Category: Switzerland

  • MIL-OSI: 5/2025・Trifork Group AG – Reporting of transactions made by persons discharging managerial responsibilities

    Source: GlobeNewswire (MIL-OSI)

    Company announcement no. 5 / 2025
    Schindellegi, Switzerland – 26 February 2025


    Reporting of transactions made by persons discharging managerial responsibilities

    Pursuant to the Market Abuse Regulation Article 19, Trifork Group AG (Swiss company registration number CHE-474.101.854) (“Trifork”) hereby notifies receipt of information of the following transactions made by persons discharging managerial responsibilities in Trifork in connection with fixed salaries paid in shares. Reference is made to company announcement no. 1/2025 on 21 January 2025.

    1. Details of the person discharging managerial responsibilities/person closely associated
    a) Name Jørn Larsen
    2. Reason for the notification
    a) Position/status CEO
    b) Initial notification/
    Amendment
    Initial notification
    3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
    a) Name Trifork Group AG
    b) LEI 8945004BYZKXPESTBL36
    4.1 Details of the transaction(s)
    a) Description of the financial instrument, type of instrument

    Identification code

    Shares

    ISIN CH1111227810

    b) Nature of the transaction A share of 25% of the fixed monthly salary is paid out in shares as described in the company announcement no. 1/2025.
    c) Price(s) and volume(s) Price(s) Volume(s)
    DKK 0 1’345
    d) Aggregated information

    Aggregated volume —
    Price
    N/A
    e) Date of the transaction 26 February 2025
    f) Place of the transaction Outside a trading venue
    1. Details of the person discharging managerial responsibilities/person closely associated
    a) Name Kristian Wulf-Andersen
    2. Reason for the notification
    a) Position/status CFO
    b) Initial notification/
    Amendment
    Initial notification
    3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
    a) Name Trifork Group AG
    b) LEI 8945004BYZKXPESTBL36
    4.1 Details of the transaction(s)
    a) Description of the financial instrument, type of instrument

    Identification code

    Shares

    ISIN CH1111227810

    b) Nature of the transaction A share of 10% of the fixed monthly salary is paid out in shares as described in the company announcement no. 1/2025.
    c) Price(s) and volume(s) Price(s) Volume(s)
    DKK 0 358
    d) Aggregated information

    Aggregated volume —
    Price
    N/A
    e) Date of the transaction 26 February 2025
    f) Place of the transaction Outside a trading venue


    Information and questions

    Frederik Svanholm, Group Investment Director, frsv@trifork.com, +41 79 357 73 17


    About Trifork

    Trifork is a pioneering global technology partner, empowering enterprise and public sector customers with innovative solutions. With 1,278 professionals across 76 business units in 15 countries, Trifork delivers expertise in inspiring, building, and running advanced software solutions across diverse sectors, including public administration, healthcare, manufacturing, logistics, energy, financial services, retail, and real estate. Trifork Labs, the Group’s R&D hub, drives innovation by investing in and developing synergistic and high-potential technology companies. Trifork Group AG is a publicly listed company on Nasdaq Copenhagen. Learn more at trifork.com.

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    The MIL Network

  • MIL-OSI: Waterfall Network Code Moves to Linux Foundation Decentralized Trust Labs

    Source: GlobeNewswire (MIL-OSI)

    Zug, Switzerland, Feb. 26, 2025 (GLOBE NEWSWIRE) — Blue Wave, developers of Waterfall Network, the world’s most innovative Layer One (L1) decentralized and scalable ledger, today announced it is contributing core protocols from the network to LF Decentralized Trust Labs. Linux Foundation Decentralized Trust is the open-source foundation for the collaborative development of technologies that are powering the global transformation to decentralized systems and applications. Moving the innovative protocols driving the Waterfall Network to a neutral host, LF Decentralized Trust,  will increase visibility and peer support for this code and open the door to valuable feedback that will contribute to the network’s overall improvement. 

    Dr. Sergii Grybniak, Blue Wave CTO and Waterfall Head of Research, has been selected by the IEEE TEMS TC on Blockchain and DLT-NTU Centre in Computational Technologies to receive an award for Outstanding Ph.D. Dissertation. The Waterfall Network, based on Grybniak’s doctoral research, embodies the innovative principles and technological advancements explored in his work. The prestigious award highlights the research team’s groundbreaking contributions to decentralized ledger technology. This distinguished award will be presented at the 2025 Nanyang Blockchain Conference (formerly NTU Blockchain Symposium), to be held in Singapore on August 16-17, 2025.

    “We are pleased that the LF Decentralized Trust community has responded positively to our proposal to bring our technology into the labs,” said Dr.Sergii Grybniak, Blue Wave CTO and Waterfall Head of Research. “The community support will be indispensable to us as we continue to improve and expand Waterfall Network.”

    The acceptance of these protocols into the LF Decentralized Trust Labs comes on the heels of the network’s groundbreaking milestone of achieving 12,778 transactions per second (TPS) on its mainnet, immediately positioning the platform as the most scalable mainnet for any layer-1 EVM blockchain protocol. Testing of the Waterfall Network protocols has consistently achieved loads of 10,000+ transactions per second.

    The new LF Decentralized Trust lab incorporates Waterfall’s unique next-generation Directed AcyclicGraph (DAG) technology that allows for virtually unlimited scalability and portability of decentralized applications (dAPPs). As validators sign onto the Waterfall Network, grants and rewards will be distributed to researchers and developers who assist with community-driven security auditing activities, such as completing bug bounties. To learn more about the Waterfall Network, and to run your own node, please visit https://waterfall.network/ or follow us on https://t.me/waterfall_networkhttps://twitter.com/waterfall_dag or https://discord.gg/Nwb8aR2XvR.  

    About Waterfall Network
    Waterfall Network is a leading layer one (L1) ledger that provides an innovative solution for security, scalability and decentralization, helping dAPP developers to change the world.  Waterfall Network is built atop a Directed Acyclic Graph (DAG) architecture that enables users to run a validator node from any device, including low-cost laptops and, in the near future, mobile phones. Waterfall Network is compatible with Ethereum Virtual Machine (EVM), allowing for portability of decentralized applications (dAPPs), with minimal  hardware requirements for participants who want to become validators.

    The MIL Network

  • MIL-OSI Europe: Europe, Ukraine, multilateralism, BRICS: Federal Council approves Foreign Policy Report 2024

    Source: Switzerland – Federal Council in English

    On 26 February 2025, the Federal Council approved the Foreign Policy Report 2024. The report sets out the progress that has been made in achieving the 28 objectives of the Foreign Policy Strategy 2024–27. A special thematic focus section examines the influence of the BRICS group of states (including Brazil, Russia, India, China and South Africa) on the world order and outlines Switzerland’s strategy for relations with those states.

    MIL OSI Europe News

  • MIL-OSI Russia: NSU scientists are the first in the world to use a time-projection chamber for accelerator mass spectrometry

    Translartion. Region: Russians Fedetion –

    Source: Novosibirsk State University – Novosibirsk State University –

    Researchers of the Center for Collective Use “Accelerator Mass Spectrometry of NSU-NNC” have tested for the first time an ion detector based on a low-pressure VPK on the MICADAS accelerator spectrometer and obtained the first results. This device was installed instead of the native MICADAS detector (ionization chamber), in which the ions of the C14 isotope are counted, based on the results of which the dating of the studied sample is performed.

    In 2023, this time-projection chamber was installed for the first time on a domestic accelerator mass spectrometer, which is made and maintained by the G.I. Budker Institute of Nuclear Physics SB RAS and is located in the Cenozoic Geochronology Shared Utility Center of the Institute of Archeology and Ethnography SB RAS. It was successfully tested on a beam of 14C ions with an energy of 4 MeV and proved to be operational. Later, this chamber was tested on a beam of 14C ions with an energy of 0.4 MeV at the MIKADAS UMS. If the experiments are successful, a smaller VPK will be created in the future for installation on the prototype of the first domestic low-voltage universal accelerator mass spectrometer, which is being created by NSU scientists within the framework of the Priority-2030 program.

    Time-projection chamber (TPC) — in application to accelerator mass spectrometry, this is a method of identifying low-energy heavy ions based on measuring their path lengths in gas. The principle of operation is as follows: ions fly into the chamber through a thin entrance window. Then they lose energy due to ionization losses. As a result, a trail of gas ions and electrons is formed along the track. These electrons, under the influence of an external electric field, drift in the gas at a constant speed in the direction of the GEM, where they are amplified. At the end, the amplified electrons are collected on a collector and digitized by the data acquisition system. Thus, the electron collection time corresponds to the ion path length.

    — Previously, the time-projection chamber was developed for the INP UMS to separate ions with the same atomic masses and different nuclear charges. This gas detector will separate Be10 (beryllium) ions from B10 (boron). Since the nuclei of boron and beryllium have different charges, with equal initial energies, their path lengths in a gas environment are different and the VPK will separate them. Be10 has a longer half-life (1.39 million years) compared to 14C (5730 years), so measuring the 10Be content will allow scientists to date geological samples, — explained Ekaterina Parkhomchuk, Director of the UMS NSU-NNC Collective Use Center.

    The MICADAS accelerator mass spectrometer, unlike the domestic multiisotope, is aimed only at detecting and determining the amount of the rare isotope C14 in the samples being studied. C14 ions pass through the entire accelerator mass spectrometer and then enter the gas detector, where they are identified and counted.

    — Accelerator mass spectrometers are equipped with various types of detectors. For example, the MICADAS UMS has an ionization chamber. We replaced it with a time-projection chamber. One of the important parts of the MICADAS ionization chamber is the preamplifier. If it fails, MICADAS will stop, and we will have to either buy a new preamplifier, which is very difficult in the current circumstances, — said Alexey Petrozhitsky, engineer at the Center for Collective Use “Accelerator Mass Spectrometry NSU-NNC”.

    It is important that ionization chambers have one significant drawback – they operate in a mode where the signal-to-noise ratio is far from optimal. In addition, the preamplifier is very demanding of electronics, unlike the gas analyzer, which is equipped with a time-projection chamber.

    — In our detector, we amplify the signal using a gas electron multiplier, which significantly reduces the requirements for the electronics of the data acquisition system. In addition, our VPK produces a much better signal-to-noise ratio, is easy to manufacture, operate and repair. We needed to find an answer to the question: is it possible to use the VPK as a detector of 14C ions with an energy of 0.4 MeV? And in the course of our work, we came to a positive answer. We are confident that the time-projection chamber we have developed can be used as the final detector in the first domestic universal low-voltage accelerator mass spectrometer, which we are currently working on. The experiments we are currently conducting are aimed precisely at testing the detector for the first domestic UMS, and the MICADAS setup acts as an ion beam source available to us. This can be called the first brick for building our own setup. When a project already has a detector that registers particles, it means that a significant area of problems has already been covered and other specialists can join in the creation of a new UMS, ensuring the execution of work at the next stage, commented Tamara Shakirova, a junior researcher at the Institute of Nuclear Physics SB RAS, the Center for Collective Use “Accelerator Mass Spectrometry NSU-NNC”.

    Currently, tests of the time-projection chamber at MICADAS are carried out on two types of samples: the ANU standard sample (IAEA-C6, sugar) with a 14C content close to the modern level and a “blank” (polyethylene CH – Elemental Microanalysis B2024 standard) with a 14C content of 0.002 of the modern level. The purpose of the tests is to optimize the operating parameters: working gas pressure, gain, electron drift velocity.

    — We have collected a sufficient amount of data, and are currently processing and analyzing it. The main thing is that we have made sure that the time-projection chamber works in the mode we expect and produces clearly readable signals above background values. We can certainly say that we can read C14 from them, which is quite suitable for conducting radiocarbon analysis of samples, — said Alexey Petrozhitsky.

    Reference:

    Accelerator mass spectrometry is a method for measuring the concentration of rare long-lived cosmogenic isotopes in a sample: 10Be, 14C, 26Al, 36Cl, 41Ca, 129I. It is based on the extraction of atoms from the sample with subsequent “piece by piece” counting of the isotopes of interest. The high accuracy of AMS analysis allows measuring the concentration of a rare isotope. This method is used in many sciences, for example, in archeology, geology, biomedicine, ecology, astrophysics. It is most widely used in radiocarbon dating of archaeological objects, that is, recording the concentration of the carbon-14 isotope. The time interval of dating for 14C goes back as far as 50 thousand years. Determining the concentration of another cosmogenic nuclide 10Be is also of interest, since the time interval of dating is much wider – up to 10 million years.

    Currently, the NSU-NSC Accelerator Mass Spectrometry Shared Utility Center has two UMS installations. The first was created by scientists from the Budker Institute of Nuclear Physics SB RAS more than 10 years ago. The second Swiss-made MICADAS accelerator mass spectrometer was purchased in 2019. Scientists from Novosibirsk State University, the Budker Institute of Nuclear Physics SB RAS, the Institute of Archeology and Ethnography SB RAS, and the Boreskov Institute of Catalysis as part of the Center’s research group are working on creating a domestic low-voltage universal accelerator mass spectrometer that will combine the advantages of the first two installations. The project is designed for five years and is being implemented with the support of the Priority-2030 program.

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

    MIL OSI Russia News

  • MIL-OSI China: New light shed on diversity of plateau’s plants

    Source: China State Council Information Office 2

    Aerial photo shows the scenery at Mt Nyanpo Yutse in Tibetan autonomous prefecture of Golog of Northwest China’s Qinghai province. Qinghai province, located in Northwest China, much of which lies on the Qinghai-Tibet Plateau, is the home to the headwaters of the Yangtze, Yellow and Lancang rivers. [Photo/Xinhua]
    Chinese scientists have discovered what determined the distribution of unique high-altitude plants across the Qinghai-Tibet Plateau, thereby answering a major global scientific question.
    Known as the “Roof of the World” and the “Third Pole of the Earth”, the plateau hosts exceptionally rare plants, with over one-third of them found nowhere else on Earth.
    “This makes it a global biodiversity hot spot,” said Wang Tao, a professor at the Chinese Academy of Sciences’ Institute of Tibetan Plateau Research and the lead author of a related study published recently in the journal Nature Communications.
    “For decades, scientists have tried to understand how these mountain-specific plants developed their unique distribution patterns,” he said.
    Working with researchers from the University of Basel in Switzerland, Xishuangbanna Tropical Botanical Garden of the Chinese Academy of Sciences and Peking University, Wang’s team found that historical shifts in tree growth limits — the highest altitude at which trees can survive — played a crucial role.
    The study re-created a model to show how the plateau’s tree line, the upper forest limit, moved over time since the last Ice Age 22,000 years ago.
    Wang said it is widely accepted that the uplift of the plateau played a key role in the origin of its flora, while periodic climate fluctuations during the Quaternary Period 2.6 million years ago drove the diversification of species.
    Earlier studies have warned that global warming pushes trees higher up mountains, squeezing the habitat of alpine plants. This new research reveals that past tree line shifts also left a lasting mark.
    In addition to the Quaternary climate fluctuations, the fluctuations regarding past tree line shifts “have also influenced the diversity of endemic alpine species in alpine areas, a factor that had not been explored before”, Wang said.
    The study found that the average elevation of the tree line in the distant past on the Qinghai-Tibet Plateau was lowest — roughly 3,426 meters — during the Last Glacial Maximum, which lasted from 29,000 to 19,000 years ago, and highest — about 4,187 meters — during the Holocene Thermal Maximum about 8,000 years ago. The average present-day tree line is at 4,009 meters.
    The fluctuation in tree line elevation between glacial and interglacial periods reached up to 850 meters, causing the habitat area for endemic alpine species during interglacial periods to be about 50 percent of the habitat area during glacial periods.
    “Areas with stable environments over time developed more unique plant mixes. In contrast, regions with frequent tree line changes had simpler, more uniform plant communities,” Wang said.
    Team member Xu Jinfeng said: “Think of environmental changes as a sieve — only the toughest species survive repeated shifts, making plant groups look similar. Stable areas let plants develop special traits, creating richer diversity.”
    According to the study, rapid warming and rising tree lines could threaten the plateau’s unique plants.
    “These species aren’t built to handle double pressures from climate change and invading trees,” said Wang. “Our findings help design better protection plans.”

    MIL OSI China News

  • MIL-OSI Europe: Economic development takes centre stage at the International Cooperation Forum 2025 in Zurich

    Source: Switzerland – Department of Foreign Affairs in English

    The fourth edition of the International Cooperation Forum Switzerland (IC Forum) will take place at ETH Zurich on 27 and 28 February 2025. Together with representatives from politics, business, research, philanthropy and NGOs, federal councillors Guy Parmelin and Ignazio Cassis will be looking for innovative ways to promote economic development in developing and partner countries. More than 1,500 people from over 120 countries are expected to attend in Zurich or participate online.

    MIL OSI Europe News

  • MIL-OSI USA: Barr, Managing Financial Crises

    Source: US State of New York Federal Reserve

    Thank you for the opportunity to speak to you today.1 I note that the objectives of the Program on Financial Stability include “supporting the world’s financial authorities in refining proven crises management tools and strategies.”2 Speaking as a representative of one of those authorities, I thought I would further the program’s goals by focusing these remarks on the principles and practice of crisis management. I am favored in that task with what one might call the luck of having been regularly confronted with crises in each of my three stints as a public servant, over a career divided between government and academia. In noting how often my arrival in government was accompanied by crisis, it might be reasonable to wonder if this is correlation or causation.
    Kidding aside, crisis management is central to all management because it demands the very best from managers when it is most needed. Anyone who spends time in government can expect that some of the most memorable and challenging experiences will be managing through tough situations, when the answers to problems are unclear but the mission of the organization comes into acute focus. The financial system is in a perpetual state balancing risk and reward. Sometimes the system falls out of balance, and vulnerabilities turn into stress or even crisis. This moment is when it is crucial to mitigate spillovers from the financial system that can hurt businesses and households and wreak havoc on the economy at large.
    Some of the most important features of modern economies were developed to prevent and mitigate financial crises. The first central banks, and eventually the Federal Reserve, were created to provide stable currencies and banking systems in support of the long-term stability of the provision of credit necessary to foster growth and rising living standards. Regulation of financial markets, regulation and supervision of banks, federal deposit insurance, and laws to protect investors, consumers, and businesses were developed over time to promote both financial stability and durable economic growth. I have spoken previously about how monetary policy and financial stability are inextricably linked and how the tools we use to conduct monetary policy and support financial stability work together.3
    In the spring of 2023, the United States faced the prospect of a spiraling stress event, when poor management and excessive risk-taking by Silicon Valley Bank (SVB) led to a run that quickly spread to other banks and threatened the wider banking system. Shortcomings in supervision and gaps in the regulatory framework also contributed to SVB’s failure, and I’ve spoken about the steps the Federal Reserve has taken to improve supervision and other steps to close regulatory gaps.4 Today, I’d like to talk about how effective management of the banking stress in the spring of 2023 helped prevent that event from spiraling into a financial crisis.
    Given our student audience, I will begin with a little background on how I got into the crisis management business. After Yale Law School and two court clerkships, I worked at the State Department and then went to work for Treasury Secretary Bob Rubin in 1995. When I arrived, the Treasury Department had helped Mexico deal with a financial crisis that threatened to spread to the United States, and additional crises were to come in 1997 in Asia and in 1998 in Russia. Together, these events credibly threatened a worldwide financial crisis, which was averted by a response across the U.S. government and coordinated with governments and lending institutions around the world. I left government for academia in 2001 and then returned to Treasury in 2009 under Secretary Tim Geithner, in the midst of the Global Financial Crisis (GFC). I worked to develop what became known as the Dodd-Frank Act. This law was a pivotal component of our response to the GFC by addressing gaps in financial market oversight, including through strengthened regulation and supervision of banks that increased the safeguards against the excessive risk-taking that caused the crisis. I went back to academia again in 2011 and then returned to public service as the Federal Reserve Board’s Vice Chair for Supervision in July 2022. In this position, I oversaw the response to the bank failures in March 2023 and have helped develop ways to reduce these and other risks going forward.
    The March 2023 Banking StressLet me review some facts about what happened, so you can understand the context for how we put crisis management principles and practices to work.
    SVB failed because of a textbook case of mismanagement of interest rate and liquidity risk.5 This mismanagement made uninsured depositors lose confidence in the bank’s solvency, so they ran. While this was a textbook case, the speed and severity of the run were unprecedented. The largest previous bank failure before SVB was of Washington Mutual in 2008.6 The accumulation of stresses that resulted in Washington Mutual’s failure occurred over several weeks. By contrast, SVB’s deposit outflows were much greater in both relative and absolute terms, and they occurred in less than 24 hours. On top of that, the bank had major gaps in its liquidity risk management, including its preparedness to tap contingency liquidity.7
    Because this discussion is for future first responders, I will share with you some detail about what it’s like to be on the front lines working to address a bank run. On the morning of Thursday, March 9, 2023, SVB had only a little over $5 billion in collateral pledged to the discount window, as compared to over $150 billion in uninsured deposits.8 Around midday, the firm contacted the Federal Reserve, indicating that it wanted to take out a discount window loan against this collateral, and the loan was granted. But in the next several hours, its account was drained as its deposit outflows spiraled. In the late afternoon, the firm indicated that it would need additional liquidity to meet expected outflows. The Federal Reserve worked with the firm to help it identify additional assets it could pledge to the discount window, but SVB was unsuccessful in identifying and moving sufficient collateral. Fed staff worked with the firm through the night to establish ad hoc collateral arrangements, so that the firm could tap the discount window further to meet its liquidity needs in the morning.
    While this process was happening overnight, however, the volume of online deposit withdrawal requests was growing, such that SVB management expected outflows of over $100 billion the next day, an unprecedented sum.9 Even if the bank were able to pledge all collateral available that morning to the discount window, the firm would not have been able to meet its obligations. It was not viable. The state of California closed the bank and turned it over to the Federal Deposit Insurance Corporation (FDIC) for resolution.
    SVB’s failure contributed to the strains at FDIC-supervised Signature Bank, and that bank failed in short order. As the situation intensified, the effects on businesses and households became increasingly apparent. Critically, these failures caused a reassessment of the viability of uninsured deposits as a funding source across the banking system. But strains at other banks materialized despite material differences between these firms. The rapidity of equity market price declines for several banks triggered repeated trading halts for their shares. Online deposits began to migrate out of smaller banks to larger banks, putting pressure on these smaller institutions.10 Commercial customers that had remaining deposits at SVB after it failed realized that they would not have access to their deposits and thus wouldn’t be able to make payroll or even stay in business.11
    The severity and rapidity of the spread of stress warranted a decisive response. We developed a two-part strategy that weekend.
    On March 12, the Treasury Secretary, the FDIC, and the Federal Reserve announced that the FDIC would protect uninsured deposits at SVB and Signature Bank under the systemic risk exception to least-cost resolution.12 This action essentially implied that all depositors, insured and uninsured, would have access to their deposits Monday morning. And the step helped calm uninsured depositors around the country.
    Also on March 12, the Federal Reserve established the Bank Term Funding Program (BTFP) under its emergency lending authority with the approval of and a backstop from the Treasury.13 The BTFP’s terms and conditions addressed the fundamental source of banking-sector jitters: questions about the ability of a range of banks to hold onto their high-quality securities that had lost value because of interest rate increases. Unrealized losses on securities portfolios were a problem for many banks, particularly when the stability of their deposit bases came into question. The BTFP provided stable funding for these high-quality assets, addressing these concerns. Specifically, the BTFP provided one-year loans to banks in sound financial condition against Treasury securities and agency securities, valued at par.
    By doing so, the BTFP addressed banks’ immediate concerns about the stability of their funding and mitigated the risk that banks would be forced to liquidate assets in a fire sale, locking in losses. BTFP advances provided confidence that banks would have sufficient funding to retain the securities on balance sheet. The program supported confidence among depositors that their banks would have ready access to sufficient cash to meet their needs, thus helping reduce concern that a self-fulfilling panic could cause additional bank runs.
    Usage of the BTFP was widespread across the banking sector, both in terms of actual usage and from a contingency standpoint. For example, at its peak, BTFP borrowing exceeded $160 billion, and collateral posted to the BTFP reached nearly $540 billion, suggesting that banks saw value in being prepared and having capacity to tap the facility if necessary. Over 1,800 institutions borrowed from the program, and the bulk of the borrowing was among institutions with less than $10 billion in assets. These smaller institutions took out 50 percent of loans by value and nearly 95 percent of loans by volume. Fed staff analysis showed the usage was more likely among institutions that had experienced deposit outflows, but usage was also widespread at firms that did not experience outflows. The broad-based actual and contingency use was consistent with Federal Reserve communications that the program was part of prudent liquidity management and that we encouraged all depository institutions to use the program. Now, about two weeks before all remaining outstanding BTFP loans are set to mature, the program is down to less than $200 million, and the program has experienced no losses.14
    Our response to the stress worked. After the announcement of the systemic risk exception and the BTFP in early March, signs of broad-based contagion subsided, and the system stabilized. While in the first two weeks of March midsize and regional banks experienced significant outflows of deposits, the acute phase of outflows had eased by the end of the month. Stability among banks that had earlier come under pressure didn’t mean that every bank found its footing, but the process of dealing with balance sheet gaps was much smoother and spillovers remained contained. By the fall of that year, deposit flows had fully stabilized and midsize and regional banks saw deposit inflows on net.
    Managing Additional Stress beyond Silicon Valley and Signature BanksWhile the announcement of the systemic risk exception and the BTFP on March 13, 2023, helped stabilize banks in the United States, we were also continuing to manage stress in the global financial system in cooperation with relevant authorities.
    Credit Suisse, a Swiss global systemically important banking organization, had been experiencing stress over several years before March 2023, with doubts about its future viability after the Archegos Capital Management and Greensill Capital scandals had tarnished its reputation and raised doubts about its business model. Stress and outflows at Credit Suisse picked up in the fall of 2022, and we spent many months working with Swiss, European, and U.K. regulators on how to manage the growing issues, including war-gaming potential resolution scenarios. Concerns about the firm’s viability accelerated on March 9, 2023, when it was forced to announce that its internal controls over financial reporting were ineffective and had been for several years. Though Credit Suisse continued to operate, it became apparent that the firm was in trouble in the week following the failures of SVB and Signature Bank.
    Just one week after SVB failed, Swiss authorities arranged for Credit Suisse to be acquired by UBS in a weekend deal that involved triggering Credit Suisse’s contingent convertible capital instruments, a severe dilution of shareholders, and the removal of senior bank management, as well as emergency liquidity support and extraordinary loss sharing from the Swiss government.15 In a sense, Credit Suisse had failed very slowly over many months—even years—and then all at once.
    The combination of these events involved coordination across U.S. and foreign jurisdictions, with careful monitoring and cooperation to identify risks to financial stability and to monitor spillovers to the U.S. and European banking systems.
    Back in the United States, we worked with our domestic counterparts as a handful of additional banks remained under pressure in the months that followed. Notably FDIC-supervised First Republic Bank was closed on May 1, 2023. First Republic had also experienced tremendous stress in March, as it suffered deposit outflows of nearly 20 percent in a single day.16 First Republic withstood these outflows in part because of significant discount window lending, as well as the extraordinary coordination among several other banks that placed significant deposits at the bank—worth $30 billion. But over time, it became clear that First Republic’s rapid and large deposit outflows and unrealized losses on loans and securities would lead to its failure as well.17
    While these were the events that got the headlines, the Federal Reserve continuously monitored other banks with potential balance sheet vulnerabilities, including those with gaps in interest rate and liquidity risk management, as well as significant exposures to office commercial real estate. We worked with these firms to ensure they addressed their vulnerabilities, while they bolstered their liquidity positions to manage potential stress. For example, overall, from March 2023 to March 2024, banks of all sizes and condition, including many not under direct stress, pledged more than $1 trillion in additional collateral to the discount window. Banks and supervisors took a wide variety of steps to shore up resilience throughout the system.
    Principles and Practices for Managing Financial-Sector StressWhen a crisis hits, the stakes are high. In the GFC, millions of Americans lost their homes, their jobs, and their dreams for their futures, when savings for education and retirement disappeared with the collapse of asset prices.18 The contraction in credit hurt small businesses and families all across the country. When banks can’t carry out their role in supplying credit to those who need it, the effects are severe and widespread.
    With those stakes in mind, here are five key principles that I learned in my experiences managing financial crises.
    First, crisis response needs to be forceful. The factor that transforms a series of unfortunate events into a self-sustaining crisis is the belief that there is no end in sight and no prospect of a sufficient response. While we could debate whether every aspect of the GFC response was necessary, one clear lesson from this experience, and from other crises I have been involved in, is how important it is that the response be forceful enough to convince market participants and the broader public that there is a capability and the will to overcome the crisis.
    A second principle is that the response should be proportionate. While a forceful response is important to bolster confidence in the prospects for gaining control over the crisis, the response also must avoid shaking confidence by suggesting that conditions are worse than they seem. In a crisis, information is spread unevenly. A response that is out of proportion—for example, by touching aspects of the financial system not considered endangered—can be misinterpreted as providing vital information about the extent of vulnerabilities.
    Another key component of crisis management is the need to engage in decisionmaking amid significant uncertainty. I explained how the response needs to be both forceful and proportionate. Finding this balance requires making tough judgments amid rapidly evolving conditions. Crisis managers need to make consequential decisions quickly with the recognition that their understanding of the facts is incomplete. Even the best of efforts to understand what is happening and what is needed will be unsatisfactory in the moment. Decisionmaking under these conditions takes some courage. It also takes humility: the ability to listen to others around you, gather different perspectives, and weigh the imperfect information in real time.
    A fourth principle is the need for clear communication—internally to the teams working on the response and externally to the public. And these communications need to be consistent with each other and with the values of the institution, even if tailored to the particular audience. Clear internal communication provides direction to the crisis response teams and facilitates coordination across relevant public-sector actors. Clear external communication, when grounded in a realistic assessment of the situation, can calm markets and reassure the public about the strategy. And clear communication is a two-way street: It involves listening to internal and external perspectives, as well as speaking in a way that can be heard.
    And that brings me to the fifth principle I would cite, which is accountability. Financial crises come about because of a lack of confidence in counterparties and among other participants in the financial system. It is crucial for crisis responders to be credible and accountable not only for assessing the root causes of the crisis, but also for addressing these causes and the aftermath. That requires staying focused on the long-term goals for reform even as crisis management remains critically important and urgent.19
    Practices for Effective Management under Periods of StressThese are important principles, and I will talk a little bit about some of the practices we used as we were guided by these principles. One crucial component of successful management of a stress event is to gather the most relevant information as quickly as possible. In a large and complex organization, it is necessary to overcome barriers to information flow across functions. In the case of the March 2023 banking stress, we drew from across the functions of the central bank to gather real-time information necessary to assess the severity of the conditions facing troubled institutions and also to identify potential levers of response.
    Supervisors generally have real-time information from a bank as it undergoes stress, but this information needs to be put into context with foundational knowledge about the firm, such as the current structure of its balance sheet and typical payment flows. While we managed an influx of reports about deposit flows at banks, it was important to be able to immediately put the size of the outflows in context and corroborate anecdotal reports against multiple sources, including from our own systems. Our next step is to assess a firm’s capacity to weather additional stress. First responders can assess if the firm has maximized the liquidity potential of its assets, including through its relationships with liquidity providers. And one needs to assess these firms’ connections to the rest of the financial sector and identify interlinkages and spillovers. Leaning on experts who engage in broader monitoring of financial markets and engage in outreach with well-established contacts can be important. A team of staff who have the capacity to think broadly across the institution and draw on the partnerships they have built with a range of business lines is necessary to support the kind of information gathering and strategizing that are crucial for consequential decisions. This is why an institutional culture that supports curiosity and openness to ideas and inquiry from the most junior to the most senior staff is foundational.
    Earlier I mentioned the principle of needing to be accountable to the public about the sources of the crisis and to address the underlying vulnerabilities that led to it. On March 13, 2023, in consultation with Chair Powell, I requested a review of the failure of SVB. Self-evaluation is the first step in any sound risk-management framework. Experienced career staff from across the Federal Reserve System who were not involved in SVB’s supervision reviewed the reasons for the bank’s failure.20 The review helped identify where the supervisory and regulatory functions of the Federal Reserve could be improved. Additional reviews by external independent parties, which we welcomed, reached similar conclusions.21 More broadly, carefully considering the underlying vulnerabilities that contributed to the stress helped the Fed develop proposals for how the supervisory and regulatory framework could be improved.22
    ConclusionNo leader looks forward to managing through a crisis, but those who hope to be good leaders need to be good crisis managers. These are skills that are most effectively developed through hard experience, but we can also learn from those who have gone through the experiences. In my case, the lessons of dealing with financial crises as a government official have revealed to me some basic principles that I believe can be useful to crisis managers. I have also learned that the best crisis management occurs beforehand, by strengthening rules and norms and other structures meant to reduce the risk of a crisis in the first place and by fostering organizational values and culture that will help manage a crisis when it comes.
    Thank you.

    1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text
    2. See Yale School of Management, Program on Financial Stability (2025), “About the Yale Program on Financial Stability,” webpage, paragraph 1. Return to text
    3. See, for example, Michael S. Barr (2023), “Monetary Policy and Financial Stability,” speech delivered at the Forecasters Club of New York, New York, October 2; and Michael S. Barr (2024), “The Intersection of Monetary Policy, Market Functioning, and Liquidity Risk Management,” speech delivered at the 40th Annual National Association for Business Economics (NABE) Economic Policy Conference, Washington, February 14. Return to text
    4. See Michael S. Barr (2023), “Supervision and Regulation” testimony before the Financial Services Committee, U.S. House of Representatives, Washington, May 16. Also please see Michael S. Barr (2024), “Supervision with Speed, Force, and Agility,” speech delivered at the Annual Columbia Law School Banking Conference, New York, February 16. For more on bank supervision, see “Understanding Federal Reserve Supervision,” available on the Federal Reserve Board’s website at https://www.federalreserve.gov/supervisionreg/understanding-federal-reserve-supervision.htm. Return to text
    5. See Board of Governors of the Federal Reserve System, Office of Inspector General (2023), Material Loss Review of Silicon Valley Bank (PDF) (Washington: September 25). Immediately following SVB’s failure, Chair Powell and I agreed that I should oversee a review of the circumstances leading up to SVB’s failure. We published the results of this review on April 28, 2023; see Board of Governors of the Federal Reserve System, Review of the Federal Reserve’s Supervision and Regulation of Silicon Valley Bank (PDF) (Washington: Board of Governors, April). Return to text
    6. See National Commission on the Causes of the Financial and Economic Crisis in the United States (2011), The Financial Crisis Inquiry Report (PDF) (Washington: Financial Crisis Inquiry Commission, January); and Federal Deposit Insurance Corporation (2017), Crisis and Response: An FDIC History, 2008–2013 (Washington: FDIC). Return to text
    7. For instance, the bank failed its own internal liquidity stress tests and did not have workable plans to access liquidity in times of stress. The bank changed its own risk-management assumptions to reduce how these risks were measured rather than fully addressing the underlying risks. See Review of the Federal Reserve’s Supervision and Regulation of Silicon Valley Bank (note 5). Return to text
    8. See Review of the Federal Reserve’s Supervision and Regulation of Silicon Valley Bank (note 5). Return to text
    9. See Review of the Federal Reserve’s Supervision and Regulation of Silicon Valley Bank, p. 7 (note 5). Return to text
    10. See Stephan Luck, Matthew Plosser, and Josh Younger (2023), “Bank Funding during the Current Monetary Policy Tightening Cycle,” Federal Reserve Bank of New York, Liberty Street Economics (blog), May 11. Return to text
    11. See Berber Jin, Katherine Bindley, and Rolfe Winkler (2023), “After Silicon Valley Bank Fails, Tech Startups Race to Meet Payroll,” Wall Street Journal, March 11, https://www.wsj.com/articles/after-silicon-valley-bank-fails-tech-startups-race-to-meet-payroll-4ebd9c5c?mod=article_inline. Return to text
    12. See Department of the Treasury, Board of Governors of the Federal Reserve System, and Federal Deposit Insurance Corporation (2023), “Joint Statement by Treasury, Federal Reserve, and FDIC,” joint press release, March 12. Return to text
    13. See Board of Governors of the Federal Reserve System (2023), “Federal Reserve Board Announces It Will Make Available Additional Funding to Eligible Depository Institutions to Help Assure Banks Have the Ability to Meet the Needs of All Their Depositors,” press release, March 12; and Board of Governors of the Federal Reserve System (2025), “Bank Term Funding Program,” webpage. Return to text
    14. See Board of Governors of the Federal Reserve System (2025), Statistical Release H.4.1, “Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks” (February 20). Return to text
    15. See Michael S. Barr (2023), “The Importance of Effective Liquidity Risk Management,” speech delivered at the ECB Forum on Banking Supervision, Frankfurt, Germany, December 1. Return to text
    16. See Michael S. Barr (2024), “On Building a Resilient Regulatory Framework,” speech delivered at Central Banking in the Post-Pandemic Financial System 28th Annual Financial Markets Conference, Federal Reserve Bank of Atlanta, Fernandina Beach, Florida, May 20. Return to text
    17. See Federal Deposit Insurance Corporation (2023), FDIC’s Supervision of First Republic Bank (PDF), (Washington: FDIC, September 8). Return to text
    18. See National Commission on the Causes of the Financial and Economic Crisis, The Financial Crisis Inquiry Report (note 6). Return to text
    19. I have discussed some thoughts on leadership attributes in previous speeches, including here: Michael S. Barr (2024), “Commencement Remarks,” delivered at the American University School of Public Affairs Graduation Ceremony, Washington, May 10. Return to text
    20. See Board of Governors of the Federal Reserve System (2023), Vice Chair Barr for Supervision’s “Review of the Federal Reserve’s Supervision and Regulation of Silicon Valley Bank – April 2023: Key Takeaways,” webpage. Return to text
    21. See Government Accountability Office (2023), “Bank Regulation: Preliminary Review of Agency Actions Related to March 2023 Bank Failures” (Washington: GAO, May 11); and Board of Governors, Office of Inspector General, Material Loss Review (note 5). Return to text
    22. See Barr, “On Building a Resilient Regulatory Framework” (note 16). Return to text

    MIL OSI USA News

  • MIL-OSI: The World’s Most Attractive Investment Migration Programs in 2025

    Source: GlobeNewswire (MIL-OSI)

    LONDON, Feb. 25, 2025 (GLOBE NEWSWIRE) — Malta retains 1st place in the 2025 Global Citizenship Program Index for the 10th consecutive year, while Greece reaches the top of the 2025 Global Residence Program Index for the first time, highlighting the dominance of European residence and citizenship by investment programs on Henley & Partners’ annual rankings of the most important investment migration programs in the world. 

    The firm onboarded clients from 94 different nationalities in 2024 and received enquiries from over 180 countries. US nationals accounted for 23% of all applications processed by Henley & Partners last year, totaling nearly as many as the next four client nationality groups — Indians, Turkish, Filipinos, and Brits — combined. Comparing 2024 US-American client numbers to five years ago (2019), there has been a staggering increase of over 1,000%. Last year was also record-breaking for the UK, with a 57% increase in the number of applications submitted by British citizens in 2024 versus 2023.

    The two indexes — featured in the 2025 edition of the annual Investment Migration Programs report — offer a systematic analysis and comprehensive benchmarking of the world’s most attractive residence and citizenship by investment offerings, providing the gold standard in the sector. Interactive digital comparisons of the programs are also available, enabling global investors and wealthy families to select what matters most to them when weighing up their options.

    Dr. Christian H. Kaelin, Chairman of Henley & Partners, says, “the publication is important for governments and policy makers looking to attract and retain wealth to achieve greater fiscal autonomy and economic growth. In this era of heightened global volatility, nation states are using residence and citizenship by investment programs as an innovative financing tool to fund development initiatives that mitigate sustainability and climate-related risks, and that directly benefit their citizens. For investors, alternative residence and citizenship is a unique investment that enables them to be as globally diversified as their wealth portfolios.”

    Citizenship programs: Malta remains the gold standard

    The Global Citizenship Program Index ranks 14 programs, with the strategically located European nation of Malta scoring 76 out of 100 and taking top honors for the 10th consecutive year. Retaining 2nd place with a score of 75 is Austria’s premium citizenship by investment offering, which requires applicants to make a substantial contribution to the country’s economy. The next two ranks are occupied by Caribbean island nations: Grenada 3rd with a score of 69, and Antigua and Barbuda 4th with 67.

    Three other Small Island Developing States (SIDS) share the 5th spot, each scoring 66: newcomer to the index, Nauru, along with St. Kitts and Nevis and St. Lucia. Nauru’s citizenship program offers significant advantages in global mobility, granting an alternative and safe passport to travel on, with visa-free access to some of the world’s key wealth hubs. Successful applicants will also be contributing to climate crisis solutions in the South Pacific, where SIDS face rising sea levels and biodiversity loss, with the funds channeled into development projects, including climate resilience initiatives, infrastructure improvements, renewable energy projects, and sustainable economic diversification.

    Residence programs: Greece takes the crown

    In the 2025 Global Residence Program Index, which ranks 26 programs, Greece’s popular golden visa program secures top spot with a score of 73 out of 100, toppling Portugal, which has held or shared first place for the past nine years. Portugal now ranks joint 3rd with Italy and the UK, all scoring 70, while Switzerland, which has an option developed by Henley & Partners that combines private residence with Swiss forfait tax provisions, ranks 2nd with a score of 72.

    Australia, which recently launched its National Innovation Visa (NIV) Program to attract high-level tech skills, Canada, which introduced changes to its Start-Up Visa Program to enhance its appeal and flexibility for entrepreneurs, and Spain (due to close in early 2025) are all joint 4th, each scoring 69, and the UAE, which strategically expanded its golden visa program last year to attract top talent and drive growth and innovation, rounds up the Top 5 with a score of 68.

    One of two new entrants to the index in 2025 is Hungary which ranks 6th with a score of 67. Small but powerful wealth hubs — Luxembourg and Singapore — occupy the 7th and 8th spots, scoring 66 and 65, respectively, while two others share the 9th spot: Jersey and Panama, both scoring 64. Costa Rica, the second newcomer to the index, rounds up the Top 10 with a score of 63 out of 100 and offers investors and their families a business-friendly landscape, a favorable tax regime, and a safe environment in Central America.

    Read Full Press Release

    Media Contact: Sarah Nicklin

    sarah.nicklin@henleyglobal.com

    Mobile +27 72 464 8965

    The MIL Network

  • MIL-OSI Global: 500 years ago, German peasants revolted – but their faith that the Protestant Reformation stood for freedom was dashed by Martin Luther and the nobility

    Source: The Conversation – USA – By Michael Bruening, Professor of History, Missouri University of Science and Technology

    A sketch of groups of peasants wandering around the countryside during the German Peasants’ War. Warwick Press via Wikimedia Commons.

    Five hundred years ago, in the winter of 1524-1525, bands of peasants roamed the German countryside seeking recruits. It was the start of the German Peasants’ War, the largest uprising in Europe before the French Revolution. The peasants’ goal was to overturn serfdom and create a fairer society grounded on the Christian Bible.

    For months, they seized their landlords’ monasteries and castles. By March 1525, the peasant armies had grown to encompass tens of thousands of peasants from Alsace to Austria and from Switzerland to Saxony.

    The peasants had economic grievances, to be sure, but they also drew inspiration from the message of freedom, or “Fryheit” in German, being preached by theologian Martin Luther, who had recently launched the Protestant Reformation.

    Luther’s rejection of the peasants’ cause, however, would help lead to their crushing defeat.

    I am a scholar of the Reformation, and I included the peasants’ list of demands in my book on the debates of the era. The question of the legitimacy of the peasants’ uprising was one of the most consequential debates of the era.

    Luther’s message of freedom

    In 1517, eight years before the German Peasants’ War, Luther launched the Reformation with his 95 Theses. The theses reflected Luther’s belief that the pope and the Catholic Church were preying on the poor by selling them indulgences, taking their money for a false promise that their sins would be forgiven.

    Luther taught instead that God freely forgives the sins of believers. In one of his most famous early treatises, “The Freedom of a Christian,” written in 1520, Luther argued that because they are saved or “justified” by faith alone, Christians are entirely free from the need to do works to merit salvation. This included fasting, going on pilgrimages and buying indulgences.

    Luther’s attacks on the Catholic Church, clergy and monks quickly grew more vehement. He and his allies lambasted them for fleecing the peasants and the poor through usury, a practice of lending money at high rates of interest. Since the Bible provided no support for such practices, they argued, the poor should be free of them.

    The Twelve Articles

    In her 2025 book “Summer of Fire and Blood,” Reformation scholar Lyndal Roper argues that the religious element of the peasants’ war was central. The German peasants were among the first to try to unlock the revolutionary potential of Reformation teachings to fight social and economic injustice.

    The peasants’ efforts to do so can be seen in the most important statement of their demands: The Twelve Articles. The articles are rooted in Reformation ideas and demanded, among other things, each village’s right to elect its own pastor and to be exempt from payments and duties not found in the Bible.

    A pamphlet that peasants distributed with their Twelve Articles in 1525.
    Otto Henne am Rhyn: Cultural History of the German People, via Wikimedia Commons

    Most important was the message of freedom in the third article: “Considering that Christ has delivered and redeemed us all, without exception … it is consistent with Scripture that we should be free.” It was a cry for equality based on Christ’s redemption of all, rich and poor alike.

    The Twelve Articles were hugely successful, going through 25 printings in just two months. Since the vast majority of peasants were illiterate, this was an astounding number.

    For the lower classes, the Reformation promised to break up not just the spiritual monopoly held by the Catholic Church but the entrenched feudal system that kept them oppressed. Their desire for freedom was at the same time a denunciation of serfdom.

    The peasants were willing to take up arms to secure their freedom. In winter 1524-1525, the peasants were able to capture castles and monasteries without much bloodshed. But starting in the spring of 1525, the uprising became increasingly violent. On Easter Sunday, the peasants shockingly slaughtered two dozen knights in the city of Weinsberg, Germany. A torrent of bloodshed would follow.

    Luther’s rejection of the peasants

    Although Luther may have provided the initial inspiration for the peasants, he denounced their revolt in the harshest terms. In his treatise “Admonition to Peace,” Luther complained that the peasants had made “Christian liberty an utterly carnal thing,” which “would make all men equal … and that is impossible.”

    Responding to the revolt, Luther produced a tract entitled “Against the Murdering and Robbing Hordes of Peasants.” “Let everyone who can,” he infamously wrote, “smite, slay, and stab” the rebellious peasants. The rulers did just that.

    The nobility had been slow to react to the peasants’ initial incursions, but when they finally organized their own armies, the peasants didn’t stand a chance. On the battlefield, the nobles’ cavalry and superior artillery brutally cut down the rebels. Many who escaped the battlefield were hunted down and executed.

    The exact number of those killed are not known, but estimates place the number at around 100,000. As Roper notes, “this was slaughter on a vast scale.”

    Consequences for the Reformation

    English historian A. G. Dickens famously described the Reformation as an “urban event”, meaning that the movement’s important developments took place in cities. The German Peasants’ War shows the idea to be wrong.

    In its first years, the Reformation galvanized the hopes and dreams of Germans in both town and country. To peasants and townsfolk, it seemed to promise the chance for a complete reordering of an unjust society.

    Luther’s rejection of the peasants had important long-term consequences. His decision to side with the princes transformed the Reformation from a grassroots movement into an act of state. Everywhere the Protestant reformers went, they sought to work with the proper authorities. The close cooperation of Christian leaders and secular authorities would last for centuries.

    For their part, the European peasantry grew wary of the Christian leaders who seemed to have abandoned them. Social uprisings over the next centuries lost the religious character of the 1525 conflict and would climax in the decidedly secular French Revolution.

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

    ref. 500 years ago, German peasants revolted – but their faith that the Protestant Reformation stood for freedom was dashed by Martin Luther and the nobility – https://theconversation.com/500-years-ago-german-peasants-revolted-but-their-faith-that-the-protestant-reformation-stood-for-freedom-was-dashed-by-martin-luther-and-the-nobility-246378

    MIL OSI – Global Reports

  • MIL-OSI: 21Shares AG (the “Company”) – Official Notice regarding updates to the Final Terms and Information on its Exchange Traded Products listed on London Stock Exchange (“LSE”)

    Source: GlobeNewswire (MIL-OSI)

    ETP: 21Shares Bitcoin ETP

    ISIN: CH0454664001

    TIDM: ABTC / BTCU

    ETP: 21Shares Ethereum Staking ETP

    ISIN: CH0454664027

    TIDM: AETH / ETHU

    ETP: 21Shares Bitcoin Core ETP

    ISIN: CH1199067674

    TIDM: CBTC / CBTU 

    ETP: 21Shares Ethereum Core Staking ETP

    ISIN: CH1209763130

    TIDM: ETHC/ CETU

    (hereinafter referred to as the “Products”)

    Name, registered office and address of the Company: 21Shares AG is a stock corporation under the laws of Switzerland. It has its registered office and address at Pelikanstrasse 37, 8001 Zurich.

    1. Technical corrections to earlier releases as for the Tranches

    The Company has updated its Final Terms, specifically concerning sections “(iii) Tranche” and “(v) Aggregate Number of Products Represented by This Tranche.”

    Since 24 May 2024, the Company has been considering all shares of the Products issued within a single tranche and has aggregated the number of shares represented by each Final Terms as the total number of shares in issue. This methodology has now been amended as follows:

    (a) The Company will implement tranche numbers in all Final Terms moving forward. As a result, the previous approach of designating all issuances as “Tranche Number 1” will be discontinued.

    For the affected Products, the following tranches and corresponding Final Terms have been issued since their inception and as of the dates specified below: 

    ETP: 21Shares Bitcoin ETP

    ISIN: CH0454664001

    Date: 15 January 2025

    Number of Tranches: 39

    ETP: 21Shares Ethereum Staking ETP

    ISIN: CH0454664027

    Date: 14 January 2025

    Number of Tranches: 37

    ETP: 21Shares Bitcoin Core ETP

    ISIN: CH1199067674

    Date: 15 January 2025

    Number of Tranches: 40

    ETP: 21Shares Ethereum Core Staking ETP

    ISIN: CH1209763130

    Date: 9 December 2024

    Number of Tranches: 20

    (b) Additionally, the Company will no longer present the total number of outstanding shares of the Products under section “(v) Aggregate Number of Products Represented by This Tranche” of its Final Terms. Instead, this section will now display only the additional shares issued for the  Products corresponding to the respective tranche.

    The updates to the Final Terms regarding tranche numbers have now been implemented and will be reflected in the Company’s Final Terms issued from February 26, 2025 onwards.

    1. Information on the total amount of outstanding shares for the Products

    The Company further informs the public of the total number of outstanding shares for its Products as of the dates specified below: 

    ETP: 21Shares Bitcoin ETP

    ISIN: CH0454664001

    Date: 15 January 2025

    Number of shares outstanding: 26’152’500

    ETP: 21Shares Ethereum Staking ETP

    ISIN: CH0454664027

    Date: 14 January 2025

    Number of shares outstanding: 12’325’000

    ETP: 21Shares Bitcoin Core ETP

    ISIN: CH1199067674

    Date: 15 January 2025

    Number of shares outstanding: 13’155’000

    ETP: 21Shares Ethereum Core Staking ETP

    ISIN: CH1209763130

    Date: 9 December 2024

    Number of shares outstanding: 2’510’000

    Contact Details:

    21Shares AG, attn. Mr. Eric Baumgartner, Pelikanstrasse 37, 8001 Zurich, Switzerland, email: legal@21.co 

    Further Information: 

    For further information, please refer to the Programme and UK Base Prospectus dated May 22, 2024, and the respective Final Terms. This official notice neither constitutes a prospectus nor advertisement within the meaning of the Swiss Financial Services Act. Copies of the prospectus and any supplements thereto, if any, as well as copies of all transaction documents are available free of charge at 21Shares AG, Zurich (email: etp@21shares.com).

    The MIL Network

  • MIL-OSI: CoinShares announces block transaction by shareholder

    Source: GlobeNewswire (MIL-OSI)

    Tuesday, 25 February 2025 | SAINT HELIER, Jersey – CoinShares International Limited (“CoinShares” or the “Company“) (Nasdaq Stockholm Market: CS; US OTCQX: CNSRF), a global investment firm specializing in digital assets, today announced that it has agreed to enter a block transaction with a shareholder to acquire 200,000 ordinary shares in the capital of the Company.

    Subject to completion of the block transaction, the Company will repurchase from the selling shareholder a total 200,000 ordinary shares at a price per share equal to SEK 75 resulting in total consideration of SEK 15,000,000. The Company expects the block transaction to settle via cash and to complete before 28 February 2025.

    CoinShares’ decision to repurchase its shares is consistent with the Board’s stated intent regarding the buyback program and for the purposes of reducing the capital of the Company.

    The total number of shares in the Company at the date of this press release is 66,678,210. Following completion of the block transaction, the Company will hold a total of 200,000 own shares.

    About CoinShares

    CoinShares is a leading global investment company specialising in digital assets, that delivers a broad range of financial services across investment management, trading and securities to a wide array of clients that includes corporations, financial institutions and individuals. Focusing on crypto since 2013, the firm is headquartered in Jersey, with offices in France, Sweden, Switzerland, the UK and the US. CoinShares is regulated in Jersey by the Jersey Financial Services Commission, in France by the Autorité des marchés financiers, and in the US by the Securities and Exchange Commission, National Futures Association and Financial Industry Regulatory Authority. CoinShares is publicly listed on the Nasdaq Stockholm under the ticker CS and the OTCQX under the ticker CNSRF.

    For more information on CoinShares, please visit: https://coinshares.com
    Company | +44 (0)1534 513 100 | enquiries@coinshares.com
    Investor Relations | +44 (0)1534 513 100 | enquiries@coinshares.com

    This information is information that CoinShares International Limited is obliged to make public pursuant to the EU Market Abuse Regulation (596/2014). The information in this press release has been published through the agency of the contact persons set out above, at 14:00 GMT on Tuesday, 25 February 2025.

    The MIL Network

  • MIL-OSI: 21Shares (the “Company”) – Official Notice regarding updates to the Final Terms and Information on its Exchange Traded Products listed on London Stock Exchange (“LSE”)

    Source: GlobeNewswire (MIL-OSI)

    Official Notice

    ETP: 21Shares Bitcoin ETP

    ISIN: CH0454664001

    TIDM: ABTC / BTCU

    ETP: 21Shares Ethereum Staking ETP

    ISIN: CH0454664027

    TIDM: AETH / ETHU

    ETP: 21Shares Bitcoin Core ETP

    ISIN: CH1199067674

    TIDM: CBTC / CBTU 

    ETP: 21Shares Ethereum Core Staking ETP

    ISIN: CH1209763130

    TIDM: ETHC/ CETU

    (hereinafter referred to as the “Products”)

    Name, registered office and address of the Company: 21Shares AG is a stock corporation under the laws of Switzerland. It has its registered office and address at Pelikanstrasse 37, 8001 Zurich.

    1. Technical corrections to earlier releases as for the Tranches

    The Company has updated its Final Terms, specifically concerning sections “(iii) Tranche” and “(v) Aggregate Number of Products Represented by This Tranche.”

    Since 24 May 2024, the Company has been considering all shares of the Products issued within a single tranche and has aggregated the number of shares represented by each Final Terms as the total number of shares in issue. This methodology has now been amended as follows:

    (a) The Company will implement tranche numbers in all Final Terms moving forward. As a result, the previous approach of designating all issuances as “Tranche Number 1” will be discontinued.

    For the affected Products, the following tranches and corresponding Final Terms have been issued since their inception and as of the dates specified below: 

    ETP: 21Shares Bitcoin ETP

    ISIN: CH0454664001

    Date: 15 January 2025

    Number of Tranches: 39

    ETP: 21Shares Ethereum Staking ETP

    ISIN: CH0454664027

    Date: 14 January 2025

    Number of Tranches: 37

    ETP: 21Shares Bitcoin Core ETP

    ISIN: CH1199067674

    Date: 15 January 2025

    Number of Tranches: 40

    ETP: 21Shares Ethereum Core Staking ETP

    ISIN: CH1209763130

    Date: 9 December 2024

    Number of Tranches: 20

    (b) Additionally, the Company will no longer present the total number of outstanding shares of the Products under section “(v) Aggregate Number of Products Represented by This Tranche” of its Final Terms. Instead, this section will now display only the additional shares issued for the  Products corresponding to the respective tranche.

    The updates to the Final Terms regarding tranche numbers have now been implemented and will be reflected in the Company’s Final Terms issued from February 26, 2025 onwards.

    1. Information on the total amount of outstanding shares for the Products

    The Company further informs the public of the total number of outstanding shares for its Products as of the dates specified below: 

    ETP: 21Shares Bitcoin ETP

    ISIN: CH0454664001

    Date: 15 January 2025

    Number of shares outstanding: 26’152’500

    ETP: 21Shares Ethereum Staking ETP

    ISIN: CH0454664027

    Date: 14 January 2025

    Number of shares outstanding: 12’325’000

    ETP: 21Shares Bitcoin Core ETP

    ISIN: CH1199067674

    Date: 15 January 2025

    Number of shares outstanding: 13’155’000

    ETP: 21Shares Ethereum Core Staking ETP

    ISIN: CH1209763130

    Date: 9 December 2024

    Number of shares outstanding: 2’510’000

    Contact Details:

    21Shares AG, attn. Mr. Eric Baumgartner, Pelikanstrasse 37, 8001 Zurich, Switzerland, email: legal@21.co 

    Further Information: 

    For further information, please refer to the Programme and UK Base Prospectus dated May 22, 2024, and the respective Final Terms. This official notice neither constitutes a prospectus nor advertisement within the meaning of the Swiss Financial Services Act. Copies of the prospectus and any supplements thereto, if any, as well as copies of all transaction documents are available free of charge at 21Shares AG, Zurich (email: etp@21shares.com).

    The MIL Network

  • MIL-OSI: The Nomination Committee proposes the re-election of all members of the Board of Directors of CoinShares International Limited

    Source: GlobeNewswire (MIL-OSI)

    25 February 2025 | SAINT HELIER, Jersey – the Nomination Committee of CoinShares International Limited (“CoinShares” or the “Company“) (Nasdaq Stockholm Market: CS; US OTCQX: CNSRF), a global investment firm specializing in digital assets, hereby announces the following proposals for the Annual General Meeting of shareholders on 31 May 2025, with regard to the election of the members and Chair of the Board of Directors.

    The Nominee Committee proposes the re-election of all current members of the Board. Accordingly, Daniel Masters, Jean-Marie Mognetti, Carsten Køppen, Christine Rankin, Viktor Fritzén and Johan Lundberg are proposed as members of the Board. The Nomination Committee proposes that Daniel Masters be re-elected as Chair of the Board.

    The Nomination Committee also proposes to increase the remuneration of non-executive directors from GBP 50,000 per annum, previously set in 2020, to GBP 70,000 per annum. The proposed increase in the remuneration reflects the increased responsibilities associated with the move to the regulated segment of Nasdaq Stockholm in 2022, as well as ensuring that the Company can continue to attract and retain the right candidates for the Board of Directors.

    The Nomination Committee of CoinShares International Limited consists of the following members:

    • Michael Carlton, appointed by Daniel Masters, Chair of the Nomination Committee
    • Jean-Frédéric Mognetti, appointed by Mognetti Partners Limited
    • Paul Davidson, appointed by Russell Newton
    • Johan Lundberg, representative of the Board of Directors of CoinShares International Limited 

    Information about the members of the Board of CoinShares International Limited is available on the company’s website.

    The Nomination Committee’s complete proposal will be presented in the notice of the Annual General Meeting. In connection with the issuance of the notice, the Nomination Committee’s motivated statement will also be provided on the company’s website.

    For further information, please contact:
    Johan Lundberg, Member of the Nomination Committee of CoinShares International Limited
    Tel: +46 739 88 04 22
    johan.lundberg@nftventures.com

    About CoinShares

    CoinShares is a leading global investment company specialising in digital assets, that delivers a broad range of financial services across investment management, trading and securities to a wide array of clients that includes corporations, financial institutions and individuals. Focusing on crypto since 2013, the firm is headquartered in Jersey, with offices in France, Sweden, Switzerland, the UK and the US. CoinShares is regulated in Jersey by the Jersey Financial Services Commission, in France by the Autorité des marchés financiers, and in the US by the Securities and Exchange Commission, National Futures Association and Financial Industry Regulatory Authority. CoinShares is publicly listed on the Nasdaq Stockholm under the ticker CS and the OTCQX under the ticker CNSRF.

    The MIL Network

  • MIL-OSI Europe: Federal President Karin Keller-Sutter to attend G20 Finance Ministers Meeting in Cape Town

    Source: Switzerland – Department of Finance

    On 26 and 27 February 2025, Federal President Karin Keller-Sutter, accompanied by SNB Chairman Martin Schlegel, will attend the first meeting of G20 finance ministers and central bank governors under the South African presidency. Switzerland will emphasise the importance of sustainable debt for international stability and advocate a level playing field for all countries with respect to the taxation of multinational enterprises.

    MIL OSI Europe News

  • MIL-OSI USA: NASA: New Study on Why Mars is Red Supports Potentially Habitable Past

    Source: NASA

    A new international study partially funded by NASA on how Mars got its iconic red color adds to evidence that Mars had a cool but wet and potentially habitable climate in its ancient past.

    The current atmosphere of Mars is too cold and thin to support liquid water, an essential ingredient for life, on its surface for lengthy periods. However, various NASA and international missions have found evidence that water was abundant on the Martian surface billions of years ago during a more clement era, such as features that resemble dried-up rivers and lakes, and minerals that only form in the presence of liquid water.
    Adding to this evidence, results from a study published February 25 in the journal Nature Communications suggest that the water-rich iron mineral ferrihydrite may be the main culprit behind Mars’ reddish dust. Martian dust is known to be a hodgepodge of different minerals, including iron oxides, and this new study suggests one of those iron oxides, ferrihydrite, is the reason for the planet’s color.
    The finding offers a tantalizing clue to Mars’ wetter and potentially more habitable past because ferrihydrite forms in the presence of cool water, and at lower temperatures than other previously considered minerals, like hematite. This suggests that Mars may have had an environment capable of sustaining liquid water before it transitioned from a wet to a dry environment billions of years ago.
    “The fundamental question of why Mars is red has been considered for hundreds if not for thousands of years,” said lead author Adam Valantinas, a postdoctoral fellow at Brown University, Providence, Rhode Island, who started the work as a Ph.D. student at the University of Bern, Switzerland. “From our analysis, we believe ferrihydrite is everywhere in the dust and also probably in the rock formations, as well. We’re not the first to consider ferrihydrite as the reason for why Mars is red, but we can now better test this using observational data and novel laboratory methods to essentially make a Martian dust in the lab.”

    “These new findings point to a potentially habitable past for Mars and highlight the value of coordinated research between NASA and its international partners when exploring fundamental questions about our solar system and the future of space exploration,” said Geronimo Villanueva, the Associate Director for Strategic Science of the Solar System Exploration Division at NASA’s Goddard Space Flight Center in Greenbelt, Maryland, and co-author of this study.
    The researchers analyzed data from multiple Mars missions, combining orbital observations from instruments on NASA’s Mars Reconnaissance Orbiter, ESA’s (the European Space Agency) Mars Express and Trace Gas Orbiter with ground-level measurements from NASA rovers like Curiosity, Pathfinder, and Opportunity. Instruments on the orbiters and rovers provided detailed spectral data of the planet’s dusty surface. These findings were then compared to laboratory experiments, where the team tested how light interacts with ferrihydrite particles and other minerals under simulated Martian conditions.
    “What we want to understand is the ancient Martian climate, the chemical processes on Mars — not only ancient — but also present,” said Valantinas. “Then there’s the habitability question: Was there ever life? To understand that, you need to understand the conditions that were present during the time of this mineral’s formation. What we know from this study is the evidence points to ferrihydrite forming and for that to happen there must have been conditions where oxygen from air or other sources and water can react with iron. Those conditions were very different from today’s dry, cold environment. As Martian winds spread this dust everywhere, it created the planet’s iconic red appearance.”
    Whether the team’s proposed formation model is correct could be definitively tested after samples from Mars are delivered to Earth for analysis.
    “The study really is a door-opening opportunity,” said Jack Mustard of Brown University, a senior author on the study. “It gives us a better chance to apply principles of mineral formation and conditions to tap back in time. What’s even more important though is the return of the samples from Mars that are being collected right now by the Perseverance rover. When we get those back, we can actually check and see if this is right.”
    Part of the spectral measurements were performed at NASA’s Reflectance Experiment Laboratory (RELAB) at Brown University. RELAB is supported by NASA’s Planetary Science Enabling Facilities program, part of the Planetary Science Division of NASA’s Science Mission Directorate at NASA Headquarters in Washington.
    By William Steigerwald
    NASA Goddard Space Flight Center, Greenbelt, Maryland

    MIL OSI USA News

  • MIL-OSI Europe: Sustainable economic development takes centre stage at the International Cooperation Forum 2025 in Zurich

    Source: Switzerland – Federal Administration in English

    The fourth edition of the International Cooperation Forum Switzerland (IC Forum) will take place at ETH Zurich on 27 and 28 February 2025. Together with representatives from politics, business, research, philanthropy and NGOs, federal councillors Guy Parmelin and Ignazio Cassis will be looking for innovative ways to promote economic development in developing and partner countries. More than 1,500 people from over 120 countries are expected to attend in Zurich or participate online.

    MIL OSI Europe News

  • MIL-OSI Europe: A new dashboard on the quality of opendata.swiss metadata to boost access to open government data

    Source: Switzerland – Department of Home Affairs

    The Open Government Data (OGD) Office is launching a dashboard on opendata.swiss to evaluate and improve the quality of open government metadata. This tool allows providers to obtain a detailed evaluation of the quality of their metadata in line with FAIR principles. The project, which is part of the 2024‒2027 OGD Masterplan, was developed by the Federal Statistical Office (FSO).

    MIL OSI Europe News

  • MIL-OSI China: China urges global participation in IHL Initiative

    Source: China State Council Information Office 3

    Trucks loaded with Chinese aid get ready to set off from the warehouse of Jordan Hashemite Charity Organization in Zarqa, Jordan, on Feb. 18, 2025. [Photo/Xinhua]

    China has called on the international community to actively engage in the International Humanitarian Law (IHL) Initiative, co-launched by China, stressing the importance of joint efforts to uphold humanitarian principles and protect civilians in conflict zones.

    Chen Xu, China’s permanent representative to the UN Office in Geneva and other international organizations in Switzerland, attended a high-level event to galvanize political commitment to IHL. He introduced the IHL Initiative and outlined China’s position on humanitarian issues.

    Noting that the current global humanitarian crisis remains dire, Chen emphasized that promoting effective compliance with IHL is “a pressing challenge of our time” that must be addressed and it is also the concern that served as a driving force behind the initiative’s launch. He stated that the IHL Initiative aims to raise awareness of IHL among the international community, particularly among parties to armed conflicts.

    He stressed that the international community should foster the spirit of humanity, fraternity, and devotion while ensuring the universal and uniform application of IHL, resolutely rejecting double standards and selective application. He added that the fundamental principles of neutrality, impartiality, and independence must be upheld to avoid the politicization of humanitarian issues, and that support for international humanitarian organizations is essential to ensure the safety of humanitarian workers.

    Chen invited all parties to participate in the IHL Initiative and actively contribute to its various workstreams based on their expertise. He also emphasized that traditional Chinese values – such as “a benevolent man loves others” and “do not impose on others what you do not want others to do to you” – embody a deeply rooted humanitarian spirit.

    He said China will remain an active supporter, participant, and contributor to the international humanitarian cause, upholding its vision of building a community with a shared future for mankind and implementing the Global Development Initiative, the Global Security Initiative, and the Global Civilization Initiative.

    Chen stressed that China remains committed to peace talks, promoting peace and hope in conflict zones, continuing its assistance to Africa and other developing countries, supporting humanitarian organizations to the best of its ability, and alleviating the suffering of people in conflict zones.

    MIL OSI China News

  • MIL-OSI China: Chinese Spring Festival cultural event held in Switzerland

    Source: China State Council Information Office 3

    The “Hello China” Spring Festival cultural experience event, jointly organized by the Schaffhausen Chinese Association and the Chinese Tourism Office in Zurich, was held on Sunday in central Schaffhausen, a northwestern city in Switzerland.

    “Ancient Chinese landscape artworks, contemporary photographs of Inner Mongolian scenery, and a dancing robot made in China – all of these have left a deep impression on people,” Peter Hediger, a Swiss resident who once lived in China, told Xinhua at the event.

    Hediger expressed his admiration for the landscape photographs and traditional Chinese paintings on display, noting that the most surprising element was the artificial intelligence dancing robot. “This represents China’s development and is worth learning from for Switzerland,” he said.

    “This year marks the first Chinese Spring Festival recorded in the UNESCO World Intangible Cultural Heritage List, and it is also the China-Switzerland Cultural Tourism Year,” said Jia Kejie, president of the Schaffhausen Chinese Association. “We organized this event with the theme ‘Hello China’ in collaboration with the Chinese Tourism Office in Zurich, hoping to deepen Swiss understanding of Chinese culture and its people.”

    The Spring Festival experience area combined traditional and contemporary Chinese elements, featuring red snake-year mascots, Chinese drama masks, and the traditional musical instrument Guzheng.

    In addition, a Unitree dancing robot attracted considerable attention as many people rushed to shake hands with it. “A robot is here – it’s so cool!” one attendee exclaimed.

    “Today is the 26th day of the first lunar month in the Chinese calendar. According to Chinese tradition, we are still celebrating the Spring Festival,” said Liu Haisheng, head of the Chinese Tourism Office in Zurich. He expressed his hope that the event would introduce the Chinese Spring Festival to the Swiss public and encourage more Swiss citizens to travel to China.

    Richard Furrer, who previously worked for the Chinese branch of a Swiss manufacturer, has served as the legal advisor for the Schaffhausen Chinese Association for ten years. After studying Mandarin for eight years to communicate with his Chinese colleagues, Furrer now provides voluntary legal aid to Chinese people in Switzerland following his retirement.

    Christoph Melki, a reporter for Schaffhausen Weekly, carefully documented the event with photographs. “I knew nothing about the Spring Festival before,” he told Xinhua. “Perhaps only by experiencing the Spring Festival in China in person can we truly understand its meaning,” he added, hinting that he might travel to China next year.

    MIL OSI China News

  • MIL-OSI China: China urges global participation in Int’l Humanitarian Law Initiative

    Source: China State Council Information Office

    Trucks loaded with Chinese aid get ready to set off from the warehouse of Jordan Hashemite Charity Organization in Zarqa, Jordan, on Feb. 18, 2025. [Photo/Xinhua]

    China has called on the international community to actively engage in the International Humanitarian Law (IHL) Initiative, co-launched by China, stressing the importance of joint efforts to uphold humanitarian principles and protect civilians in conflict zones.

    Chen Xu, China’s permanent representative to the UN Office in Geneva and other international organizations in Switzerland, attended a high-level event to galvanize political commitment to IHL. He introduced the IHL Initiative and outlined China’s position on humanitarian issues.

    Noting that the current global humanitarian crisis remains dire, Chen emphasized that promoting effective compliance with IHL is “a pressing challenge of our time” that must be addressed and it is also the concern that served as a driving force behind the initiative’s launch. He stated that the IHL Initiative aims to raise awareness of IHL among the international community, particularly among parties to armed conflicts.

    He stressed that the international community should foster the spirit of humanity, fraternity, and devotion while ensuring the universal and uniform application of IHL, resolutely rejecting double standards and selective application. He added that the fundamental principles of neutrality, impartiality, and independence must be upheld to avoid the politicization of humanitarian issues, and that support for international humanitarian organizations is essential to ensure the safety of humanitarian workers.

    Chen invited all parties to participate in the IHL Initiative and actively contribute to its various workstreams based on their expertise. He also emphasized that traditional Chinese values – such as “a benevolent man loves others” and “do not impose on others what you do not want others to do to you” – embody a deeply rooted humanitarian spirit.

    He said China will remain an active supporter, participant, and contributor to the international humanitarian cause, upholding its vision of building a community with a shared future for mankind and implementing the Global Development Initiative, the Global Security Initiative, and the Global Civilization Initiative.

    Chen stressed that China remains committed to peace talks, promoting peace and hope in conflict zones, continuing its assistance to Africa and other developing countries, supporting humanitarian organizations to the best of its ability, and alleviating the suffering of people in conflict zones.

    MIL OSI China News

  • MIL-OSI United Nations: Ongoing Liquidity Crisis Hindering United Nations Ability to Retain Geographically Diverse, Skilled Workforce, Delegates Stress as Fifth Committee Resumes Session

    Source: United Nations General Assembly and Security Council

    Stressing that the Organization’s key asset is its staff, many delegates of the Fifth Committee (Administrative and Budgetary) today emphasized the pressure that the ongoing liquidity crisis is having on efforts to rejuvenate the Organization and attract and retain talent from all parts of the world.

    “The human resources policies and the liquidity situation of the United Nations are inextricably linked,” said Singapore’s representative, speaking for the Association of Southeast Asian Nations (ASEAN) during the opening day of the Committee first resumed session.  “We note with concern from the Secretary-General’s report that temporary hiring restrictions imposed as a result of the dismal liquidity situation of the UN have constrained efforts to fill geographical posts that could have gone to un- and under-represented countries.”

    She emphasized that staff training and development are key to building a United Nations that can respond to contemporary challenges.  “While we are cognizant of the UN’s ongoing liquidity challenges, we hope that their training is not compromised to achieve short-term savings,” she said, adding that training locations should not be limited to UN Headquarters.

    Echoing this sentiment, the representative of the European Union, in its capacity as observer, said the Organization’s financial situation must be carefully considered when discussing the Organization’s most essential resources: its staff.  “We strongly believe in the fundamental importance of a comprehensive and strategic workforce planning system,” she said, adding that planning and selection should be closely aligned with a recruitment process that ensures the Organization attracts and hires the most suitable candidates with the right skill sets.  In addition, the 120-day target for staff selection should be met.  “We repeat our call to rejuvenate the Organization and acquire and retain young talent,” she said, adding that talent outreach and well-structured internship programmes are key priorities that “we take very seriously”.

    Speaking on behalf of the Group of 77 and China, Iraq’s delegate said geographical representation and gender parity remain a core concern for the Group, which expects the Secretariat to intensify its efforts to achieve equal representation at all staff levels, with a focus on senior level staff at D-1 and above posts, as well as significant contributions from troop-contributing countries and police-contributing countries.  He noted that the Secretary-General’s staff composition report showed that staff declined by 34 to 36,757 during the reporting period ending on December 2023, due in part to temporary hiring restrictions placed against the regular budget in July 2023. 

    Keen to review the Secretariat’s efforts to improve the Organizaton’s rejuvenation, including through the Young Professionals Programme, the Group notes that during the 2022-2023 biennium, 175,781 applications applied for 2,765 jobs in the internship programme.  “With an average of 63 applicants competing for one vacancy, the Group looks forward to having more information on how the refined internship programme, including the financial support from the UN, will help more applicants from all developing countries be successfully selected as interns,” he added.

    Kuwait’s delegate, speaking on behalf of the Gulf Cooperation Council, agreed that the Organizaton’s staff are its greatest asset and noted that data from Secretariat reports indicate that personnel from the Gulf Cooperation Council countries remain underrepresented.  “Recruiting must be completed to ensure a balance,” he said. Recognizing the unprecedented loss of staff working with the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA), he called for the protection of staff and all relief workers.

    The President of the UN Field Staff Union said the Organizaton’s severe liquidity and funding shortfall has created a crisis that threatens the foundation of the staff’s work.  “UN staff — who are the backbone of this institution — are being forced to bear the brunt of these financial constraints.  Workloads are increasing beyond sustainable levels,” he said, urging Member States to meet their financial commitments fully and on time.  “The cost of inaction is measured in human lives.  If we allow this crisis to continue, we are not just failing UN staff; we are failing the world.

    “Fewer staff means fewer peacekeepers in conflict zones, fewer aid workers delivering food and medicine, fewer experts tackling global challenges.  Every member of staff lost weakens our ability to respond to the world’s most pressing crises.  Let me be clear — this is not just about jobs.  It is about the UN’s ability to fulfill its mission,” he said.

    The representative of Switzerland, speaking also for Liechtenstein, welcomed Secretariat efforts to improve mechanisms for recruiting young professionals, including modernizing job descriptions, removing artificial barriers to entry and enhancing digital and language skills.  She also backed the Secretary-General’s proposal to structure and professionalize the UN internship programme.  “We note with interest the recommendations to introduce financial support for interns to strengthen geographical diversity and to offer more structured learning,” she added.

    The representative of the United States said Washington, D.C., will consider proposals using three criteria:  whether the proposal promotes a transparent and accountable system; reflects actual or proposed cost-savings and efficiencies; and how it aligns with his Government’s national interests and priorities, including “making the US safer, stronger and more prosperous”.  To this end, the delegation will defend against efforts to undermine the system of desirable ranges by advancing a vague, discriminatory and deeply flawed concept of equitable geographic representation. 

    Human Resources Management

    Martha Helena Lopez, Assistant Secretary-General for Human Resources, presented the Secretary-General’s five reports on human resources management reform:  Overview of human resources management reform for the period 2023–2024 (document A/79/566); Review of the United Nations Secretariat Internship Programme (document A/79/566/Add.1); Composition of the Secretariat: staff demographics (document A/79/584); Composition of the Secretariat: gratis personnel, retired staff, consultants, individual contractors and United Nations Volunteers (document A/79/581); and Practice of the Secretary-General in disciplinary matters and cases of possible criminal behaviour, from 1 January to 31 December 2023 (document A/79/615).

    Regarding the redesigned internship programme, she said “it aligns with UN values of fairness and accessibility, upholds commitments to youth in the Pact for the Future, and ensures meaningful engagement of young people.”  The proposal addresses the need for more structured learning and financial support for interns, including the cost of travel, health insurance, a monthly stipend and a technology allowance for remote interns.  “This would remove a significant barrier to broader participation for individuals from all economic backgrounds,” she added.  The Secretariat invites the Assembly to approve the removal of current restrictions and the principle of a centrally funded support scheme.

    The Secretary-General report covering staff demographics offers a comprehensive view of Secretariat staff from 1 January to 31 December 2023 and during the 2019 to 2023 period, she noted.  It gives a comprehensive analysis of the gratis personnel, retired staff, consultants, individual contractors, and United Nations Volunteers engaged across the Secretariat from 1 January 2022 to 31 December 2023 and highlights trends observed from 2014 to 2023, offering insights into the evolution of the Secretariat’s affiliated personnel.  The final report provides comprehensive measures for the Secretary-General’s approach to misconduct cases and analysis of the data and trends in the Secretariat’s disciplinary practices.

    Juliana Gaspar Ruas, Chair of the Advisory Committee on Administrative and Budgetary Questions (ACABQ), presented that body’s related reports (documents A/79/745A/79/746, A/79/747A/79/748 and A/79/749).

    After those presentations, Fifth Committee Vice-Chair Johanna Bischof (Austria) drew delegates’ attention to the relevant reports of the Joint Inspection Unit and related notes by the Secretary-General transmitting his comments and comments of the United Nations Chief Executives Board for Coordination on the respective reports: Review of the use of non-staff personnel and related contractual modalities in the United Nations system organizations – Note by the Secretary-General (documents A/79/694 and A/79/694/Add.1); Review of the quality, effectiveness, efficiency and sustainability of health insurance schemes in the United Nations system organizations (documents A/79/695 and A/79/695/Add.1); and Flexible working arrangements in United Nations system organizations (documents A/79/693 and A/79/693/Add.1).

    Joint Inspection Unit

    Carolina Fernández Opazo, Inspector and Chairperson of the Joint Inspection Unit, introduced the Report of the Joint Inspection Unit for 2024 and programme of work for 2025 (document A/79/34), and Federica Pietracci, Senior Programme Management Officer of the United Nations System Chief Executives Board for Coordination, introduced the Note by the Secretary-General on the Report of the Joint Inspection Unit for 2024 (document A/79/742).

    Standards of Accommodation for Air Travel

    Ms. Lopez also introduced the Secretary-General’s report on standards of accommodation for air travel (document A/79/628), and Ms. Gaspar Ruas presented the Advisory Committee’s related report (document A/79/7/Add.44).

    Proposed Programme of Work 

    The Committee also approved its proposed programme of work for this session (document A/C.5/79/L.29).

    MIL OSI United Nations News

  • MIL-OSI United Nations: Experts offer guidance on using the World Heritage Convention in support of the Kunming-Montreal Global Biodiversity Framework

    Source: United Nations

    UNESCO convened an expert meeting to identify actions to harness the World Heritage Convention in support of the Kunming-Montreal Global Biodiversity Framework. The meeting confirmed the relevance of the World Heritage Convention to almost all of the 23 global targets of the Global Biodiversity Framework and made recommendations for further action, which will be presented to the World Heritage Committee at its 47th session.

    The 2019 Global Assessment Report of Biodiversity and Ecosystem Services issued by the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES) provided the scientific evidence that biodiversity is deteriorating worldwide at rates unprecedented in human history. Yet, biodiversity is fundamental to human well-being, a healthy planet, and economic prosperity.

    The World Heritage Convention is among the most successful site-based conservation instruments, with a significant contribution to biodiversity conservation, according to a UNESCO study.

    The Kunming-Montreal Global Biodiversity Framework adopted by the Parties to the Convention on Biological Diversity is a real opportunity for the biodiversity conventions to work together. We should make use of the extraordinary capacity of the World Heritage Convention to support biodiversity conservation.

    In response to the Committee’s decisions 45 COM 7.2 and 46 COM 7, UNESCO organized in collaboration with the Advisory Bodies an expert meeting on the synergies and opportunities between the World Heritage Convention and the Kunming-Montreal Global Biodiversity Framework. The workshop was hosted by the German Federal Agency for Nature Conservation (Bundesamt für Naturschutz) at its International Academy for Nature Conservation on the Isle of Vilm, Germany, and took place from 25 to 29 November 2024.

    The meeting experts reaffirmed the unique contribution of the World Heritage Convention to the conservation and sustainable use of biodiversity, and the relevance of the Global Biodiversity Framework to both natural and cultural sites. They identified a range of recommendations for the World Heritage Committee, States Parties, and the UNESCO Secretariat and Advisory Bodies, including 19 priority actions.

    Among the key actions, States Parties should integrate priorities for the implementation of the World Heritage Convention into their National Biodiversity Strategies and Action Plans, as requested by the World Heritage Committee (Decision 45 COM 7.2). This is important to ensure that current World Heritage properties and potential new sites become an international priority for dedicated funding mechanisms for the Global Biodiversity Framework.

    The Global Biodiversity Framework also sets targets for respecting the rights of Indigenous Peoples and local communities in biodiversity conservation and provides new opportunities for cultural sites to contribute to nature conservation. States Parties, Indigenous Peoples and World Heritage properties can work with initiatives such as the Joint Programme of Work on the links between Biological and Cultural Diversity to support the implementation of the targets.

    World Heritage properties often overlap with other international designations such as Ramsar wetland sites, Biosphere Reserves and UNESCO Global Geoparks. In addition, the protection and management of World Heritage properties may be relevant to the implementation of other biodiversity- or culture-related conventions, such as the Convention for the Safeguarding of the Intangible Cultural Heritage, Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES) and the Convention on Migratory Species (CMS). Improved cooperation between the Conventions and programmes could create greater coherence and have results at a larger scale.

    The meeting was made possible thanks to the support of the German Federal Agency for Nature Conservation, and the financial contributions of the Swiss Federal Office for Environment (FOEN) and the Government of Norway to the World Heritage Fund.

    About the Kunming-Montreal Global Biodiversity Framework

    The 15th Conference of the Parties to the Convention on Biological Diversity (CBD), convened under the auspices of the United Nations, adopted the Kunming-Montreal Global Biodiversity Framework. Through four goals and 23 targets, it sets out an ambitious plan to take urgent action to halt and reverse biodiversity loss to put nature on a path to recovery for the benefit of people and planet by 2030, in line with the 2030 Agenda for Sustainable Development, and to ensure that the shared vision of living in harmony with nature is realised by 2050.

    About the Joint Programme of Work on the links between Biological and Cultural Diversity

    The Joint Programme of Work (JPoW) on the links between Biological and Cultural Diversity was initially adopted at COP10 of the CBD in 2010 to explore the links and opportunities for improving the protection of biological and cultural diversity. It was a way for UNESCO to help connect the nature and culture themes under the Aichi Targets, in cooperation with the Secretariat of the CBD. Parties at COP15 renewed the mandate of the JPoW, including inviting UNESCO, the Secretariat of the CBD, the IUCN, the International Indigenous Forum on Biodiversity (IIFB) and advisory bodies to work together on a roadmap for improve an integrated approach to supporting biodiversity, linguistic and cultural diversity. UNESCO is currently the lead agency for the International Decade of Indigenous Languages (2022-2032), providing an important platform to achieve such cooperation in policy and in action. 

    Summary recommendations 

    English

    Meeting report 

    English

    MIL OSI United Nations News

  • MIL-OSI United Nations: Human Rights Council Opens Fifty-Eighth Regular Session and Holds Minute of Silence for Victims of Human Rights Violations

    Source: United Nations – Geneva

    The Human Rights Council this morning opened its fifty-eighth regular session, hearing statements from the President of the General Assembly, the United Nations Secretary-General, the United Nations High Commissioner for Human Rights, and the Head of the Federal Department of Foreign Affairs of Switzerland.  The President of the Council called for a minute of silence for victims of human rights violations around the world. 

    Jürg Lauber, President of the United Nations Human Rights Council, declared the fifty-eighth session of the Human Rights Council open, saying they were gathered at a time of profound global challenges and an alarming backlash against human rights around the world.  The Council’s responsibility was to make a tangible impact on people’s lives.  Victims of human rights violations needed to be at the centre of discussions.  The international community needed to rise to the challenge and reaffirm that human rights were not optional; they were essential for peace, security and development. 

    Philemon Yang, President of the General Assembly, said the three pillars of the United Nations were deeply interwoven.  Upholding human rights was fundamental to achieving lasting peace and security, and constituted a sound basis for the realisation of the 2030 Agenda for Sustainable Development.  The world faced serious global challenges and was witnessing a sharp decline in human rights, with growing violations and often brazen disregard for international humanitarian law.  The human suffering and destruction of civilian infrastructure in Gaza, Ukraine, Sudan, Haiti and the Democratic Republic of the Congo were intolerable; these injustices must end.  Mr. Yang said protecting human rights and dignity was a cornerstone of his role as President of the General Assembly. 

    António Guterres, United Nations Secretary-General, said the session was beginning under the weight of a grim milestone: the third anniversary of Russia’s invasion of Ukraine, in violation of the United Nations Charter.  Human rights were the oxygen of humanity.  But one by one, human rights were being suffocated: by autocrats; by a patriarchy that kept girls out of school, and women from basic rights; by wars and violence; by warmongers who disregarded international law and the United Nations Charter; by the climate crisis; by a morally bankrupt global financial system; by runaway technologies like artificial intelligence; by growing intolerance against entire groups; and by voices of division and anger.  This represented a direct threat to all the hard-won mechanisms and systems established over the last 80 years to protect and advance human rights. 

    Volker Türk, United Nations High Commissioner for Human Rights, said the international system was going through a tectonic shift, and the human rights edifice built up over decades had never been under so much strain.  Last year, the Office contributed to the release of some 3,145 arbitrarily detained people and took part in some 11,000 human rights monitoring missions.  It also observed nearly 1,000 trials, and documented some 15,000 situations of human rights violations around the world.  Mr. Türk said upholding human rights made eminent sense for stability, for prosperity, for a better common future, and was a winning proposition for humanity. 

    Ignazio Cassis, Head of the Federal Department of Foreign Affairs of Switzerland, said today, he had mixed feelings.  He was proud because Switzerland had been elected to the Human Rights Council and because Ambassador Lauber had been elected as the Council’s President, the first appointment of a Swiss President to the Council.  However, Mr. Cassis said, he was also deeply concerned as they lived in a time of global uncertainty, influenced by the climate crisis and global authoritarianism; a large portion of the global population lived under authoritarian rule. In this context, the Council had a duty to act. 

    The webcast of the Human Rights Council meetings can be found here.  All meeting summaries can be found here.  Documents and reports related to the Human Rights Council’s fifty-eighth regular session can be found here.

    The fifty-eighth session of the Council is being held from 24 February to 4 April.  At 10 a.m., the Council started its high-level segment.

    Opening Remarks by the President of the Council

    JÜRG LAUBER, President of the United Nations Human Rights Council, declared the fifty-eighth session of the Human Rights Council open.  They were gathered at a time of profound global challenges and an alarming backlash against human rights around the world.  All needed to reflect on whether they were doing enough to protect the most vulnerable.  When human rights weakened, conflicts escalated, and societies fractured. Today, they were seeing this play out in real time with the escalation of violations and the shrinking of human rights protections.  This required an urgent response.  The Council’s responsibility was to make a tangible impact on people’s lives. Victims of human rights violations needed to be at the centre of discussions.  Their dignity needed to be everyone’s priority, Mr. Lauber said.

    Mr. Lauber said all needed to rise to the challenge and reaffirm that human rights were not optional; they were essential for peace, security and development. They needed to engage in earnest discussions and ensure that their words translated into actions, he concluded.

    At the request of the President, the Council held a minute’s silence in memory of victims of human rights violations around the world.

    Statements by Keynote Speakers

    PHILEMON YANG, President of the General Assembly, congratulated the President of the Council and the Bureau on their election. The three pillars of the United Nations were deeply interwoven.  Upholding human rights was fundamental to achieving lasting peace and security, and constituted a sound basis for the realisation of the 2030 Agenda for Sustainable Development.  The world faced serious global challenges and was witnessing a sharp decline in human rights, with growing violations and often brazen disregard for international humanitarian law.  Those violations had devastating consequences: more than 300 million people now required humanitarian assistance.  In every conflict, the victims were often women, children and minorities who bore the heaviest burden.  The human suffering and destruction of civilian infrastructure in Gaza, Ukraine, Sudan, Haiti and the Democratic Republic of Congo were intolerable; these injustices must end.  Even war had rules.  Civilians must never be targets. 

    The recent special session and the establishment of an independent fact-finding mission to investigate and document violations in the eastern Democratic Republic of the Congo were good symbols.  The Council had demonstrated its availability to act swiftly and uphold accountability.  The recent ceasefire and hostage release deal in Gaza offered a glimmer of hope.  Just and lasting peace in the Middle East depended on the two State solution, which would allow Israel and Palestine to exist in peace and stability.  Dialogue was a powerful weapon which needed to be used for peace everywhere.  With the eightieth anniversary of the United Nations approaching, calls for global peace needed to be more resolute, harnessing the powerful symbolism of this milestone year.

    Last September, world leaders unanimously adopted the Pact for the Future, along with the Global Digital Compact and the Declaration for Future Generations.  The Pact charted a course toward a more just, equitable, and sustainable world, and reaffirmed international law, including the Charter of the United Nations, the Universal Declaration of Human Rights and international humanitarian law.  The challenge now was implementation which required full global mobilisation, with robust engagement from governments, United Nations agencies, and civil society.   Organizations in Geneva would play a critical role in this process.

    Mr. Yang said protecting human rights and dignity was a cornerstone of his role as President of the General Assembly.  Last month, he convened a signature event on preserving dignity in armed conflict.  He was encouraged by the strong political will of Member States to uphold and reinforce their commitment to international humanitarian law.  Advocacy would be continued to eliminate child labour in all forms, including in armed conflict, and a discussion on child labour would be held in this regard. 

    Additionally, in the coming months, a high-level meeting would be convened to consider the recommendations of the working group on aging, to ensure older persons had full enjoyment of their human rights.  The spirit that guided the decision of Member States last December to declare a second International Decade for People of African Descent would be upheld.  Mr. Yang said he would convene the annual commemorative meetings for the International Day for the Elimination of Racial Discrimination and the International Day of Remembrance of the Victims of Slavery and the Transatlantic Slave Trade.

    Mr. Yang said he had joined the gender champions network, pledging to promote gender equality and empowerment and implementing a gender perspective throughout the work of the General Assembly.  He had re-established the Advisory Board on Gender Equality to focus on women’s economic empowerment and was happy that the Human Rights Council had followed this good practice.  Additionally, co-facilitators had been appointed to lead consultations in preparation for a high-level meeting, which would commemorate the thirtieth anniversary of the Fourth World Conference on Women and the landmark Beijing Declaration and Platform for Action—Beijing+30.

    This year marked the thirtieth anniversary of the World Programme for Youth, underscoring the critical role of young people in driving sustainable development.  A discussion would be held in May on how digitalisation could enhance the Sustainable Development Goals.  Throughout these engagements, Mr. Yang said he would outline the importance of civil society’s work in enhancing human rights.  The annual high-level debate on crime prevention would be held, which would mark the ten-year anniversary of the Nelson Mandela Rules.  This year, the Nelson Mandela prize would also be awarded to two individuals who had dedicated their lives to serving humanity.  States and relevant stakeholders were invited to submit their nominations this month. 

    These topics aimed to promote human rights and preserve human dignity for all everywhere.  Strengthening cooperation between the General Assembly and the Human Rights Council had never been more urgent.  The shared goal of the two mechanisms was upholding human rights and dignity, for everyone, everywhere. 

    ANTÓNIO GUTERRES, United Nations Secretary-General, said the session was beginning under the weight of a grim milestone: the third anniversary of Russia’s invasion of Ukraine, in violation of the United Nations Charter.  More than 12,600 civilians had been killed, with many more injured.  Entire communities had been reduced to rubble, hospitals and schools destroyed.  All needed to spare no effort to bring an end to this conflict and achieve a just and lasting peace in line with the United Nations Charter, international law and General Assembly resolutions.  Conflicts like the war in Ukraine exacted a heavy toll on people; on fundamental principles like territorial integrity, sovereignty and the rule of law; and on the vital business of this Council.  Without respect for human rights — civil, cultural, economic, political and social — sustainable peace was a pipedream.

    Like the Council, human rights shone a light in the darkest places. Through its work, and the work of the High Commissioner’s Office around the world, the Council was supporting brave human rights defenders risking persecution, detention and even death.  It was working with governments, civil society and others to strengthen action on human rights.  And it was supporting investigations and accountability.  Five years ago, the United Nations launched its Call to Action for Human Rights, embedding human rights across the work of the United Nations around the world in close cooperation with partners.  Mr. Guterres said he would continue supporting this important work, and the High Commissioner’s Office, as the United Nations fought for human rights everywhere.

    Mr. Guterres said that human rights were the oxygen of humanity.  But one by one, human rights were being suffocated — by autocrats, crushing opposition because they feared what a truly empowered people would do; by a patriarchy that kept girls out of school, and women at arm’s length from basic rights; by wars and violence that stripped populations of their right to food, water and education; and by warmongers who thumbed their nose at international law, international humanitarian law and the United Nations Charter.

    Human rights were being suffocated by the climate crisis; by a morally bankrupt global financial system that too often obstructed the path to greater equality and sustainable development; by runaway technologies like artificial intelligence that held great promise, but also the ability to violate human rights at the touch of a button; by growing intolerance against entire groups — from indigenous peoples, to migrants and refugees, to the lesbian, gay, bisexual, transgender, queer and intersex plus community, to persons with disabilities; and by voices of division and anger who viewed human rights not as a boon to humanity, but as a barrier to the power, profit and control they sought.  In short, human rights were on the ropes and being pummelled hard.  This represented a direct threat to all the hard-won mechanisms and systems established over the last 80 years to protect and advance human rights.

    But as the recently adopted Pact for the Future reminded all, human rights were, in fact, a source of solutions.  The Pact provided a playbook on how the world could win the fight for human rights on several fronts.

    First, human rights through peace and peace through human rights. Conflicts inflicted human rights violations on a massive scale.  In the Occupied Palestinian Territory, violations of human rights had skyrocketed since the horrific Hamas attacks of October 7 and the intolerable levels of death and destruction in Gaza.  Mr. Guterres expressed grave concern about the rising violence in the occupied West Bank by Israeli settlers and other violations, as well as calls for annexation. The world was witnessing a precarious ceasefire.  The world needed to avoid at all costs a resumption of hostilities.  The people in Gaza had already suffered too much.  It was time for a permanent ceasefire, the dignified release of all remaining hostages, irreversible progress towards a two-State solution, an end to the occupation, and the establishment of an independent Palestinian State, with Gaza as an integral part.

    In Sudan, bloodshed, displacement and famine were engulfing the country. The warring parties needed to take immediate action to protect civilians, uphold human rights, cease hostilities and forge peace.  Domestic and international human rights monitoring and investigation mechanisms needed to be permitted to document what was happening on the ground.

    In the Democratic Republic of the Congo, the world was seeing a deadly whirlwind of violence and horrifying human rights abuses, amplified by the recent M23 offensive, supported by the Rwandan Defence Forces.  As more cities fell, the risk of a regional war rose.  It was time to silence the guns, time for diplomacy and dialogue.  The recent joint summit in Tanzania offered a way forward with a renewed call for an immediate ceasefire.  The sovereignty and territorial integrity of the Democratic Republic of the Congo needed to be respected.  The Congolese people deserved peace.

    Mr. Guterres called for a renewed regional dialogue in the Sahel to protect citizens from terrorism and systemic violations of human rights, and to create the conditions for sustainable development.

    In Myanmar, the situation had grown far worse in the four years since the military seized power and arbitrarily detained members of the democratically elected government.  The world needed greater cooperation to bring an end to the hostilities and forge a path towards an inclusive democratic transition and a return to civilian rule, allowing for the safe return of the Rohingya refugees.

    In Haiti, the world was seeing massive human rights violations, including more than a million people displaced, and children facing a horrific increase in sexual violence and recruitment into gangs.  Mr. Guterres said that in the coming days, he would put forward proposals to the United Nations Security Council for greater stability and security for the people of Haiti, namely through an effective United Nations assistance mechanism to support the Multilateral Security Support Mission, the national police and Haitian authorities.  A durable solution required a political process led and owned by the Haitian people that restored democratic institutions through elections. 

    The Pact for the Future called for peace processes and approaches rooted in the Universal Declaration of Human Rights, international law and the United Nations Charter.  It proposed specific actions to prioritise conflict prevention, mediation, resolution and peacebuilding.  It also included a commitment to tackle the root causes of conflict, which were so often enmeshed in denials of basic human needs and rights.

    Second, the Pact for the Future advanced human rights through development. The Sustainable Development Goals and human rights were fundamentally intertwined.  They represented real human needs: health, food, water, education, decent work and social protection.  With less than one-fifth of the Goals on track, the Pact called for a massive acceleration through a Sustainable Development Goal Stimulus, reforming the global financial architecture, and taking meaningful action for countries drowning in debt.  This needed to include focused action to conquer the most widespread human rights abuse in history: inequality for women and girls.  The Pact called for investing in battling all forms of discrimination and violence against women and girls, and ensuring their meaningful participation and leadership across all walks of life.

    Along with the Declaration on Future Generations, the Pact also called for supporting the rights and futures of young people through decent work, removing barriers for youth participation, and enhancing training.  The Global Digital Compact called on nations to champion young innovators, nurture entrepreneurial spirit, and equip the next generation with digital literacy and skills.

    Third, the Pact for the Future recognised that the rule of law and human rights went hand-in-hand.  The rule of law, when founded on human rights, was an essential pillar of protection. It shielded the most vulnerable. It was the first line of defence against crime and corruption.  It supported fair, just and inclusive economies and societies.  It held perpetrators of human rights atrocities to account.  It enabled civic space for people to make their voices heard, and for journalists to carry out their essential work, free from interference or threats.  It also reaffirmed the world’s commitment to equal access to justice, good governance, and transparent and accountable institutions.

    Fourth, the world needed to achieve human rights through climate action. Last year was the hottest on record, capping the hottest decade on record.  Rising heat, melting glaciers and hotter oceans were a recipe for disaster. Floods, droughts, deadly storms, hunger, mass displacement — the war on nature was also a war on human rights.  The world needed to choose a different path. Mr. Guterres said he saluted the many Member States who legally recognised the right to a healthy environment, and he called on all countries to do the same. 

    Governments needed to keep their promise to produce new, economy-wide national climate action plans this year, well ahead of the thirtieth Conference of the Parties in Brazil.  Those plans needed to limit the rise in global temperature to 1.5 degrees, including by accelerating the global energy transition.  The world also needed a surge in finance for climate action in developing countries, to adapt to global heating, slash emissions and accelerate the renewables revolution, which represented a massive economic opportunity. They needed to stand up to the misleading campaign of many in the fossil fuel industry and its enablers, who were aiding and abetting this madness, while also protecting and defending those on the front lines of climate justice.

    Fifth, the Pact promoted human rights through stronger, better governance of technology.  Mr. Guterres expressed deep concern about human rights being undermined as fast-moving technologies expanded into every aspect of everyone’s lives.  At its best, social media was a meeting ground for people to exchange ideas and spark respectful debate.  But it could also be an arena of fiery combat and blatant ignorance; a place where the poisons of misinformation, disinformation, racism, misogyny and hate speech were not only tolerated, but often encouraged.  Verbal violence online could easily spill into physical violence in real life.  Recent rollbacks on fact-checking and content moderation online were re-opening the floodgates to more hate, more threats, and more violence.  These rollbacks would lead to less free speech, not more, as people became increasingly fearful to engage on these platforms.  Meanwhile, the great promise of artificial intelligence was matched by limitless peril to undermine human autonomy, human identity, human control and human rights.

    In the face of these threats, the Global Digital Compact brought the world together to ensure that human rights were not sacrificed on the altar of technology. This included working with digital companies and policymakers to extend human rights to every corner of cyberspace, including a new focus on information integrity across digital platforms. Mr. Guterres said the Global Principles for Information Integrity that he launched last year would support and inform this work as all pushed for a more humane information ecosystem.

    The Global Digital Compact also included the first universal agreement on the governance of artificial intelligence that brought every country to the table and set commitments on capacity building, so all countries and people benefited from artificial intelligence’s potential — by investing in affordable internet, digital literacy, and infrastructure; by helping developing countries use artificial intelligence to grow small businesses, improve public services, and connect communities to new markets; and by placing human rights at the centre of artificial intelligence-driven systems. The Pact’s decisions to create an Independent International Scientific Panel on Artificial Intelligence and an ongoing global dialogue that ensured all countries had a voice in shaping its future were important steps forward.  All needed to implement them, Mr. Guterres said.

    Mr. Guterres said all could help end the suffocation of human rights by breathing life into the Pact for the Future and the work of this Council.  He called for the Council’s cooperation, saying that there was no time to lose.

    VOLKER TÜRK, United Nations High Commissioner for Human Rights, said the international system was going through a tectonic shift, and the human rights edifice built up over decades had never been under so much strain. Today marked the third anniversary of the full-scale Russian invasion of Ukraine.  Any sustainable peace must be anchored in the rights, needs and aspirations of the Ukrainian people, in accountability, and in the principles of the United Nations Charter and international law.  In Israel and the Occupied Palestinian Territory, where the suffering had been unbearable, Mr. Türk repeated his call for an independent investigation into grave violations of international law, committed by Israel in its attacks across Gaza, and by Hamas and other Palestinian armed groups. Any sustainable solution must be based on accountability, justice, the right to self-determination, and the human rights and dignity of both Israelis and Palestinians.  Any suggestion of forcing people from their land was completely unacceptable. 

    Beyond Ukraine and Gaza, conflicts and crises were tearing communities and societies apart, from Sudan to the Democratic Republic of the Congo, Haiti, Myanmar and Afghanistan.  Social tensions were rising; the richest one per cent controlled more wealth than most of humanity; and the climate crisis was a human rights catastrophe.  Digital technologies were widely misused to suppress, limit and violate rights, with artificial intelligence bringing new speed and scale.  This was the backdrop against which the Office and the broader human rights ecosystem, including the Council, were working to safeguard and promote the rights of everyone, everywhere. 

    Last year, the Office contributed to the release of some 3,145 arbitrarily detained people and took part in some 11,000 human rights monitoring missions; observed nearly 1,000 trials, and documented some 15,000 situations of human rights violations around the world.  In addition to daily interventions with governments, the team issued about 245 statements, shining a light on human rights concerns in some 130 countries.  Teams on the ground contributed to human rights-based approaches to sustainable development, taxation and public spending, from Cambodia to Jordan and Serbia. Mr. Türk called on the international community to ensure the Office, national human rights institutions, and human rights non-governmental organizations could continue their essential work. 

    Since the adoption of the Universal Declaration of Human Rights, despite setbacks, there had been steady progress, but today this could no longer be taken for granted.  The global consensus on human rights was crumbling under the weight of authoritarians, strongmen and oligarchs, with autocrats now controlling around one-third of the world’s economy, more than double the proportion 30 years ago. 

    Everywhere, there were attempts to ignore, undermine, and redefine human rights, to chip away at gender equality and the rights of migrants, refugees, people with disabilities, and other minorities. 

    There needed to be an all-out effort by everyone, to make sure that human rights and the rule of law remained foundational to communities, societies and international relations.  Otherwise, the picture was very dangerous.  In previous centuries, the unrestrained use of force by the powerful, indiscriminate attacks on civilians, population transfers, and child labour were commonplace.  Dictators could order atrocity crimes consigning vast numbers of people to their deaths.  This could happen again.  But the world was far from powerless to prevent it.  The tools were the United Nations Charter, the Universal Declaration of Human Rights; the body of international law; and the institutions that worked to implement them.

    Today, there needed to be an alternative vision, rooted in facts, the law and compassion.  Human rights were about facts.  That was why the Office was monitoring, documenting, and reporting on violations and abuses in war zones and crises around the world, including Ukraine, the Occupied Palestinian Territory, the Democratic Republic of the Congo, Myanmar, Sudan, Syria, Afghanistan and Haiti.  Facts on their own could and must prompt action, which was why the work of the Council, and the other human rights mechanisms, was so important.  International legal frameworks and institutions, including the International Criminal Court, were fundamental to ensuring justice and achieving accountability, preventing future violations, and making the world safer for everyone. It was also important to have strong institutions at the national level to protect vulnerable people.

    Finally, human rights were nothing without compassion, going beyond thought leadership, to heart leadership.  Human rights had been central to movements for equality and justice throughout history and had the universal power to move people to action. In countries where human rights were not widely respected, people would risk their lives to defend them.  Mr. Türk paid tribute to brave human rights activists everywhere.  Upholding human rights made eminent sense for stability, for prosperity, for a better common future, and was a winning proposition for humanity. 

    IGNACIO CASSIS, Chief of the Federal Department of Foreign Affairs of Switzerland, said today, he had mixed feelings — a sense of pride and deep worry.  He said he was proud because Switzerland had been elected to the Human Rights Council and because Ambassador Lauber had been elected as the Council’s President, the first appointment of a Swiss President to the Council.

    However, Mr. Cassis said, he was also deeply concerned as they lived in a time of global uncertainty, influenced by the climate crisis and global authoritarianism — a large portion of the global population lived under authoritarian rule.  In this context, the Council had a duty to act.

    Last year was marked by major elections.  More than four billion citizens, half of the world’s population, went to the ballot box.  This was a test for global democracy, and the result of these elections was deep unease. Young people were becoming more radical and social networks were exposing all to unfiltered hatred. Globalisation had reduced poverty but had led to deindustrialisation.  Identity claims had taken on a scale that was destabilising societies.  Social networks and the climate crisis were fuelling a sense of chaos and distrust in governments.

    Human rights were a fundamental bedrock on which all could stabilise societies. Rights to free and transparent elections, the right to work and the right to a sustainable environment were all very important, but the challenges to these and all rights were growing. Today, the world marked the third anniversary of the war in Ukraine.  There was also conflict in the Middle East, instability in southern Africa and war in sub-Saharan Africa.  It was more necessary than ever before to focus efforts on fundamental rights, including the right to education, ownership and the total prohibition of torture and slavery.  The Human Rights Council needed to act in a united manner and with determination. Concerted action was needed to guarantee peace and stability.  This was something the Swiss Presidency could achieve.

    Human rights were not a luxury but a necessity.  Switzerland was concerned by the decisions of some Member States to withdraw from the Council.  Every member of the United Nations needed to shoulder their responsibilities toward human rights.  Mr. Cassis expressed his full support for Ambassador Lauber, whose experience inside and outside the United Nations system would serve him well.

    Switzerland would also endeavour to uphold international humanitarian law and human rights as pillars of peace and security, as a member of the United Nations Security Council.  The state of the world was a reminder that Switzerland’s mission was far from complete. Mr. Cassis closed by wishing the Council fruitful discussions.

    __________

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

     

    HRC25.004E

    MIL OSI United Nations News

  • MIL-OSI Economics: Panel to examine measures adopted by Türkiye targeting Chinese electric vehicle imports

    Source: World Trade Organization

    DS629: Türkiye — Measures Concerning Electric Vehicles and Other Types of Vehicles from China

    China submitted its second request for the establishment of a dispute panel to rule on various measures taken by Türkiye concerning electric vehicles (“EVs”) and certain other types of vehicles originating in China. China’s first request was blocked by Türkiye at the previous DSB meeting on 27 January. China said challenges faced by one member’s industry need to be addressed in a way consistent with its WTO obligations and should not be used as an excuse for abandoning the core principle of non-discrimination that is the bedrock of the WTO and of the rules-based international trading system.

    Türkiye said it is deeply concerned that China is making such a request before all possible bilateral consultations are exhausted. China’s request relates to a major sector that has been facing strong challenges for many years due to uncompetitive practices, subsidization and excess capacity, Türkiye said.

    The DSB agreed to the establishment of the panel. The European Union, Japan, the Republic of Korea, Brazil, Canada, Australia, the United Kingdom, the United States, Switzerland, Norway, Singapore, the Russian Federation, Thailand and India reserved their third-party rights to participate in the panel proceedings.

    DS593: European Union — Certain Measures Concerning Palm Oil and Oil Palm Crop-Based Biofuels

    Indonesia noted the panel ruling circulated on 10 January, which it said found that the European Union’s 2018 renewable energy directive and related regulations unfairly discriminated against Indonesia’s palm oil biofuels. The economic impact of these discriminatory measures is substantial and has severely affected Indonesian palm oil exports, impacting millions of farmers and businesses, Indonesia said. It called on the EU to adjust its policy and the measures at issue so that they are in line with the WTO agreements; Indonesia will closely monitor implementation and expects swift compliance.

    The European Union said it welcomed the panel’s findings, which confirm that the EU has the right to take measures to ensure that its policies on renewable fuels do not exacerbate greenhouse gas emissions associated with indirect land-use change. While it raised some concerns regarding the panel’s findings, the EU said the panel found that the EU measures aim to achieve legitimate environmental objectives and that they are science-based.

    Russia, Brazil, the United States, and St Vincent and the Grenadines (for the Organisation of African, Caribbean and Pacific States) took the floor to comment on the panel report.

    The DSB took note of the statements and adopted the panel report.

    DS599: Panama — Measures Concerning the Importation of Certain Products from Costa Rica

    Costa Rica made a statement criticizing Panama’s decision to appeal the panel report in DS599, which upheld Costa Rica’s complaint regarding Panama’s import restrictions on various fruit, dairy and meat products from Costa Rica. Costa Rica proposed a bilateral agreement to Panama that would enable both parties to proceed to arbitration under Article 25 of the Dispute Settlement Understanding (DSU), but Panama refused, Costa Rica said. Panama’s appeal “into the void” should serve to highlight the importance of alternative avenues under the DSU to resolve disputes, Costa Rica said.

    Panama said it reaffirms its commitment to international law and to the WTO agreements in general and the DSU in particular, and its willingness to settle any dispute with its trading partners.

    The European Union, Canada and Colombia made statements on the matter.

    Appellate Body appointments

    Colombia, speaking on behalf of 130 members, introduced for the 84th time the group’s proposal to start the selection processes for filling vacancies on the Appellate Body. The extensive number of members submitting the proposal reflects a common interest in the functioning of the Appellate Body and, more generally, in the functioning of the WTO’s dispute settlement system, Colombia said.

    The United States repeated that the US is currently transitioning to a new administration and that, as US concerns with WTO dispute settlement remain unaddressed, it does not support the proposed decision.

    Twenty-two members then took the floor to comment, one speaking on behalf of the ACP Group. Most reiterated their support for the joint proposal and for the urgent need to restore a fully functioning dispute settlement system. Several welcomed the progress made in the dispute settlement reform discussions last year and supported the proposal by the previous General Council Chair to commence consultations on advancing the discussions.

    Ten members (China; Canada; Hong Kong, China; Switzerland; Singapore; the European Union; Australia; Norway; Japan; and New Zealand) urged members to consider joining the Multi-Party Interim Appeal Arrangement (MPIA), a contingent measure to safeguard the right to appeal in the absence of a functioning Appellate Body.

    Colombia said on behalf of the 130 members that it regretted that, on 84 occasions, members have not been able to launch the selection processes. Ongoing conversations about reform of the dispute settlement system should not prevent the Appellate Body from continuing to operate fully, and, in line with 17.2 of the DSU, members shall comply with their obligation under the Dispute Settlement Understanding to fill the vacancies as they arise, Colombia said on behalf of the group.

    Surveillance of implementation

    The United States presented status reports with regard to DS184, “United States — Anti-Dumping Measures on Certain Hot-Rolled Steel Products from Japan”, DS160, “United States — Section 110(5) of US Copyright Act”, DS464, “United States — Anti-Dumping and Countervailing Measures on Large Residential Washers from Korea”, and DS471, “United States — Certain Methodologies and their Application to Anti-Dumping Proceedings Involving China.”

    The European Union presented a status report with regard to DS291, “EC — Measures Affecting the Approval and Marketing of Biotech Products.”

    Indonesia presented its status reports in DS477 and DS478, “Indonesia — Importation of Horticultural Products, Animals and Animal Products.” 

    Election of Chairperson

    At the end of the meeting, the DSB elected Ambassador Clare Kelly of New Zealand as Chair of the DSB for the coming work year.

    Next meeting

    The next regular DSB meeting will take place on 24 March.

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    MIL OSI Economics

  • MIL-OSI Europe: Human rights – the bedrock of our society

    Source: Switzerland – Federal Administration in English

    In Geneva this Monday, the United Nations Human Rights Council (HRC) has begun its 58th session with Switzerland back in the Council, and chaired for the first time by a Swiss diplomat. During the high-level segment, opened by the head of the FDFA, Federal Councillor Ignazio Cassis, and UN Secretary-General Antonio Guterres, the head of Swiss diplomacy urged states to act with unity and determination to ensure respect for human rights, eighty years after the creation of the United Nations.

    MIL OSI Europe News

  • MIL-OSI Security: Northwest Arkansas Man Sentenced to More Than 4 Years in Prison for Operating an Illegal Money Transmitting Business Using Pandemic Funds

    Source: Office of United States Attorneys

    FAYETTEVILLE – A Northwest Arkansas man was sentenced on February 20, to 51 months in Federal Prison, followed by three years of supervised release. Additionally, he was ordered to pay restitution of $725,558.00 on one count of operating an Illegal Money Transmitting Business. The Honorable Judge Timothy L. Brooks presided over the sentencing hearing, which took place in the United States District Court in Fayetteville.

    According to court documents, Richard Harold Stone, age 77, waived indictment by a grand jury and pleaded guilty to a criminal information charging him with conducting an unlicensed money transmitting business in the State of Arkansas. Stone was the President or Chief Officer of numerous businesses registered with the Arkansas Secretary of State, including: Partex Oman Corp., Renewable Energy Campus Arkansas, Inc., Stonetek Global Corp., and Tires 2 Energy, LLC. Stone also was associated with Environmental Energy & Finance Corp., a Delaware corporation. The advertised purpose of these businesses was developing technology and facilities to repurpose waste materials, such as tires, into useable fuel sources. None of these businesses were registered with the State of Arkansas as a money transmitting business, as required by Arkansas law (Arkansas Code, Section 23-55-806(b)&(c)).

    Between November 2020 and March 2021, Stone received through various bank accounts associated with the above entities and other accounts under his control, deposits of funds from applications made on behalf of unwitting victims for Paycheck Protection Program (PPP) loans, Economic Impact Disaster Loans (EIDL), and Pandemic Unemployment Assistance (PUA), totaling more than $600,000. After receiving these funds, Stone immediately transferred most of the funds by wire transfer to parties in locations including Berne, Switzerland; London, England; New York, NY; Chennai, India; and Mumbai, India.

    At the conclusion of Thursday’s sentencing hearing, Stone was immediately remanded to the custody of the U.S. Marshals Service.

    U.S. Attorney David Clay Fowlkes of the Western District of Arkansas made the announcement.

    The Internal Revenue Service-Criminal Investigation, Federal Bureau of Investigation, and Department of Labor Office of the Inspector General investigated the case.

    Assistant U.S. Attorney Hunter Bridges is prosecuting the case.

    Related court documents may be found on the Public Access to Electronic Records website at www.pacer.gov.

    MIL Security OSI

  • MIL-OSI Canada: A just and lasting peace for Ukraine

    Source: Government of Canada – Prime Minister

    Three years ago today, Russia launched an illegal full-scale invasion of Ukraine that has left hundreds of thousands dead and forced millions to flee. In the face of unimaginable hardship, Ukrainians have persevered and have fought for freedom and democracy. Canada has supported and will continue to support Ukraine in achieving just and lasting peace.

    The Prime Minister, Justin Trudeau, visited Kyiv today to reaffirm Canada’s unwavering support for Ukraine.

    During this visit, the Prime Minister highlighted the recent conclusion of negotiations between Canada and Ukraine on the terms of Canada’s $5 billion contribution to the G7 Extraordinary Revenue Acceleration (ERA) Loans mechanism. Canada will disburse the first half of its contribution, totalling $2.5 billion, in the coming days, with the remainder to follow soon. Announced last year at the G7 Summit in Apulia, Italy, the ERA Loans will bring forward the future revenues from frozen Russian sovereign assets. This initiative will provide Ukraine with approximately $69 billion (US$50 billion).

    To maintain pressure on Russia, Prime Minister Trudeau announced new sanctions targeting 76 individuals and entities providing support for the Kremlin’s military industrial base, involved in the unlawful deportation or forced transfer of Ukrainian children, or supporting the Kremlin’s information operations capabilities, as well as senior Russian government officials and oligarchs who support Putin’s regime. In total, Canada has sanctioned more than 3,000 individuals and entities who are complicit in the violation of Ukraine’s sovereignty and territorial integrity and in gross and systematic human rights violations. The Prime Minister also announced that Canada is taking action against Russia’s shadow fleet by sanctioning 109 vessels based on their involvement in the transfer of sanctioned goods, including hydrocarbons whose revenue fuels Russia’s war machine.

    In response to Russia’s renewed attacks on Ukraine’s energy infrastructure, which have left millions of civilians deprived of electricity, water, and heat, the Prime Minister also announced a $50 million contribution to help support Ukraine’s urgent efforts to repair and replace damaged energy equipment and critical infrastructure, in partnership with the Energy Community Secretariat. This builds on the $20 million in funding Canada announced last year in support of this initiative at the Summit on Peace in Ukraine, in Lucerne, Switzerland.

    During a bilateral meeting with the President of Ukraine, Volodymyr Zelenskyy, Prime Minister Trudeau noted progress on Canada’s assistance commitments, including the delivery of military training and critical equipment, such as armoured combat vehicles and infantry fighting vehicles, ammunition, and F-16 landing systems and simulators. 

    Building on the $3.02 billion announced in the Agreement on Security Cooperation between Canada and Ukraine last year, the Prime Minister announced that $40 million of the total $3.02 billion in funding will be allocated to deliver urgently needed capabilities to the Armed Forces of Ukraine through the Danish Model and another $15 million toward supporting Canadian companies seeking to operate and invest in Ukraine’s defence sector.

    The Prime Minister announced new assistance measures for Ukraine totalling $118.5 million, including:

    • $92.3 million in development assistance to strengthen local community building, support small-scale livelihood recovery projects that address community needs, reduce poverty and break down barriers to women’s full participation, address food security issues, and support the return of deported children and missing persons by improving the resilience of Ukraine’s government, communities, civil society, and private sector.
    • $14 million in humanitarian assistance, including for the provision of food, shelter, water, sanitation, hygiene services, and mental health and psycho-social support to those in need.
    • $8 million for weapons threat reduction to provide critical personal protective equipment to Ukrainians facing chemical, biological, radiological, and nuclear threats, and to strengthen nuclear security in the country.
    • $4.25 million to support peace and stabilization operations, including assisting regional women’s rights organizations and ensuring representatives from civil society and media can work safely.
    • $82,000 for local initiatives that will support the physical and mental health of former Ukrainian prisoners of war.

    In total, Canada has committed over $19.7 billion in multifaceted assistance for Ukraine since the beginning of Russia’s full-scale invasion in February 2022.

    In Kyiv, Prime Minister Trudeau joined President Zelenskyy and international partners to discuss the situation on the ground as well as Ukraine’s needs for military, financial, humanitarian, recovery, and other assistance. During a plenary session on the theme of “Defence and Security Strategy of Unity: Action Plan”, he delivered remarks commending the Ukrainian people for their bravery and resilience in the face of unjustified and brutal violence. He reaffirmed Canada’s position as an unshakeable ally who will continue to work with partners around the world to provide Ukraine with security and defence support – allowing it to recover, rebuild, and prosper.

    The Prime Minister also convened his G7 counterparts and President Zelenskyy for a hybrid meeting to further discuss support for Ukraine. He underlined the importance of G7 unity in supporting a just and lasting peace in Ukraine as well as Ukraine’s reconstruction and economic recovery, noting that these would be priorities for Canada throughout our G7 Presidency this year.

    The Prime Minister also attended a candle-lighting ceremony where he paid tribute to all those whose lives have been lost since the start of Russia’s aggression. Throughout his visit, he reiterated that Canada will always stand with Ukrainians as they continue to fight for freedom, justice, and democracy. We will defend a future for Ukraine that’s written by Ukrainians. We will defend a Ukraine that is strong and free. And we will be with Ukraine in this fight until a just and lasting peace is reached.

    Quotes

    “For three years now, Ukrainians have fought with courage and resilience against Russia’s brutal war of aggression. Their fight for democracy, freedom, and sovereignty is a fight that matters to us all. Today, in Kyiv, my message to Ukraine and Ukrainians is loud and clear: Canada will continue to stand with you in achieving just and lasting peace. We are strengthening our commitments, providing additional support, and working with our partners to secure peace and freedom for Ukraine. Slava Ukraini!”

    “Canada remains steadfast in its support for Ukraine and will continue to leverage sanctions to weaken Russia’s ability to wage its illegal war. By targeting its military-industrial base, exposing those responsible for crimes and abuses in occupied Ukrainian territories, and disrupting the oligarchs’ confidants and shadow fleet supporting the Russian regime, we are holding Russia accountable. For three years, Canada has stood with Ukraine, and we will stand by its side for as long as it takes.”

    “Since the start of Russia’s unprovoked, full-scale invasion of Ukraine three years ago, Canada has stood with the Ukrainian people. We remain unwavering in our commitment to continue providing Ukraine with critical military assistance to defend itself against Russia’s brutal aggression. Together with our Allies and partners, we will ensure Ukraine has the support it needs in the fight to safeguard its sovereignty and territorial integrity.”

    Quick Facts

    • This was Prime Minister Trudeau’s fourth visit to Ukraine since the start of Russia’s full-scale invasion on February 24, 2022. For this visit, the Prime Minister was accompanied by the Minister of National Defence, Bill Blair.
    • In Ukraine, the Prime Minister held bilateral meetings with the President of Ukraine, Volodymyr Zelenskyy, and the Prime Minister of Spain, Pedro Sánchez.
    • During his visit, the Prime Minister also welcomed a new partnership with the NATO Science for Peace and Security project through which Natural Resources Canada will receive $2.1 million in funding to help create tools, establish key performance indicators, and identify opportunities for the reduction of fossil fuel dependency in military operations.
    • The sanctions announced today against Russia’s shadow fleet include 92 oil tankers involved in transferring Russian oil to third countries, nine liquefied natural gas (LNG) tankers involved in transferring Russian LNG to third countries, and eight vessels involved in moving arms and related material to Russia from Iran and North Korea. Canada is also adopting new measures that will prohibit a wider range of sensitive goods and technologies from being exported from Canada to Russia.
    • The measures announced today build on other recent announcements, including:
      • Providing $440 million in military assistance for Ukraine, including funding for the procurement and delivery of large-calibre ammunition and various calibres of ammunition from Canadian industry, the production of military drones by Ukraine’s domestic defence industry, the delivery of high-resolution drone cameras, and the donation of winter gear, such as sleeping bags and winter boots.
      • Providing $15 million in funding to the Innovative Mine Action for Community Recovery in Ukraine project, to help enhance Ukraine’s national mine action capacity, reduce the threat of explosive ordinance, and promote economic recovery. Canada also announced $2.2 million for the Cybersecurity Assistance Project, to provide essential cybersecurity support services, equipment, and training urgently needed by Ukraine to combat malicious cyber activities.
      • Marking the first anniversary of the launch of the International Coalition for the Return of Ukrainian Children, which 41 states and the Council of Europe have joined in a collective commitment to bringing Ukrainian children home. With the help of Coalition Member States and other key international partners, Ukraine has successfully facilitated the safe return of nearly 600 children since the launch of the Coalition, and over 1000 to date. The Coalition is co-led by Canada and Ukraine.
      • Signing a Memorandum of Understanding between Canada and Ukraine to share information and expertise that will help members of Ukraine’s security and defence forces and their families have access to resources to transition to life after service.
    • Since the beginning of 2022, Canada has committed $19.7 billion in multifaceted support to Ukraine. This includes:
      • Over $12.4 billion in direct financial assistance, the highest in the G7 on a per capita basis.
      • $4.5 billion in military assistance, such as M777 howitzers, Leopard 2 main battle tanks, armoured combat support vehicles, hundreds of thousands of rounds of ammunition, high-resolution drone cameras, thermal clothing, body armour, fuel, and more.
      • Over $529 million in development assistance, including support to Ukraine’s energy system.
      • $372.2 million in humanitarian assistance, including support for emergency health interventions, protection services, and essentials such as shelter, water, sanitation, and food. Programming also addresses child protection, mental health support, and prevention and response to sexual and gender-based violence.
      • Nearly $225 million in security and stabilization assistance.
    • In Kyiv, the Prime Minister highlighted the ongoing work of members of the Canadian Armed Forces in the United Kingdom and Poland under Operation UNIFIER. Since 2015, they have provided training on a range of military skills to over 40,000 Ukrainian troops. He noted that Canada continues to engage closely with Ukraine, Allies, and partners on how best to enhance support through Operation UNIFIER to help Ukraine defend itself.
    • Last year, on February 24, Prime Minister Trudeau and President Zelenskyy signed the historic Agreement on Security Cooperation between Canada and Ukraine, establishing a new strategic security partnership between our two countries. This included $3.02 billion in critical financial and military support to Ukraine for 2024.
    • As part of the 2024 Fall Economic Statement, the federal government announced last year its intention to double down on our efforts to support Ukraine, including through proposed legislative changes that will ensure profits from frozen Russian assets are used to rebuild Ukraine.
    • Since the start of Russia’s full-scale invasion of Ukraine, Canada has welcomed more than 220,000 Ukrainians. We are helping Ukrainian families find a safe, temporary home and have put support services in place for their arrival. This includes temporary financial assistance and access to federally funded settlement services, such as language training and employment-related services.
    • Canada and Ukraine have long been steadfast partners and close friends. In 1991, Canada became the first Western country to recognize Ukraine’s independence. Today, 1.3 million people of Ukrainian descent call Canada home – the largest Ukrainian diaspora in the Western world. In 2022, total bilateral trade between our two countries was valued at over $421 million.

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  • MIL-OSI Security: Brazilian Extradited From Switzerland to the United States to Face Indictment Charging Involvement in $290 Million Plus Cryptocurrency Fraud Scheme

    Source: Federal Bureau of Investigation (FBI) State Crime News

    Tens of thousands of investors deposited bitcoin expecting an investment strategy – Instead, new investor bitcoin used to pay off other investors in a Ponzi scheme

    SEATTLE – A citizen of Brazil appeared in U.S. District Court in Seattle today, after being extradited from Switzerland to face a 13-count indictment for wire fraud and conspiracy regarding his bitcoin investment scheme, announced Acting U.S. Attorney Teal Luthy Miller. Douver T. Braga, 48, lived in Florida between approximately 2016 and 2021 during the bulk of the alleged fraud. The indictment alleges Braga operated a bitcoin investment scheme that was really a Ponzi scheme, as well as an illegal multilevel marketing scheme.

    The grand jury returned the indictment in October 2022. It was unsealed last week following Braga’s arrest in Switzerland. Today Braga pleaded “Not Guilty,” and trial was scheduled in front of U.S. District Judge Tana Lin on April 28, 2025.

    “Mr. Braga allegedly ran a fraud scheme that harkens back more than a century, but he updated his ‘Ponzi’ scheme with the hot new thing: bitcoin,” said U.S. Attorney Teal Luthy Miller. “The victim investors have waited years to see justice. I commend our federal partners at the FBI and IRS Criminal Investigation for their diligent work on this case.”

    According to the indictment, Braga conspired with others to create a cryptocurrency trading platform called Trade Coin Club (TCC) with an office in Belize. As early as 2016, Braga worked with others to promote TCC, claiming that investors would make money because the TCC had a sophisticated software program that allowed investors to profit on the fluctuating price of bitcoin. Braga also promised that investors could make money by referring other investors to the platform. In reality, there was no investment platform and no sophisticated software. Those who invested early were paid off by later investors as in a Ponzi scheme.

    Braga traveled the world promoting TCC: In Thailand in March 2017, in Nigeria and Macau in May 2017.  TCC was promoted on social media and in videos. At various events Braga claimed TCC had as many as 126,000 members in 231 different countries.

    Through his false promises of sophisticated investments and high returns, Braga induced tens of thousands of people to entrust over 82,000 bitcoin, valued at over $290 million at the time of investment, and to deposit it with TCC. Braga continued the false representations, creating an “online portal” where investors could track the supposed activity of their investment accounts. The site was a fiction as there was no trading activity.

    Braga withdrew and misappropriated investor funds. Between December 2016 and July 2019, at least $50 million in bitcoin was transferred to accounts Braga controlled.

    However, by late 2017 and early 2018, investors had trouble accessing their funds. In January 2018, TCC announced to investors that it was ceasing to operate in the United States and was cancelling their accounts.  Many investors were located in the Western District of Washington.

    Braga allegedly profited handsomely, while failing to report the earnings to the IRS. In 2017, he received bitcoin worth $30.5 million, but only reported income of $152, 298. In 2018, he reported $73,473 in income but got $13.1 million in bitcoin and in 2019, reported $72,870 in income while he received $10 million in bitcoin.

    “The type of scheme Mr. Braga is charged with operating is not new, he just used the allure of a flashy new technology to obscure the well-worn scam.” said W. Mike Herrington, Special Agent in Charge of the FBI’s Seattle field office. “While the victims in this case waited and wondered about the fate of their investments, he siphoned off millions of dollars for his personal use. This case demonstrates the determination of the FBI and our partners in IRS Criminal Investigation to hold fraudsters accountable, no matter where in the world they may be.”

    “The charges against Mr. Braga and his co-conspirators reflect a well-designed scheme to solicit investment in a fake cryptocurrency trading platform from victims around the globe,” said Special Agent in Charge Tyler Hatcher of IRS-Criminal Investigation (CI), Los Angeles Field Office.  “Furthermore, Mr. Braga is alleged to have knowingly ignored and circumvented laws regulating multi-level marketing programs in the U.S.- laws that exist to protect investors from becoming victims in pyramid schemes.  Despite the complexity of this scheme, IRS Criminal Investigation and our partners at the FBI successfully uncovered the evidence necessary to bring forth these charges.”

    Braga is charged with 12 counts of wire fraud reflecting 12 wires investors sent to TCC for deposits in their “accounts.” Braga is charged with one count of conspiracy to commit wire fraud.

    The charges are punishable by up to 20 years in prison.

    The charges contained in the indictment are only allegations.  A person is presumed innocent unless and until he or she is proven guilty beyond a reasonable doubt in a court of law.

    The case was investigated by the IRS-CI and the FBI.

    The case is being prosecuted by Assistant United States Attorneys Mike Dion and Phillip Kopczynski. The U.S. Department of Justice’s Office of International Affairs provided valuable assistance with securing the extradition.

    MIL Security OSI

  • MIL-OSI: CoinShares Confirms Zero Exposure to Bybit Exchange

    Source: GlobeNewswire (MIL-OSI)

    24th February 2024 | SAINT HELIER, Jersey | CoinShares International Limited (“CoinShares” or “the Group”) (Nasdaq Stockholm: CS; US OTCQX: CNSRF), a leading global investment company specialising in digital assets, today confirms that it has no exposure to the Bybit exchange.

    ABOUT COINSHARES

    CoinShares is a leading global investment company specialising in digital assets, that delivers a broad range of financial services across investment management, trading and securities to a wide array of clients that includes corporations, financial institutions and individuals. Focusing on crypto since 2013, the firm is headquartered in Jersey, with offices in France, Sweden, Switzerland, the UK and the US. CoinShares is regulated in Jersey by the Jersey Financial Services Commission, in France by the Autorité des marchés financiers, and in the US by the Securities and Exchange Commission, National Futures Association and Financial Industry Regulatory Authority. CoinShares is publicly listed on the Nasdaq Stockholm under the ticker CS and the OTCQX under the ticker CNSRF.

    For more information on CoinShares, please visit: https://coinshares.com
    Company | +44 (0)1534 513 100 | enquiries@coinshares.com
    Investor Relations | +44 (0)1534 513 100 | enquiries@coinshares.com 

    PRESS CONTACT

    CoinShares
    Benoît Pellevoizin
    bpellevoizin@coinshares.com

    M Group Strategic Communications
    Peter Padovano
    press@coinshares.com

    The MIL Network

  • MIL-OSI Europe: Statement by the OSCE Troika to mark the start of the fourth year of Russia’s full-scale war against Ukraine

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

    Headline: Statement by the OSCE Troika to mark the start of the fourth year of Russia’s full-scale war against Ukraine

    HELSINKI/VALLETTA/BERN, 24 February 2025 – Today, the OSCE Troika – Chairperson-in-Office of the OSCE and Foreign Minister of Finland Elina Valtonen, Deputy Prime Minister and Minister for Foreign Affairs and Tourism of Malta Ian Borg, and Federal Councillor and Head of the Federal Department of Foreign Affairs of Switzerland Ignazio Cassis – made the following statement:
    “Today, as we mark the start of the fourth year of Russia’s full-scale war against Ukraine, the OSCE Troika calls on Russia to end its war of aggression, and to respect its commitments under international law, including those enshrined in the UN Charter and, notably, the Helsinki Final Act, as we mark its fiftieth anniversary.
    The war must end in a comprehensive, just and lasting peace based on international law and in full respect for Ukraine’s independence, sovereignty and territorial integrity. The OSCE Chairperson-in-Office, Minister for Foreign Affairs of Finland Elina Valtonen, stated: ‘There can be no negotiations on Ukraine without Ukraine. As Ukraine’s future is an intrinsic element of European security, Europe must be included in negotiations. The OSCE is well-equipped to contribute to European security and a just and lasting peace for Ukraine and our continent.’
    Defending the Helsinki Principles agreed 50 years ago is more important than ever. Russia’s war of aggression is a grave violation of the Helsinki Principles, most notably the inviolability of frontiers, refraining from the use of force, territorial integrity and respect for the rights inherent in sovereignty. These principles form the bedrock of European security and are the foundation for our work in the OSCE.
    As stated by Deputy Prime Minister and Minister for Foreign Affairs and Tourism of Malta Ian Borg: ‘What we do for peace today will help determine whether we live in war tomorrow.’ Only full compliance with the OSCE’s principles and commitments, to which we all fully agreed, can pave the way for a just and lasting peace. Federal Councillor and Head of the Federal Department of Foreign Affairs of Switzerland Ignazio Cassis stressed: ‘We have proven that we can tackle global challenges and find solutions, even when divisions seem stronger than unity.’
    In the face of Russia’s war of aggression, supporting Ukraine’s territorial integrity, sovereignty and independence will remain an OSCE priority. We admire the courage and resilience of the Ukrainian people and call on Russia to immediately and unconditionally withdraw its armed forces and military equipment from the entire territory of Ukraine within its internationally recognized borders. We are deeply concerned about the military co-operation between the Democratic People’s Republic of Korea, Iran and Russia as it escalates the war, adds to its global consequences and prolongs the suffering of Ukrainian people.
    We will continue to explore ways to expand our work on the return of children forcibly transferred and deported by Russia and the release of civilian detainees. We commend the crucial work of the International Coalition for the Return of Ukrainian Children to strengthen international coordination and action in this regard. We also look forward to the swift implementation of the OSCE Extra-Budgetary project on enhancing co-ordinated and analytical approaches to investigating serious crimes, particularly related to missing children.
    We mourn the innocent lives lost as a result of Russia’s war against Ukraine. The suffering of the people in Ukraine must stop. We condemn all actions aimed at inflicting death, devastation, and trauma on civilians in violation of international humanitarian law, including attacks on critical infrastructure and other civilian targets. International humanitarian law and human rights must be strictly respected.
    As shown in several reports by the OSCE Moscow Mechanism missions of experts, we highlight the important role of the OSCE in holding accountable those responsible for violations of human rights and international humanitarian law, including the execution and torture of prisoners of war and civilian detainees and the attacks on Ukrainian civilian infrastructure and civilians. We must ensure that there is no impunity for crimes committed in and against Ukraine, including war crimes and the crime of aggression committed against Ukraine. We support the active use of the OSCE tools to ensure accountability and commend ODIHR’s work in promoting accountability by monitoring and documenting human rights violations.
    We emphasize the important work of the Chairperson-in-Office’s Special Representative – Project Co-ordinator and the OSCE’s Extra-Budgetary Support Programme for Ukraine (SPU). The SPU is a strong and clear political signal of our continued steadfast support for Ukraine and its people. It demonstrates how we can answer to Ukraine’s needs and priorities created by the war in a creative and efficient way.
    In closing, we demand the immediate release of three OSCE officials – Vadym Golda, Maksym Petrov and Dmytro Shabanov – who remain in detention in Donetsk and Luhansk in violation of the principles and commitments made by all the participating States of our Organization.”

    MIL OSI Europe News