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Category: Switzerland

  • MIL-OSI Economics: Committee on Market Access marks 30th anniversary amid trade tensions

    Source: World Trade Organization

    30 years of the CMA

    Deputy Director-General Angela Ellard spoke at an event prior to the start of the meeting to mark the 30th anniversary of the CMA. Her remarks were followed by a panel discussion that included remarks from former chairs of the CMA.

    “Market access is one of the cornerstones of the multilateral trading system, and it lies at the heart of what the WTO seeks to achieve: enabling trade to flow as smoothly, predictably and transparently as possible through agreed rules,” DDG Ellard said.

    “This is why the work of the Committee on Market Access is not merely technical; it is foundational to the integrity and effectiveness of the entire WTO framework,” she continued. “Even amid widespread uncertainty these days surrounding tariff levels, this Committee provides stability for governments and traders on a wide variety of nuts-and-bolts issues, such as tariff classification, trade restrictions, and information sharing through databases and other means by operationalizing a durable system of rules and a mechanism to address concerns.”

    Achievements of the CMA include enabling members to make their commitments more accessible and ensuring the legal clarity and comparability of concessions across time and among members through the transposition of commitments into updated versions of the Harmonized System used to classify traded goods. Other achievements include strengthening the transparency around applied tariffs and import data through initiatives such as the Integrated Database and, more recently, the new Tariff and Trade Data platform.

    Linked with this event, a special exhibition was set up at the WTO headquarters to mark the 30th anniversary.  The exhibition highlights key historical milestones of the Committee’s work. In particular, it looks at how technology has shaped the preparation of members’ goods schedules, the development of trade and tariff databases, and the broader work of the WTO Secretariat in making trade information accessible to WTO members and the public.

    Joint work on Harmonized System codes for vaccines

    The interim Chair of the CMA, Nicola Waterfield (Canada), welcomed the progress made in the joint effort by the World Customs Organization (WCO), World Health Organization (WHO) and the WTO to establish new tariff headings for vaccines under the Harmonized System (HS). 

    “The new HS codes, which will be adopted by the WCO Council in June for implementation on 1 January 2028, help better identify and classify goods vital for responding to health crises and support coherence between trade policies and public health objectives, including ensuring global equitable access to vaccines,” the Chair said.

    Gael Grooby, Acting Director of the Tariff and Trade Affairs Directorate of the WCO, said the aim of the exercise is to make the covered goods more visible within trade so that they can be tracked and appropriate measures put into place as needed. She emphasized that the work between the CMA and the WCO on this matter “has been unprecedented”.

    The Chair proposed that the CMA invite representatives from the three organizations to discuss the insights gained from this experience and to collectively reflect on the key elements that facilitated such a successful example of collaboration.

    Committee report on supply chain resilience

    The CMA adopted a report on supply chain resilience, the outcome of a series of thematic sessions on the topic held between 2023 and 2025. Specifically, the report defines supply chain resilience, identifies supply chain vulnerabilities, and describes how members measure and monitor global supply chains and what measures support supply chain resilience. The report also examines the role of international and regional cooperation, and the role of the CMA.  

    The Chair observed that the CMA has created a unique approach to thematic sessions, where members have a space to exchange information, learn from each other and produce concrete results that can be used for future reference.

    Trade fragmentation, EU deforestation regulation

    Canada, the European Union and Norway introduced an agenda item addressing fragmentation of global trade through tariffs and the associated global costs. They voiced concerns about the impact of recent tariff measures and the resulting uncertainty on global trade for businesses, consumers and workers. They also underlined the importance of the rules-based multilateral trading system. Ten other members took the floor on this item, with most echoing these concerns. Several also underlined the importance of WTO reform and improvement of its functions so that it remains a central pillar of the global trading system.

    Brazil, Colombia, Paraguay and Peru introduced a joint communication regarding the European Union’s Regulation on Deforestation-Free Supply Chains (EUDR). The four members contend the regulation is a quantitative restriction (QR) on imports and therefore should be notified to the CMA as such. They reiterated their belief that the regulation imposes cumbersome obligations and will virtually ban from the EU market the importation of beef, wood, palm oil, soya, coffee, cocoa and rubber that do not comply with the regulation’s requirements.  The EU said the EUDR is not a market access measure but rather an internal regulation measure designed in line with WTO rules.

    Trade concerns

    Members discussed 33 trade concerns, eight of which were raised for the first time. New concerns dealt with exports of coffee beans and macadamia nuts to China, proposed export restrictions on raw minerals by the Philippines and measures equivalent to quantitative restrictions on the import of wooden boards and viscose staple fibre in India.  Other new concerns covered market access issues for agricultural commodities and food products as well as market access issues faced by the pharmaceutical sector in Thailand, and import restrictions on pocket lighters in India.

    New concerns were also raised in relation to reciprocal tariffs and other tariff measures in the United States and the treatment of like products under the Agreement on Climate Change, Trade and Sustainability (ACCTS) concluded by Costa Rica, Iceland, New Zealand and Switzerland.

    The list of specific trade concerns discussed during the meeting is available here.

    Notifications on quantitative restrictions

    The interim Chair drew members’ attention to a new WTO Secretariat report, “Notification Status of Regular/Period and One-Time Only Notifications in the Goods Area (1995-2024)” (G/C/W/859 ). While the document found that there has been an overall submission rate of 68.9% for regular or periodic notifications, compliance with quantitative restrictions notifications, pursuant to the 2012 Decision  on Notification Procedure for Quantitative Restrictions, was the lowest at just over 26%.

    The Chair said she was aware that various initiatives have been undertaken over time by members and the WTO Secretariat to improve the overall compliance record but members still struggle to comply with certain notification requirements. As a result, she invited members to consider what barriers impact compliance and what possible steps could be taken to improve the submission rate and the quality of such notifications. The Committee agreed to hold such discussions at its next informal meeting scheduled in June.

    Next meeting

    The next formal meeting of the Committee on Market Access will take place on 15-16 October.

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    MIL OSI Economics –

  • MIL-OSI Global: Assisted dying: five questions that need answering before it can work in practice

    Source: The Conversation – UK – By Suzanne Ost, Professor of Law, Lancaster University

    Collagery/Shutterstock

    An attempt to make assisted dying legal in England in Wales continues to make its way through parliament, with MPs currently scheduled to have a final vote on the bill in June.

    The bill has sparked both passionate support and strong opposition, raising vital questions: how would such a law work in practice? Who would deliver it? And what would it cost?

    While much attention has focused mostly on the ethics of assisted dying, the government’s recently published impact assessment looks at the practical side and it deserves closer attention.

    Of course, we shouldn’t base a decision about life and death solely on financial or logistical grounds. But if assisted dying is to become part of the law in England and Wales, we need to understand how it would work in reality. The report highlights a number of key challenges:

    1. The medication question

    The assessment draws mainly on data from 11 other jurisdictions, especially Oregon, where assisted dying has been legal for years. It found that the drugs used can lead to prolonged and unpredictable deaths, in part due to inconsistent drug availability.

    However, the report doesn’t compare this to Switzerland, where assisted dying must be self-administered and is tightly regulated. There, a single barbiturate is typically used, leading to death within two to ten minutes depending on whether it’s taken orally or via injection. This raises questions about what kind of medications would be used in the UK and how reliably they would work.

    2. Opt-outs: who will deliver the service?

    Experience from countries like Canada shows that most doctors opt out of providing assisted dying. In Canada, over 5,000 assisted deaths were carried out by just 80 people. Similarly, in the US and New Zealand, entire institutions – especially palliative care services – have opted out.

    Kim Leadbeater, the MP sponsoring the bill, has confirmed that it would not oblige hospices to participate. While this protects individual conscience, it may leave patients struggling to find willing clinicians or being discharged home to die.

    3. Can the NHS cope with a new service?

    The bill assumes the NHS would be responsible for delivering assisted dying. But is the system ready?

    Switzerland uses volunteer doctors outside the healthcare system, which may be more sustainable. In the UK, oversight is expected to come from a panel including a senior judge or lawyer, a psychiatrist and a social worker.

    However, the Royal College of Psychiatrists (RCP) has raised serious concerns, both about the role psychiatrists would play and whether there are enough professionals to fulfil that role. The RCP currently opposes the bill.

    4. Funding: a two-tier system?

    The impact assessment suggests assisted dying would be free at the point of delivery. Yet palliative care – the alternative end-of-life support – often receives less than 40% government funding, relying heavily on charity.

    Could this create a two-tier system, where assisted dying is fully funded while palliative care remains under resourced?

    5. Legal costs and challenges

    If passed, the bill could trigger human rights challenges, particularly around mental capacity and access. Legal experts suggest several grounds on which it might be contested and these cases would need to be defended, incurring additional costs.

    Families might also seek judicial review of a panel’s decision to permit a request for assisted dying. And public protests outside clinics or hospitals offering the service could require increased policing and security – all of which have financial and social implications.

    This bill tackles one of the most morally sensitive issues in society. But if it is to succeed, and be implemented safely, it must be built on more than good intentions.

    The government’s impact assessment lays out the many practical hurdles: medication protocols, workforce readiness, conscientious objection, legal protections, and funding disparities. These aren’t technicalities. They’re the framework that would determine whether assisted dying is accessible, safe and ethically delivered.

    As the bill progresses, the debate must move beyond principle alone. The future of this legislation – and its real world impact – will depend on how well we address these deeply human, and deeply complex, practicalities.

    Suzanne Ost has previously received funding from the Arts and Humanities Research Council and the British Academy for research that she has conducted.

    Nancy Preston receives funding from Horizon Europe but not for her work on assisted dying. She is affiliated with European Association of Palliative Care where she Co-Chairs the Task Force on the role of palliative care professionals in supporting patients and families considering assisted dying.

    – ref. Assisted dying: five questions that need answering before it can work in practice – https://theconversation.com/assisted-dying-five-questions-that-need-answering-before-it-can-work-in-practice-256270

    MIL OSI – Global Reports –

  • MIL-OSI Global: Assisted dying: five questions that need answering before it can work in pratice

    Source: The Conversation – UK – By Suzanne Ost, Professor of Law, Lancaster University

    Collagery/Shutterstock

    An attempt to make assisted dying legal in England in Wales continues to make its way through parliament, with MPs currently scheduled to have a final vote on the bill in June.

    The bill has sparked both passionate support and strong opposition, raising vital questions: how would such a law work in practice? Who would deliver it? And what would it cost?

    While much attention has focused mostly on the ethics of assisted dying, the government’s recently published impact assessment looks at the practical side and it deserves closer attention.

    Of course, we shouldn’t base a decision about life and death solely on financial or logistical grounds. But if assisted dying is to become part of the law in England and Wales, we need to understand how it would work in reality. The report highlights a number of key challenges:

    1. The medication question

    The assessment draws mainly on data from 11 other jurisdictions, especially Oregon, where assisted dying has been legal for years. It found that the drugs used can lead to prolonged and unpredictable deaths, in part due to inconsistent drug availability.

    However, the report doesn’t compare this to Switzerland, where assisted dying must be self-administered and is tightly regulated. There, a single barbiturate is typically used, leading to death within two to ten minutes depending on whether it’s taken orally or via injection. This raises questions about what kind of medications would be used in the UK and how reliably they would work.

    2. Opt-outs: who will deliver the service?

    Experience from countries like Canada shows that most doctors opt out of providing assisted dying. In Canada, over 5,000 assisted deaths were carried out by just 80 people. Similarly, in the US and New Zealand, entire institutions – especially palliative care services – have opted out.

    Kim Leadbeater, the MP sponsoring the bill, has confirmed that it would not oblige hospices to participate. While this protects individual conscience, it may leave patients struggling to find willing clinicians or being discharged home to die.

    3. Can the NHS cope with a new service?

    The bill assumes the NHS would be responsible for delivering assisted dying. But is the system ready?

    Switzerland uses volunteer doctors outside the healthcare system, which may be more sustainable. In the UK, oversight is expected to come from a panel including a senior judge or lawyer, a psychiatrist and a social worker.

    However, the Royal College of Psychiatrists (RCP) has raised serious concerns, both about the role psychiatrists would play and whether there are enough professionals to fulfil that role. The RCP currently opposes the bill.

    4. Funding: a two-tier system?

    The impact assessment suggests assisted dying would be free at the point of delivery. Yet palliative care – the alternative end-of-life support – often receives less than 40% government funding, relying heavily on charity.

    Could this create a two-tier system, where assisted dying is fully funded while palliative care remains under resourced?

    5. Legal costs and challenges

    If passed, the bill could trigger human rights challenges, particularly around mental capacity and access. Legal experts suggest several grounds on which it might be contested and these cases would need to be defended, incurring additional costs.

    Families might also seek judicial review of a panel’s decision to permit a request for assisted dying. And public protests outside clinics or hospitals offering the service could require increased policing and security – all of which have financial and social implications.

    This bill tackles one of the most morally sensitive issues in society. But if it is to succeed, and be implemented safely, it must be built on more than good intentions.

    The government’s impact assessment lays out the many practical hurdles: medication protocols, workforce readiness, conscientious objection, legal protections, and funding disparities. These aren’t technicalities. They’re the framework that would determine whether assisted dying is accessible, safe and ethically delivered.

    As the bill progresses, the debate must move beyond principle alone. The future of this legislation – and its real world impact – will depend on how well we address these deeply human, and deeply complex, practicalities.

    Suzanne Ost has previously received funding from the Arts and Humanities Research Council and the British Academy for research that she has conducted.

    Nancy Preston receives funding from Horizon Europe but not for her work on assisted dying. She is affiliated with European Association of Palliative Care where she Co-Chairs the Task Force on the role of palliative care professionals in supporting patients and families considering assisted dying.

    – ref. Assisted dying: five questions that need answering before it can work in pratice – https://theconversation.com/assisted-dying-five-questions-that-need-answering-before-it-can-work-in-pratice-256270

    MIL OSI – Global Reports –

  • MIL-OSI Global: Governments continue losing efforts to gain backdoor access to secure communications

    Source: The Conversation – USA – By Richard Forno, Teaching Professor of Computer Science and Electrical Engineering, and Assistant Director, UMBC Cybersecurity Institute, University of Maryland, Baltimore County

    Signal is the poster child for strong encryption apps. AP Photo/Kiichiro Sato

    Reports that prominent American national security officials used a freely available encrypted messaging app, coupled with the rise of authoritarian policies around the world, have led to a surge in interest in encrypted apps like Signal and WhatsApp. These apps prevent anyone, including the government and the app companies themselves, from reading messages they intercept.

    The spotlight on encrypted apps is also a reminder of the complex debate pitting government interests against individual liberties. Governments desire to monitor everyday communications for law enforcement, national security and sometimes darker purposes. On the other hand, citizens and businesses claim the right to enjoy private digital discussions in today’s online world.

    The positions governments take often are framed as a “war on encryption” by technology policy experts and civil liberties advocates. As a cybersecurity researcher, I’ve followed the debate for nearly 30 years and remain convinced that this is not a fight that governments can easily win.

    Understanding the ‘golden key’

    Traditionally, strong encryption capabilities were considered military technologies crucial to national security and not available to the public. However, in 1991, computer scientist Phil Zimmermann released a new type of encryption software called Pretty Good Privacy (PGP). It was free, open-source software available on the internet that anyone could download. PGP allowed people to exchange email and files securely, accessible only to those with the shared decryption key, in ways similar to highly secured government systems.

    Following an investigation into Zimmermann, the U.S. government came to realize that technology develops faster than law and began to explore remedies. It also began to understand that once something is placed on the internet, neither laws nor policy can control its global availability.

    Fearing that terrorists or criminals might use such technology to plan attacks, arrange financing or recruit members, the Clinton administration advocated a system called the Clipper Chip, based on a concept of key escrow. The idea was to give a trusted third party access to the encryption system and the government could use that access when it demonstrated a law enforcement or national security need.

    End-to-end encryption and backdoor access explained.

    Clipper was based on the idea of a “golden key,” namely, a way for those with good intentions – intelligence services, police – to access encrypted data, while keeping people with bad intentions – criminals, terrorists – out.

    Clipper Chip devices never gained traction outside the U.S. government, in part because its encryption algorithm was classified and couldn’t be publicly peer-reviewed. However, in the years since, governments around the world have continued to embrace the golden key concept as they grapple with the constant stream of technology developments reshaping how people access and share information.

    Following Edward Snowden’s disclosures about global surveillance of digital communications in 2013, Google and Apple took steps to make it virtually impossible for anyone but an authorized user to access data on a smartphone. Even a court order was ineffective, much to the chagrin of law enforcement. In Apple’s case, the company’s approach to privacy and security was tested in 2016 when the company refused to build a mechanism to help the FBI break into an encrypted iPhone owned by a suspect in the San Bernardino terrorist attack.

    At its core, encryption is, fundamentally, very complicated math. And while the golden key concept continues to hold allure for governments, it is mathematically difficult to achieve with an acceptable degree of trust. And even if it was viable, implementing it in practice makes the internet less safe. Security experts agree that any backdoor access, even if hidden or controlled by a trusted entity, is vulnerable to hacking.

    Competing justifications and tech realities

    Governments around the world continue to wrestle with the proliferation of strong encryption in messaging tools, social media and virtual private networks.

    For example, rather than embrace a technical golden key, a recent proposal in France would have provided the government the ability to add a hidden “ghost” participant to any encrypted chat for surveillance purposes. However, legislators removed this from the final proposal after civil liberties and cybersecurity experts warned that such an approach would undermine basic cybersecurity practices and trust in secure systems.

    In 2025, the U.K. government secretly ordered Apple to add a backdoor to its encryption services worldwide. Rather than comply, Apple removed the ability for its iPhone and iCloud customers in the U.K. to use its Advanced Data Protection encryption features. In this case, Apple chose to defend its users’ security in the face of government mandates, which ironically now means that users in the U.K. may be less secure.

    Apple pulled its advanced encryption service from the U.K. market rather than grant the U.K. government backdoor access.

    In the United States, provisions removed from the 2020 EARN IT bill would have forced companies to scan online messages and photos to guard against child exploitation by creating a golden-key-type hidden backdoor. Opponents viewed this as a stealth way of bypassing end-to-end encryption. The bill did not advance to a full vote when it was last reintroduced in the 2023-2024 legislative session.

    Opposing scanning for child sexual abuse material is a controversial concern when encryption is involved: Although Apple received significant public backlash over its plans to scan user devices for such material in ways that users claimed violated Apple’s privacy stance, victims of child abuse have sued the company for not better protecting children.

    Even privacy-centric Switzerland and the European Union are exploring ways of dealing with digital surveillance and privacy in an encrypted world.

    The laws of math and physics, not politics

    Governments usually claim that weakening encryption is necessary to fight crime and protect the nation – and there is a valid concern there. However, when that argument fails to win the day, they often turn to claiming to need backdoors to protect children from exploitation.

    From a cybersecurity perspective, it is nearly impossible to create a backdoor to a communications product that is only accessible for certain purposes or under certain conditions. If a passageway exists, it’s only a matter of time before it is exploited for nefarious purposes. In other words, creating what is essentially a software vulnerability to help the good guys will inevitably end up helping the bad guys, too.

    Often overlooked in this debate is that if encryption is weakened to improve surveillance for governmental purposes, it will drive criminals and terrorists further underground. Using different or homegrown technologies, they will still be able to exchange information in ways that governments can’t readily access. But everyone else’s digital security will be needlessly diminished.

    This lack of online privacy and security is especially dangerous for journalists, activists, domestic violence survivors and other at-risk communities around the world.

    Encryption obeys the laws of math and physics, not politics. Once invented, it can’t be un-invented, even if it frustrates governments. Along those lines, if governments are struggling with strong encryption now, how will they contend with a world when everyone is using significantly more complex techniques like quantum cryptography?

    Governments remain in an unenviable position regarding strong encryption. Ironically, one of the countermeasures the government recommended in response to China’s hacking of global telephone systems in the Salt Typhoon attacks was to use strong encryption in messaging apps such as Signal or iMessage.

    Reconciling that with their ongoing quest to weaken or restrict strong encryption for their own surveillance interests will be a difficult challenge to overcome.

    Richard Forno has received research funding related to cybersecurity from the National Science Foundation (NSF), the Department of Defense (DOD), and the US Army during his academic career since 2010.

    – ref. Governments continue losing efforts to gain backdoor access to secure communications – https://theconversation.com/governments-continue-losing-efforts-to-gain-backdoor-access-to-secure-communications-253016

    MIL OSI – Global Reports –

  • MIL-OSI Russia: Vice Premier of the State Council of China to attend the 78th session of the World Health Assembly, visit Switzerland and Belarus

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

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

    BEIJING, May 16 (Xinhua) — Chinese Vice Premier Liu Guozhong will attend the 78th World Health Assembly (WHA) in Geneva from May 18 to 23 and visit Switzerland, then travel to Belarus to hold the sixth meeting of the China-Belarus Intergovernmental Cooperation Committee, a Chinese Foreign Ministry spokesman said on Friday.

    As noted by the representative of the Chinese Foreign Ministry, Liu Guozhong, who is also a member of the Politburo of the CPC Central Committee, will make the trips at the invitation of the Director-General of the World Health Organization (WHO) Tedros Adhanom Ghebreyesus, as well as the governments of Switzerland and Belarus. -0-

    MIL OSI Russia News –

  • MIL-OSI Security: Global partnerships drive justice results, says Eurojust’s Annual Report 2024

    Source: Eurojust

    Over the past five years, Eurojust’s case workload has increased by more than 60%. In 2024 alone, the Agency handled nearly 13 000 cross-border crime cases. This reflects the unprecedented pace at which organised crime in Europe is evolving, as well as national authorities’ reliance on Eurojust to support complex international investigations.

    Eurojust President, Michael Schmid, commented: With a consistently high number of cases in recent years, our need for close cooperation with prosecutors and judges – both within Europe and beyond – is greater than ever. Thanks to our expanded global partnerships in 2024, we can ensure that criminals are held accountable and citizens are kept safe.

    To further strengthen the fight against organised crime, Eurojust launched the European Judicial Organised Crime Network (EJOCN) in September 2024. This expert hub goes beyond investigation-based collaboration and combats organised crime strategically. Even closer cooperation and direct dialogue between judicial authorities will help to resolve legal challenges and align judicial strategies when investigating and prosecuting organised crime.

    The EJOCN’s first priority is combating drug-related organised crime connected to European ports – key transit points for cocaine and other narcotics destined for the EU. Drug trafficking has been identified as the leading criminal activity in Europe, involving 50% of all criminal networks. The supply of illicit drugs continues to rise, as does the associated violence, making drug trafficking one of the most dangerous and lucrative crimes in the EU.

    Successfully tackling the rise in drug trafficking requires close cooperation with judicial authorities in Latin America, where most narcotics smuggled into Europe originate. In 2024, Eurojust took a significant step in enhancing ties with Latin American partners by signing six Working Arrangements with the Prosecution Services of Bolivia, Chile, Costa Rica, Ecuador, Panama and Peru. These agreements will strengthen cooperation in key areas such as drug and arms trafficking, human trafficking, money laundering and cybercrime.

    Over the past three years, the number of Eurojust supported joint investigation teams involving Latin American countries has steadily increased, with Brazil participating in the highest number. In 2024, Latin American countries participated in three times as many coordination meetings on organised crime and drug trafficking cases as in 2023.

    In addition to its Latin American partnerships, Eurojust works with a broad range of third countries to ensure that national borders do not hinder the prosecution of crime or the delivery of justice. The Agency’s recently adopted Strategy on Cooperation with International Partners reinforces Eurojust’s role as a gateway for cross-border judicial cooperation within and beyond the EU.

    In 2024, 1 022 newly opened cases handled by the Agency involved one or more third countries. Eurojust’s international cooperation continues to increase the number of registered cases at the Agency, with 378 new cases owned by third countries opened in 2024 alone. The United Kingdom, followed by Switzerland and Albania, were the non-EU countries involved in the most cases at Eurojust in 2024.

    Third countries with the highest participation in Eurojust cases in 2024

    During the year, international agreements on cooperation with Eurojust were signed with Armenia and Bosnia and Herzegovina, while the United Arab Emirates joined as a new member of the Agency’s network of Contact Points. In March 2024, Eurojust welcomed its first Liaison Prosecutor for Iceland, strengthening cooperation with Icelandic judicial authorities. Enhanced collaboration with South Partner and Western Balkan countries was also achieved through the EuroMed Justice and Western Balkans Criminal Justice projects, both supported by Eurojust.

    Eurojust’s expanded global network enabled the Agency to deliver impressive operational outcomes in 2024. It contributed to the arrest of more than 1 200 suspects and the seizure and freezing of criminal assets worth over EUR 1 billion. The Agency also contributed to the seizure of drugs worth almost EUR 20 billion.

    Reflecting the growing scale of the challenge, the criminal investigations handled by Eurojust in 2024 involved more than three times as many victims and almost double the financial damages compared to 2023. Moreover, the Agency supported 25% more joint investigation teams than in the previous year.

    The top three crime types handled by the Agency in 2024 continued to be swindling and fraud, drug trafficking and money laundering. Notably, the number of core international crime cases rose by 40%, while cybercrime cases increased by one-third and intellectual property crime cases by 20%.

    Overview of Eurojust-referred cases by crime type in 2024

    Eurojust continued to support national authorities through the organisation of 640 international coordination meetings and 32 coordination centres, as well as operational support for 361 joint investigation teams – over half of which were funded by the Agency. Eurojust also assisted with executing judicial cooperation tools such as European Arrest Warrants and European Investigation Orders, helping national authorities bring offenders to justice and deliver real results for victims and communities.

    More information:

    Eurojust Annual Report 2024:

    Key visuals:

    Key cases in 2024:

    MIL Security OSI –

  • MIL-OSI China: Chinese vice premier to attend 78th World Health Assembly, visit Switzerland, Belarus

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

    Chinese vice premier to attend 78th World Health Assembly, visit Switzerland, Belarus

    BEIJING, May 16 — Chinese Vice Premier Liu Guozhong will attend the 78th World Health Assembly in Geneva and visit Switzerland, and then visit Belarus and chair the sixth meeting of the Chinese-Belarusian Intergovernmental Committee on Cooperation from May 18 to 23, a foreign ministry spokesperson announced Friday

    The visits of Liu, also a member of the Political Bureau of the Communist Party of China Central Committee, were at the invitation of World Health Organization Director-General Tedros Adhanom Ghebreyesus and the governments of Switzerland and Belarus, said the spokesperson.

    MIL OSI China News –

  • MIL-OSI United Nations: 16 May 2025 News release One World for Health: The Seventy-eighth World Health Assembly convenes from 19 to 27 May 2025

    Source: World Health Organisation

    The Seventy-eighth session of the World Health Assembly (WHA78) will convene from 19 to 27 May 2025 in Geneva, Switzerland, under the theme “One World for Health”. 

    The Health Assembly will bring together high-level country representatives and other stakeholders to address health challenges. This year’s gathering comes at a pivotal moment for global health, as Member States confront emerging threats and major shifts in the landscape for global health and international development.

    This year’s theme underscores WHO’s enduring commitment to solidarity and equity, highlighting that even in unprecedented times, everyone, everywhere should have an equal chance to live a healthy life.  

    A defining moment: the Pandemic Agreement

    A highly anticipated moment of the WHA78 will be the consideration of the Pandemic Agreement, a landmark proposal developed over three years of intense negotiations by the Intergovernmental Negotiating Body, composed of all WHO Member States. The adoption of the agreement is a once-in-a-generation opportunity to safeguard the world from a repeat of the suffering caused by the COVID-19 pandemic. The proposal will be the second ever presented for approval under Article 19 of the WHO Constitution, which gives Member States the authority to reach agreements on global health.

    “This year’s World Health Assembly will be truly historic with countries, after 3 years of negotiations, considering for adoption the first global compact to better protect people from pandemics,” said Dr Tedros Adhanom Ghebreyesus, WHO Director-General. “The Pandemic Agreement can make the world safer by boosting collaboration among countries fairly in the preparedness, prevention and response to pandemics.” 

    Key priorities

    WHO’s sustainable financing is a key priority of the Health Assembly. Member States will consider a scheduled 20% increase in assessed contributions (membership fees), towards the next Programme Budget 2026–2027 (PB26-27). The PB26–27, also for approval by the Health Assembly, is the first full biennium under WHO’s Fourteenth General Programme of Work (GPW14), WHO’s strategy for global health for 2025–2028. The Programme Budget for 2026–2027 was under consultation by Member States, to prioritize activities and adjust the budget to the current financial realities, by reducing it by 22%, to US$ 4.267 billion, from the original proposed budget of US$ 5.3 billion. 

    Reprioritization of WHO’s work, including cost-saving measures and budget adjustments, will also apply to the current year, 2025. The aim is to focus on WHO’s core work and increase efficiency. The reprioritization is a critical step to aligning WHO’s resources with the most urgent global health needs and getting health-related Sustainable Development Goals (SDGs) back on track. 

    Sustainable financing was one of several transformation priorities put in place by the WHO Director-General to ensure a more efficient and impactful WHO when he first took office. On Tuesday, 20 May, there will be a high-level pledging moment for the Investment Round, where Member States and philanthropies are expected to announce funding for WHO. 

    Member States will assess progress made over the past year, including a review of the 2024 Results Report – the final report measuring progress toward WHO’s Triple Billion targets under its Thirteenth General Programme of Work. 

    Other agenda highlights

    The Health Assembly will consider approximately 75 items and sub-items and is expected to approve more than 40 resolutions/decisions, many of which are put forward by the Executive Board at its 156th session (EB156), where they have been previously discussed. 

    The packed agenda covers a diverse range of topics in WHO’s Programme of Work, such as the health and care workforce, antimicrobial resistance, health emergencies, preparedness, polio, climate change and social connection as determinants of health, among other issues.  

    Awards and recognition

    On the morning of Friday, 23 May, the WHA President will present public health prizes and awards, recognizing exceptional contributions by individuals and organizations to the advancement of public health. 

    It is also expected that the Director-General will announce two Director-General’s Awards for Global Health on the morning of Tuesday, 20 May. 

    Key events and side activities

    Forty-five official side events will take place at the Palais des Nations from Monday 19 May to Saturday 24 May (see the complete list).  A list of other events is available here.   

    A high-level pledging event will be held on Tuesday 20 May, from 18:45 to 19:45 CEST in Room XVIII at the Palais des Nations. The event: Sustainable financing of WHO for impact in the new global health landscape, will serve as a platform for Member States and partners to announce pledges and commitments towards WHO’s Investment Round. More details and webcast.

    A Ministerial Roundtable on data and sustainable financing will be held on Wednesday 21 May, from 13:00 to 14:20 CEST in Room XVIII at the Palais des Nations. This high-level roundtable will bring together ministers of health and finance, global partners, and technical leaders to identify scalable actions that strengthen country-led health data systems and sustainable financing strategies for universal health coverage and the health-related SDGs. More information: here.

    Due to resource constraints, additional events will be limited. WHA78 will take place in a challenging financial environment. Several actions have been taken by the WHO in an effort to contain costs, including reducing speaking times when possible, in order to reduce evening sessions to a minimum, severely limiting hospitality, displays and exhibits and event costs, amongst other administrative cost-saving measures. 

    Member States and partners are organizing events on the sidelines of the WHA. More information through the WHA Guide and the WHA78 page through the UN Foundation.

    Assembly timeline highlights

    • Monday 19 May: Morning: Opening of the Assembly; including the presidential address and the address by Dr Tedros Adhanom Ghebreyesus, Director-General. Committee A begins deliberations on the Pandemic Agreement in the afternoon.
    • Tuesday 20 May: Morning: Adoption of the Pandemic Agreement (expected), followed by the High-level Segment featuring statements from dignitaries and a Director-General’s keynote speech and the Director-General’s Awards for Global Health. Afternoon, Committee A: Discussion on the Proposed Programme Budget 2026–2027, including discussion on the AC increase. Evening: high-level pledging event for the WHO Investment Round
    • Wednesday 21 May: Lunch hour: Ministerial Roundtable on data and sustainable financing
    • Friday 23 May: Morning: Presentation of the Public Health Prizes and Awards  

    The agenda and the times might change. A daily journal will be published every morning on the WHA78 Documents page to provide more detailed information on the daily timings. 

    Pre- and post-Assembly sessions

    The Health Assembly will take place after the Forty-second Meeting of the Programme, Budget and Administrative Committee of the Executive Board (PBAC42), which is being held from 14 to 16 May.

    After the Assembly, the 157th Executive Board (EB157) meeting will take place on 28 and 29 May, with the appointment of the next Regional Director for the WHO African Region on the agenda. Related to this item, a special session of the AFRO Regional Committee will take place on Sunday 18 May to nominate a candidate for the post of Regional Director. The webcast of the EB157 public sessions and related documentation is here. 

    About the World Health Assembly

    As WHO’s highest decision-making body, the World Health Assembly sets out the Organization’s policy and approves its budget. The Health Assembly is attended by delegations from all WHO Member States.

    MIL OSI United Nations News –

  • MIL-OSI: Richemont publishes FY25 Annual Report and Accounts

    Source: GlobeNewswire (MIL-OSI)

    AD HOC ANNOUNCEMENT PURSUANT TO ART. 53 LR
    16 MAY 2025

    RICHEMONT PUBLISHES FY25 ANNUAL REPORT AND ACCOUNTS

    Richemont has today published its Annual Report and Accounts for the year ended 31 March 2025.

    The Annual Report includes the Chairman’s review to shareholders, the annual consolidated and statutory financial statements, and the corresponding audit reports. It reflects the information provided in Richemont’s full-year 2025 results announcement issued today.

    Richemont expects to publish the combined Annual Report with the Compensation Report, the Corporate Governance Report and the Business review for the year ended 31 March 2025, on 5 June 2025. At that time, it will also publish the Group’s Non-Financial Report 2025.

    The Annual Report is available for download on the Company’s website at
    https://www.richemont.com/media/ue1bjrjv/richemont-fy25-annual-report-en.pdf.  

    About Richemont

    At Richemont, we craft the future. Our unique portfolio includes prestigious Maisons distinguished by their craftsmanship and creativity. Richemont’s ambition is to nurture its Maisons and businesses and enable them to grow and prosper in a responsible, sustainable manner over the long term.

    Richemont operates in three business areas: Jewellery Maisons with Buccellati, Cartier, Van Cleef & Arpels and Vhernier; Specialist Watchmakers with A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; and Other, primarily Fashion & Accessories Maisons with Alaïa, Chloé, Delvaux, dunhill, G/FORE, Gianvito Rossi, Montblanc, Peter Millar, Purdey, Serapian as well as Watchfinder & Co. Find out more at https://www.richemont.com/.

    Richemont A shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index (‘SMI’) of leading stocks. Richemont A shares are listed on the Johannesburg Stock Exchange, Richemont’s secondary listing. 

    Investor/analyst and media enquiries
    +41 22 721 3003 (investor relations)
    Investor.relations@cfrinfo.net
    +41 22 721 3507 (media)
    pressoffice@cfrinfo.net
    richemont@teneo.com

      
    Click here for a printer-friendly version in English (PDF)

    The MIL Network –

  • MIL-OSI: Richemont posts robust performance for the year ended 31 March 2025

    Source: GlobeNewswire (MIL-OSI)

    AD HOC ANNOUNCEMENT PURSUANT TO ART. 53 LR
    16 MAY 2025

    Please find below the Highlights and Chairman’s commentary from Richemont FY25 Annual Results Announcement.

    RICHEMONT POSTS ROBUST PERFORMANCE FOR THE YEAR ENDED 31 MARCH 2025

    Group highlights

    • Group sales at € 21.4 billion; Q4 sales up 8% (+7% constant) with Jewellery Maisons up at double digits
    • Operating profit at € 4.5 billion including € 72 million of non-recurring costs 
    • Sustained focus on nurturing Maisons’ growth, investing in distribution, manufacturing assets and craftsmanship  
    • Renewed executive leadership, with appointment of Group CEO and expansion of Senior Executive Committee expertise to include Van Cleef & Arpels and Cartier CEOs, as well as dedicated Group Chief People Officer
    • Completion of key strategic steps, with the addition of Italian jewellery Maison Vhernier and the finalisation of the sale of YNAP to Mytheresa in April 2025; Richemont now holds a 33% stake in newly created LuxExperience  

    Financial highlights

    • Full year sales up 4% at actual and constant exchange rates, led by high single-digit increase at Jewellery Maisons 
    • Double-digit growth across all regions, except for Asia Pacific, further rebalancing the Group’s regional mix
    • Operating profit down by 7%, or by 4% at constant exchange rates, resulting in a 20.9% operating margin
      • Strong performance at Jewellery Maisons, with sales up 8% at actual and constant exchange rates; operating margin at 31.9%
      • Sales at Specialist Watchmakers lower by 13% at actual and constant exchange rates, leading to a 5.3% operating margin
      • ‘Other’ business area’s sales up 7% at actual and constant exchange rates, operating margin at -3.7%; Fashion & Accessories Maisons margin impacted by inventory provisioning
    • € 3.8 billion profit for the year from continuing operations; € 1.0 billion loss from discontinued operations mainly due to the non-cash write-down of YNAP (improved against € 1.3 billion communicated in H1)
    • Robust net cash position of € 8.3 billion, supported by € 4.4 billion cash flow generated from operating activities
    • Proposed increase in dividend to CHF 3.00 per 1 ‘A’ share / 10 ‘B’ shares

    Key financial data (audited)

      2025 2024 change
    Sales € 21 399 m € 20 616 m +4%
    Gross profit € 14 319 m € 14 036 m +2%
    Gross margin 66.9% 68.1% -120 bps
    Operating profit € 4 467 m € 4 794 m -7%
    Operating margin 20.9% 23.3% -240 bps
    Profit for the year from continuing operations € 3 762 m € 3 818 m -1%
    Loss for the year from discontinued operations € (1 012) m € (1 463) m  
    Profit for the year € 2 750 m € 2 355 m  
    Earnings per ‘A’ share/10 ‘B’ shares, diluted basis € 4.671 € 4.077   
    Cash flow generated from operating activities € 4 443 m € 4 696 m -€ 253 m
    Net cash position € 8 257 m € 7 450 m  

    Chairman’s commentary

    Overview of results
    Richemont delivered a robust performance for the financial year ended 31 March 2025. In a persistently uncertain macroeconomic and geopolitical environment, we maintained our focus on nurturing Maisons’ current and future growth, investing in our distribution network, manufacturing assets and quality craftsmanship. Group sales increased by 4% at actual and constant exchange rates to € 21.4 billion, led by high single-digit growth at the Jewellery Maisons over the year. Operating profit came in at € 4.5 billion, down by 7% at actual rates, or by 4% at constant exchange rates.

    After a resilient first half, sales performance accelerated in the second part of the year, with a 10% rise in the third quarter followed by +8% in the fourth quarter at actual exchange rates. Over the year, most regions grew at double digits at both actual and constant exchange rates, more than offsetting the decline in Asia Pacific, led by China, illustrating the value of our balanced regional footprint. Notable growth rates included Europe at +10%, the Americas at +16%, Japan at +25% and Middle East & Africa at +15% at actual exchange rates. Direct to client sales rose further driven by both retail and online, overall representing 76% of Group sales.

    Our Jewellery Maisons – Buccellati, Cartier, Van Cleef & Arpels and Vhernier since October – saw their sales reach € 15.3 billion, growing by 8% at actual and constant exchange rates. This sales increase, combined with disciplined operating costs and targeted price increases, helped mitigate the impact of higher raw materials costs, notably gold, on our profitability. Our Jewellery Maisons delivered a € 4.9 billion operating result, up 4% versus the prior year, corresponding to a solid margin at close to 32%.

    As discussed in our first half report in November, the global watch market experienced a slowdown affecting volumes. This was led by demand weakness in China, with greater resilience of high-end price segments. While the watch market remained subdued in the second half, some improvement was visible outside of China. In this challenging context, our Specialist Watchmakers reported a 13% decline in sales at actual and constant exchange rates over the year, impacted by their high exposure to Asia Pacific, particularly to China, while the other regions showed resilience. The rate of decline was softer in the second half of the year, with notable growth in the Americas. While the Maisons demonstrated discipline on operating expenses, the overall decline in sales had a significant impact on production and fixed operating costs absorption. In addition, with our headquarters and most of our production located in Switzerland, the strengthening Swiss franc weighed on our operating result. Consequently, the Specialist Watchmakers’ operating result was down to € 175 million for the year, corresponding to a 5.3% margin.

    Sales at our ‘Other’ business area reached € 2.8 billion, an increase of 7% at actual and constant exchange rates, underpinned by faster growth in the second half. All regions other than Asia Pacific grew, with notable double-digit performances in the Americas, Europe and Middle East & Africa. Alaïa recorded another year of strong growth, and Peter Millar maintained its solid momentum. Overall, ready-to-wear sales rose by double-digits across the Maisons, with notably an encouraging performance from Chloé. Operating result was a € 102 million loss for the year, resulting in a margin of -3.7%. Within this, Fashion & Accessories Maisons posted a -2% operating margin when excluding targeted inventory provisioning.

    At Group level, operating profit came in at € 4.5 billion, including € 72 million of non-recurring charges. Operating margin was 20.9%.

    Profit for the year from continuing operations reached € 3.8 billion, down by 1%. The overall profit for the year amounted to € 2.8 billion, up 17%, after taking into account a € 1.0 billion loss for the year from discontinued operations, primarily reflecting the write-down of the carrying value of YOOX NET-A-PORTER (‘YNAP’) assets in the context of the sale to Mytheresa.

    The Group maintained a robust balance sheet, with a net cash position of € 8.3 billion at year end, up € 807 million versus the prior year. It excludes YNAP’s net cash position of € 0.2 billion presented as assets and liabilities of disposal group held for sale.

    Strengthening of our operations and portfolio of Maisons
    We are delighted to have welcomed Italian jewellery Maison Vhernier as part of Richemont’s Jewellery portfolio during the year. Vhernier is renowned for the distinctive modern aesthetic of its creations, and we are now working on the Maison’s integration and development to ensure that its full potential can be realised over time, as we have effectively been doing with our Italian high-end shoe Maison Gianvito Rossi which celebrated its first anniversary as part of our Fashion & Accessories (‘F&A’) portfolio with a very encouraging performance.

    It is also a pleasure to report that G/FORE, previously under Peter Millar’s umbrella since its acquisition in 2018, was added to Richemont’s F&A portfolio as a distinct Maison in February 2025. This marks a significant milestone for the Maison, whose products are sold in top golf shops, resorts, department stores and dedicated retail boutiques, reflecting its remarkable success to date.

    On 1 June 2024, Nicolas Bos, formerly Chief Executive Officer (‘CEO’) of Van Cleef & Arpels, was appointed CEO of Richemont and joined the Senior Executive Committee (‘SEC’), with direct oversight of all the Maisons, functions and regions. On 14 February 2025, the SEC was further strengthened with the appointments of Marie-Aude Stocker as Chief People Officer, alongside Catherine Rénier (CEO, Van Cleef & Arpels) and Louis Ferla (CEO, Cartier). Marie-Aude’s extensive background in luxury HR will be important to address our strategic resource management needs, while Catherine and Louis bring invaluable operational insights from their respective leadership roles.

    Following his appointment as CEO of Specialist Watchmaker Maison Jaeger-LeCoultre, Jérôme Lambert stepped down from the SEC and the Board of Directors, whilst Boet Brinkgreve, CEO of Laboratoire de Haute Parfumerie et Beauté, stepped down from the SEC when leaving the Group at the end of April 2025.

    YOOX NET-A-PORTER (‘YNAP’) 

    The closing of the transaction for the sale of 100% of YNAP to leading luxury multi-brand digital group Mytheresa occurred just outside of our FY25 reporting period, on 23 April 2025, following fulfilment of customary conditions, including regulatory approvals.

    At transaction closing, Richemont sold YNAP to Mytheresa with a cash position of € 555 million and no financial debt in exchange for shares issued by Mytheresa representing 33% of the fully diluted share capital of the newly combined group which has been listed under the new trade name LuxExperience from 1 May 2025. As per the terms of the agreement, Richemont provided a € 100 million revolving credit facility to finance YNAP’s corporate needs.

    We look forward to LuxExperience’s future success, as the closing of the transaction paves the way for both the Mytheresa and YNAP teams, their brand partners and clients alike to fully benefit from the enhanced value propositions and expanded global reach offered by the combined businesses.

    Dividend

    Based upon the performance of the year and net cash position of € 8.3 billion at the end of March 2025, the Board proposes to pay an ordinary dividend of 3.00 Swiss francs per 1 ‘A’ share (and CHF 0.30 per ‘B’ share), a 9% increase in the ordinary dividend over the prior year, subject to shareholder approval at the Annual General Meeting (‘AGM’) on 10 September 2025.

    Annual General Meeting and Board changes

    The 2024 AGM in September saw Nicolas Bos, CEO of Richemont, elected as Executive Director of the Board, and Gary Saage as Non-executive Director, assuming the role of Chairman of the Audit Committee from Josua (Dillie) Malherbe.

    Shareholders also re-elected Wendy Luhabe as the ‘A’ shareholders’ representative and all Board members who stood for re-election for a further one-year term. Bram Schot succeeded Dillie as Non-executive Deputy Chairman of the Board and following the departure of Maria Ramos and Clay Brendish on 31 March, succeeded Clay as Chairman of the Compensation Committee.

    Once again, I would like to express my gratitude to Dillie for his contributions as Non-executive Deputy Chairman of the Board and Chairman of the Audit Committee and for accepting to remain on the Audit and Strategic Security Committees, and to Maria and Clay for their invaluable contributions in their respective roles over the years.

    As indicated in the 2022 Annual Report, recognising shareholder expectations, we decided at the time to initiate a comprehensive tender process for our external audit function under the supervision of the Audit Committee. Having carefully considered the results of the tender, on 29 November 2024 we announced that the Audit Committee had recommended to the Board to propose to shareholders that KPMG be appointed as the new auditors of the Company for the financial year ending 31 March 2026 at the next AGM in September 2025.

    Concluding remarks

    Fiscal Year 2025 was a year of progress underscoring the Group’s strategic focus amidst a complex, fast-evolving global landscape. Whilst our Specialist Watchmakers’ performance mostly reflected weakness in their largest region, the Group’s performance was robust overall, driven by remarkable growth at our Jewellery Maisons and retail, and improved momentum at our ‘Other’ activities.

    We continued to invest in future growth by further strengthening our distribution network, enhancing our manufacturing capacity, and contributing to the nurturing and preservation of unique artisan skills. We also delivered on several strategic fronts, successfully completing the acquisition of Vhernier, and enabling Gianvito Rossi to further expand its brand globally, after having joined the Group last year. We are also pleased to have found a good home for YNAP, whose strengths Mytheresa will harness to create a new global leader in digital luxury.

    With a renewed leadership team and governance structure, the completion of seamless management transitions across several Maisons, and our teams of talented professionals committed to creativity and innovation, we are well-positioned to guide Richemont through its next phase of development.

    As I have said before, ongoing global uncertainties will continue to require strong agility and discipline. Richemont has solid foundations for sustained value creation over time, built upon our leading Maisons’ unique heritage and innovative craftsmanship, coupled with an increasingly balanced and tailored regional presence that allows us to better connect with and enchant clients. Our long-term perspective, underpinned by a healthy balance sheet, constitutes a proven formula that has delivered seven-fold sales growth over the past 25 years, and remains central to our strategy.

    Our achievements this year would not have been possible without the unwavering dedication of our teams and the invaluable collaboration of our partners. I would like to extend my deepest gratitude to each of them for their significant contributions to Richemont’s success. I also wish to take this opportunity to thank our valued clients for their enduring trust and appreciation for the distinctive character and timeless appeal of our Maisons’ creations.

    Johann Rupert
    Chairman

    Compagnie Financière Richemont SA

    About Richemont 

    At Richemont, we craft the future. Our unique portfolio includes prestigious Maisons distinguished by their craftsmanship and creativity. Richemont’s ambition is to nurture its Maisons and businesses and enable them to grow and prosper in a responsible, sustainable manner over the long term.

    Richemont operates in three business areas: Jewellery Maisons with Buccellati, Cartier, Van Cleef & Arpels and Vhernier; Specialist Watchmakers with A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; and Other, primarily Fashion & Accessories Maisons with Alaïa, Chloé, Delvaux, dunhill, G/FORE, Gianvito Rossi, Montblanc, Peter Millar, Purdey, Serapian as well as Watchfinder & Co. Find out more at https://www.richemont.com/.

    Disclaimer

    This document contains forward-looking statements as that term is defined in the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements are not guarantees of future performance. Richemont’s forward-looking statements are based on management’s current expectations and assumptions regarding the Company’s business and performance, the economy and other future conditions and forecasts of future events, circumstances and results. Our retail stores are heavily dependent on the ability and desire of consumers to travel and shop and a decline in consumer traffic could have a negative effect on our comparable store sales and/or average sales per square foot and store profitability resulting in impairment charges, which could have a material adverse effect on our business, results of operations and financial condition. Reduced travel resulting from economic conditions, retail store closure orders of civil authorities, travel restrictions, travel concerns and other circumstances, including disease epidemics and other health-related concerns, could have a material adverse effect on us, particularly if such events impact our customers’ desire to travel to our retail stores. International conflicts or wars, including resulting sanctions and restrictions on importation and exportation of finished products and/or raw materials, whether self-imposed or imposed by international countries, non-state entities or others, may also impact these forward-looking statements. If international tariffs are imposed or increased, materials and goods that Richemont imports may face higher prices, which could lead to reduced margins or increased prices that could cause decreased consumer demand. As with any projection or forecast, forward-looking statements are inherently susceptible to uncertainty and changes in circumstances. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside the Group’s control. Richemont does not undertake to update, nor does it have any obligation to provide updates of, or to revise, any forward-looking statements.

    © Richemont 2025

    This announcement does not contain full details and should not be used as a basis for any investment decision in relation to the Company’s shares. Please find the full announcement available in PDF below: 

    Richemont FY25 Annual Results PDF EN | Richemont FY25 Annual Results PDF FR (abridged)

    The MIL Network –

  • MIL-OSI Security: Shasta County Man Pleads Guilty to Running a $35 Million Investment Fraud Scheme and Witness Tampering

    Source: Office of United States Attorneys

    Matthew Piercey, 48, of Palo Cedro, pleaded guilty today to wire fraud, concealment money laundering, and witness tampering in connection with a $35 million investment fraud scheme, Acting U.S. Attorney Michele Beckwith announced. Piercey pleaded guilty without a written plea agreement to all 27 of the pending counts and the Court vacated the May 19, 2025, trial date.

    According to court documents, between July 2015 and August 2020, Piercey solicited investor funds by holding himself out as an investment advisor through his purported investment companies Family Wealth Legacy and Zolla. He made a variety of false and misleading statements to investors about the nature and success of trading algorithms, commissions and fees, investment strategies, the liquidity of investments, and the financial stability of Family Wealth Legacy and Zolla. For example, Piercey marketed the “Upvesting Fund,” an automated algorithmic trading fund that he falsely claimed had a history of success. He took money from numerous investors in this purported fund, but privately admitted to an associate that there was no Upvesting Fund.

    Running a Ponzi-like fraud scheme, Piercey used some investor money to make payments to other investors. As the scheme progressed, Piercey used a Redding-area chiropractor to conceal his continued operation of the investment fraud and take in new money.

    In total, Piercey paid back only approximately $8.8 million to investors of the approximately $35 million invested. He used the additional money for various business and personal expenses, including paying a criminal defense firm and buying two residential properties. Few, if any, liquid assets remained to repay investors.

    According to court documents, when Piercey learned he was under investigation, he took steps to dissuade investors and witnesses from responding to grand jury subpoenas. His actions caused several individuals to delay producing documents, while at the same time, he syphoned off nearly $775,000 from victim investors into a bank account he controlled.

    On Nov. 16, 2020, when law enforcement agents attempted to arrest Piercey, he fled from arrest and led agents on a vehicle chase through residential neighborhoods and onto the highway before abandoning his vehicle and entering Lake Shasta with an underwater submersible device. After about 20 minutes in the water, he emerged from the lake where he was arrested.

    After his arrest, Piercey used coded language to communicate with two individuals who visited him in jail. He directed these individuals to take actions with the contents of a U-Haul storage locker he had rented in Redding. A subsequent FBI search of the storage locker revealed that Piercey had rented the locker under a fictitious name, Chadwick Givens, using a fake California driver’s license. The locker contained, among other things, a wig and ₣31,000 in Swiss francs.

    “Investment fraud schemes like the one led by this defendant can devastate lives, retirements, and undo decades of planning by hard-working people simply looking for a trusted place to invest their money,” said Acting U.S. Attorney Beckwith. “Our office will continue to work with the FBI and our law enforcement partners to bring to justice those who commit these frauds and who seek to tamper with the grand jury process.”

    “Many invested their life savings with Matthew Piercey’s companies, not knowing that the claim of guaranteed returns were the empty promises of a Ponzi scheme,” said FBI Sacramento Special Agent in Charge Sid Patel. “The FBI agents, forensic accountants, and other specialized personnel work tirelessly to ensure those who exploit the trust of a hopeful public will face serious consequences.”

    This case is the product of an investigation by the Federal Bureau of Investigation. Assistant U.S. Attorneys Matthew Thuesen, Audrey B. Hemesath, Christopher S. Hales, and Kevin Khasigian are prosecuting the case.

    Piercey is scheduled to be sentenced by U.S. District Judge Troy L. Nunley on Sept. 4, 2025. Two other defendants who conspired with Piercey in the scheme are Ken Winton and Gary Klopfenstein. Winton pleaded guilty in December 2020 and Klopfenstein pleaded guilty in July 2024. Both Winton and Klopfenstein are scheduled for status conferences regarding sentencing on Aug. 21, 2025.

    Piercey faces a maximum statutory penalty of 20 years in prison and a fine of up to $250,000 or twice the gross gain or loss, whichever is greater, for each wire fraud and mail fraud count; 20 years in prison and a fine of up to $250,000 for each witness tampering count; and 20 years in prison and a fine of up to $500,000 or twice the value of the property involved, whichever is greater, for each money laundering count. The actual sentence, however, will be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables.

    MIL Security OSI –

  • MIL-OSI Europe: Answer to a written question – Humanitarian aid for Gaza – E-000799/2025(ASW)

    Source: European Parliament

    In 2024, the Commission allocated EUR 237 million in humanitarian aid to address the needs of vulnerable Palestinians in Gaza and the West Bank[1]. EU humanitarian aid is delivered according to the humanitarian principles of humanity, independence, impartiality and neutrality[2]. These funds were allocated by the Commission to certified non-governmental partners and international organisations, including United Nations organisations[3].

    Humanitarian non-governmental partners are thoroughly assessed by the Commission on their capacity to observe basic principles and obligations, including respect of the relevant EU, international and national law, as well as compliance with transparency, accountability and internal controls, including risk management mechanisms[4].

    Furthermore, humanitarian partners have taken measures to secure aid delivery, such as securing warehouses, ensuring presence during distributions, and coordinating routes used for movement with Israeli security forces through the Humanitarian Notification System. The Commission is in regular contact with its partners on the ground. Despite the dramatic situation, they are doing their utmost to ensure due diligence, monitoring the situation and their activities.

    Reconstruction goes beyond humanitarian aid and requires a long-term ceasefire as well as other conditions, such as governance and security arrangements, to fall in place. With the ongoing hostilities between Israel and Hamas during 2024, the EU was not able to finance any reconstruction activities in Gaza in 2024.

    • [1] https://civil-protection-humanitarian-aid.ec.europa.eu/where/middle-east-and-northern-africa/palestine_en#how-are-we-helping .
    • [2] https://civil-protection-humanitarian-aid.ec.europa.eu/who/humanitarian-principles_en.
    • [3] Funded partners operating in Palestine in 2024 were the United Nations Children’s Fund (United States), the World Food Programme (Italy), United Nations Relief and Works Agency in the Near East (Palestine), Norwegian Refugee Council (Norway), International Federation of Red Cross and Red Crescent Societies (Switzerland), International Committee of the Red Cross (Switzerland), World Health Organisation, War Child (Netherlands), International Rescue Committee (Denmark), Relief International (France), Humanity and Inclusion (France), Action Against Hunger (Spain), Care International (Austria), Médecins du Monde (France), World Vision (Denmark), United Nations Office for the Coordination of Humanitarian Affairs (Switzerland), and International NGO Safety Organisation (Netherlands).
    • [4] https://www.dgecho-partners-helpdesk.eu/ngo/humanitarian-partnership-2021-2027/eu-humanitarian-partnership-certificate-2021-2027 .
    Last updated: 15 May 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Revision of Regulation (EC) No 883/2004 – E-001232/2025(ASW)

    Source: European Parliament

    Regulation (EC) No 883/2004[1] on the coordination of national social security systems, together with its implementing Regulation (EC) 987/2009, are key pieces of EU legislation that ensure the protection of social security rights for individuals moving within the EU, as well as in Iceland, Liechtenstein, Norway, and Switzerland. They establish common rules for determining which country’s social security system applies to individuals in cross-border situations, while respecting the competence of Member States to define the specifics of their social security systems, such as beneficiaries, levels of allowances, and eligibility criteria.

    In December 2016, the Commission proposed to modernise the current rules to ensure that they are fair, clear and easier to enforce. The negotiations between the co-legislators are ongoing.

    Regulation (EC) No 883/2004 also applies to frontier workers or other cross-border workers, including those in the Moselle department of France who worked in Germany and receive unemployment benefits in France. According to the current rules, for these groups of workers, the unemployment benefits are generally paid by the Member State of residence.

    • [1] https://eur-lex.europa.eu/eli/reg/2004/883/oj/eng .
    Last updated: 15 May 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Humanitarian subsidies or incitement to political regime change? – E-001729/2025

    Source: European Parliament

    Question for written answer  E-001729/2025
    to the Commission
    Rule 144
    Virginie Joron (PfE)

    Saudi Arabia finances 1.6 % of global development aid, as does Switzerland.

    By contrast, in 2023 the Commission and the Member States provided EUR 101 billion, which accounts for 41 % of development aid. According to the European Parliament’s research service, just 3.8 % of this amount was spent on health and 3.3 % on water supply and sanitation[1].

    Since 10 March 2025, the Trump presidency has put an end to 83 % of the US Agency for International Development’s programmes falsely termed as ‘humanitarian’.

    In these circumstances, it is questionable why Brussels uses the term ‘humanitarian’ and what the purpose of this aid actually is.

    • 1.How much is the Commission spending on values, democracy and other non-urgent actions outside Europe?
    • 2.Which are the three main humanitarian NGOs funded by the Commission? What is the annual remuneration of their directors?

    Submitted: 30.4.2025

    • [1] https://www.europarl.europa.eu/RegData/etudes/ATAG/2025/769540/EPRS_ATA(2025)769540_EN.pdf
    Last updated: 15 May 2025

    MIL OSI Europe News –

  • MIL-OSI: Credit Agricole Sa: Crédit Agricole Leasing & Factoring completes acquisition of German group Merca Leasing

    Source: GlobeNewswire (MIL-OSI)

    Montrouge – May 15, 2025

    Crédit Agricole Leasing & Factoring
    completes acquisition of German group Merca Leasing

    Crédit Agricole Leasing & Factoring (CAL&F) announces that it has obtained all the necessary authorizations and today finalized the acquisition of 100% of Merca Leasing, a group that has been a partner to the German manufacturing industry for over three decades. This operation is fully in line with CAL&F’s development strategy and will enable it to accelerate its growth in the particularly dynamic German leasing market.

    After obtaining the necessary approvals from German BaFin1 and the German Competition Authority, Crédit Agricole Leasing & Factoring finalized today in Frankfurt the acquisition of Merca Leasing Group, in line with the announcement made to the markets in October 2024.

    Founded in 1989, Merca Leasing is based in Kronberg, near Frankfurt, with branches in Hamburg and Berlin. The group, which is one of the top ten independent Leasing companies in Germany2, offers tailor-made leasing solutions to SMEs, with a strong expertise in financing industrial equipment through Direct Sales channels.

    With the acquisition of Merca Leasing, Crédit Agricole Leasing & Factoring strengthens its expertise and service offering, especially in Mobility, and expands its footprint in the highly fragmented German market, which is a priority in the development strategy of its businesses.

    The impact of the transaction on Crédit Agricole S.A.’s CET1 ratio is not significant.

    “ We are delighted to welcome all the employees of Merca Leasing, whom I warmly greet on behalf of all the teams at Crédit Agricole Leasing & Factoring. The acquisition of Merca Leasing is an important step in Crédit Agricole Leasing & Factoring’s European development, and is fully in line with our strategy and the achievement of the ambitions of our 2025 Medium-Term Plan “Transitions to the Future”. This transaction offers the CAL&F and Merca Leasing teams the opportunity to pool their expertise and strengths to serve our customers and the German market.”
    Hervé VARILLON, Chief Executive Officer of Crédit Agricole Leasing & Factoring

    **********
      
      
    ABOUT CRÉDIT AGRICOLE LEASING & FACTORING

    A subsidiary of the Crédit Agricole group, Crédit Agricole Leasing & Factoring “CAL&F” has been a key player in Leasing and Factoring for more than 60 years, as well as in the financing of renewable energies and infrastructure in the territories.
    Present in 10 countries in Europe (France, Germany, Spain, Portugal, Italy, Poland, Belgium, Luxembourg, the Netherlands and Switzerland) and thus benefiting from a wide range of activities, Crédit Agricole Leasing & Factoring offers specialised financing, more responsible mobility and second-life equipment solutions to its customers: corporates, professionals, farmers and local authorities. In this way, Crédit Agricole Leasing & Factoring supports, facilitates and accelerates their growth and their transitions towards a more inclusive world, which consumes fewer resources for the planet.

    KEY FIGURES AT THE END OF 2024 (FRANCE AND INTERNATIONAL)
    260,400 customers, including 33% abroad
    2,769 employees
    €34 billion in outstandings, including 30% abroad
    For further information: www.ca-leasingfactoring.com   

    ABOUT MERCA LEASING GMBH
    Merca Leasing was founded in 1989 by Kredietbank N.V., Brussels, Belgium, & U. Helmdach and integrated into the KBC Bank & Insurance Group in 1998. In 2012, the KBC Lease (Deutschland) Group was taken over by the management, renamed Merca Leasing again, based in Kronberg / Taunus (near Frankfurt).
    The group offers financing solutions for business-critical movable equipment focusing on production machinery through leasing, hire purchase, sale-and-lease-back, retrofitting funding services and forfaiting solutions (through Merca Vendor).
    Key figures at the end of 2024 : 37 employees – New sales €309m – Portfolio (actual outstandings) €472m
    For further information: www.merca-leasing.de

    CAL&F PRESS CONTACT
    Sophie Leplus +33 (0)1 43 23 30 87 / +33 (0)6 24 87 16 03 – sophie.leplus@ca-lf.com

    1 Source: Bundesanstalt für Finanzdienstleistungsaufsicht (German Federal Financial Supervision Authority)

    2 Source: BDL / Bundesverband Deutscher Leasing-Unternehmen (Federal Association of German Leasing Companies)

    Attachment

    The MIL Network –

  • MIL-OSI Russia: Trade de-escalation between China and the US is positive news for global trade — Russian Foreign Ministry

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

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

    Moscow, May 15 /Xinhua/ — Trade de-escalation between China and the United States is positive news for global trade, Russian Foreign Ministry spokeswoman Maria Zakharova said on Thursday.

    Recently, China and the United States held high-level trade and economic talks in Geneva, Switzerland, and issued a joint statement. The talks reached an important consensus on significantly reducing bilateral tariff levels. Both sides reached a number of agreements, which were reflected in the joint statement.

    “The trade de-escalation between China and the US is positive news for global trade,” said M. Zakharova, answering questions at a briefing. “This step largely reduces the fears that have grown in recent months about a global economic recession due to the reduction in the volume of international trade in goods, including due to the sharp increase in mutual tariffs.”

    According to M. Zakharova, a positive effect is already noticeable in the form of stabilization of global financial markets and restoration of supply chains of products that were hit hardest by the “tariff tornado.”

    The official representative of the Russian Foreign Ministry added that the agreements reached by China and the United States on the creation of a mechanism for economic and trade consultations could in the future serve as a basis for developing balanced decisions in the trade and economic sphere that would take into account the interests of the two countries.

    “Such a dialogue, built on the principles of pragmatism and, of course, mutual respect, is capable of setting constructive parameters for the further development of bilateral relations in this area,” concluded M. Zakharova. –0–

    MIL OSI Russia News –

  • MIL-OSI Global: Not every US president gets a free private jet, but the Gulf states have boosted US economic dominance for decades

    Source: The Conversation – UK – By Adam Hanieh, Professor of Political Economy and Global Development, Institute of Arab and Islamic Studies, University of Exeter

    After signing a US$142 billion (£107 billion) arms deal with Saudi Arabia, Donald Trump said the US bond with that country was “more powerful than ever”. He was also reportedly quite pleased with the gift of a private jet from Qatar.

    But these arrangements are just the latest developments in a long history of the Gulf monarchies supporting the architecture of American global power. And while the six Gulf states (Saudi Arabia, United Arab Emirates, Kuwait, Qatar, Bahrain and Oman) have recently started redirecting their energy and trade ties eastward, especially towards China, they remain deeply embedded in the US-led financial order.

    As I explore in my recent book, Crude Capitalism, the Gulf states were instrumental in the rise of American global economic dominance.

    With oil emerging as the dominant fossil fuel through the second half of the 20th century, the Gulf’s nationalised petroleum industries generated vast amounts of income. Much of this was invested back into the US financial markets, particularly treasury bonds (essentially a long-term loan to the US government). This gave the US access to cheap foreign capital and reinforced the global dominance of the dollar.

    Put simply, the Gulf states were not peripheral to the US’s growing financial power – they were an essential contributor.

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

    This arrangement also involved a political bargain: US military protection for the Gulf monarchies in exchange for investment flows and energy stability. The result was a web of US military bases across the region and a deep alignment between authoritarian Gulf regimes and western strategic interests.

    But much has changed in the past two decades. China’s rise as a global manufacturing hub has driven a huge increase in oil consumption, shifting the direction of the Gulf’s oil exports away from the US and western Europe towards China and east Asia.

    These energy ties have been accompanied by much deeper trade interdependence and a huge increase in Chinese investments in the Gulf. In 2005, China was responsible for just 9% of the Gulf’s imports. Today, that figure is over 20%, while the US and EU’s share has fallen from 45% to 16%. China has also recently overtaken the US as the largest foreign investor in Saudi Arabia.

    From Beijing’s perspective, the Gulf is a critical energy lifeline. From the Gulf’s side, China’s continuing demand for oil, gas and petrochemicals is a vital part of its economic future.

    For the moment, that economic situation looks pretty robust. In 2024, Gulf countries held around US$800 billion in foreign reserves (foreign currencies and other assets), which is more than India or Switzerland. Their sovereign wealth funds (a state owned investment fund) manage another US$4.9 trillion of assets.

    Private wealth, including that held by ruling families, stood at US$2.8 trillion in 2022, and is expected to reach US$3.5 trillion by 2027.

    Much of this money is invested domestically, in sectors including infrastructure, real estate and renewable energy. But an astonishing amount flows directly into US markets.

    Oil be back

    According to US Treasury data, total Gulf holdings of American securities (bonds, stocks and corporate debt) rose from US$611 billion in 2017 to over US$1 trillion in 2024. Outside of Canada and financial hubs like London and Ireland, the Gulf is now the largest foreign investor in the US stock market.

    Another route through which Gulf wealth flows back into the US is via military procurement. According to the Stockholm International Peace Research Institute, the Gulf states accounted for 22% of all global arms imports between 2019 and 2023 – more than any other region in the world.

    Riyadh, money to build.
    Kashif Hameed/Shutterstock

    The US supplies the overwhelming majority of these weapons. In this way, Gulf spending supports the American military industry, and in return, these states become more closely tied to the US military’s umbrella.

    These deep military, financial and strategic ties help explain the real focus of Trump’s visit to the Gulf. Much of the discussion will have centred on massive investment pledges made by Gulf states to the US – including Saudi Arabia’s promise to invest up to US$600 billion, and the UAE’s commitment to a US$1.4 trillion investment over ten years.

    And such pledges reflect a broader agenda which involves expanding deals in artificial intelligence, critical minerals, energy infrastructure and advanced manufacturing.

    So Trump travelling to the region is not just about private jets and spectacle. It is about the continuing relevance of a structural relationship essential to American power, and a deepening financial integration between the Gulf and the US.

    For even as the Gulf reorients its energy flows eastward, it remains deeply tied to US finance, the US military industry and US assets. In an era of weakening US global power – and the possible spectre of a deeper clash with China – this is what will define Trump’s visit.

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

    – ref. Not every US president gets a free private jet, but the Gulf states have boosted US economic dominance for decades – https://theconversation.com/not-every-us-president-gets-a-free-private-jet-but-the-gulf-states-have-boosted-us-economic-dominance-for-decades-256655

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: New safeguard measures on personal imports of animal products from the EU15 May 2025 ​​To protect Jersey’s livestock, food security and farming community new safeguard measures will soon come into force. This will restrict personal imports of products of animal origin (POAO) from the… Read more

    Source: Channel Islands – Jersey

    15 May 2025

    ​​

    To protect Jersey’s livestock, food security and farming community new safeguard measures will soon come into force. This will restrict personal imports of products of animal origin (POAO) from the European Union. 

    Effective from 16 May 2025, travellers will no longer be permitted to bring meat or dairy products from EU single market area (EEA states, the Faroe Islands, Greenland and Switzerland) countries into Jersey for personal use. 

    This aligns Jersey with the existing measures in the UK and Crown Dependencies and follows an increase in confirmed cases of foot and mouth disease (FMD) across parts of Europe. 

    What This Means for Travellers 

    Banned Items 

    This is regardless of whether they are fresh, cured, raw, packed, or purchased from duty -free: 

    • Meat products from cattle, pigs, sheep or goats 
    • Dairy products including cheese, milk, and yogurt 
    • Items containing these products, such as: Meat or cheese sandwiches, cured meats, sausages and milk-based desserts.

    Items travellers can still bring

    The following remain permitted for personal import: 

    • Bread (excluding sandwiches filled with meat or dairy) 
    • Cakes (as long as they do not contain fresh cream) 
    • Biscuits, chocolate, and confectionery (excluding those with large amounts of unprocessed dairy) 
    • Pasta and noodles (not mixed with or filled with meat) 
    • Packaged soups, stocks, and flavourings 
    • Processed and packaged plant products, including packaged salads and frozen vegetables 
    • Food supplements containing small amounts of animal product (e.g. fish oil capsules) 
    • Up to 2kg per person of powdered infant milk, baby food, or special dietary food required for medical reasons.

    Why these measures are needed

    While foot and mouth disease poses no threat to human health, it is a highly contagious viral disease affecting cloven-hoofed animals. 

    The current spread of FMD across parts of Europe presents a serious risk to Jersey’s agriculture sector. 

    An outbreak could result in severe economic losses through: Reduced productivity in affected animals, disruption to trade and potential bans on export of livestock and animal products. 

    Background 

    Earlier this year, Jersey introduced specific bans on personal imports of meat and dairy products from Germany, Hungary, Slovakia, and Austria following confirmed FMD outbreaks. The latest measures now extend this safeguard to all EU countries. 

    Important clarifications 

    • These restrictions apply only to personal imports from EU countries 
    • They do not apply to personal imports from Great Britain, Northern Ireland, Guernsey, or the Isle of Man 
    • Commercial imports of meat and dairy products from the EU remain permitted, provided they meet all current import requirements and health standards. 

    Further Information

    These precautionary measures are in line with advice from the UK Department for Environment, Food & Rural Affairs (DEFRA) and are essential to maintaining the health of Jersey’s livestock. 

    For more details or specific guidance on permitted items, visit: Bringing food or animal products into Jersey​.​

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Exclusive: Developing countries should unite against US tariff abuses – think tank

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

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

    GENEVA, May 15 (Xinhua) — The United States uses tariffs as a strategic tool to extract concessions beyond trade, Carlos Correa, executive director of the South Center, said in a recent exclusive interview with Xinhua.

    He warned that such unilateral measures could cause serious harm to developing countries if not met with a strong and coordinated response.

    The South Centre, an intergovernmental think tank of the Global South, is headquartered in Geneva, Switzerland. The organisation seeks to advance the common interests of the countries of the South while respecting their diversity.

    Correa criticized the unilateral imposition of US tariffs, noting that they have caused serious harm to developing economies, especially the least developed countries. “The consequences could be very significant: loss of jobs, even the closure of some industries and farms, rising debts and interest rates if the situation continues,” he added.

    He also refuted the American narrative that the US trade deficit is caused by unfair practices of other countries, pointing to structural problems in the American economy. He warned that the US uses tariffs for selfish purposes, such as preferential access to mineral resources, which undermines the interests of most developing countries.

    No country should ignore the international trading system, Correa stressed, calling on developing countries to strengthen cooperation to solve problems “created by one country.”

    He noted that only through dialogue and collective action can the Global South protect its common interests and contribute to a balanced world economy. “Our advice to developing countries remains: do not avoid dialogue, but protect your interests and support a multilateral system that is effective in ensuring that rules serve not just one large economy, but the economies of all countries within the system,” Correa said.

    Underlining the continued importance of the World Trade Organization (WTO), Correa called it the most comprehensive platform for coordination and dispute resolution. He called on developing countries to actively participate in WTO reforms to enhance the transparency and inclusiveness of the organization, thereby strengthening its legitimacy and effectiveness.

    Correa also praised China’s active role in promoting South-South cooperation. “China has made active efforts to promote South-South cooperation, which has opened up broad opportunities for increasing trade among developing countries,” he said. –0–

    MIL OSI Russia News –

  • MIL-OSI Russia: The declared total investment volume of residents of the Great Stone Industrial Park reached 1.57 billion US dollars

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

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

    MINSK, May 15 /Xinhua/ — The declared total investment of residents of the China-Belarus Industrial Park “Great Stone” has reached 1.57 billion US dollars, its press service announced on the occasion of the Industrial Park Day.

    There are currently 150 residents registered in the Great Stone. 54 of them have already started implementing their projects, making a significant contribution to the economy of the park and the country as a whole. In 2025, the park was replenished with nine new residents representing Russia, China, Switzerland, Turkey and Belarus.

    As the head of the industrial park administration, Alexander Yaroshenko, noted, “Great Stone” has become well known both in Belarus and abroad over the years of its operation thanks to the large contribution of Belarusian and Chinese departments and enterprises.

    “We have been working fruitfully with our partners from friendly China all this time. And this interaction continues to strengthen. The economic effect of the park’s work is already noticeable. These are new products for Belarus, in demand on our market and supplied for export, new jobs. This became possible due to the fact that the park’s enterprises have been working and continue to work effectively all the time,” the newspaper “Respublika” quotes him as saying.

    By the end of 2025, the number of project participants is expected to grow to 170 companies. The number of employees of resident companies will exceed 3,700 people. The China-Belarus Park also continues to develop its logistics potential. In 2024, the second stage of construction began, during which key logistics infrastructure facilities will be built. During 2025, active work will be carried out on the construction of a multimodal terminal on a 41-hectare site. It is expected that the terminal will be completed in 2026, and its implementation will speed up the transportation of goods within the framework of the Belt and Road initiative. –0–

    MIL OSI Russia News –

  • MIL-OSI USA: Dingell, Merkley, Welch, Sanders Introduce Bill to Lower Prescription Drug Prices for All Americans

    Source: United States House of Representatives – Congresswoman Debbie Dingell (12th District of Michigan)

    Congresswoman Debbie Dingell (MI-06) along with Senators Jeff Merkley (D-OR), Peter Welch (D-VT), and Bernie Sanders (I-VT), today introduced the End Price Gouging for Medications Act.

    The bicameral bill would lower prescription drug costs for all Americans and end pharmaceutical price gouging by requiring drug companies to offer medications in the United States at no more than the lowest price per drug in twelve other similarly developed countries—Australia, Austria, Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, and the United Kingdom.

    “In the wealthiest nation on earth, no one should have to choose between buying groceries and affording the medications they need to survive.” said Dingell. “There’s no reason we should be spending more on prescriptions than any other country. This legislation will bring down the cost of prescription drugs, hold drug companies accountable for their unchecked greed, and provide much-needed relief to American families.”

    “Americans pay the highest prices in the world for prescription drugs, even though we invest the most in cutting-edge research and development. That is unconscionable,” said Merkley. “In my town halls across every corner of Oregon, I’ve heard time and again from Oregonians about how sky-high prescription drug prices are pushing their budgets to the limit. The End Price Gouging for Medications Act will crack down on Big Pharma’s greed. If President Trump is serious about lowering prescription drug costs for families and seniors across America, he should work with Congress to ensure we get the best prices, not the worst.”

    “No one should ever be forced to choose between paying for the prescriptions they need or putting food on the table. It’s unacceptable, and for too many Americans it’s a reality because of Big Pharma’s price gouging,” said Welch. “The End Price Gouging for Medications Act would put an end to this bad practice and help more Vermonters access the medications they need. I’m proud to join Sen. Merkley to introduce this bill and help Vermonters get the care they need.”

    On average, Americans spend over $1,400 on prescription drugs every year—the highest per capita drug spending in the world—largely because the pharmaceutical industry is hiking up the cost of drugs to make billions in profits each year. The American people want action, and lowering prescription drug prices to levels obtained in nations similar to the United States has strong bipartisan support. This includes medication such as:

    • Ozempic, which costs Americans nearly $13,000 annually to treat type 2 diabetes compared to roughly $820 in Japan; and
    • Humira, which costs Americans with Crohn’s disease more than $100,000 per year compared to roughly $3,320 per year in Austria.

    Unlike Trump’s recent executive order (EO) on international reference pricing, which only applies to Medicare and Medicaid, the End Price Gouging for Medications Act goes further by requiring drug companies to offer prescription drugs at the established reference price to all individuals in the U.S. market, regardless of insurance or health care status. That includes individuals utilizing all federal health programs, uninsured individuals, individuals covered under a group health plan, or individuals who have purchased their own health insurance coverage.

    In addition to Dingell, Merkley, Welch, and Sanders, the End Price Gouging for Medications Act is co-sponsored by U.S. Senator Dick Durbin (D-IL). The bicameral bill is endorsed by Public Citizen, Center for Health and Democracy, Just Care USA, Center for Medicare Advocacy, and Social Security Works.

    “American consumers pay far too much for drugs, not because it is costly to manufacture them, or even because of the expense of research and development. We pay too much because the U.S. government grants patents and other monopolies to brand-name drug corporations and then does far too little to rein in Big Pharma’s exploitation of those monopolies to price gouge consumers and the government itself. If President Trump were serious about bringing U.S. drug prices down to levels in other countries, he would embrace this legislation and use the bully pulpit to urge legislators to support it instead of retrograde proposals to take away health care from millions of people to give tax cuts to billionaires and corporations. We applaud Senators Merkley, Sanders and Welch for their leadership,” said Peter Maybarduk, Director of Public Citizen’s Access to Medicines Program.

    “There’s no good reason Americans should be forced to pay as much as four times more for our drugs than people in France, Japan and Canada. Senator Merkley, Senator Welch, Ranking Member Sanders, and Representative Dingell’s ‘End Price Gouging for Medications Act’ legislation recognizes that monopoly pricing by drug corporations is killing tens of thousands of Americans each year and driving countless more into medical debt. It rightly calls for fair drug pricing, which is essential to our health and well-being,” said Diane Archer, President, Just Care USA.

    Full text of the End Price Gouging for Medications Act can be found here. 

    MIL OSI USA News –

  • MIL-OSI USA: NASA’s Magellan Mission Reveals Possible Tectonic Activity on Venus

    Source: NASA

    Using archival data from the mission, launched in 1989, researchers have uncovered new evidence that tectonic activity may be deforming the planet’s surface.
    Vast, quasi-circular features on Venus’ surface may reveal that the planet has ongoing tectonics, according to new research based on data gathered more than 30 years ago by NASA’s Magellan mission. On Earth, the planet’s surface is continually renewed by the constant shifting and recycling of massive sections of crust, called tectonic plates, that float atop a viscous interior. Venus doesn’t have tectonic plates, but its surface is still being deformed by molten material from below.
    Seeking to better understand the underlying processes driving these deformations, the researchers studied a type of feature called a corona. Ranging in size from dozens to hundreds of miles across, a corona is most often thought to be the location where a plume of hot, buoyant material from the planet’s mantle rises, pushing against the lithosphere above. (The lithosphere includes the planet’s crust and the uppermost part of its mantle.) These structures are usually oval, with a concentric fracture system surrounding them. Hundreds of coronae are known to exist on Venus.
    Published in the journal Science Advances, the new study details newly discovered signs of activity at or beneath the surface shaping many of Venus’ coronae, features that may also provide a unique window into Earth’s past. The researchers found the evidence of this tectonic activity within data from NASA’s Magellan mission, which orbited Venus in the 1990s and gathered the most detailed gravity and topography data on the planet currently available.
    “Coronae are not found on Earth today; however, they may have existed when our planet was young and before plate tectonics had been established,” said the study’s lead author, Gael Cascioli, assistant research scientist at the University of Maryland, Baltimore County, and NASA’s Goddard Space Flight Center in Greenbelt, Maryland. “By combining gravity and topography data, this research has provided a new and important insight into the possible subsurface processes currently shaping the surface of Venus.”

    As members of NASA’s forthcoming VERITAS (Venus Emissivity, Radio science, InSAR, Topography, and Spectroscopy) mission, Cascioli and his team are particularly interested in the high-resolution gravity data the spacecraft will provide. Study coauthor Erwan Mazarico, also at Goddard, will co-lead the VERITAS gravity experiment when the mission launches no earlier than 2031.
    Mystery Coronae
    Managed by NASA’s Jet Propulsion Laboratory in Southern California, Magellan used its radar system to see through Venus’ thick atmosphere and map the topography of its mountains and plains. Of the geological features the spacecraft mapped, coronae were perhaps the most enigmatic: It wasn’t clear how they formed. In the years since, scientists have found many coronae in locations where the planet’s lithosphere is thin and heat flow is high.
    “Coronae are abundant on Venus. They are very large features, and people have proposed different theories over the years as to how they formed,” said coauthor Anna Gülcher, Earth and planetary scientist at the University of Bern in Switzerland. “The most exciting thing for our study is that we can now say there are most likely various and ongoing active processes driving their formation. We believe these same processes may have occurred early in Earth’s history.”
    The researchers developed sophisticated 3D geodynamic models that demonstrate various formation scenarios for plume-induced coronae and compared them with the combined gravity and topography data from Magellan. The gravity data proved crucial in helping the researchers detect less dense, hot, and buoyant plumes under the surface — information that couldn’t be discerned from topography data alone. Of the 75 coronae studied, 52 appear to have buoyant mantle material beneath them that is likely driving tectonic processes.
    One key process is subduction: On Earth, it happens when the edge of one tectonic plate is driven beneath the adjacent plate. Friction between the plates can generate earthquakes, and as the old rocky material dives into the hot mantle, the rock melts and is recycled back to the surface via volcanic vents.

    On Venus, a different kind of subduction is thought to occur around the perimeter of some coronae. In this scenario, as a buoyant plume of hot rock in the mantle pushes upward into the lithosphere, surface material rises and spreads outward, colliding with surrounding surface material and pushing that material downward into the mantle.
    Another tectonic process known as lithospheric dripping could also be present, where dense accumulations of comparatively cool material sink from the lithosphere into the hot mantle. The researchers also identify several places where a third process may be taking place: A plume of molten rock beneath a thicker part of the lithosphere potentially drives volcanism above it.
    Deciphering Venus
    This work marks the latest instance of scientists returning to Magellan data to find that Venus exhibits geologic processes that are more Earth-like than originally thought. Recently, researchers were able to spot erupting volcanoes, including vast lava flows that vented from Maat Mons, Sif Mons, and Eistla Regio in radar images from the orbiter.
    While those images provided direct evidence of volcanic action, the authors of the new study will need sharper resolution to draw a complete picture about the tectonic processes driving corona formation. “The VERITAS gravity maps of Venus will boost the resolution by at least a factor of two to four, depending on location — a level of detail that could revolutionize our understanding of Venus’ geology and implications for early Earth,” said study coauthor Suzanne Smrekar, a planetary scientist at JPL and principal investigator for VERITAS.
    Managed by JPL, VERITAS will use a synthetic aperture radar to create 3D global maps and a near-infrared spectrometer to figure out what the surface of Venus is made of.  Using its radio tracking system, the spacecraft will also measure the planet’s gravitational field to determine the structure of Venus’ interior. All of these instruments will help pinpoint areas of activity on the surface.
    For more information about NASA’s VERITAS mission, visit:

    VERITAS

    News Media Contacts
    Ian J. O’NeillJet Propulsion Laboratory, Pasadena, Calif.818-354-2649ian.j.oneill@jpl.nasa.gov
    Karen Fox / Molly WasserNASA Headquarters, Washington202-358-1600karen.c.fox@nasa.gov / molly.l.wasser@nasa.gov
    2025-068

    MIL OSI USA News –

  • MIL-OSI USA: Welch, Merkley, Sanders, Dingell Team Up to Introduce Bill to Lower Prescription Drug Prices for All Americans

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)
    WASHINGTON, D.C. – U.S. Senator Peter Welch (D-Vt.) today joined Senator Jeff Merkley (D-Ore.), Senator Bernie Sanders (I-Vt.), and U.S. Representative Debbie Dingell (D-MI-06) in introducing the End Price Gouging for Medications Act.
    The bicameral bill would lower prescription drug costs for all Americans and end pharmaceutical price gouging by requiring drug companies to offer medications in the United States at no more than the lowest price per drug in twelve other similarly developed countries—Australia, Austria, Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, and the United Kingdom.
    “No one should ever be forced to choose between paying for the prescriptions they need or putting food on the table. It’s unacceptable, and for too many Americans it’s a reality because of Big Pharma’s price gouging,” said Welch. “The End Price Gouging for Medications Act would put an end to this bad practice and help more Vermonters access the medications they need. I’m proud to join Sen. Merkley to introduce this bill and help Vermonters get the care they need.”
    “Americans pay the highest prices in the world for prescription drugs, even though we invest the most in cutting-edge research and development. That is unconscionable,” said Merkley. “In my town halls across every corner of Oregon, I’ve heard time and again from Oregonians about how sky-high prescription drug prices are pushing their budgets to the limit. The End Price Gouging for Medications Act will crack down on Big Pharma’s greed.”
    Merkley continued, “If President Trump is serious about lowering prescription drug costs for families and seniors across America, he should work with Congress to ensure we get the best prices, not the worst.”
    “In the wealthiest nation on earth, no one should have to choose between buying groceries and affording the medications they need to survive,” said Dingell. “There’s no reason we should be spending more on prescriptions than any other country. This legislation will help to bring down the cost of prescription drugs, hold drug companies accountable for their unchecked greed, and provide much-needed relief to American families.”
    On average, Americans spend over $1,400 on prescription drugs every year—the highest per capita drug spending in the world—largely because the pharmaceutical industry is hiking up the cost of drugs to make billions in profits each year. The American people want action, and lowering prescription drug prices to levels obtained in nations similar to the United States has strong bipartisan support. This includes medication such as:
    Ozempic, which costs Americans nearly $13,000 annually to treat type 2 diabetes compared to roughly $820 in Japan; and
    Humira, which costs Americans with Crohn’s disease more than $100,000 per year compared to roughly $3,320 per year in Austria.
    Unlike Trump’s recent executive order (EO) on international reference pricing, which only applies to Medicare and Medicaid, the End Price Gouging for Medications Act goes further by requiring drug companies to offer prescription drugs at the established reference price to all individuals in the U.S. market, regardless of insurance or health care status. That includes individuals utilizing all federal health programs, uninsured individuals, individuals covered under a group health plan, or individuals who have purchased their own health insurance coverage.
    In addition to Welch, Merkley, Sanders, and Dingell, the End Price Gouging for Medications Act is co-sponsored by U.S. Senator Dick Durbin (D-IL). The bicameral bill is endorsed by Public Citizen, Center for Health and Democracy, Just Care USA, Center for Medicare Advocacy, and Social Security Works.
    “American consumers pay far too much for drugs, not because it is costly to manufacture them, or even because of the expense of research and development. We pay too much because the U.S. government grants patents and other monopolies to brand-name drug corporations and then does far too little to rein in Big Pharma’s exploitation of those monopolies to price gouge consumers and the government itself. If President Trump were serious about bringing U.S. drug prices down to levels in other countries, he would embrace this legislation and use the bully pulpit to urge legislators to support it instead of retrograde proposals to take away health care from millions of people to give tax cuts to billionaires and corporations. We applaud Senators Merkley, Sanders and Welch for their leadership,” said Peter Maybarduk, Director of Public Citizen’s Access to Medicines Program.
    “There’s no good reason Americans should be forced to pay as much as four times more for our drugs than people in France, Japan and Canada. Senator Merkley, Senator Welch, Ranking Member Sanders, and Representative Dingell’s ‘End Price Gouging for Medications Act’ legislation recognizes that monopoly pricing by drug corporations is killing tens of thousands of Americans each year and driving countless more into medical debt. It rightly calls for fair drug pricing, which is essential to our health and well-being,” said Diane Archer, President of Just Care USA.
    “The reason Americans pay higher prescription drug prices than other countries is because big drug and insurance companies, and their armies of lobbyists, work overtime to ensure their monopolies are protected and their CEOs continue to get massive compensation packages. It is far past time that Congress acts to rein in the out-of-control cost of what Americans have to pay for life-saving medications. The End Price Gouging for Medications Act is an important step,” said Wendell Potter, President of the Center for Health and Democracy.
    Full text of the End Price Gouging for Medications Act can be found by clicking here.

    MIL OSI USA News –

  • MIL-OSI: Results of the Annual General Meeting of GAM Holding AG

    Source: GlobeNewswire (MIL-OSI)

    Zurich: 14 May 2025

    PRESS RELEASE

    Results of the Annual General Meeting of GAM Holding AG

    • All proposals, as recommended by the Board of Directors, were approved with large majorities
    • Chairman and all members of the Board of Directors re-elected

    At the Annual General Meeting held on 14 May 2025, the shareholders of GAM Holding AG approved all the proposals put forward by the Board of Directors.

    Shareholders who were unable to attend the Annual General Meeting could give their voting instructions to an independent proxy; 83% of the total 1,065,257,891 shares (as registered in the commercial register) were represented in comparison with 53% in 2024. The management report, the annual company’s and consolidated financial statements were approved, and shareholders discharged the members of the Board of Directors elected at the AGM on 15 May 2024 and the Group Management Board for the financial year 2024. The compensation report for 2024 was approved in a non-binding consultative vote.

    Increase in conditional capital and amendment to the Articles of Incorporation approved

    The Board of Directors proposed an increase in conditional capital and a corresponding amendment of the Articles of Incorporation to meet its obligations under various Board of Director and employee incentive plans. These proposals were approved.

    Re-elections and elections to the Board of Directors

    Antoine Spillmann was re-elected as Chairman of the Board of Directors and Anthony Maarek, Jeremy Smouha, Carlos Esteve, Inès de Dinechin, Anne Empain and Donatella Ceccarelli as members of the Board of Directors. All members of the Board of Directors were elected for a term of office until the end of the Annual General Meeting 2026.

    Compensation decisions

    Shareholders also approved all the compensation proposals, including retrospective share-based compensation for the Board of Directors and Group Management Board.

    Antoine Spillmann, Chairman of the Board of Directors, said: “On behalf of the Board of Directors, I would like to extend my deepest gratitude to our shareholders for their unwavering trust and support. GAM entered a phase of renewed stability and strategic momentum during 2024 and with the successful conclusion of today’s Annual General Meeting and the approval of all proposals, we have made significant strides in our journey towards transformation. As we look ahead to 2025 and beyond, we remain fully committed to delivering sustainable growth, strong investment performance, and lasting value for our clients, and all our stakeholders.”

    The complete voting results, biographies of the elected Board of Directors and further information on the Annual General Meeting can be found on the company’s website here: www.gam.com/agm2025.

    Additional information

    AGM Portal |  2024 Sustainability Report  |  GAM corporate calendar

    For further information please contact:

    Investor Relations       
    Magdalena Czyzowska  
    T +44 (0) 207 917 2508     		 Media Relations           
    Colin Bennett                
    T +44 (0) 207 393 8544

    Visit us: www.gam.com
     Follow us: X and LinkedIn

    About GAM

    GAM is an independent investment manager that is listed in Switzerland. It is an active, independent global asset manager that delivers distinctive and differentiated investment solutions for its clients across its Investment and Wealth Management Businesses. Its purpose is to protect and enhance its clients’ financial future. It attracts and empowers the brightest minds to provide investment leadership, innovation and a positive impact on society and the environment. Total assets under management were CHF 16.3 billion as of 31 December 2024. GAM has global distribution with offices in 14 countries and is geographically diverse with clients in almost every continent. Headquartered in Zurich, GAM Investments was founded in 1983 and its registered office is at Hardstrasse 201 Zurich, 8037 Switzerland. For more information about GAM Investments, please visit www.gam.com

    Other Important Information

    This release contains or may contain statements that constitute forward-looking statements. Words such as “anticipate”, “believe”, “expect”, “estimate”, “aim”, “project”, “forecast”, “risk”, “likely”, “intend”, “outlook”, “should”, “could”, “would”, “may”, “might”, “will”, “continue”, “plan”, “probability”, “indicative”, “seek”, “target”, “plan” and other similar expressions are intended to or may identify forward-looking statements.

    Any such statements in this release speak only as of the date hereof and are based on assumptions and contingencies subject to change without notice, as are statements about market and industry trends, projections, guidance, and estimates. Any forward-looking statements in this release are not indications, guarantees, assurances or predictions of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the person making such statements, its affiliates and its and their directors, officers, employees, agents and advisors and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct and may cause actual results to differ materially from those expressed or implied in any such statements. You are strongly cautioned not to place undue reliance on forward-looking statements and no person accepts or assumes any liability in connection therewith.

    This release is not a financial product or investment advice, a recommendation to acquire, exchange or dispose of securities or accounting, legal or tax advice. It has been prepared without taking into account the objectives, legal, financial or tax situation and needs of individuals. Before making an investment decision, individuals should consider the appropriateness of the information having regard to their own objectives, legal, financial and tax situation and needs and seek legal, tax and other advice as appropriate for their individual needs and jurisdiction.

    Attachment

    The MIL Network –

  • MIL-OSI Economics: Joint study explores feasibility of central bank operations using tokenisation and smart contracts

    Source: Bank for International Settlements

    The Federal Reserve Bank of New York and the Bank for International Settlements (BIS) today published a joint research study that explored if and how central banks could continue to implement monetary policy operations in hypothetical tokenised wholesale financial markets.    

    Project Pine, from the New York Innovation Center at the New York Fed and the Swiss Centre of the BIS Innovation Hub found that central banks could customise and deploy policy implementation tools using programmable smart contracts in a potential future state where commercial banks and other private sector financial institutions have widely adopted tokenisation for wholesale payments and securities settlement.

    The project generated the prototype of a generic monetary policy implementation tokenised toolkit for potential further research and development by central banks across jurisdictions and currencies. The prototype was designed to be technically modifiable for different central banks’ monetary policy frameworks and calibrated to conduct standard or emergency market operations.

    The toolkit prototype was created in consultation with central banks’ financial markets advisors from multiple jurisdictions, who helped outline the project scope and specific design requirements. It is not particular to any currency or jurisdiction. It can fulfil a common set of central bank implementation requirements, including paying interest on reserves, open market operations, and collateral management.

    The toolkit was tested against ten hypothetical scenarios simulating normal market dynamics and stress events. Each scenario was designed using historical data inputs on past market events, such as interest rate tightening and easing cycles, quantitative easing and tightening cycles, and periods of strained market liquidity or broader market disruptions. 

    The prototype successfully responded and instantaneously carried out the intended operation under the varying market conditions, consistent with the central bank’s desired liquidity environment. Project Pine’s findings highlighted areas for further research and analysis related to interoperability and data standardisation. Project Pine aims to contribute to a broad and transparent public dialogue regarding potential applications of new technologies in the financial sector.

    BIS Innovation Hub projects are experimental in nature and aim to explore and deliver public goods to the global central banking community. Project Pine was limited to research and experimentation and should not be interpreted to reflect any policies, directives, or views of the Federal Reserve Bank of New York or the Federal Reserve System.

    About the New York Innovation Center

    The New York Innovation Center (NYIC) at the Federal Reserve Bank of New York bridges the worlds of finance, technology, and innovation. Established in 2021 in partnership with the Bank for International Settlements Innovation Hub, the NYIC generates insights into high-value central bank-related opportunities through research, analysis, and technical experimentation to drive advancements in central banking and enhance the functioning of the global financial system.

    About the BIS Innovation Hub

    The BIS Innovation Hub aims to foster international collaboration on innovative financial technology within the central banking community. It identifies and develops in-depth insights into critical trends in technology affecting central banking, develops public goods for improving the functioning of the global financial system, and serves as a focal point for a network of central bank innovation experts. 

    MIL OSI Economics –

  • MIL-OSI Global: The US and China have reached a temporary truce in the trade wars, but more turbulence lies ahead

    Source: The Conversation – Global Perspectives – By Peter Draper, Professor, and Executive Director: Institute for International Trade, and Jean Monnet Chair of Trade and Environment, University of Adelaide

    Defying expectations, the United States and China have announced an important agreement to de-escalate bilateral trade tensions after talks in Geneva, Switzerland.

    The good, the bad and the ugly

    The good news is their recent tariff increases will be slashed. The US has cut tariffs on Chinese imports from 145% to 30%, while China has reduced levies on US imports from 125% to 10%. This greatly eases major bilateral trade tensions, and explains why financial markets rallied.

    The bad news is twofold. First, the remaining tariffs are still high by modern standards. The US average trade-weighted tariff rate was 2.2% on January 1 2025, while it is now estimated to be up to 17.8%. This makes it the highest tariff wall since the 1930s.

    Overall, it is very likely a new baseline has been set. Bilateral tariff-free trade belongs to a bygone era.

    Second, these tariff reductions will be in place for 90 days, while negotiations continue. Talks will likely include a long list of difficult-to-resolve issues. China’s currency management policy and industrial subsidies system dominated by state-owned enterprises will be on the table. So will the many non-tariff barriers Beijing can turn on and off like a tap.

    China is offering to purchase unspecified quantities of US goods – in a repeat of a US-China “Phase 1 deal” from Trump’s first presidency that was not implemented. On his first day in office in January, amid a blizzard of executive orders, Trump ordered a review of that deal’s implementation. The review found China didn’t follow through on the agriculture, finance and intellectual property protection commitments it had made.

    Unless the US has now decided to capitulate to Beijing’s retaliatory actions, it is difficult to see the US being duped again.

    Failure to agree on these points would reveal the ugly truth that both countries continue to impose bilateral export controls on goods deemed sensitive, such as semiconductors (from the US to China) and processed critical minerals (from China to the US).

    Moreover, in its so-called “reciprocal” negotiations with other countries, the US is pressing trading partners to cut certain sensitive China-sourced goods from their exports destined for US markets. China is deeply unhappy about these US demands and has threatened to retaliate against trading partners that adopt them.

    A temporary truce

    Overall, the announcement is best viewed as a truce that does not shift the underlying structural reality that the US and China are locked into a long-term cycle of escalating strategic competition.



    Read more:
    Why Trump fails to understand China’s trade war tactics, and what his negotiators should be reading

    That cycle will have its ups (the latest announcement) and downs (the tariff wars that preceded it). For now, both sides have agreed to announce victory and focus on other matters.

    For the US, this means ensuring there will be consumer goods on the shelves in time for Halloween and Christmas, albeit at inflated prices. For China, it means restoring some export market access to take pressure off its increasingly ailing economy.

    As neither side can vanquish the other, the likely long-term result is a frozen conflict. This will be punctuated by attempts to achieve “escalation dominance”, as that will determine who emerges with better terms. Observers’ opinions on where the balance currently lies are divided.

    Along the way, and to use a quote widely attributed to Winston Churchill, to “jaw-jaw is better than to war-war”. Fasten your seat belts, there is more turbulence to come.

    Where does this leave the rest of us?

    Significantly, the US has not (so far) changed its basic goals for all its bilateral trade deals.

    Its overarching aim is to cut the goods trade deficit by reducing goods imports and eliminating non-tariff barriers it says are “unfairly” prohibiting US exports. The US also wants to remove barriers to digital trade and investments by tech giants and “derisk” certain imports that it deems sensitive for national security reasons.

    The agreement between the US and UK last week clearly reflects these goals in operation. While the UK received some concessions, the remaining tariffs are higher, at 10% overall, than on April 2 and subject to US-imposed import quotas. Furthermore, the UK must open its market for certain goods while removing China-originating content from steel and pharmaceutical products destined for the US.

    For Washington’s Pacific defence treaty allies, including Australia, nothing has changed. Potentially difficult negotiations with the Trump administration lie ahead, particularly if the US decides to use our security dependencies as leverage to wring concessions in trade. Japan has already disavowed linking security and trade, and their progress should be closely watched.

    The US has previously paused high tariffs on manufacturing nations in South-East Asia, particularly those used by other nations as export platforms to avoid China tariffs. Vietnam, Cambodia and others will face sustained uncertainty and increasingly difficult balancing acts. The economic stakes are higher for them.

    They, like the Japanese, are long-practised in the subtle arts of balancing the two giants. Still, juggling ties with both Washington and Beijing will become the act of an increasingly high-wire trapeze artist.

    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. The US and China have reached a temporary truce in the trade wars, but more turbulence lies ahead – https://theconversation.com/the-us-and-china-have-reached-a-temporary-truce-in-the-trade-wars-but-more-turbulence-lies-ahead-256448

    MIL OSI – Global Reports –

  • MIL-OSI: Waterfall Network Augments Web3 Tools with Cascadify and The Lamb

    Source: GlobeNewswire (MIL-OSI)

    Zug, Switzerland , May 14, 2025 (GLOBE NEWSWIRE) — Waterfall Network, a rapidly growing BlockDAG ecosystem focused on scalability and seamless user experience, today announced the launch of Cascadify and The Lamb, two new tools designed to enhance the Web3 builder experience.

    Built on the Waterfall Network, these two complementary platforms offer end-to-end support—from MVP development to secure, transparent fundraising. Together, they provide the technical infrastructure and launch support Web3 projects need to thrive.

    Cascadify and The Lamb benefit from Waterfall’s toolkits, responsive developer support, and ecosystem momentum, helping them deploy faster, engage users efficiently, and reduce technical risk early in the product lifecycle. This powerful combination acts as a CTO-like resource for projects, allowing teams to go from idea to deployment to funding without building from scratch or relying on multiple fragmented services.

    “In the fast-paced world of Web3, startups often face a tough challenge: how to quickly move from idea to product to fundraising, all without a full in-house technical team. That’s where Cascadify and The Lamb come in,” said Sergii Grybniak, Head of Research at Waterfall Network. “These two projects fill a critical gap in the builder’s journey from MVP to community launch. Waterfall’s high-speed DAG architecture and low fees enable them to scale fast and securely.”

    Cascadify is a modular Web3 framework that allows startups to quickly assemble and deploy dApps. Instead of rebuilding the same backend and frontend logic, Cascadify offers a flexible environment where teams can customize user flows, choose only the modules they need, deploy on their own infrastructure or in the cloud. This drastically reduces time-to-market, allowing developers to focus on growth, design, and user experience.

    The Lamb is a compliant OTC token investing platform that wraps allocations into NFTs. Each NFT contains structured vesting logic, giving investors a clear view of unlock schedules, timelines, and project information, all while maintaining decentralization and transparency. With built-in KYC, support for stablecoins and fiat, and monthly withdrawal options, The Lamb is built for serious builders and early supporters alike.

    One of the first projects launching on Cascadify and the Waterfall Network is Petami,  a fresh take on traditional DeFi staking that transforms it into an emotional, gamified experience. Instead of passively blocking tokens, users feed and care for adorable NFT pets. These pets visibly respond to care and nurturing, evolving both emotionally and economically depending on the player’s actions. It was Cascadify and its rich set of different mechanics that allowed for a quick transition into development and more time to focus on the idea and user experience.

    Waterfall Network, launched in 2024, is uniquely positioned to support ecosystem-level growth. Its DAG structure enables parallel processing across multiple levels, significantly increasing throughput while keeping costs low. With more than 20 projects already deployed or in progress, Waterfall is rapidly becoming a go-to network for developers seeking both performance and decentralization.

    For more information, please visit https://cascadify.io and https://thelamb.io or follow @waterfall_dag on X and other channels: 

    Discord: https://discord.gg/Nwb8aR2XvR 
    Telegram: https://t.me/waterfall_network

    About Waterfall
    Waterfall is a leading layer one (L1) architecture aiming to provide a solution for scalability and decentralization to help dAPP developers change the world.  Waterfall’s Directed Acyclic Graph (“DAG”) achieves and allows it to run a validator node from any device, including low-cost laptops and mobile phones in future. Waterfall is Ethereum Virtual Machine (EVM) compatible, allowing for portability of decentralized applications (dAPPs), and has very low hardware requirements for the participants to become validators. 

    The MIL Network –

  • MIL-OSI Australia: Helping Australia’s Eurovision dreams become reality

    Source: Workplace Gender Equality Agency

    Go-Jo to showcase talent on the world stage at Eurovision 2025, thanks to support from the Albanese Labor Government.

    The International Cultural Diplomacy Arts Fund supports Australia’s global cultural engagement to increase access to international audiences.

    Australia’s representative, Go-Jo will present his electro pop song Milkshake Man in the Eurovision Song Contest in Basel, Switzerland, thanks to combined funding support from Music Australia. 

    Minister for the Arts, Tony Burke, said that Go-Jo would show international audiences the breadth and depth of Australian talent.

    “We’re supporting Australia’s own Go-Jo to unlock the global reach of Eurovision and perform on one of the world’s largest stages.

    “We know how important it is to engage with international audiences. Not only does it create cultural dialogue but it strengthens bonds and builds appreciation for our home grown Australian talent.”

    The Eurovision final will be held on Saturday 17, May 2025.

    MIL OSI News –

  • MIL-Evening Report: ER Report: A Roundup of Significant Articles on EveningReport.nz for May 14, 2025

    ER Report: Here is a summary of significant articles published on EveningReport.nz on May 14, 2025.

    Young detainees often have poor mental health. The earlier they’re incarcerated, the worse it gets
    Source: The Conversation (Au and NZ) – By Emaediong I. Akpanekpo, PhD Candidate, School of Population Health, UNSW Sydney Populist rhetoric targeting young offenders often leads to kneejerk punitive responses, such as stricter bail laws and lowering the age of criminal responsibility. This, in turn, has led to more young people being held in detention.

    PNG police authorised to use lethal force with ‘domestic terrorist’ kidnappers as one hostage escapes
    RNZ Pacific An escape of a 13-year-old girl from a hostage crisis on the border of Papua New Guinea’s Western and Hela provinces has boosted hopes for the rescue of her fellow captives. The group of 10 people was taken captive early on Monday morning at Adujmari. PNG Police Commissioner David Manning has called the

    Political parties can recover after a devastating election loss. But the Liberals will need to think differently
    Source: The Conversation (Au and NZ) – By Frank Bongiorno, Professor of History, ANU College of Arts and Social Sciences, Australian National University Australia has just had its second landslide election in a row. In 2022, there was a landslide against the Liberals, but not to Labor, which fell over the line (as a majority

    NZ celebrates Rotuman as part of Pacific Language Week series
    By Grace Tinetali-Fiavaai, RNZ Pacific journalist Aotearoa celebrates Rotuman language as part of the Ministry for Pacific Peoples’ Pacific Language Week series this week. Rotuman is one of five UNESCO-listed endangered languages among the 12 officially celebrated in New Zealand. The others are Tokelaun, Niuean, Cook Islands Māori and Tuvaluan. This year’s theme is, ‘Åf’ạkia

    In Indonesia, Albanese has a chance to reset a relationship held back by anxiety and misperceptions
    Source: The Conversation (Au and NZ) – By Hangga Fathana, Assistant Professor of International Relations, Universitas Islam Indonesia (UII) Yogyakarta Prime Minister Anthony Albanese has wasted little time taking his first overseas trip since Labor won a historic victory in Australia’s federal election. He’ll head to Indonesia today to meet the country’s new president, Prabowo

    From GPS to weather forecasts: the hidden ways Australia relies on foreign satellites
    Source: The Conversation (Au and NZ) – By Cassandra Steer, Chair, Australian Centre for Space Governance, Australian National University Japan Meteorological Agency via Wikimedia You have probably used space at least 20 times today. Satellites let you buy a coffee with your phone, book a rideshare, navigate your way to meet someone, and check the

    Using a blue inhaler alone is not enough to manage your asthma
    Source: The Conversation (Au and NZ) – By Stephen Hughes, Lecturer in Pharmacy Practice, University of Sydney New Africa/Shutterstock Inhalers have been key to asthma management since the 1950s. The most common, salbutamol, comes in a familiar blue-coloured inhaler (or “puffer”). This kind of “rescue inhaler” brings quick relief from asthma symptoms. You may know

    The pay equity puzzle: can we compare effort, skill and risk between different industries?
    Source: The Conversation (Au and NZ) – By Gemma Piercy, Lecturer, Sociology, Social Policy and Criminology, University of Waikato Getty Images Last week’s move by the government to amend pay equity laws, using parliamentary urgency to rush the reforms through, caught opposition parties and New Zealanders off guard. Protests against the Equal Pay Amendment Bill

    Sussan Ley makes history, but faces unprecedented levels of difficulty
    Source: The Conversation (Au and NZ) – By Mark Kenny, Professor, Australian Studies Institute, Australian National University As if by visual metaphor, Sussan Ley’s task seemed both obvious and impossible in her first press conference as the new Liberal leader. Three years ago this month, Ley had done something uncannily similar to what Ted O’Brien

    View from The Hill: Ley says Liberals must ‘meet the people where they are’, but how can a divided party do that?
    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra Cynics point out that when a party turns to a woman leader, it is often handing her a hot mess. That’s certainly so with the federal Liberals, now choosing their first female leader in eight decades. For the Liberals, and

    It’s a hard job being environment minister. Here’s an insider’s view of the key challenges facing Murray Watt
    Source: The Conversation (Au and NZ) – By Peter Burnett, Honorary Associate Professor, ANU College of Law, Australian National University Australia’s new environment minister, Murray Watt, is reported to be a fixer. That’s good, because there’s a lot to fix. Being environment minister is a hard gig. It often requires difficult choices between environmental and

    AWPA calls on Albanese to raise West Papuan human rights with Prabowo
    Asia Pacific Report An Australian solidarity group for West Papuan self-determination has called on Australian Prime Minister Anthony Albanese to raise the human rights crisis in the Melanesian region with the Indonesian president this week. Albanese is visiting Indonesia for two days from tomorrow. AWPA has written a letter to Albanese making the appeal for

    The US and China have reached a temporary truce in the trade wars, but more turbulence lies ahead
    Source: The Conversation (Au and NZ) – By Peter Draper, Professor, and Executive Director: Institute for International Trade, and Jean Monnet Chair of Trade and Environment, University of Adelaide Defying expectations, the United States and China have announced an important agreement to de-escalate bilateral trade tensions after talks in Geneva, Switzerland. The good, the bad

    Physicists at the Large Hadron Collider turned lead into gold – by accident
    Source: The Conversation (Au and NZ) – By Ulrik Egede, Professor of Physics, Monash University Sunny Young / Unsplash Medieval alchemists dreamed of transmuting lead into gold. Today, we know that lead and gold are different elements, and no amount of chemistry can turn one into the other. But our modern knowledge tells us the

    New Caledonia riots one year on: ‘Like the country was at war’
    SPECIAL REPORT: By Lydia Lewis, RNZ Pacific presenter/bulletin editor Stuck in a state of disbelief for months, journalist Coralie Cochin was one of many media personnel who inadvertently put their lives on the line as New Caledonia burned. “It was very shocking. I don’t know the word in English, you can’t believe what you’re seeing,”

    New Caledonia riots one year on: ‘Like the country was at war’
    SPECIAL REPORT: By Lydia Lewis, RNZ Pacific presenter/bulletin editor Stuck in a state of disbelief for months, journalist Coralie Cochin was one of many media personnel who inadvertently put their lives on the line as New Caledonia burned. “It was very shocking. I don’t know the word in English, you can’t believe what you’re seeing,”

    From nuclear to nature laws, here’s where new Liberal leader Sussan Ley stands on 4 energy and environment flashpoints
    Source: The Conversation (Au and NZ) – By Justine Bell-James, Professor, TC Beirne School of Law, The University of Queensland Sussan Ley has been elected Liberal leader after defeating rival Angus Taylor in a party room vote on Tuesday. Now the leadership question is settled, the hard work of rebuilding the party can begin. In

    The ‘extroverted’ north and ‘introverted’ south: how climate and culture influence Iranian architecture
    Source: The Conversation (Au and NZ) – By Mahsa Khanpoor Siahdarka, PhD Candidate in Built Environment, RMIT University Shutterstock The architecture of northern Iran exhibits an extroverted quality. Buildings are designed to let in the sounds of rain, birds and rustling trees, as well as scents of nature. Architecture in this region is characterised by

    ER Report: A Roundup of Significant Articles on EveningReport.nz for May 13, 2025
    ER Report: Here is a summary of significant articles published on EveningReport.nz on May 13, 2025.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Global: What to look out for from the music of the 2025 Eurovision Song Contest

    Source: The Conversation – UK – By Samuel Murray, Lecturer in Music Management, University of Leeds

    I’m in Basel, Switzerland – host city of this year’s Eurovision Song Contest – to present research about treatment of songwriters in the contest. While I’m here, I’ll be conducting field research and attending one of the shows. Here’s what I’ll be looking out for during this year’s competition.

    One of the joys of Eurovision is hearing songs in different languages and different musical styles. Of the 37 entries in this year’s contest, 23 songs include languages other than English (13% more than in 2024), and 17 of those are entirely sung in languages other than English (14% more than in 2024).

    With more than half of the entries now featuring languages other than English, the chances of a non-English song winning have increased. Among these entries, there are some particularly interesting language choices.

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

    One of the biggest controversies regarding language this year has been the Maltese entry Serving, performed by Miriana Conte. The song was originally titled Serving Kant. Kant is the Maltese word for singing but is pronounced in the same way as the English swear word “cunt”.

    It is a knowing reference to the phrase “serving cunt”. Drawn from black queer ballroom culture, popularised through shows like Rupaul’s Drag Race, it means to do something in a powerfully feminine manner.



    Read more:
    They’re serving what?! How the c-word went from camp to internet mainstream

    Despite therefore provocatively sounding as though it includes a word many viewers will find offensive, the Maltese broadcaster PBS has robustly defended Conte’s right to sing in her native Maltese.

    This was deemed within the rules, but then the BBC complained that it couldn’t broadcast the song. Subsequently the European Broadcasting Union have made Malta change the lyrics – although don’t be surprised if you hear fans in audience fill in the missing word.

    The controversy around the song has provided it with priceless PR and firmly placed it in contention for the win. I rather suspect this may have been the plan all along.

    Another interesting linguistic choice has been this year’s entry from The Netherlands. C’est La Vie, sung by Claude Kiambe, is in the French language, not Dutch, as a tribute to his Congolese roots.

    C’est La Vie by Claude.

    In an interview for the official Eurovision website Kiambe explained: “C’est La Vie is a tribute to a parent and for me that’s my mother. As a little boy and throughout my youth, she taught me to see the positive in the things you experience in life, even when you experience setbacks.”

    French allows Kiambe to authentically express his identity and personal story. This song is significant as it becomes the first from The Netherlands to be sung in French.

    Unusual song topics

    It wouldn’t be Eurovision without songs that cover unusual subject matters. The current favourite to win the contest is the Swedish entry Bara Bada Bastu, or Let’s Just Sauna, by the group KAJ. KAJ are from Finland where sauna is a core fundamental of culture.

    Bara Bada Bastu by KAJ.

    Ireland’s entry Laika Party, meanwhile, takes the unusual approach of creative lyrical speculative fiction. The song ponders what would happen if Laika, the first dog in space, was still alive and partying above Earth.

    Another unusual offering is Tommy Cash’s Espresso Macchiato, representing Estonia. Some viewers have interpreted the song as mocking Italian culture. It has attracted criticism from Italian politicians including senator Gian Marco Sentinaio who produced a flyer in response with the message: “Whoever insults Italy must stay out of Eurovision.”

    The songwriters

    Quite often in Eurovision, songwriters are overlooked for their role in the contest. As you read this article, many writers are already locked away at songwriting camps working away on entries for next year. In fact the Norwegian songwriting camp has already taken place for next year’s Eurovision.

    This year 134 songwriters are behind the 37 songs performed across the contest.

    In popular music songwriting it is now quite commonplace for writers to work in large groups, with each team member making contributions to creating the melody, harmony or the production of the track. This year the Armenian song Survivor, performed by Parg, has the most writers. Ten people were involved in its creation, including Parg himself. The UK comes a close second with seven writers contributing to the entry What the Hell Just Happened?, performed by Remember Monday.

    Survivor by Parg has ten songwriters.

    Another notable statistic this year is that in 30 out of 37 songs, the singer has a songwriting credit. This makes it very likely that we will see a songwriter lift the Eurovision trophy. This year many artists share personal stories in their songs, including France’s Louane who pays tribute to her mother with Maman and Italy’s Luca Corsi, who reflects on his childhood in Volevo Essere un Duro.

    Many of this year’s songwriters have competed in the contest before. Swedish songwriters Peter Boström and Thomas G:Son, who are no strangers to Eurovision having won the contest twice writing Loreen’s entries Euphoria (2012) and Tattoo (2023), are back once again, this time co-writing Survivor for Armenia.

    Another winning Swedish songwriter returning is Linnea Deb. She wrote Sweden’s winning song Heroes in 2015. This time she has co-written Hallucination for Denmark. Alongside the returning Swedes are fellow serial contest writers Dimitris Kontopoulos and Darko Dimitrov, who between them have over 20 contest entries under their belt but are yet to have a victory.

    There will also be a return to the contest for Teodora Špirić, better known a Teya, who alongside Salena, performed Who the Hell is Edgar? for Austria in 2023. This year she is the songwriter for Austrian entry Wasted Love performed by JJ. It’s currently the bookies favourite.

    There are also many new British writers in the contest to keep an eye on, including Emma Gale who has co-written the Croatian entry Poison Cake.

    This year’s contest brings a diversity of languages, subject matter and songwriters together to present 37 unique offerings from which the juries and voters of Europe will choose a winner. While the bookies and fans may have favourites, at this stage a clear winner is not a given – all can change when the songs are performed live.

    Samuel Murray is affiliated with the Musicians’ Union and a writer member of PRS for Music.

    – ref. What to look out for from the music of the 2025 Eurovision Song Contest – https://theconversation.com/what-to-look-out-for-from-the-music-of-the-2025-eurovision-song-contest-256388

    MIL OSI – Global Reports –