHS. I look forward to working with all of our partners to make London a safer city for all.”

    London’s Independent Victims’ Commissioner, Claire Waxman OBE, said: “I’m glad to see a focus within this new Police and Crime Plan on investing in high-quality services to support victims of crime. It’s critical victims and bereaved families remain at the heart of the Mayor’s work at City Hall.

    “Our Criminal Justice System is in crisis and in need of serious reform following years of underfunding by the previous government. That’s why, in my role, I’m determined to continue standing up for victims’ rights, ensuring that their voices are heard, and work closely with the Government to lobby for adequate funding and improved policies to support victims.

    “I look forward to continuing to collaborate with MOPAC to better understand the specific points within the system where victims are being failed. Underpinned by MOPAC research, my London Rape Reviews and Stalking Review have respectively helped to shape national policy and I am keen to build on their successes. Through this work, I hope to effect changes that will improve victims’ experiences and keep them at the heart of all decision and policy making.”

    Siwan Hayward, TfL’s Director of Security, Policing and Enforcement, said: “The safety and security of our customers and staff is our top priority. We are committed to working alongside the Mayor, police and other partners to ensure that everyone travelling in London can do so safely. We welcome this new plan which will see visible local policing in communities supporting the transport network across the capital.  It is vital we continue to work closely with our partners to ensure that our transport network remains a welcoming environment to work and travel.”

    MIL OSI United Kingdom –

  • MIL-OSI Europe: Swiss citizens abroad in 2024

    Source: Switzerland – Department of Home Affairs

    There were 826 700 Swiss citizens residing in other countries on 31 December 2024. Their numbers have increased since 2023 (+13 300 people or +1.6%). Three quarters of the Swiss abroad have more than one nationality. This figure rises to 85% among the under-18s. These are some of the results of the Statistics on the Swiss Abroad published by the Federal Statistical Office (FSO).

    MIL OSI Europe News –

  • MIL-OSI Economics: Foreign investors were active buyers of mortgage bonds in February

    Source: Danmarks Nationalbank

    Securities

    Statistics period: February 2024

    In February, bonds worth 90 kr. billion were issued behind adjustable-rate loans (RTL bonds). Foreign investors bought 37 kr. billion of the issued bonds, increasing the foreign ownership share of RTL bonds from 16 per cent in January to 18 per cent in February. This is shown by new and improved data from October 2024 on foreign transactions and holdings of mortgage bonds. The improvement provides a better opportunity to track the development of foreign ownership in RTL bonds from month to month than previously, where foreign ownership shares were most accurate in the settlement months of January, April, July, and October (green points in the figure). The improvements from October 2024 are described in more detail in the box below.

    Foreign ownership share of RTL bonds has increased to 18 per cent

    Note:

    Foreign ownership share of RTL bonds in the period from January 2020 to February 2025. Before October 2024, the foreign ownership share is highlighted for the months of January, April, July, and October. In these months, there is typically the least impact from trades made with large differences between trade- and settlement date in relation to the auctions in February, May, August, and November, see the box below. Find chart data in the Statbank.

    MIL OSI Economics –

  • MIL-Evening Report: Tobacco excise revenue has tanked amid a booming black market. That’s a diabolical problem for the government

    Source: The Conversation (Au and NZ) – By Fei Gao, Lecturer in Taxation, Discipline of Accounting, Governance & Regulation, The University of Sydney, University of Sydney

    Tuesday night’s federal budget revealed a sharp drop in what was once a major source of revenue for the government – the tobacco excise.

    This financial year, the government expects to earn revenue from the tobacco excise of A$7.4 billion. That’s down sharply from $12.6 billion in 2022–23, and an earlier peak of $16.3 billion in 2019–20.

    The government expects this downward trend to continue. Australia’s heavy tobacco taxation has driven many consumers towards illicit cigarettes.

    But this is more than just a problem for government coffers accustomed to revenue from the tobacco tax.

    It presents a major challenge for a public health policy that has long relied on increasing tobacco excise duty as its primary tool to reduce smoking.



    Read more:
    The 2025 budget has few savings and surprises but it also ignores climate change

    Climbing tax rates, falling revenue

    If government revenue from tobacco is falling, it isn’t because we aren’t trying to tax it. Cigarette prices in Australia are among the highest in the world, with taxes making up a substantial chunk of the price.

    About $1.40 of the cost of each cigarette represents excise duty. GST is payable on top of that.

    Australia’s tobacco excise is indexed every March and September, in line with average weekly ordinary-time earnings.

    On top of indexation, the excise rate is currently being increased by
    an additional 5% each year, for a period of three years that began in September 2023.

    This policy is grounded in the principle that higher costs deter smoking.
    And smoking rates have fallen in recent decades. About 8% of Australians aged 14 and over still smoke daily, down from almost 20% in 2001.

    Some of that fall has been offset by the rapid ascent of vaping. About 7% of Australians use e-cigarettes – about half of whom vape daily.

    But while legal cigarette prices are prohibitively high for some, illegal alternatives are widely available and significantly cheaper. That’s because these unregulated products bypass excise and GST entirely.

    Vaping has soared in popularity as an alternative to smoking.
    Natali Brillianata/Shutterstock

    Unintended consequences

    The estimated value of illicit tobacco entering the Australian market has soared, from $980 million in 2016–17 to more than $6 billion in 2022–23. Of this $6 billion, almost $3 billion entered the market undetected.

    The actual decline in tobacco excise revenue, as exposed in the latest budget papers, has been much more significant than previously forecast.

    To make things worse, the cost of enforcement is rising. The 2025–26 federal budget allocates an additional $156 million over the next two years to combat illicit tobacco — on top of the $188 million committed in the previous budget.

    There are other broader impacts on overall tax revenue. Convenience stores lose legitimate sales to illegal tobacco vendors, resulting in less corporate tax income.

    Holding back broader public health efforts

    On other measures, Australia has long been a global leader in tobacco control. The first health warnings on cigarette packets appeared in 1973.

    In 2006, graphic health warnings were introduced. And in 2011, Australia pioneered plain packaging laws.

    Such public health measures are set to get even stronger this year, with new requirements for every individual cigarette sold to have an “on-product” health warning such as “causes 16 cancers” or “shortens your life”.

    These new regulations come into effect on April 1 2025, but retailers will have a three-month transition period to phase out existing stock.

    The tight transition period may prove challenging for the legitimate cigarette trade.

    But it is unlikely those who ply the unlawful trade in illegal tobacco – or their customers – will be particularly bothered by this latest attempt to wean the public off the habit.

    No easy solution

    The increasing heavy tobacco excise and the new law requiring warning messages on individual cigarettes have the potential to reduce tobacco consumption among those who purchase the product legally.

    However, suppliers of black-market cigarettes – who now comprise an estimated 18% of market share – are unlikely to allow this initiative to affect their illegal trade.

    The widespread move to vaping, with poor regulation, has further fuelled the black market for both products.

    It is going too far to draw parallels with the prohibition era in the United States, when the manufacture, transportation and sale of alcohol was illegal. This was a brief but disastrous experiment in social engineering with unfortunate and, in retrospect, arguably predictable consequences.

    But there are some unfortunate similarities when it comes to Australia’s tobacco tax policy, which has inadvertently encouraged black markets, criminality and organised crime.

    Yet for the government, lowering the excise tax to encourage smokers back to legal cigarettes would be completely out of step with its public health objectives. Legal or illegal, black-market cigarettes and vapes still contribute to health risks, undermining the public health goals behind regulatory controls.

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

    – ref. Tobacco excise revenue has tanked amid a booming black market. That’s a diabolical problem for the government – https://theconversation.com/tobacco-excise-revenue-has-tanked-amid-a-booming-black-market-thats-a-diabolical-problem-for-the-government-253329

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI New Zealand: Stats NZ information release: New Zealand cohort life tables: March 2025 update

    Source: Statistics New Zealand

    New Zealand cohort life tables: March 2025 update – 28 March 2025 – Cohort life tables track the mortality experience of people born in each year from 1876.

    Key facts
    Cohort life tables give the most authoritative measure of life expectancy, because they follow the mortality and survival of each birth cohort (people born in a specific year) at each age until death of the last survivor.

    Projections of remaining mortality enable a cohort life table to be completed when a birth cohort still has people alive. The results are based on National population projections: 2022(base)–2073.

    Life expectancy from the latest cohort life tables show that newborn:

    • boys born in the late 1870s (the earliest data available) could expect to live to around 51 years on average, and girls to around 55 years
    • boys born in the early 1960s (who are reaching 65-years-old) could expect to live to around 79 years on average, and girls to around 83 years
    • boys born in the early 2020s (the latest data available) could expect to live to around 88 years on average, and girls to around 91 years.

    Files:

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Stats NZ information release: Employment indicators: February 2025

    Source: Statistics New Zealand

    Employment indicators: February 2025 – 28 March 2025 – Employment indicators provide an early indication of changes in the labour market.

    Key facts
    Changes in the seasonally adjusted filled jobs for the February 2025 month (compared with the January 2025 month) were:

    • all industries – flat (up 1,157 jobs) to 2.36 million filled jobs
    • primary industries – up 1.0 percent (1,064 jobs)
    • goods-producing industries – down 0.3 percent (1,130 jobs)
    • service industries – flat (up 313 jobs).

    Files:

    MIL OSI New Zealand News –

  • MIL-OSI Submissions: Stats NZ information release: New Zealand cohort life tables: March 2025 update

    Source: Statistics New Zealand

    New Zealand cohort life tables: March 2025 update – 28 March 2025 – Cohort life tables track the mortality experience of people born in each year from 1876.

    Key facts
    Cohort life tables give the most authoritative measure of life expectancy, because they follow the mortality and survival of each birth cohort (people born in a specific year) at each age until death of the last survivor.

    Projections of remaining mortality enable a cohort life table to be completed when a birth cohort still has people alive. The results are based on National population projections: 2022(base)–2073.

    Life expectancy from the latest cohort life tables show that newborn:

    • boys born in the late 1870s (the earliest data available) could expect to live to around 51 years on average, and girls to around 55 years
    • boys born in the early 1960s (who are reaching 65-years-old) could expect to live to around 79 years on average, and girls to around 83 years
    • boys born in the early 2020s (the latest data available) could expect to live to around 88 years on average, and girls to around 91 years.

    Files:

     

    MIL OSI –

  • MIL-OSI Submissions: Stats NZ information release: Employment indicators: February 2025

    Source: Statistics New Zealand

    Employment indicators: February 2025 – 28 March 2025 – Employment indicators provide an early indication of changes in the labour market.

    Key facts
    Changes in the seasonally adjusted filled jobs for the February 2025 month (compared with the January 2025 month) were:

    • all industries – flat (up 1,157 jobs) to 2.36 million filled jobs
    • primary industries – up 1.0 percent (1,064 jobs)
    • goods-producing industries – down 0.3 percent (1,130 jobs)
    • service industries – flat (up 313 jobs).

    Files:

     

    MIL OSI –

  • MIL-OSI: Sprott Physical Silver Trust Net Asset Value Reaches $6 Billion

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, March 27, 2025 (GLOBE NEWSWIRE) — Sprott Inc. (NYSE/TSX: SII) (“Sprott”) on behalf of the Sprott Physical Silver Trust (NYSE Arca/TSX: PSLV) (“PSLV” or the “Trust”) today announced that PSLV’s net asset value (“NAV”) has surpassed US$6 billion.

    “We would like to thank our unitholders for their trust and support in helping the Sprott Physical Silver Trust reach this significant milestone,” said John Ciampaglia, Chief Executive Officer of Sprott Asset Management. “PSLV provides investors with an alternative way to own fully allocated and segregated physical silver at a time when physical ownership has never been more important.”

    ““PSLV is fully backed by physical silver which is redeemable, subject to minimum investment size, and does not store its metal with bullion banks,” continued Mr. Ciampaglia. “PSLV is a liquid exchange-listed vehicle, which is easy to buy and sell at price levels that closely correspond to the spot silver market.”

    Key statistics:

    • PSLV is the second largest exchange listed physical silver fund in the world1 with 182.1 million ounces of silver held on behalf of its unitholders
    • PSLV has purchased over 120 million ounces since the beginning of 2020 and 1.5 million ounces so far in 2025
    • PSLV received physical redemption requests for 866 thousand ounces of silver in 2024 and has received no physical redemption requests in 2025

    About Sprott

    Sprott is a global asset manager focused on precious metals and critical materials investments. We are specialists. We believe our in-depth knowledge, experience and relationships separate us from the generalists. Our investment strategies include Exchange Listed Products, Managed Equities and Private Strategies. Sprott has offices in Toronto, New York, Connecticut and California and the company’s common shares are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol “SII“. For more information, please visit www.sprott.com.

    About the Trust

    Important information about the Trust, including the investment objectives and strategies, applicable management fees, and expenses, is contained in the prospectus. Please read the prospectus carefully before investing. You will usually pay brokerage fees to your dealer if you purchase or sell units of the Trusts on the Toronto Stock Exchange (“TSX”) or the New York Stock Exchange (“NYSE”). If the units are purchased or sold on the TSX or the NYSE, investors may pay more than the current net asset value when buying units or shares of the Trusts and may receive less than the current net asset value when selling them. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

    ______________________

    1 Based on Morningstar’s universe of listed investment funds. Data as of 12/31/2024

    Caution Regarding Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of applicable United States securities laws and forward-looking information within the meaning of Canadian securities laws (collectively, “forward-looking statements”). Forward-looking statements in this press release include, without limitation, our statements about price levels of the Trust closely corresponding to the spot silver markets.
    With respect to the forward-looking statements contained in this press release, the Trust has made numerous assumptions regarding, among other things, the silver market and the trading of Trust units. While the Trust considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties and contingencies. Additionally, there are known and unknown risk factors that could cause the Trust’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements contained in this press release. A discussion of risks and uncertainties facing the Trust appears in the Trust’s continuous disclosure filings, which are available at www.sec.gov and www.sedarplus.ca. All forward-looking statements herein are qualified in their entirety by this cautionary statement, and the Trust disclaims any obligation to revise or update any such forward-looking statements or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments, except as required by law.

    Investor Contact:

    Glen Williams
    Managing Partner
    Investor and Institutional Client Relations
    Direct: 416-943-4394
    gwilliams@sprott.com

    Media contact:

    Dan Gagnier
    Gagnier Communications
    (646) 569-5897
    sprott@gagnierfc.com

    The MIL Network –

  • MIL-OSI Economics: Press Briefing Transcript: Julie Kozack, Director, Communications Department, March 27, 2025

    Source: International Monetary Fund

    March 27, 2025

    SPEAKER:  Ms. Julie Kozack, Director of the Communications Department, IMF

    MS. KOZACK: Good morning, everyone, and welcome to today’s IMF Press Briefing. It’s great to see you all, those of you here in person and, of course, our colleagues online as well.

    I am Julie Kozak, Director of Communications at the IMF.  And as usual, this program press briefing is embargoed until 11:00 a.m. Eastern Time in the United States.  I will start with two short announcements and then I’ll take your questions in person, on Webex, and via the Press Center. 

    First, the 2025 Spring Meetings of the IMF and World Bank Group will take place from Monday, April 21st, to Saturday, April 26th.  The press registration to attend these meetings in person in Washington is now open, and you can register through www.imfconnect.org. 

    And second, I would like to announce that the Managing Director, Kristalina Georgieva, will be delivering her Curtain Raiser speech outlining the key issues facing the world economy.  The speech and a related fireside chat will be held here at IMF headquarters on Thursday, April 17th.  It will be open to registered media and via live streaming on our Press Center and IMF social media channels.  And we will provide more details closer to the date.

    And with that, I will now open the floor for your questions.  For those connecting virtually, please turn on both your camera and microphone when you are speaking.  And I’m now over to you.

    All right, let’s start with you.  Thank you.  Microphone here in the front. 

    QUESTIONER: Thank you very much, Julie.  Minister Luis Caputo announced this morning in Argentina that the Argentine government had agreed with the IMF staff amount of $20 billion for the new program.  I’m sure you know this was a very highly unusual announcement.  I wanted to know first if this was coordinated with the IMF, if you had agreed with Mr. Caputo to release this information?  Second, if you can confirm that the actual amount of the program that’s been discussed is $20 billion.  Then the IMF has a lot of internal processes before a program is actually announced, so could this number change through that process?  And if you can give us a sense of the timing before the actual staff-level agreement announcement and eventually the board meeting and that’s all.  Thanks. 

    MS. KOZACK: Okay, very good. Thank you. Other questions on Argentina. 

    QUESTIONER: Mr. Caputo said the disbursement will be $20 billion.  Will it be a single disbursement, just one single disbursement?  Thank you, Julie.

    MS. KOZACK: Okay, thank you. Let’s go online.

    QUESTIONER: Hi, good morning.  Well, we are all referring to the speech of Caputo, which was a big surprise in Argentina at least.  So one of the rumors that Minister Caputo denied was that the IMF was demanding a 30 percent devaluation.  My question is, does the IMF believe an exchange rate correction is necessary?  Thank you, Julie. 

    MS. KOZACK: Thank you.

    QUESTIONER: Yes.  Hi, Julie.  Thank you.  So my question is, first of all, if you can confirm how much of the $20 billion dollars are going to be freely available?  And second, if there is any certainty at this stage of the negotiations whether the new program will include modifications to the current exchange rate regime, as the market and private sector seem to have considered in recent days?  Thank you.

    QUESTIONER: Good morning.  Well, I would like to know if a scheme of exchange rate bands is being considered in this agreement and if the agreement implies an increase in depth with the IMF?  And finally, if there is a technical agreement already done?

    MS. KOZACK: Okay, thank you. Anybody else want to come in on Argentina? Okay, let me go ahead and take these questions. 

    So first I want to just start by saying, and this is consistent with our previous statements, that Argentina has embarked on a truly impressive stabilization program.  And the country has shown that it’s determined to steer the — the authorities have shown that they are determined to steer the economy toward a more sustainable path. 

    Since the end of 2023, inflation has declined thanks to a very large fiscal consolidation and steps to heal the Central Bank’s balance sheet.  These measures have been complemented by deregulation, market reforms, and the elimination of distortions and some controls.  The reforms are starting to bear fruit.  Despite the sharp macroeconomic adjustment, economic activity is recovering strongly, real wages are increasing and poverty is declining.  This decline in poverty also reflects, of course, a significant increase in social assistance to vulnerable groups.  There is also a shared recognition between the Fund and the authorities that now is the time to move to the next steps of the authority’s stabilization plan. 

    In this regard, significant progress has been made in reaching understandings toward a new IMF supported program.  And this has followed intense and productive discussion, and those include in-person meetings in Buenos Aires and also here in Washington, D.C.  And at the Fund we have engaged at all levels. 

    What I can say now is that discussions on a new Fund supported program are very advanced and those discussions include discussions around a sizable financing package.  The size of that package is ultimately to be determined by our Executive Board, but I can confirm that discussions are focusing on a sizable package. 

    As for our processes, we do have a set of processes that we always follow when engaging with country authorities on a program.  And as part of these routine internal processes, we have also been engaging with our Executive Board.  With respect to the policies that will be covered under the program, as we’ve noted in the past here, discussions are still ongoing on the specific policies that will be covered under the program. 

    What I can say is that to sustain the gains that have been achieved so far by the authorities, there is a shared recognition about the need to continue to adopt a consistent set of fiscal, monetary, and foreign exchange policies while fostering further and furthering growth enhancing reforms.  And what I can also say is that we will keep you updated as discussions continue. 

    QUESTIONER: What about the amount?

    MS. KOZACK: So with respect to the amount, the amount or the size of the program will be determined ultimately by our Executive Board. What I can say today is that discussions are focused on a sizable financing program.

    And in terms of your question about single disbursement versus a phased disbursement, as with all of our programs, disbursements will come in tranches over the life of the program.  But the exact phasing and the size of each tranche is also, of course, part of the discussions that are underway. 

    QUESTIONER: The number is okay?

    MS. KOZACK: All I’m saying now is that the discussion is around a sizable financing program. That’s what I can say today.

    QUESTIONER: Thank you, Julie. 

    MS. KOZACK: Okay. Let’s go here.

    QUESTIONER: Thank you so much, Julie.  So I would like to ask you about the IMF prospects on the Russian economy.  Does the IMF plan to update its outlook on Russian GDP growth in 2025 during its next review?  What is the overall perspective on inflation easing signs?  Does the IMF plan to highlight any changes in potential monetary policy from the Central Bank?  And what is, from the IMF perspective, the current level of business activity in the Russian economy?  Thanks. 

    MS. KOZACK: Okay, thank you. On Russia.

    QUESTIONER: The Central Bank of Russia has maintained its key interest rate at 21 percent since October 2024 to combat inflation.  How does the IMF assess the effectiveness of this high-interest rate policy in controlling inflation?  And what are the IMF’s projections for Russia’s inflation trajectory in 2025 and what factors are expected to influence these trends?  Thank you. 

    MS. KOZACK: Great. Thank you very much. Are there any other questions on Russia?  Okay. 

    What I can say about the Russian economy is that our assessment is that the Russian economy was affected by overheating in 2024 and growth was driven by private consumption, which was supported by a tight labor market, fast-growing wages, and buoyant credit from the banking system into the economy.  This overheating also reflected strong corporate investment.  Fiscal policy did play a role in driving growth. 

    In 2025, what I can say is, and here I’m quoting from the January WEO, and I can confirm that we will be updating the projections for Russia, as with all countries for the April WEO.  But in January, we said we expected a slowdown in 2025 as the impact of tighter monetary policy took hold and the cyclical recovery ran its course, meaning that the boost to growth waned into 2025.  So in January, we had growth slowing from 3.8 percent in 2024 to 1.4 percent in 2025.  And again, that assessment will be updated as part of the WEO. 

    Now, with respect to inflation in particular, inflation in Russia remains high.  It is well above the Central Bank of Russia’s target, which is 4 percent.  And this partly reflects the tight labor market and also strong wage growth.  Currently, we are not seeing signs of an easing of inflation, although the projections that we had in the January WEO did suggest an easing of price pressures in the coming year.  And of course, just to reiterate that our assessment of Russia, the Russian economy, will be updated as part of the WEO. 

    QUESTIONER: Thank you, Julie.  My question is on the inflation expectation at the global level, not only U.S. but also in Japan recently, inflation expectation raised substantially up.  And how much are you concerned about such movement translating into the real inflation and, in the near future, given the tariff policies conducted by U.S. Administrations?  Thank you. 

    MS. KOZACK: Thank you. So what I can say on inflation at the global level, and this is, again, I’m going to be quoting here from our January and October WEOs. So what we expected at the time of our January WEO update was that global inflation would continue to decline.  We expected in January that it would reach 4.2 percent in 2025 and 3.5 percent in 2026.  And at that time, we expected that advanced economies would achieve their inflation targets earlier than emerging market economies. 

    Now, since that January update, what we have seen is greater than expected persistence in inflation.  And so this is a key factor that will be taken into account as we are updating not only our growth projections in the April WEO, but also our inflation projections.  And what this means for central banks and policymakers is, of course, that agile and proactive monetary policy is going to be needed to ensure that inflation expectations remain well anchored.  And of course, we’ll have a full discussion of inflation developments at the time of the WEO. 

    QUESTIONER: Hi.  Thanks, Julie.  I’m wondering if you can weigh in a bit on President Trump’s announcement yesterday of universal car tariffs of 25 percent.  This is going to send shock waves through a production system throughout the world that provides employment to millions of people, and supports economies all over.  I know it’s early to gauge the exact impact of what this would mean, but I’m wondering if you can talk directionally about how this could start to impact countries, particularly emerging markets that are in that supply chain.  Thanks. 

    MS. KOZACK: Thank you. Same topic, right?

    QUESTIONER: Thank you.  We have seen the impacts of the — sorry, let me start over again.  So following up on what David said regarding the tariff, how do you see the impact on these on economies — on the African continent in particular?  And also, you know, we are seeing more of nationalism and protectionism.  It’s from the U.S., and it’s spreading around the world as well.  So how concerned is the IMF regarding these. 

    QUESTIONER: Just to follow up.  In terms of the WEO that you’re preparing, how will these tariff actions be filtered into that in terms of inflation projections as it raises costs, does the IMF sort of see these as a one-time jump up in price level or is it going to contribute to ongoing inflation?  Thank you. 

    MS. KOZACK: Same topic?

    QUESTIONER: Thank you, Julie.  As a result of all the policy that we are witnessing right now, can the IMF rule out any risk of recession in the United States in 2025, 2026, or if we are not talking about annual decline, could you see any risks in quarter estimates? 

    MS. KOZACK: Okay, so let me say a few — respond to this set of questions.

    What I can say today is, we’ve seen several new developments on the trade front over the past several weeks and of course yesterday we had announcements about tariffs on the auto sector.  And the U.S. administration has also noted and announced that it will — that there will be new announcements coming next week on April 2nd. 

    What  I can say today is that we are in the process of assessing the impact of all of these announcements, and we will continue to do that work in the context of our World Economic Outlook that will be released as I noted in April. 

    We have previously noted that for countries like Mexico and Canada that if sustained tariffs could have a significant effect on Mexico and Canada, a significant adverse impact on Mexico and Canada.  For other regions and groups of countries, we’re in the process of undertaking that analysis at the moment. 

    What I can say about the way or the process by which this will be incorporated into the WEO, the way the process works is we will look at all of the announcements and economic developments and data up until as far as we can into the process.  But at some point, there will need to be sort of a cutoff date after which we’re no longer able to incorporate new information.  We’re not there yet.  But at some point in the process there will be a date after which we just for production processes, need to kind of stop the churning of the data. 

    What the WEO will then have is a very clear exposition of what is incorporated into our baseline forecast, our main forecast.  We’ll talk about the assumptions that are included and any policy announcements and actions that are included in the baseline forecast.  Anything that occurs after our cut-off date will be discussed in qualitative terms or as part of the risks section of the report.  But we will aim, of course, in that report to be very clear about what is incorporated into the forecast and what is not incorporated into the forecast.  And of course, you will have an opportunity the week of the Annual Meetings to not only read the WEO, but we will have a press conference led by our Economic Counselor to answer detailed questions around the forecast.  And we will also have the press conferences of our regional area department heads to talk to answer specific regional questions. 

    And just maybe on the question about the U.S. economy, just to say perhaps a few words.  What I can say now is that the performance of the U.S. economy has been remarkably strong throughout the recent monetary policy tightening cycle.  Activity and employment exceeded expectations, and the disinflation process proved less costly than most feared.  And this was our assessment at the time of our January WEO.  Since then, of course, there have been many developments.  Large policy shifts have been announced, and the incoming data is signaling a slowdown in economic activity from the very strong pace in 2024.  All of this said, recession is not part of our baseline. 

    Let’s now move online. 

    QUESTIONER: Thank you, Julie, for taking my questions.  My question is on Sri Lanka.  Sri Lanka’s Central Bank Governor has hinted, also suggested that the heavily indebted state-owned enterprises should be listed in the Colombo Stock Exchange as part of a program to perform these enterprises.  What is the IMF’s take on such a proposal given that the program also calls for extensive reforms in SEOs — I beg your pardon, SOEs? At the same time, $334 million was approved by the IMF Executive Board recently.  Has that tranche been given to Sri Lanka?  If not, why?  Thank you. 

    MS. KOZACK: Okay. Any other questions on Sri Lanka online? Okay, let me take this question on Sri Lanka. 

    So first, let me just step back on Sri Lanka.  First, I’ll say that on Friday, February 28th, the IMF Executive Board approved the Third Review under the EFF (Extended Fund Facility) arrangement for Sri Lanka.  And this provided the country with immediate access to $334 million of support.  So, yes, once the Board approved that Third Review, the $334 million was made available to Sri Lanka to support its economic policies and reforms.  And with this $334 million, it brings total financial support from the IMF to Sri Lanka to $1.34 billion. 

    What I can also add is that reforms in Sri Lanka are bearing fruit.  The economic recovery is gaining momentum.  Inflation remains low in Sri Lanka, revenue collection on the fiscal side is improving, and international reserves are continuing to accumulate.  Economic growth reached 5 percent in 2024, and that was after two years of economic contraction.  And we do expect the recovery to continue in 2025 in Sri Lanka.  These are all very positive developments for Sri Lanka and for the people of Sri Lanka. 

    All of this said, the economy still does remain vulnerable, and therefore it is critical that the reform momentum be sustained to ensure that macroeconomic stability and debt sustainability are durably achieved. 

    And with respect to your specific question, I don’t have anything for you on that regarding the SOEs, but we’ll come back to you bilaterally. 

    I have one question here online from Shoaib Nizami from ARY News TV.  And the question is, when will Pakistan receive Climate Resilience Funds?  So before I turn to this, are there any other questions on Pakistan?  Okay, let me talk a little bit about Pakistan then. 

    So again, just stepping back to explain where we are with Pakistan.  On September 25th of 2024, the Executive Board approved a 37-month EFF arrangement for Pakistan, and it was for $7 billion.  The First Review took place… the First Review mission took place recently, and a staff-level agreement on the First Review was reached on March 25th.  And in addition to reaching a staff-level agreement on the EFF arrangement for the First Review, there was also a staff-level agreement reached on an RSF, a Resilience and Sustainability Facility, that was also reached on March 25th.

    Under the EFF part – so I’m going to talk about both of them.  So the EFF part, which is the First Review under the program, once approved by the IMF’s Executive Board, that would enable Pakistan to have access of about $1 billion for that disbursement.  For the RSF over the length of the arrangement, again subject to approval by the IMF’s Executive Board, the staff-level agreement references an amount of $1.3 billion and that access will be over the life of the RSF, delivered in tranches. 

    Okay.  Kyle, you had a question in the room. 

    QUESTIONER: Good morning.  Kyle Fitzgerald with the National.  So, following the recent staff visit to Lebanon, the IMF and Lebanon agreed to remain in close contact on a new economic reform program.  I was just wondering if you could provide more clarity on what the next steps are and what a potential timeline for this looks like.  Thank you. 

    MS. KOZACK: Okay, very good. With respect to Lebanon, I also have another question online which I am going to read out loud. It is from Sabine Oawais from Annahar (phonetic).  There are two questions here.  The first is when does the IMF anticipate the signing of a program with Lebanon?  What prior actions must the Lebanese government take before reaching final agreement?  The second is, given Lebanon’s ongoing economic challenges, what specific reforms does the IMF see as critical for stabilizing the country’s financial system and securing a sustainable recovery? 

    Before I respond on Lebanon, are there any other questions on Lebanon?  Okay.

    So on Lebanon, an IMF fact-finding mission visited Lebanon from March 10th to 13th.  And on that mission, the staff welcomed the authority’s request for a new IMF-supported program to support the authority’s efforts to address Lebanon’s significant economic challenges.  We have received, obviously, this request for a new program.  We’re working with the authorities to help them develop their comprehensive economic reform program.  The engagement and discussions with the Lebanese authorities are ongoing. 

    And in terms of what is needed, what I can say is that first and foremost what is needed is a comprehensive strategy for economic rehabilitation.  This is going to be critical to restore growth, reduce unemployment and improve social conditions.  The authority’s reform program is going to need to be focused on fiscal and debt sustainability, financial sector restructuring, international reserves are continuing to accumulate.  Economic growth reached 5 percent in 2024, and that was after two years of economic contraction.  And we do expect the recovery to continue in 2025 in Sri Lanka.  These are all very positive developments for Sri Lanka and for the people of Sri Lanka. 

    All of this said, the economy still does remain vulnerable, and therefore it is critical that the reform momentum be sustained to ensure that macroeconomic stability and debt sustainability are durably achieved. 

    And with respect to your specific question, I don’t have anything for you on that regarding the SOEs, but we’ll come back to you bilaterally. 

    I have one question here online . And the question is, when will Pakistan receive Climate Resilience Funds?  So, before I turn to this, are there any other questions on Pakistan?  Okay, let me talk a little bit about Pakistan then. 

    So again, just stepping back to explain where we are with Pakistan.  On September 25th of 2024, the Executive Board approved a 37-month EFF arrangement for Pakistan, and it was for $7 billion.  The First Review took place… the First Review mission took place recently, and a staff-level agreement on the First Review was reached on March 25th.  And in addition to reaching a staff-level agreement on the EFF arrangement for the First Review, there was also a staff-level agreement reached on an RSF, a Resilience and Sustainability Facility, that was also reached on March 25th.

    Under the EFF part – so I’m going to talk about both of them.  So the EFF part, which is the First Review under the program, once approved by the IMF’s Executive Board, that would enable Pakistan to have access of about $1 billion for that disbursement.  For the RSF over the length of the arrangement, again subject to approval by the IMF’s Executive Board, the staff-level agreement references an amount of $1.3 billion and that access will be over the life of the RSF, delivered in tranches. 

    QUESTIONER: Good morning. So, following the recent staff visit to Lebanon, the IMF and Lebanon agreed to remain in close contact on a new economic reform program.  I was just wondering if you could provide more clarity on what the next steps are and what a potential timeline for this looks like.  MS. KOZACK: Okay, very good.  With respect to Lebanon, I also have another question online which I am going to read out loud.  There are two questions here.  The first is when does the IMF anticipate the signing of a program with Lebanon?  What prior actions must the Lebanese government take before reaching final agreement?  The second is, given Lebanon’s ongoing economic challenges, what specific reforms does the IMF see as critical for stabilizing the country’s financial system and securing a sustainable recovery? 

    Before I respond on Lebanon, are there any other questions on Lebanon?  So on Lebanon, an IMF fact-finding mission visited Lebanon from March 10th to 13th.  And on that mission, the staff welcomed the authority’s request for a new IMF-supported program to support the authority’s efforts to address Lebanon’s significant economic challenges.  We have received, obviously, this request for a new program.  We’re working with the authorities to help them develop their comprehensive economic reform program.  The engagement and discussions with the Lebanese authorities are ongoing. 

    And in terms of what is needed, what I can say is that first and foremost what is needed is a comprehensive strategy for economic rehabilitation.  This is going to be critical to restore growth, reduce unemployment and improve social conditions.  The authority’s reform program is going to need to be focused on fiscal and debt sustainability, financial sector restructuring, governance improvements, and reforms to state owned enterprises.  And critically, it’s going to be important to enhance data provision, to improve transparency and to inform policymaking.  And that is the latest update that I have on Lebanon.  We’ll of course keep you updated and I just want to reassure that we are fully committed to working with the Lebanese authorities and the engagement is ongoing and constructive. 

    Let me go online.  We have a few online before I come back to the room.  And I have another question to read here, which is on Egypt.  The question on Egypt is how do you assess the Egyptian economy right now, taking into consideration the impact of geopolitical tensions in the Middle East region? 

    So let me say a few words on Egypt, but before I do so, are there any other questions on Egypt?  So on Egypt, first, I just want to start by saying that on March 10th, the IMF’s Executive Board concluded the 2025 Article IV consultation and completed the Fourth Review under the EFF arrangement.  This enabled the authorities to draw $1.2 billion.  The Executive Board at that time also approved the RSF arrangement, which paves the way for Egypt to access about $1.3 billion over the life of the RSF. 

    Now, with respect to the specific question, our projections for growth, and this is the question about the impact on the Egyptian economy of tensions, our projections for growth in inflation for the next fiscal year — Egypt uses fiscal year, so it’s a 2025-2026 fiscal year — indicate a growth rate of 4.1 percent.  And this is an increase from 3.6 percent in the previous fiscal year.  And on the inflation side, we expect inflation to continue a downward trajectory and reach 13.4 percent by the end of this period.  We’ll be looking to update these projections for Egypt as part of our update in April of the World Economic Outlook.  And of course, those projections will take into account any recent developments. 

    What I can say more broadly for Egypt is that the main economic impact on Egypt of the tensions in the region has been through disruptions in the Red Sea and the disruptions to revenues through the Suez Canal.  Trade disruptions in the Red Sea in Egypt since December of 2023 have reduced foreign exchange inflows from the Suez Canal by about $6 billion in 2024 alone for Egypt.  And the volume of transit trade is about one third of pre conflict levels.  And so this has of course, adverse spillovers to growth in Egypt and also to fiscal revenues in Egypt.  That is the main area that we’re focused on in terms of how Egypt is being affected by the tensions in the region.  And of course, we’ll continue to closely monitor that as part of our deep and constructive engagement with Egypt. 

    QUESTIONER: Yes, thank you, Julie.  Can you hear me all right? 

    MS. KOZACK: Yes, we can hear you.

    QUESTIONER: Just a quick follow up on Argentina.  You mentioned the amount of discussion will be sizable.  I appreciate we can’t discuss what a final figure might be at this point, but can you confirm that Argentina has requested a loan package of around $20 billion or at least discussed a similar figure as Minister Caputo said this morning. 

    MS. KOZACK: Look, I’m not — just as with the other questions in terms of the ongoing discussions, I’m not going to get into the details of those discussions. They are ongoing. And I can simply confirm that the size of the final package for Argentina will be determined by our Executive Board and that the discussions are for a sizable financing package. 

    QUESTIONER: I want to look at the Caribbean specifically on this one.  With the U.S. proposing to tariff Chinese vessels to the tune of $1.5 million docking to an extent in the U.S., what recommendations or how does the — what does the IMF foresee in terms of potential economic fallouts for Small Island States within the Caribbean region going forward?  And this is in keeping with the tone of questions in the room there.  Do you foresee any potential — or what recommendation would the IMF give to Small Island States, especially those in the Caribbean region, about potential inflation as you look towards the future and tariffs “here is the name of the game” from the United States?

    MS. KOZACK: I’d say like with all of the other impacts of recent developments, we will be discussing this in our World Economic Outlook. But also, I think importantly for the Caribbean, we will have a discussion around regional developments by our Western Hemisphere Department.  And that discussion will, of course, cover the specific impacts on the Caribbean. 

    What I can say today about the Caribbean is to just give a sense of where we stood in our latest forecast, which was in January of 2025.  At that time we expected that growth in the region would be normalized.  So, what we saw in the Caribbean was a kind of rapid recovery after the Pandemic.  And now we’re seeing a normalization phase, or at least that was our assessment in January.  And we expected real GDP growth to reach 2.4 percent in 2025, which would have been about the same as in 2024.  What we saw on inflation again in January was that it had moderated significantly in 2023 and 2024 and that inflation in the Caribbean had returned to pre-Pandemic levels.  So of course, we will then incorporate any of the recent developments in our revised forecast, which will be coming out in April, and we can have a — we’ll have a fuller picture at that time. 

    But just to say a few words on the policy advice, our policy advice for the Caribbean has been more broadly to continue to pursue sustainable fiscal policies to continue to rebuild policy buffers and to strengthen the resilience of domestic economies and institutions.  We also encouraged Caribbean economies to accelerate investment in infrastructure and to implement necessary reforms to boost growth.  And again, we will have a fuller update in January — I mean, sorry, in April. 

    I see some more questions coming online for me to read.  I have a question online on Kenya.  And the question says at the end of the Eighth Review, and I assume under the program, Ms. Gita Gopinath stated, Kenya’s economy remains resilient with growth above the regional average, inflation decelerating and external inflows supporting the shilling and a buildup of external buffers despite a difficult socioeconomic environment.  What has changed since then that has prevented completion of the Final Review under the program? 

    So, before I move to Kenya, are there other questions on Kenya?  QUESTIONER: Thank you, Julie.  Yes, on Kenya, if there’s any details on, on why that last review was ditched as, as my colleague asked, and did they fail to meet any of their targets?  And can we expect any update on, on a request of a new program?  MS. KOZACK: Okay.  I don’t see anything else on Kenya.  So let me give this update on Kenya. So we did recently have an IMF staff team recently visited Kenya for a staff visit.  We did issue a statement on March 17th and in that statement, what was noted is that the Kenyan authorities and the IMF reached an understanding that the Ninth Review under the EFF and ECF programs would not proceed. 

    Where we — what I can say more generally is that the authorities, policy, agenda, and reform programs have been supported by the IMF and they have helped improve Kenya’s economic resilience.  As was stated in the first question, the external position has indeed strengthened over the past year and inflation has eased. 

    All of this said, fiscal challenges do remain amid continued revenue shortfalls and the materialization of additional spending pressures.  And what this is going to require is a reassessment of the medium-term fiscal consolidation strategy to ensure that fiscal sustainability can be preserved.  These challenges will require more time to resolve, and the IMF has therefore received a formal request for a new program from the authorities.  And we are going to — we are, our team is engaging on this request of the authorities, and they remain closely in contact with the authorities.  We’ll provide additional details as we have them.  I can just add that we do remain committed to supporting Kenya’s efforts to realize its full economic potential. 

    QUESTIONER: So I was wondering if you could provide an update on Nigeria, Senegal, and Zambia.  I know the Managing director met with the Finance Minister of Zambia yesterday.  So if you have any update that you could provide regarding the debt restructuring.  And on Senegal, there was a release that was issued yesterday by the IMF defining, confirming that there was a significant underreporting of the fiscal deficit.  How did the IMF miss that information and how do you plan to ensure that it doesn’t happen?  And are you looking to change your methodology? 

    MS. KOZACK: So, on Nigeria, what I can say is [that] the first Deputy Managing Director, Gita Gopinath, traveled to Abuja and Lagos on March 3rd and 4th. She met with Finance Minister Edun, Central Bank Governor Cardoso, as well as civil society groups and private sector leaders. And she also participated in an event with students at the University of Lagos.  Our staff are planning to travel to Nigeria next week in preparation for the 2025 Article IV Consultation.  The authorities’ policies to stabilize the economy and to promote growth are welcome, and they will, of course, need to be accompanied by targeted social transfers to support the most vulnerable populations. 

    We do recognize the extremely difficult situation that many Nigerians face.  And for that reason, I just want to emphasize that completing the rollout of cash transfers to vulnerable households is an important priority for Nigeria, as is improving revenue mobilization domestically. 

    And that is the latest that I have on Argentina and not will — not Argentina, I’m looking at Rafael — on Nigeria, and we will have, of course, more after the mission completes its work.

    MS. KOZACK: Now on Senegal, what I can say on Senegal is, you know, we are actively engaged with the Senegalese authorities and a staff team, which included experts from several different IMF departments, visited Senegal on March 18th through 26th. And they released the statement, of course, that you referred to at the end of that mission. The purpose of the mission was to advance efforts to resolve the recent misreporting case. 

    I think, as we have discussed here before, Senegal’s Court of Auditors released its final report on February 12.  The Court confirmed that the fiscal deficit and public debt were under-reported over the period 2019 to 2023.  And we’re also, our team is also working closely with the authorities to resolve those — that misreporting case and to look at what measures can be taken to ensure, of course, that it doesn’t happen going forward, what are the root causes, and what needs to be done to support Senegal as it seeks to move forward.

    What I can also add is that we collaborate.  The IMF collaborates closely with member countries in all of our engagements, but at the end of the day, it is the member country that is responsible for providing us with accurate and comprehensive data.  While we are partners in the process, it is really the primary responsibility of the country authorities to ensure that the credibility and the quality of the data is accurate.  And we do, of course, for countries that are finding shortcomings in data quality or data accuracy or who want to improve their data reporting, we do offer technical assistance through our experts to help support countries that are interested in improving their data provision. 

    QUESTIONER: Can I quickly ask, regarding that, about the technical support that you provide?  How much — how many African countries are taking advantage of? 

    MS. KOZACK: It is a good question. I do not have the numbers in front of me, but we can certainly come back to you bilaterally. Overall, the continent of, you know — well, Sub-Saharan Africa, the region of Sub-Saharan Africa, is a heavy user of technical assistance services.  How [many] of those are in the area of data and statistics, I do not know.  But we can certainly come back to you bilaterally with that information

    And then on Zambia, I don’t have an update here for you, but we can come back to you bilaterally on Zambia. 

    QUESTIONER: Okay.  Thank you very much.

    MS. KOZACK: Last question.

    QUESTIONER: Thank you, Julie.  And I am sorry for bothering you a third time in a row.  It is about the Black Sea Grain Initiative.  I presume that it is too early to assess, but from the IMF perspective, how can potential moratorium on strikes on the Black Sea between Russia and Ukraine contribute to global trade, food security, and overall, does the IMF monitor the current ongoing discussions on this topic?  MS. KOZACK: Okay, very good.  So, on this one, what I can say is, of course, we are closely monitoring the discussions around the Black Sea.  I do not have a full assessment, of course, now.  What I can say is that there is quite a bit of global trade that goes through the Black Sea.  I think the number is about 7 percent.  And also, we know that some of that global trade is concentrated in key food commodities like wheat.  And to the extent that there is a, let us say, improvement in the ability for transit through the Black Sea, particularly with respect to important global food commodities, that should help ease food shortages globally. 

    With that, I’m going to bring this Press Briefing to a close.  Thank you all for joining us today.  As a reminder, the briefing is embargoed until 11:00 a.m. Eastern Time in the United States.  A transcript will be made available later on IMF.org and as always, in the case of clarifications or additional queries, please do not hesitate to reach out to my colleagues at media@imf.org.

    This concludes our Press Briefing for today, and I wish everyone a wonderful day.  I look forward to seeing you next time and, of course, at the Spring Meetings.  Thank you. 

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Brian Walker

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    MIL OSI Economics –

  • MIL-OSI Submissions: US accounted for 90% of global bank fines imposed in 2024 – Finbold

    Source: Finbold

    Finbold’s 2024 Bank Fines Report found that 57 fines larger than $500,000 were issued to banks worldwide in 2024 due to a wide range of violations for a total penalty sum of $4.5 billion. (ref. https://finbold.com/report/bank-fines-2024 )

    According to Finbold research, anti-money laundering (AML) breaches were the most common violation, and Toronto-Dominion Bank (TD Bank) was forced to pay $3.09 billion over related failures.

    Furthermore, TD Bank’s fine accounted for 68.67% of the amount levied in 2024, while the US regulators collected $4.08 billion—slightly more than 90% of the cumulative global amount.

    UK and Sweden lead Europe trail behind the US

    British and Swedish regulators were responsible for the largest fines outside the US. In the UK, HSBC Bank was penalized with $74.12 million for failing to implement depositor protection, while in Sweden, Klarna Bank AB was compelled to pay $46 million over AML issues.

    Finland, whose fines totaled $35 million, found itself in the fourth stop. The country’s enforcement is also notable for involving Nordea Bank’s failures to prevent money laundering and other criminal activities, as revealed by the 2016 Panama Papers.

    China imposed only $31 million in bank fines in 2024

    Elsewhere, China may be the biggest surprise of the report. Despite boasting the world’s second-biggest economy by nominal gross domestic product (GDP), it was only fourth in the total number of cases, at three, and fifth in the total penalty amount, at $31.22 million.

    As Andreja Stojanovic, a co-author of the research, pointed out:

    “In the US, the Federal Deposit Insurance Corporation (FDIC) insures just over 4,000 such corporations, aligning the American case proportion with the dominance of the country’s banking sector. Despite imposing substantially lower and fewer fines, China is also cited as having more than 4,000 banking institutions.”

    Lastly, the figure for China does not change much for those who prioritize the ‘one country’ over the ‘two systems,’ as there was only one case in Hong Kong, which resulted in a relatively small fine of $510,000.

    Read the full story with statistics here: https://finbold.com/us-accounted-for-90-of-global-bank-fines-imposed-in-2024-finbold-report/

    MIL OSI – Submitted News –

  • MIL-OSI USA: DBEDT NEWS RELEASE: Visitor Spending Increased in February 2025

    Source: US State of Hawaii

    DBEDT NEWS RELEASE: Visitor Spending Increased in February 2025

    Posted on Mar 27, 2025 in Latest Department News, Newsroom

    STATE OF HAWAIʻI

    KA MOKU ʻĀINA O HAWAIʻI

     

    DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM

    KA ʻOIHANA HOʻOMOHALA PĀʻOIHANA, ʻIMI WAIWAI A HOʻOMĀKAʻIKAʻI

     

    RESEARCH AND ECONOMIC ANALYSIS DIVISION

     

    JOSH GREEN, M.D.
    GOVERNOR

    KE KIAʻĀINA

     

    JAMES KUNANE TOKIOKA

    DIRECTOR

    KA LUNA HOʻOKELE

     

    1. EUGENE TIAN

    CHIEF STATE ECONOMIST

     

    VISITOR SPENDING INCREASED IN FEBRUARY 2025

     

     

    FOR IMMEDIATE RELEASE

    March 27, 2025

     

     

    HONOLULU – According to preliminary statistics from the Department of Business, Economic Development and Tourism (DBEDT), there were 240,525 total visitors in Hawai‘i on any given day (average daily census) in February 2025, which was an increase from February 2024 (236,008 visitors, +1.9%), but fewer than pre-pandemic February 2019 (246,741 visitors, -2.5%). Total spending by all visitors in February 2025 measured in nominal dollars was $61.7 million per day, up from February 2024 ($57.1 million per day, +8.0%) and much higher than February 2019 ($49.6 million per day, +24.4%).

    2024 was a leap year and included an extra day in February. To directly compare with February 2025 data, the average daily census was used as a measure of visitor volume and visitor spending and air capacity data were stated on a per day basis, where applicable. Total visitor spending and total visitor arrival are presented in the Glance and Island Highlight tables at the end of this news release.

    Among visitors who came by air service in February 2025, the average daily census of 111,573 U.S. West visitors was an increase from February 2024 (108,614 visitors, +2.7%) and February 2019 (96,870 visitors, +15.2%). In February 2025, U.S. West visitors’ total spending was $28.3 million per day, which was more than February 2024 ($25.1 million per day, +13.1) and February 2019 ($17.8 million per day, +58.8%).

    In February 2025, the average daily census of 69,151 U.S. East visitors was greater than February 2024 (64,408 visitors, +7.4%) and February 2019 (63,462 visitors, +9.0%). U.S. East visitors’ total spending in February 2025 was $19.3 million per day, higher than February 2024 ($16.8 million per day, +14.7%) and February 2019 ($13.3 million per day, +45.1%).

    In February 2025, the average daily census of 9,992 visitors from Japan declined compared to February 2024 (11,691 visitors, -14.5%) and February 2019 (24,408 visitors, -59.1%). Total spending by Japanese visitors in February 2025 was $2.4 million per day, down from February 2024 ($2.8 million per day, -14.1%) and February 2019 ($5.9 million per day, -58.8%).

    In February 2025, the average daily census of 20,686 Canadian visitors decreased from February 2024 (20,977 visitors, -1.4%) and February 2019 (29,741 visitors, -30.4%). Total spending by Canadian visitors in February 2025 was $5.0 million per day, higher than February 2024 ($4.7 million per day, +6.2%), but less than February 2019 ($5.5 million per day, -8.7%).

    In February 2025, the average daily census of 25,841 visitors from all other international markets (including visitors from Oceania, Other Asia, Europe, Latin America, Guam, the Philippines and the Pacific Islands) dropped compared to February 2024 (27,166 visitors, -4.9%) and February 2019 (29,939 visitors, -13.7%).

    Among visitors who came to Hawai‘i by out-of-state cruise ships, the average daily census in February 2025 of 3,283 visitors was more than February 2024 (3,152 visitors, +4.1%) and February 2019 (2,322 visitors, +41.4%).

    In February 2025, there were 4,475 transpacific flights with 994,193 seats that serviced the Hawaiian Islands. This averaged out to 160 flights and 35,507 air seats per day, which was a decrease from February 2024 (161 flights with 36,016 seats per day) and from February 2019 (165 flights with 36,106 seats per day). Fewer flights and seats from Japan, Canada, Korea and Australia to Hawai‘i entirely offset growth in air capacity from the U.S. mainland.

    VIEW FULL NEWS RELEASE AND TABLES

     

    Statement by DBEDT Director James Kunane Tokioka

     

    For February 2025, average daily visitor spending at $256.40 per visitor was the highest level historically in nominal terms. Though the inflation rate is not available for February, it is likely that the visitor spending is an increase (6% in nominal terms) after adjusting for inflation (January 2025 Honolulu consumer inflation was 4.1%).

    As for Canadian visitor arrivals, DBEDT will continue to closely monitor this market. Canada and Hawai‘i have a longstanding relationship and we are cautiously optimistic that although Canadian travel to the continental U.S. may decrease, it may not mean that Hawai‘i visits will decrease in the same manner. At this time, we do not see flight cancelations from Air Canada or WestJet.

    It is encouraging to see that the number of visitors from the continental U.S. increased this February at 1.2 percent higher than last February even though last year was a leap year. Compared with pre-pandemic February 2019, U.S. visitor arrivals increased by 16.6 percent. It is expected that the U.S. East market will perform better this year.

    # # #

     

     

    Media Contacts:

     

    Laci Goshi 

    Communications Officer

    Department of Business, Economic Development and Tourism

    Cell: 808-518-5480

    Email: [email protected]

     

    Jennifer Chun

    Director of Tourism Research

    Department of Business, Economic Development and Tourism

    Phone: 808-973-9446

    Email: [email protected]

    MIL OSI USA News –

  • MIL-Evening Report: 25 years into a new century and housing is less affordable than ever

    Source: The Conversation (Au and NZ) – By Brendan Coates, Program Director, Housing and Economic Security, Grattan Institute

    Of all the problems facing Australia today, few have worsened so rapidly in the past 25 years as housing affordability.

    Housing has become more and more expensive – to rent or buy – and home ownership continues to fall among poorer Australians of all ages.

    Housing makes up most of Australia’s wealth, so more expensive homes concentrated in fewer hands means growing wealth inequality, with a marked generational divide.

    To unwind inequality, we need to make housing cheaper, and that means building much more of it.

    Housing has become more expensive

    The price of the typical Australian home has grown much faster than incomes since the turn of the century: from about four times median incomes in the early 2000s, to more than eight times today, and nearly 10 times in Sydney.

    Housing has also become more expensive to rent, especially since the pandemic.

    Rental vacancy rates are at record lows and asking rents (that is for newly advertised properties) have risen fast – by roughly 20% in Sydney and Melbourne in the past four years, and by much more in Brisbane, Adelaide, and Perth.

    Home ownership is falling fast among the young

    Rising house prices are pushing home ownership out of reach for many younger Australians.

    In the early 1990s it took about six years to save a 20% deposit for a typical dwelling for an average household. It now takes more than 12 years.

    Unsurprisingly, home ownership rates are falling fastest for younger people. Whereas 57% of 30–34 year-olds owned their home in 2001, just 50% did so by 2021. And just 36% of 25–29 year olds own their home today, down from 43% in 2001.

    And home ownership is falling fastest among the poorest 40% of each age group.

    Fewer homeowners means more inequality

    People on low incomes, who are increasingly renters, are spending more of their incomes on housing.

    The real incomes of the lowest fifth of households increased by about 26% between 2003–04 and 2019–20. But more than half of this was chewed up by skyrocketing housing costs, with real incomes after housing costs increasing by only 12%.

    In contrast, the real incomes for the highest fifth of households increased by 47%, and their after-housing real incomes by almost as much: 43%.

    Wealth inequality in Australia is still around the OECD average but has been climbing for two decades, largely due to rising house prices.

    In 2019–20, one-quarter of homeowning households reported net wealth exceeding $1 million. By contrast, median net wealth for non-homeowning households was $60,000.

    Since 2003–04, the wealth of high-income households has grown by more than 50%, much of that due to increasing property values. By contrast, the wealth of low-income households – mostly non-homeowners – has grown by less than 10%.

    The growing divide between the housing “haves” and “have nots” is largely generational. Older Australians who bought their homes before prices really took off in the early 2000s have seen their share of the country’s wealth steadily climb.

    This inequality will get baked in as wealth is passed onto the next generation.

    Some Australians will be lucky enough to inherit one or more homes. Others – typically those on lower incomes – will receive none.

    To unwind inequality, we need to make housing less expensive

    We haven’t built enough

    Australians’ demand for housing since the turn of the decade is a story of historically low interest rates, increased access to finance, tax and welfare settings that favour investments in housing, and a booming population.

    But one widely-blamed villain – the introduction of the 50% capital gains tax discount in 1999, together with negative gearing – is likely to have played only a small part in rising house prices.

    That’s because the value of these tax advantages – about $10.9 billion a year – is tiny compared to Australia’s $11 trillion housing market.

    Instead, the biggest problem is that housing construction in recent years hasn’t kept up with increasing demand.

    Strong migration over the past two decades has seen Australia’s population rise much faster than most other wealthy countries in recent decades, boosting the number of homes we need. Rising incomes, and demographic trends such as rising rates of divorce and an ageing Australia, have further increased housing demand.

    Yet Australia has one of the lowest levels of housing per person of any OECD country, and is one of only four OECD countries where the amount of housing per person went backwards over the past two decades.

    This is largely a failure of housing policy. Australia’s land-use planning rules – the rules that dictate what can get built where – are highly restrictive and complex. Current rules and community opposition make it very difficult to build new homes, particularly in the places where people most want to live and work.

    More homes would mean less inequality

    Fixing this will allow mores home to get built, moderate house price growth, and reduce barriers to home ownership. In turn, this will reduce the inequalities created by our broken housing system.

    Easing planning restrictions is hard for governments, because many residents don’t want more homes near theirs.

    The good news is that the penny has started to drop and state governments – particularly in Victoria and New South Wales – are making meaningful progress towards allowing more homes in activity centres and on existing transport links.

    But now the real test begins: how will governments respond to the backlash from people who would prefer their communities to stay the same?

    How well governments hold the line against the so-called NIMBYs (Not In My Back Yard) will tell us a lot about what we can expect to happen to inequality in Australia in the future.

    Grattan Institute began with contributions to its endowment of $15 million from each of the federal and Victorian governments, $4 million from BHP Billiton, and $1 million from NAB. In order to safeguard its independence, Grattan Institute’s board controls this endowment. The funds are invested and contribute to funding Grattan Institute’s activities. Grattan Institute also receives funding from corporates, foundations, and individuals to support its general activities, as disclosed on its website.

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

    – ref. 25 years into a new century and housing is less affordable than ever – https://theconversation.com/25-years-into-a-new-century-and-housing-is-less-affordable-than-ever-250067

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Global: Energy bills and debt are rising yet again – here are three things that would help vulnerable households

    Source: The Conversation – UK – By Elaine Robinson, Research Associate, Centre for Research in Social Policy, Loughborough University

    Energy prices are rising faster than benefits, wages or pensions, meaning the amount that UK households owe to energy suppliers – their energy debt – is also likely to grow.

    On April 1 2025, the energy price cap, which is the maximum amount suppliers can charge, will rise by 6.4%. This is the third consecutive quarterly increase, and a rise of 9.4% compared with the limit set the previous April, which amounts to an increase of £159 on the typical bill.

    Meanwhile, benefits such as universal credit are being increased by only 1.7%, which will mean those on low incomes will find it challenging to pay for the energy they need. The increase is so low because, every April, benefits rise in line with the rate of overall inflation for the previous September.

    State pension increases have outpaced increases to working age benefits due to “the triple lock”, which ensures annual increases are pegged to the highest of earnings growth, inflation or 2.5%. Nonetheless, the state pension is set to rise by only 4.1%.

    Combined with the loss of the winter fuel payment (at least £200 a year) for all but the poorest pensioner households, the price cap rise will especially hurt those who are just above the threshold to receive pension credit.

    People in low-paid work will fare slightly better. But still, the minimum wage rise of 6.7% for those over 21 in April 2025 will not keep pace with the 9.4% annual increase in energy prices. Essentials, such as energy, make up a greater proportion of spending for low-income households, so these price rises will have a greater impact here.

    Energy debt highest since 2012

    Energy regulator Ofgem reported those in arrears (without a repayment plan) owed an average of £1,568 for electricity and £1,324 for gas at the end of September 2024, an annual increase of 33% and 85% higher than debt levels in September 2021.

    Even for those on repayment plans, debt remains high, having risen by two-thirds since the start of 2022. Record levels of energy debt – the highest since records began in 2012 – are inflating bills for all consumers, as energy providers seek to recover the cost of debt. This situation looks set to worsen, given that this data precedes price rises since October 2024.

    Moving to a fixed rate or cheaper tariff with another supplier is not possible for those with more than 28 days unpaid energy bill debt. Households at risk of going into debt also tend to ration their energy use or self-disconnect. But living in a cold home risks damp and mould, which has severe health consequences.

    Available help is not enough

    The government is expanding the warm home discount scheme to make more households eligible for an annual payment of £150, but it is unclear at this stage who will benefit. The payment may not be enough, since price cap changes mean that from April 2025, average annual bills will be £159 more expensive. Crucially, energy debt repayments are not reflected in the government’s fuel poverty calculations.

    The government urgently needs to introduce an effective debt relief scheme.

    Ofgem has acknowledged that energy is essential for everyone and that disconnection has harmful consequences. It also recognises energy market failures prevent those with small debts from accessing better deals. The regulator recommends a debt relief fund of up to £1 billion to help vulnerable households that have been affected by the energy crisis and for suppliers to adopt consistent standards in handling and preventing debt.

    Here’s are three ways the government can protect vulnerable households.

    1. Store more energy

    Renewable energy sources like wind and solar are intermittent, so demand won’t always match supply. In a marketised energy system, that means prices will be more volatile. However, a leading cause of high bills in the last few years has been the fact that Britain’s privatised system sets electricity bills according to the wholesale price of gas, which is often the most expensive energy source.

    If the UK can create more energy storage options (such as batteries, pumped hydro and thermal storage), the grid can store excess green energy when it is abundant to use when it is needed. This would reduce price volatility and reliance on expensive gas.



    Read more:
    How gas keeps the UK’s electricity bills so high – despite lots of cheap wind power

    2. Insulate homes

    Home improvements such as insulation and draught-proofing can help people spend less on energy for heating, which accounts for most of the cost of domestic energy bills. This needs to be combined with adequate ventilation to prevent damp and mould.

    3. Cover medical energy costs

    Since late 2024, energy pricing reform has permitted tariffs without a standing charge. This is an amount you pay on your energy bill every day, regardless of whether you use any energy. The change will benefit those who spend the least on energy. However, it won’t help people whose energy needs are higher due to health conditions, or who spend more time at home.

    Older people, the disabled and those who are terminally ill will need more help, as highlighted by research I led on fuel poverty in the last year of life. Living in a cold home can exacerbate health conditions and cut lives short.

    People who are dying are more vulnerable to cold and may need to use more electricity for medical equipment. Our research found that they are more likely to be in fuel poverty. For the terminally ill, home energy-efficiency improvements take time that they don’t have. Getting work done is disruptive. What these people urgently need is help with their bills.

    End-of-life charity Marie Curie is campaigning for a social tariff which would provide cheaper energy for those who are terminally ill. It has asked the government for additional help to cover the energy costs of medical equipment, so that vulnerable people don’t fall into energy debt.

    Incomes are failing to keep pace with rising energy prices and existing schemes to help those on low incomes fall well short. This will push more people into hardship. The government must put the needs of the most vulnerable first.

    Don’t have time to read about climate change as much as you’d like?

    Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 40,000+ readers who’ve subscribed so far.

    Elaine Robinson is a member of the Labour Party. She has received funding from Marie Curie.

    – ref. Energy bills and debt are rising yet again – here are three things that would help vulnerable households – https://theconversation.com/energy-bills-and-debt-are-rising-yet-again-here-are-three-things-that-would-help-vulnerable-households-252570

    MIL OSI – Global Reports –

  • MIL-OSI Global: David Blunkett: the world has changed since Liz Truss’s mini budget, so what is Labour still so scared of?

    Source: The Conversation – UK – By David Blunkett, Chair in Politics in Practice, Department of Politics and International Relations, University of Sheffield

    Much has been said about UK chancellor Rachel Reeves’ self-imposed fiscal rules, and her repeated assertion – which she included in the spring statement – that they are “non-negotiable”. Of course, this is true if you’re not prepared to listen to alternatives, but in the real world there is no set economic template with which people cannot argue.

    Put simply, the chancellor’s rules demand that day-to-day expenditure should be covered by government income at the end of the five-year economic cycle. This is what has led to the current need to cut spending – including to health and disability benefits – so drastically. The length of this cycle is determined by the government as part of their “rule”.

    All of this is predicated on the government’s belief that economic policy will be undermined if the international financial markets (including the bond markets on which governments depend for borrowing) react badly. Which, it is commonly asserted, would significantly push up the cost of borrowing. Other factors, such as US president Donald Trump’s extraordinary threats to trade, and the borrowing requirements of other countries, will also have an immediate impact.

    Underpinning all of this is the split between capital investment – spending on things like roads and hospitals – and day-to-day revenue to keep services operating.

    Therefore, the chancellor imposes rules to avoid the financial markets hitting the UK in the way they did when former prime minister Liz Truss and her chancellor Kwasi Kwarteng introduced a “mini budget”. The unfunded tax cuts it contained led to the markets losing confidence in the UK’s financial stability.

    This is the spectre at the feast. Everything being done by the present government is with the backcloth of what happened in 2022. We are, in effect, binding ourselves to a moment in time.

    Many economists disagree with the rigidity (or what is known as “Treasury orthodoxy”) about how the economy works. Leading international economist Mariana Mazzucato, along with a group of other renowned academics, published a letter in the Financial Times spelling out their concerns about the imposition of the “rules”.

    In practice, while public spending over the next two years will not be hit drastically (other than the welfare budget), the following three years will see a massive tightening of what is available for most public services. This includes local government and the criminal justice system – which have seen eye-watering cuts in previous years.

    The average 1.2% increase in departmental budgets projected over the three years from 2027 is far less than this for many government departments and for local government. This is because spending in areas such as health and for schools (but not education more broadly) are predicted to rise much more substantially.

    This is why people are starting to use the word “austerity” – they are seeing a reflection of the years between 2010-2017, when many felt that public services were decimated.

    Scorecard for government spending plans

    During that austerity period, the body known as the Office for Budget Responsibility (OBR) was brought in by the then-chancellor George Osborne. Now being carried through even more rigidly by Reeves, this is intended to be an independent group which “scores” the government’s likely success against its predictions. I use the word “likely”, because just three members are charged with the analysis, by the Treasury, of how successful the policy is likely to be.

    The OBR has come to have massive influence over what the government believes it can undertake, confining the options even beyond the self-imposed rules.

    Just before her spring statement, the chancellor altered the amount that would have to be saved from changes in the welfare system. This was in order to take account of the analysis by these three individuals who believed that the reforms as proposed would not achieve the savings required.

    So, we go round in a circle – with one set of economists double-checking the calculations and projected analysis of another set of economists. But they have such enormous influence that they can change government policy.

    You might believe that the OBR (being full of experts) is pretty much infallible. You would be wrong. Since its inception, it has often been wide of the mark. Even when only marginally, this has had an impact on both policy and perceptions, including by those financial markets that have such a stranglehold on nation states.

    In 2012, the OBR projected that over the five years ahead, growth would average 2.8%. In fact, it was 1.7%. In 2020, their prediction was that gross domestic product (GDP) would fall by 11.3% when in fact the drop was 9.8%. Most recently, in 2023, it projected a fall in GDP of 0.3% – which sadly turned out to be 0.8%.

    I use these stats merely to illustrate that forecasts and scorecards as to whether the government has got its sums wrong are highly subjective. For politicians to place their economic and political policies in the hands of a group of disparate individuals with their own political and economic outlook and personal experiences is, in my view, bizarre.

    This is why some of us who know about the difficulties of government from having been there, and who are not in any way dismissive of the huge power of the international markets, are challenging this economic orthodoxy.

    We are simply asking whether rigid economic respectability is truly more important than long-term investment and sustaining essential public services.

    David Blunkett is a Fellow of the Association of Social Sciences and a Labour Peer in the House of Lords.

    – ref. David Blunkett: the world has changed since Liz Truss’s mini budget, so what is Labour still so scared of? – https://theconversation.com/david-blunkett-the-world-has-changed-since-liz-trusss-mini-budget-so-what-is-labour-still-so-scared-of-253270

    MIL OSI – Global Reports –

  • MIL-OSI Europe: AFRICA/MALI – Operation Sounkalo Solidarité: solidarity, sharing, social cohesion during Ramadan and Lent

    Source: Agenzia Fides – MIL OSI

    Thursday, 27 March 2025

    Bamako (Agenzia Fides) – Since March 1, the official start of Ramadan, thousands of people of all faiths have gathered in various locations across the country to share food, which is distributed every afternoon at 6:00 p.m., when Muslims can break their fast.The initiative, launched by the Malian government, aims to create a climate of solidarity and cohesion among the population and consists of distributing meals and food packages to everyone. Every day, workers, local authorities, and NGOs gather with the population to break the fast at designated locations such as football fields, open spaces, or mosques to share the meals provided (61 locations across the country and 300 food packages per day and location).This year, the occasion is even more significant, as Ramadan for Muslims coincides with Lent for Christians. Thanks to this initiative, the entire population has the opportunity to share not only food but also genuine moments of aggregation. In a climate of solidarity, people feel motivated and encouraged, despite the instability in the country. Life continues as normal for everyone until the evening, when everyone, from local authorities to religious and ordinary citizens, gathers for meals that conclude with prayers and blessings in a true atmosphere of conviviality, peace, and social cohesion.In addition to the packages delivered to the main religious organizations by the President of the Republic’s Commissioner for Social Works on March 4, 2025, another 50 tons of rice were delivered to the country’s main Muslim and Christian religious organizations on March 13, 2025, by the Minister of Religious Affairs, Worship, and Customs, Mahamadou Konè, in the presence of Mahamane Adamou Cissé, Deputy Director General of the Maison du Hadj, as well as numerous religious leaders, members of the government, and civil society actors at the Maison du Hadj.Mahamane Konè recalled on this occasion that this initiative is part of the Operation “Sounkalo Solidarité” of the President of the Transitional Government, Army General Assimi Goita, and aims to provide support to vulnerable populations through religious structures. For his part, Mahamane Adamou Cissé emphasized that this initiative testifies to the commitment of the highest authorities of the transition to the Muslim and Christian religious communities, noting that in this blessed month, a month of sharing, piety, and solidarity, this gesture takes on a very special meaning that will allow many families to live this time with dignity.Since 2012, Mali has been ravaged by a civil war between the country’s regular army, Tuareg rebels, and various jihadist groups in conflict with the central government and among themselves. According to international statistics, the escalation of this political crisis has led to two further military coups in 2020 and 2021, respectively, while conflicts between the various armed groups within the country have further intensified since August 2022, when French troops withdrew from Malian territory, ending a nine-year military operation.Following the dismissal of Prime Minister Choguel Kokalla Maïga on November 20 of last year, the government is currently led by General Abdoulaye Maïga, and presidential elections are not expected soon. Local sources indicate that security in the country has improved thanks to the opening of various barracks and frequent movements organized by the countries of the “Alliance pour l’État du Sahel” (AES). (AP) (Agenzia Fides, 27/3/2025)
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    MIL OSI Europe News –

  • MIL-OSI: Flow Traders 1Q 2025 Pre-Close Call Script

    Source: GlobeNewswire (MIL-OSI)

    Flow Traders 1Q 2025 Pre-Close Call Script

    Eric Pan – Head of Investor Relations, Flow Traders

    Welcome to the Flow Traders 1Q 2025 pre-close call, which is being conducted post the European market close on 27 March. During this call I will highlight relevant publicly available data and industry trends in our markets as well as previously published data by Flow Traders and relate these data points to their impact on our business for the quarter. We will publish our 1Q 2025 Trading Update on 24 April at 07:30 CEST.

    Market Environment

    In general, the market trading volumes in Equity improved in the quarter, both when compared to the same period a year ago as well as compared to last quarter. Equity volatility was mixed, however, depending on the comparison period and region. Within Fixed Income, volume trends were mixed depending on the segment while volatility declined both year-on-year and quarter-on-quarter. In Digital Assets, trading volumes increased compared to the same period a year ago but decreased compared to last quarter as fund flows into digital asset ETFs were lower than last year, which was expected given the spot Bitcoin ETF launches in January of 2024.

    Diving deeper into each of the asset classes and regions:

    Equity

    In Equity, European exchange operators Euronext, Deutsche Börse and the London Stock Exchange saw double-digit improvements in trading volumes both year-on-year and quarter-on-quarter. In the Americas, volumes on both the Nasdaq and NYSE also increased by double-digits year-on-year and quarter-on-quarter, for the most part. APAC saw mixed trading in the quarter as volumes across the Hong Kong and Shanghai Stock Exchange increased significantly year-on-year, but to a lesser extent quarter-on-quarter, while the Tokyo Stock Exchange saw volumes declined both year-on-year and quarter-on-quarter.

    Volatility, as exemplified by the VSTOXX in Europe, VIX in the Americas, VHSI in Hong Kong, and JNIV in Japan, declined for the most part across the different regions. The VSTOXX declined by double-digits year-on-year and was flat quarter-on-quarter. The VIX also declined by double-digits year-on-year but was up slightly quarter-on-quarter. VHSI was flat year-on-year and declined slightly quarter-on-quarter, while JNIV increased year-on-year but declined quarter-on-quarter.

    FICC

    In Fixed Income, the market trading environment in the quarter continue to be mixed as trading volumes improved in some segments but declined in others, either on a year-on-year or quarter-on-quarter basis. Fixed income volatility, as indicated by the MOVE index, declined by double-digits both year-on-year and quarter-on-quarter.

    Within Digital Assets, trading volumes in Bitcoin, the barometer of the industry, increased year-on-year but decreased quarter-on-quarter. Fund flows into digital asset ETFs were down meaningfully when compared to the spot Bitcoin ETF launches in the U.S. during the same period last year.

    ETP Market Volumes

    As per Flow Traders’ previously published monthly ETP Market Statistics, quarter-to-date, On and Off Exchange Value Traded was up 39% year-on-year in EMEA, up 1% in the Americas, up 67% in APAC, and up 11% globally. Average volatility, as indicated by the VIX, was up 22% quarter-to-date compared to the same period a year ago.

    Impact on Flow Traders

    Coming to Flow Traders’ quarterly performance, the improvement in trading volumes in the period within Equity positively contributed to NTI when compared to the same period a year ago, offset by the expected lower contribution from Digital Assets given the unprecedented spot Bitcoin ETF launches in the U.S. last year. From a regional perspective, EMEA and APAC improved compared to the same period a year ago, positively impacted by the market outperformance in these regions as a result of the current geopolitical climate, offset by the market underperformance in the Americas. On the cost front, Fixed Operating Expenses in the quarter were in-line with our previous guidance.

    Contact Details

    Flow Traders Ltd.

    Investors
    Eric Pan
    Phone:         +31 20 7996799
    Email:                investor.relations@flowtraders.com

    Media
    Laura Peijs
    Phone:         +31 20 7996799
    Email:                press@flowtraders.com

    About Flow Traders

    Flow Traders is a leading trading firm providing liquidity in multiple asset classes, covering all major exchanges. Founded in 2004, Flow Traders is a leading global ETP market marker and has leveraged its expertise in trading European equity ETPs to expand into fixed income, commodities, digital assets and FX globally. Flow Traders’ role in financial markets is to ensure the availability of liquidity and enabling investors to continue to buy or sell financial instruments under all market circumstances, thereby ensuring markets remain resilient and continue to function in an orderly manner. In addition to its trading activities, Flow Traders has established a strategic investment unit focused on fostering market innovation and aligned with our mission to bring greater transparency and efficiency to the financial ecosystem. With over two decades of experience, we have built a team of over 600 talented professionals, located globally, contributing to the firm’s entrepreneurial culture and delivering the company’s mission.

    Important Legal Information

    This publication is prepared by Flow Traders Ltd. and is for information purposes only. It is not a recommendation to engage in investment activities and you must not rely on the content of this document when making any investment decisions. The information in this publication does not constitute legal, tax, or investment advice and is not to be regarded as investor marketing or marketing of any security or financial instrument, or as an offer to buy or sell, or as a solicitation of any offer to buy or sell, securities or financial instruments.

    The information and materials contained in this publication are provided ‘as is’ and Flow Traders Ltd. or any of its affiliates (“Flow Traders”) do not warrant the accuracy, adequacy or completeness of the information and materials and expressly disclaim liability for any errors or omissions. This publication is not intended to be, and shall not constitute in any way a binding or legal agreement, or impose any legal obligation on Flow Traders. All intellectual property rights, including trademarks, are those of their respective owners. All rights reserved. All proprietary rights and interest in or connected with this publication shall vest in Flow Traders. No part of it may be redistributed or reproduced without the prior written permission of Flow Traders.

    Flow Traders expressly disclaims any obligation or undertaking to update, review or revise any statements contained in this publication to reflect any change in events, conditions or circumstances on which such statements are based. Unless the source is otherwise stated, the market, economic and industry data in this publication constitute the estimates of our management, using underlying data from independent third parties. We have obtained market data and certain industry forecasts used in this publication from internal surveys, reports and studies, where appropriate, as well as market research, publicly available information and industry publications. The third party sources we have used generally state that the information they contain has been obtained from sources believed to be reliable but that the accuracy and completeness of such information is not guaranteed and that the projections they contain are based on a number of assumptions.

    By accepting this publication you agree to the terms set out above. If you do not agree with the terms set out above please notify legal.amsterdam@nl.flowtraders.com immediately and delete or destroy this publication.

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    The MIL Network –