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Category: Trade

  • MIL-OSI: KraneShares Expands Single-Stock Levered ETF Suite With 2X Investment Exposure to Mercado Libre (KMLI)

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, June 12, 2025 (GLOBE NEWSWIRE) — Krane Funds Advisors (“KraneShares”), an asset management firm known for its global exchange-traded funds (ETFs), today announced the expansion of its Single-Stock Levered ETF Suite with the KraneShares 2X Long MELI Daily ETF (Ticker: KMLI), which listed today.

    KMLI seeks daily investment results, before expenses and fees, of 2 times (200%) the daily percentage change of Mercado Libre, a key player in the digitalization of commerce in the developing world.

    Mercado Libre is Latin America’s most popular E-Commerce platform, beating out Amazon in the region in terms of users.1 Mercado Libre helps power the digital transformation in 18 developing and middle-income countries through frictionless commerce and financial inclusion.2

    “Global consumer internet companies continue to represent an important growth theme, as internet adoption increases, especially in the developing world,” said James Maund, KraneShares Head of Capital Markets. “We are excited to expand our Single-Stock Levered ETF Suite with KMLI, whose underlying exposure, Mercado Libre, is a cornerstone of the digital transformation in Latin America. We hope to continue to expand the Suite to help our investors capitalize on the latest growth trends within international internet and technology markets.”

    The global middle class already accounts for two-thirds of global spending,3 and an increasing portion of that spending is occurring online. Mercado Libre is an innovative player facilitating this transition and stands to benefit substantially from increasing E-Commerce penetration rates in global markets.

    For more information on the KraneShares Single Stock Levered ETFs, please visit https://kraneshares.com/kmli or consult your financial advisor.

    Investors should be aware that they can lose their entire investment. Single-stock ETFs, unlike traditional ETFs that diversify across a range of stocks, focus solely on the performance of a single stock, significantly increasing investment risk. KraneShares Single Stock Levered ETFs aim for daily investment results that match 2x the daily performance of the underlying stock. Investors should be aware that returns may diverge from the stock’s actual performance if held for more than a day.

    Due to their leveraged nature, these funds require close monitoring, as they can magnify both potential gains and losses. A flat performance of the underlying stock may lead to a loss, and in certain scenarios, these funds can incur losses even when the stock price fluctuates positively or negatively over several days. Therefore, they are not suitable for every investor and are specifically intended for knowledgeable individuals who grasp the mechanics of leveraged investing and are willing to actively manage risks. Understanding volatility is essential, as minor stock movements and increased volatility can result in returns that significantly deviate from the expected target.

    About KraneShares

    KraneShares is a specialist investment manager focused on China, Climate, and Alternatives. KraneShares seeks to provide innovative, high-conviction, and first-to-market strategies based on the firm and its partners’ deep investing knowledge. KraneShares identifies and delivers groundbreaking capital market opportunities and believes investors should have cost-effective and transparent tools for attaining exposure to various asset classes. The firm was founded in 2013 and serves institutions and financial professionals globally. The firm is a signatory of the United Nations-supported Principles for Responsible Investment (UN PRI).

    Citations:

    1. Westberg Peter. “Mercado Libre: The Digital Backbone of Latin America,” Quartr. January 3, 2025.
    2. Company Reports as of 12/31/2025.
    3. Data from Brookings Institution as of 12/31/2021.

    Important Notes:

    Carefully consider the Fund’s investment objectives, risk factors, charges, and expenses before investing. This and additional information can be found in the Fund’s full and summary prospectus, which may be obtained by visiting: www.kraneshares.com/kmli. Read the prospectus carefully before investing.

    Risk Disclosures:

    Investing involves risk, including possible loss of principal. There can be no assurance that a Fund will achieve its stated objectives. Indices are unmanaged and do not include the effect of fees. One cannot invest directly in an index.

    This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change. Certain content represents an assessment of the market environment at a specific time and is not intended to be a forecast of future events or a guarantee of future results; material is as of the dates noted and is subject to change without notice.

    The Fund may invest in derivatives, which are often more volatile than other investments and may magnify Fund’s gains or losses. Derivatives (i.e., futures/forward contracts, swaps, and options) are contracts that derive their value from the performance of underlying assets. The primary risk of derivatives is that changes in the assets’ market values and the derivatives may not be proportionate, and some derivatives can have the potential for unlimited losses. Derivatives are also subject to liquidity and counterparty risks. The Fund is subject to liquidity risks, meaning that certain investments may become difficult to purchase or sell at a reasonable time and price. If transactions for these securities are large, it may not be possible to initiate them, which may cause the Fund to suffer losses. Counterparty risks are the risks of loss in the event that the counterparties to an agreement fail to make required payments or otherwise comply with the terms of the derivatives.

    The Underlying Stocks are exposed to numerous risks that can impact their revenues and viability, such as price volatility, management, inflation, global economic conditions, and natural disasters. Their performances may be influenced by trends in commerce, cloud computing, international trade policies, and regulatory changes. The Fund’s daily returns rely on the Underlying Stocks’ performances and volatility. Issuer-specific factors may increase Fund investment volatility compared to the overall market. Mercado Libre faces risks from competition in E-Commerce, economic uncertainties, demand declines, revenue concentration, geopolitical events, intellectual property issues, exchange rates, reliance on third-party manufacturing, shortages, cybersecurity threats, system failures, rising costs, government regulations, compliance expenses, litigation, taxes, debt, and talent retention.

    The Fund aims for daily investment results of 200% of the daily percentage changes of the Underlying Stock. Their performances over longer periods will likely differ from the Underlying Stock due to compounded returns, which significantly affect leveraged funds. If the Underlying Stock perform poorly, the dollar losses for shareholders will be smaller if their investments have already decreased. Conversely, if the stocks perform well, future losses will be larger as the investment values have increased. Compounding effects become more pronounced with higher volatility and longer holding periods, impacting shareholders differently based on their investment durations and the stocks’ volatility. Various factors can impact the Fund’s correlations with Underlying Stocks, and achieving high correlations is not guaranteed. If the Fund fails to achieve correlation, they may not meet their investment objectives, with NAV changes varying significantly from 200% of the Underlying Stocks’ changes. To maintain correlations, the Fund’s attempt daily rebalancing for consistent exposures. Major deviations can increase leverage risks. Market disruptions and volatility can hinder the Fund’s ability to adjust. Target exposures fluctuate, making perfect 200% exposures unlikely, especially on volatile days. Other elements, like fees and market conditions, can also affect correlations. The Fund may change positions for tax efficiency, which could harm correlations. Large asset movements or trading discrepancies may lead to under- or overexposures, reducing the Fund’s ability to meet their daily objectives. The Fund uses leverage to gain investment exposure beyond their net assets, leading to potentially greater losses in adverse conditions than non-leveraged funds. A decline in the Underlying Stocks’ daily performance can magnify losses, decreasing the Fund’s value by 2% for each 1% drop, excluding costs. Losses could exceed net assets if the Underlying Stock falls over 50%. Due to limited investments, the Fund may need to limit or suspend the creation or redemption of Creation Units. During these times, shares might trade at significant premiums or discounts to their net asset values. If creations are halted, large redemptions could force the Fund to sell securities at unfavorable prices, increasing costs and taxable distributions to shareholders. The Underlying Stock is listed on an exchange, but an active trading market isn’t guaranteed, and trading can be halted. A halt in the Underlying Stock usually leads to a halt in the Fund’s shares. Trading may stop due to market conditions or exchange decisions, and halts can occur from extraordinary volatility under circuit breaker rules. Extended trading halts may hinder the Fund’s ability to arrange necessary swaps for its investment strategy.

    Narrowly focused investments typically exhibit higher volatility. The Fund’s assets are expected to be concentrated in a single stock. The securities or futures in that concentration could react similarly to market developments. Thus, the Fund is subject to loss due to adverse occurrences that affect that concentration. In addition to the normal risks associated with investing, investments in smaller companies typically exhibit higher volatility. KMLI is non-diversified.

    The Latin American economy is an emerging market, vulnerable to domestic and regional economic and political changes, often showing more volatility than developed markets. Companies face risks from potential government interventions, and the export-driven economy is sensitive to downturns in key trading partners, impacting the Fund. Regulatory standards in these markets are less stringent than in the U.S., resulting in limited information about issuers. Tax laws are unclear and subject to change, potentially impacting the Fund and leading to unexpected liabilities for foreign investors. The economies of certain Latin American countries have experienced high interest rates, economic volatility, inflation, and high unemployment rates. Fluctuations in the currencies of foreign countries may have an adverse effect on domestic currency values. The Fund is new and does not yet have a significant number of shares outstanding. If the Fund does not grow in size, it will be at greater risk than larger funds of wider bid-ask spreads for its shares, trading at a greater premium or discount to NAV, liquidation and/or a trading halt.

    ETF shares are bought and sold on an exchange at market price (not NAV) and are not individually redeemed from the Fund. However, shares may be redeemed at NAV directly by certain authorized broker-dealers (Authorized Participants) in very large creation/redemption units. The returns shown do not represent the returns you would receive if you traded shares at other times. Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Beginning 12/23/2020, market price returns are based on the official closing price of an ETF share or, if the official closing price isn’t available, the midpoint between the national best bid and national best offer (“NBBO”) as of the time the ETF calculates the current NAV per share. Prior to that date, market price returns were based on the midpoint between the Bid and Ask price. NAVs are calculated using prices as of 4:00 PM Eastern Time.

    The KraneShares ETFs and KFA Funds ETFs are distributed by SEI Investments Distribution Company (SIDCO), 1 Freedom Valley Drive, Oaks, PA 19456, which is not affiliated with Krane Funds Advisors, LLC, the Investment Adviser for the Fund, or any sub-advisers for the Fund.

    Contact:
    KraneShares Investor Relations
    info@kraneshares.com

    The MIL Network –

  • MIL-OSI: Oyster Solutions To Add CAT Reporting Agent Services To CAT, CAIS Modules

    Source: GlobeNewswire (MIL-OSI)

    RICHMOND, Va., June 12, 2025 (GLOBE NEWSWIRE) — Oyster Solutions, the premier provider of GRC software for financial services firms, announced that it will be offering Consolidated Audit Trail (CAT) Reporting Agent services. This designation will further strengthen the platform’s ability to support clients with end-to-end CAT and CAIS compliance and reporting solutions in one central program.

    The Oyster Solutions CAT and CAIS modules are built on the success of Oyster Solutions’ previous investments into governance, risk and compliance technologies, which to date have helped financial services professionals improve the efficiency and accuracy of their compliance programs.

    Users of the Oyster Solutions CAT/CAIS modules also benefit from direct access to Oyster Consulting’s experts, who provide strategic guidance, regulatory insight, and hands-on support to optimize reporting accuracy and ensure ongoing compliance.

    The Consolidated Audit Trail (CAT) Module

    The Oyster Solutions CAT module consolidates CAT reporting events, error analysis, and validation data into a central program. It finds mistakes, connections, and holes, and quickly fixes them in large quantities that the FINRA CAT Portal cannot. This powerful application helps identify errors, connections, and missing information in vendor data and CAT-reported data, making the reporting process easier and more efficient for you.

    Unlike many of its competitors, the Oyster Solutions CAT module provides CAT file aggregation into a single surveillance platform. This includes:

    • Unlimited CAT/CAIS reporting data files data
    • Unlimited CAT/CAIS FINRA CAT Feedback Files data files
    • Unlimited CAT/CAIS Source files to validate CAT/CAIS report submission files*

    CAT Transactional reporting validation, correction and reconciliation features include:

    • CAT Transactional product and event type aggregation tabs
    • Named error identification and support
    • Automated identification of error events and related audit trail events for research
    • Syntax or field level validation
    • Bulk repair utilities not offered in the FINRA CAT portal
    • Accepted late event identification
    • Source file validation
    • Built-in validations for error corrections and new event creation

    CAIS Module

    The Oyster Solutions CAIS Reporting module helps firms achieve compliance with the full FINRA CAIS Reporting Obligation. The CAIS module uses a web-based GUI that provides firms with practical data so users can efficiently identify, monitor, and manage errors which may impact their report.

    Unlike many of its competitors, the Oyster Solutions CAIS module allows firms to have all CAT transaction and CAIS reporting data in single application. The CAIS module also provides:

    • Efficiency improvements related to centralized data aggregation and enhanced report validation
    • The same research capabilities as in the CAT transactional module (see above)
    • Account and Customer concentric data views
    • Multi-level FDID Reconciliation
    • Material inconsistency feedback efficiencies
    • CAIS reporting history that allows you to track reporting updates
    • LTID and ULTID reporting management

    CAT/CAIS Surveillance

    Over 100 pre-formatted reports provide graphic and sequential displays of data so you can quickly search, sort and filter. Customizable data views allowing limitless sorting/filtering of all reporting data elements, as well as a FINRA CAT technical specification view of reporting events, a linkage tree view showing complete intrafirm audit trail and Dynamic reporting event information grids.

    Streamlined Compliance

    In addition to these popular features that set Oyster Solutions apart, core features of the platform allow you to tailor entitlements and governance, track open issues, upload documentation, and import and export documentation. Audit functions allow you to provide surveillance evidence.

    • Trade Surveillance and Supervision. Oyster Solutions’ Monitor module is specifically designed for the distinct workflows, procedures, and requirements intrinsic to regulatory supervision and surveillance demands. Compliance and Trade Desk teams can leverage Oyster Solutions to compare client activity, profile and investment holdings to employee information, identifying conflicts of interest, compliance parameters and risk tolerance.
    • Governance and Planning. The Oyster Solutions Governance module helps financial services firms define and quantify risk, matching risks to controls, and monitoring process. Oyster Solutions keeps business and controls balanced while meeting regulatory requirements. Role-based permissions allow for visibility by user responsibility, assigned tasks, and supervision to guarantee efficient compliance program management.
    • Centralized documentation allows compliance officers to easily find and retrieve documents, audit logs, test results and attestations.
    • Automated Workflows & Calendar. With the platform’s enhanced, automated calendar, you can schedule compliance workflows, notify users of tasks and guide employees step-by-step through the process. You have visibility into each automated action that will occur, giving you control and peace of mind.

    Data Security

    Oyster Solutions is committed to the security of our customers and their data. Our customers entrust sensitive data to our care. As a cloud-based company entrusted with some of our customers’ most valuable data, we are focused on keeping you and your data safe. Keeping customer data safe is our priority. Oyster Solutions utilizes a Software-as-a-Service (SaaS) model in which security is a shared responsibility among Amazon Web Services (AWS), Oyster Solutions and our customers.

    Additionally, Oyster Solutions’ role-based access ensures that only authorized users have visibility into sensitive client information. Administrators assign appropriate privileges, safeguarding sensitive person identifying information (PII) while enhancing compliance with regulatory requirements.

    About Oyster Solutions

    Oyster Solutions is transforming the compliance experience for broker-dealers, Registered Investment Advisors and exchanges by creating the industry’s leading GRC technologies for financial services firms—to keep firms and their clients better protected. Firms of all sizes use Oyster Solutions to manage their compliance programs, streamline tasks through automation, and improve trade surveillance and supervision. Oyster Solutions and Oyster Consulting LLC are subsidiaries of Oyster Holdings. Learn more at https://www.oysterllc.com/what-we-do/oyster-solutions/.

    Contact

    Buddy Doyle
    Founder, CEO Oyster Consulting LLC

    communications@oysterllc.com

    804-965-5400

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b2916e4c-a90b-41d2-a0fb-a2bd2cece419

    The MIL Network –

  • MIL-OSI Africa: Can the African Energy Bank Transform the Continent’s Refining and Downstream Future?


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    Set to launch in June 2025 with an initial $5 billion in capital, the African Energy Bank (AEB) is positioned to catalyze a shift in Africa’s energy sector. Established by the African Petroleum Producers’ Organization (APPO) in partnership with multilateral financial institution Afreximbank, the AEB aims to mobilize capital for upstream, midstream and downstream energy projects, addressing a continent-wide investment shortfall estimated at up to $50 billion annually. By providing accessible, Africa-focused financing, the AEB is expected to reduce dependency on foreign capital and imports, especially in the downstream sector where over 80% of refined petroleum products are currently imported.

    The AEB’s role in advancing refining capacity and downstream development will take center stage at this year’s African Energy Week (AEW): Invest in African Energies 2025 conference – taking place from September 29 to October 3 in Cape Town. As Africa’s premier platform for energy dialogue and investment, AEW: Invest in African Energies 2025 will spotlight the AEB’s potential to transform Africa’s energy landscape.

    Driving Refining Capacity Through Local Investment

    Despite holding over 125 billion barrels of oil and 620 trillion cubic feet of natural gas, Africa continues to struggle with insufficient refining capacity, forcing nations to export crude oil and re-import refined products at a premium. Institutions such as the African Refiners and Distributors Association (ARDA) have long-advocated for investment in modernizing and expanding Africa’s refining infrastructure. Current projections indicate that African petroleum demand will increase from 4.1 million barrels per day (bpd) to 5.3 million bpd by 2040 – a trend that underscores the urgency of building self-sufficient refining systems.

    As such, the AEB – headquartered in Abuja, Nigeria and scheduled to begin operations in the second quarter of 2025 – is uniquely positioned to support strategic investment across Africa’s downstream and refining sectors. With an ambition to grow its asset base to $120 billion, the bank is positioned to unlock domestic value chains and catalyze large-scale projects that meet the continent’s rising demand for petroleum.

    Momentum in Downstream Expansion

    Recent developments across the continent reflect growing momentum to scale refining capacity. Angola expects phase one of the Cabinda refinery to begin operations in 2025, bringing 60,000 bpd to the market. The country has a goal to increase capacity to 445,000 bpd and is on track to reduce imports of derivatives by 14% by 2026. Nigeria’s 650,000-bpd Dangote Refinery began producing diesel and aviation fuel in 2024, marking a significant milestone for domestic processing. Similarly, upgrades to the Port Harcourt Refinery and ongoing expansion to Ghana’s Sentuo Oil Refinery highlight national efforts to meet growing demand.

    Equatorial Guinea’s recent agreement with Shanghai SupeZet to build a new refinery and expand the Bata facility further illustrates the strategic push toward local processing. These efforts not only reduce import dependency but also create jobs, enhance energy security and promote regional trade in refined products.

    Aligning Regional Integration and Investment

    Africa’s refining and energy infrastructure ambitions are closely tied to broader goals of economic integration. The African Continental Free Trade Agreement, ratified by more than 48 countries, creates a platform for cross-border energy projects by removing trade barriers and harmonizing investment policies. It also supports the development of regional supply chains, enhancing the commercial viability of shared infrastructure.

    The AEB will play a central role in supporting these regional ambitions by working with over 700 African financial institutions and APPO member states to channel funding into integrated, cross-border energy systems. By reducing the time, cost and risk associated with project development, the bank could accelerate the pace of infrastructure buildout across the continent.

    Distributed by APO Group on behalf of African Energy Chamber.

    About African Energy Week:
    AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.

    MIL OSI Africa –

  • MIL-OSI Europe: Luis de Guindos: “More Europe” and financial integration

    Source: European Central Bank

    Keynote speech by Luis de Guindos, Vice-President of the ECB, at the annual Joint Conference of the European Commission and the European Central Bank on European financial integration

    Brussels, 12 June 2025

    Introduction

    I am once again delighted to speak at the annual joint conference of the European Commission and the European Central Bank on European financial integration. This is an important event for us as we come together to appraise and advance financial integration in Europe.

    The recent sea change in US economic policy and the multilateral rules-based system has been an important wake-up call for Europe. The pattern of globalisation is set to shift significantly and give way to increased economic fragmentation on a global scale. Unreliability and unpredictability are likely to persist for years to come, making uncertainty a defining feature that will not be overcome any time soon. This uncertainty extends beyond trade to other domains such as monetary, fiscal or national security policy.

    The European Union’s success rests on the pillars of free trade and openness. Compromising these ideals threatens the very foundation upon which the EU is built. Multilateralism and international cooperation are the principles that form the basis of the EU’s global governance and economic strategies. Despite this period of heightened geopolitical and policy uncertainty, the EU should stick to its values and strengthen its resolve. We must take this opportunity to strengthen the European project as its future depends on us and us alone.

    While our conference is clearly centred on advancing financial integration, my main message today is that we must make progress on all fronts. The Single Market is the focal point and driving force of European integration, intrinsically linked to the EU’s strategic objectives.[1] However, a true single market for goods and services within the EU remains elusive, hindered by persistent barriers and divergent national rules. National markets still often represent a major impediment to growth and innovation in sectors where global competition requires action on a European scale.

    Progress on integration in the real economy – entailing the strengthening of the performance and scalability of European businesses – requires progress in its financing through banks and capital markets. But the banking union remains incomplete, while EU capital markets remain fragmented. We need to seize the moment and make progress on these three fronts in order to reinforce the Economic and Monetary Union and foster growth.

    The outlook for growth and inflation

    Let me say a few words about the euro area economy. Compared with the situation a year ago, our concerns have shifted from high inflation to slow growth.

    The euro area economy grew more than expected in the first quarter of 2025, by 0.6% quarter on quarter. This however reflects temporary factors likely to revert. Survey data point overall to weaker prospects in the near term. Higher tariffs and the stronger euro make it harder to export, and high uncertainty is weighing on investment. At the same time, the strong labour market, rising real incomes and easier financing conditions should support growth in the medium term. This outlook is confirmed by our projections, indicating real growth rates gradually increasing from 0.9% in 2025 to 1.3% in 2027. Inflation is currently at around our 2% medium-term target. Importantly, we see wage growth moderating from still elevated levels. In our new projections, it is set to average 2.0% in 2025, 1.6% in 2026 and 2.0% in 2027. The downward revisions for this and next year, mainly reflect lower assumptions for energy prices and a stronger euro.

    Given the progress with inflation approaching our medium-term target on a sustained basis, we have been able to lower our key interest rates several times, by a total of 200 basis points since June last year.

    Now, though, we face exceptional uncertainty generated by geopolitical fragmentation and the volatile trade policy. The euro area economy has proved fairly resilient to date, supported by a strong labour market. That said, there may be challenges ahead, considering the size and frequency of shocks amid elevated uncertainty. While it is impossible to predict exactly what will happen, these developments may well have a dampening impact on growth in the euro area. It is therefore important for us to closely monitor what is happening in the real economy, partly as an early indicator for the inflation outlook. With inflation around our 2% target, structural reforms and growth-oriented fiscal policy become crucial to foster productivity and competitiveness in the EU.

    Financial integration in the EU

    This brings me back to the European project. The Single Market continues to be a cornerstone of European integration and values, serving as a powerful catalyst for growth. Given the rapidly shifting geopolitical environment we face right now, the current juncture is the right moment to look inwards and make progress on competitiveness and growth by taking bolder steps towards a truly unified single market for goods and services. The fact that integration has advanced so little in the EU real economy has, to a large extent, failed to prompt decisive integration in the banking sector and EU capital markets.

    Last year I lamented the fact that financial integration was back to the levels seen at the start of the monetary union. Today I can say that we have recently observed a positive trend in the price and quantity-based measures of financial integration.[2] Importantly, this holds true for measures of integration in an equity market which is critical for sourcing risk capital for innovative and high-growth companies. This improvement also applies to the banking market, which is key to financing the small and medium-sized enterprises that form the backbone of the euro area economy. At the same time, we are still far from the levels we might wish for a truly integrated financial market.

    An incomplete banking union is a large gap in our institutional framework. Despite Single Supervisory Mechanism and Single Resolution Mechanism, deposit insurance remains at the national level. This leaves the link between banks and sovereigns impossible to sever. Confidence in the safety of bank deposits still varies across countries. The geographical location of a bank also influences the outcome of a resolution process, as there is no common backstop and divergencies in national laws persist. This level of integration in the banking sector is insufficient to facilitate cross-border lending, reduce intermediation costs, foster cross-border consolidation and significantly enhance financing capacity.

    The same holds true for integration in EU capital markets. Harmonising regulations and removing national divergences are crucial to simplifying the regulatory framework and creating a single, resilient market. Furthermore, having established the Single Supervisory Mechanism for banks, we need to work towards integrated supervision of EU capital markets. This could be achieved gradually and considering specific sectoral features.

    The European Commission has put forward a savings and investments union strategy which provides a range of policy actions regarding financial markets. The two panel sessions today consider key bottlenecks in our capital markets: attracting more investors and channelling investments into the future.

    The European Union boasts a high saving rate, which often results in capital being exported outside of our borders. A more supportive environment for investment within the EU can be created by harmonising the regulatory framework and reducing red tape. Removing obstacles in tax, insolvency and corporate law would greatly facilitate cross-border investment. This in turn would render the EU capital market more attractive for investors. Capital will naturally follow integration in the real economy.

    We can also do a better job at facilitating cross-border access to the European funds market. This would help to promote access to low-cost products for retail investors and the distribution of funds across the EU. Deep and integrated equity markets are crucial for providing the necessary financing to support the European economy, which would serve to enhance productivity and resilience. Better functioning markets across borders can ensure that EU firms have access to adequate sources of finance throughout their lifecycle. When their financing needs increase and cannot be met by small and fragmented European markets, companies can decide to list elsewhere, or even relocate their operations entirely. Enhancing access to venture capital is therefore a strategic aim to enable firms with high growth potential to list domestically.

    Conclusion

    Let me conclude.

    The call for “more Europe” resonates more strongly than ever. This arises from the growing risk of over-reliance on non-European powers and the decreasing importance of any single country on the global stage. High levels of uncertainty, elevated risks from geopolitical tensions and potential disruptions in global trade leave the EU’s economic outlook fragile.

    The use of the US dollar in international funding, payment and trade transactions, or as a reserve currency, will not be challenged in the short term. But the role of the euro can gradually expand, especially if we deliver on “more Europe”. Dismantling long-standing barriers to full integration in the single market for goods and services and taking decisive steps towards a true banking and capital markets union will only enhance the international role of the euro.

    The stakes have never been higher for Europe. To deliver on its fundamental values, Europe needs to deliver on the long-term growth and resilience of its economy. Completing the banking union and deepening Europe’s financial markets are essential for allocating capital more effectively and providing benefits to savers. They are also essential to promote and retain innovative companies, as well as to attract talent and investment.

    Banks and capital markets are not competing for a limited amount of investment opportunities ­– they are closely interconnected as parts of a wider financial ecosystem that finances the real economy. To move on to the next level, we need integration in the real economy and political will to give priority to the European project over national interests. There is no way around it. We need decisive progress on all three fronts.

    MIL OSI Europe News –

  • MIL-OSI: DNO Completes Transformative North Sea Acquisition

    Source: GlobeNewswire (MIL-OSI)

    Oslo, 12 June 2025 – DNO ASA, the Norwegian oil and gas operator, today announced the completion of the acquisition of Sval Energi Group AS from HitecVision for a cash consideration of USD 450 million based on an enterprise value of USD 1.6 billion.

    The acquired portfolio comprises 16 producing fields in Norway, quadrupling DNO’s North Sea production to 80,000 barrels of oil equivalent per day (boepd). The Company’s North Sea proven and probable (2P) reserves swell to 189 million barrels of oil equivalent (MMboe), also a fourfold increase. Contingent resources (2C) total 316 MMboe.

    Following the acquisition, Norway and the United Kingdom represent nearly 60 percent of the Company’s global production and about 45 percent of its global reserves, with the balance predominantly in the Kurdistan region of Iraq.

    “The Sval Energi assets provided a rare opportunity to significantly upsize DNO’s North Sea operations and, of course, DNO itself,” said DNO’s Executive Chairman Bijan Mossavar-Rahmani. “And we moved quickly to seal the deal,” he added.

    Halvor Engebretsen, Sval Energi’s Chief Executive Officer, will lead the enlarged North Sea business as Managing Director, DNO Norge AS.                  

    Supported by ongoing field development projects with multiple discoveries currently being matured for project sanction, DNO is well placed to grow North Sea production organically in the years ahead. The combined North Sea 2P reserves and 2C resources equal 15 years of production at the current run rate.

    In addition to ferreting out other acquisition targets, the Company is focused like a laser on breaking from the pack and accelerating development and monetization of its numerous discoveries in Norway.

    “It takes most Norwegian oil companies a ridiculously long eight to ten years to bring a discovery to first production, even with simple subsea tiebacks to existing platforms,” said Mr. Mossavar-Rahmani. “Compare that to the two to three years, if that, to execute this task in other established basins,” he continued.

    DNO last week raised USD 400 million in hybrid bonds towards the acquisition.

    Outside of the North Sea, DNO continues to deliver solid operations. In Kurdistan, DNO has maintained production from its flagship Tawke license (75 percent and operator) at about 80,000 boepd (60,000 boepd net working interest) with minimal new investment. Its Côte d’Ivoire gas assets steadily produce over 3,000 boepd net to DNO. Four development wells and one exploration well are planned in 2025-26.

    – 

    For further information, please contact:
    Media: media@dno.no
    Investors: investor.relations@dno.no

    – 

    DNO ASA is a leading Norwegian oil and gas operator active in the Middle East, the North Sea and West Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Norway, the United Kingdom, Côte d’Ivoire and Yemen. More information is available at www.dno.no.

    This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

    The MIL Network –

  • MIL-OSI China: China-Africa expo opens with focus on economic ties, new deals

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

    A file photo taken on May 9, 2024 shows a view of the China-Africa Economic and Trade Expo (CAETE) in Africa (Kenya) 2024 in Nairobi, Kenya. [Photo/Xinhua]

    The fourth China-Africa Economic and Trade Expo opened on Thursday in the central Chinese city of Changsha, highlighting the commitment of the world’s largest developing country to strengthening ties with Africa, the continent with the largest number of developing nations.

    Nearly 4,700 Chinese and African companies as well as over 30,000 participants will attend the four-day event, themed “China and Africa: Together Toward Modernization.” The value of cooperation projects preliminarily agreed upon surpasses 11 billion U.S. dollars, according to organizers.

    Chinese Foreign Minister Wang Yi attended the opening ceremony on Thursday, expressing the belief that the expo will create more opportunities for China-Africa cooperation and yield more results.

    “No matter how the international landscape may change, China will always stand firmly with Africa, offering strong support for the continent’s modernization and serving as a true friend and sincere brother in Africa’s journey toward development,” said Wang, who is also a member of the Political Bureau of the Communist Party of China Central Committee.

    Ugandan Prime Minister Robinah Nabbanja, Liberian Vice President Jeremiah Kpan Koung and Kenyan Prime Cabinet Secretary and Cabinet Secretary for Foreign and Diaspora Affairs Musalia Mudavadi also attended the opening ceremony.

    Achieving modernization is a shared aspiration of the more than 2.8 billion people in China and Africa, and a key theme of a China-Africa community of a shared future, Wang said.

    He said China will continue to carry out exchanges of governance experience with African countries and strengthen the synergy of development strategies between the two sides to fast-track the implementation of the ten partnership actions for modernization.

    Wang pledged China’s efforts to further open up to Africa by signing more deals of economic partnerships and encouraging the import of more African goods.

    China will also deepen practical cooperation to facilitate Africa’s industrialization and digital transformation, Wang added.

    MIL OSI China News –

  • MIL-OSI China: China urges US to adhere to WTO rules, work with China to promote trade relations

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

    A file photo shows the national flags of China (R) and the United States as well as the flag of Washington D.C. on the Constitution Avenue in Washington, capital of the United States. [Photo/Xinhua]

    China has urged the United States to adhere to World Trade Organization (WTO) rules and work with China, based on the principles of mutual respect, peaceful coexistence, and win-win cooperation, to jointly promote the stable and sustainable development of China-U.S. economic and trade relations, a spokesperson with the Ministry of Commerce said Thursday.

    Spokesperson He Yadong made the remarks at a regular press briefing while answering a relevant question, noting that China’s position against unilateral tariff increases is consistent.

    He said that from June 9 to 10, the economic and trade teams of China and the United States held the first meeting of the China-U.S. economic and trade consultation mechanism in London.

    The two sides reached principled agreement on implementing the important consensus reached by the two heads of state during their phone call on June 5 and the framework of measures to consolidate the outcomes of the economic and trade talks in Geneva, and made new progress in addressing each other’s economic and trade concerns.

    Next, the two sides will make better use of the China-U.S. economic and trade consultation mechanism, maintain communication and dialogue, enhance consensus, reduce misunderstanding, and strengthen cooperation to jointly promote the stable and long-term development of China-U.S. economic and trade relations, He said.

    MIL OSI China News –

  • MIL-OSI Economics: Joint Summary of the Visit by H.E. Dr. Kao Kim Hourn, Secretary-General of ASEAN, to the Kingdom of Norway

    Source: ASEAN – Association of SouthEast Asian Nations

    At the invitation of the Government of Norway and on the occasion of the 10th anniversary of ASEAN-Norway Sectoral Dialogue Partnership, H.E. Dr. Kao Kim Hourn, Secretary-General of ASEAN, undertook a working visit to Norway, from 9 to 12 June 2025.
     
    The visit underscored the growing and multifaceted cooperation between ASEAN and Norway since the formalisation of the Sectoral Dialogue Partnership in 2015. It also reflected both sides’ shared commitment to further strengthening cooperation on sustainable ocean management and green transition, trade and investments, as well as on peace and conflict management and human rights.
     
    While in Oslo, the Secretary-General paid a courtesy call on H.E. Jonas Gahr Støre, Prime Minister of Norway. He also held meetings with H.E. Espen Barth Eide, Minister of Foreign Affairs, and with H.E. Cecilie Myrseth, Minister of Trade and Industry. The discussions touched on the deepening of ASEAN-Norway relations, trade and investment, blue economy, regional and global developments, and the importance of ASEAN as a regional consensus builder and a stabilising role in the Indo-Pacific region. The Meetings also emphasised the importance of upholding and strengthening ASEAN Centrality, rules-based international order and the importance of practical cooperation pursued through the ASEAN Outlook on the Indo-Pacific (AOIP).
     
    The Secretary-General also engaged with the ASEAN Inter-Parliamentary Assembly (AIPA) delegation at the Norwegian Parliament, took part in a roundtable discussion at the Norwegian Institute of International Affairs (NUPI), delivered a lecture at the Centre of Geopolitics, and participated in Oslo Forum where he exchanged views with a range of stakeholders on peace, diplomacy, and regional security issues. The Secretary-General and his delegation also visited Bergen where he engaged with Norwegian businesses and institutions related to sustainable ocean management, circular economy and smart cities.
     
    The visit demonstrated the scope and depth of ASEAN-Norway relations over the past decade and reaffirmed both sides’ mutual commitment to further strengthening the partnership. Both sides look forward to the finalisation of the ASEAN-Norway Practical Cooperation Areas (2026-2030) that is ambitious yet practical and implementable, which will serve as a framework for tangible cooperation in the years ahead.
    The post Joint Summary of the Visit by H.E. Dr. Kao Kim Hourn, Secretary-General of ASEAN, to the Kingdom of Norway appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Africa: Green hydrogen can ‘reposition’ Africa within global value chains

    Source: South Africa News Agency

    The burgeoning green hydrogen industry presents an opportunity for Africa to enable structural change and reposition the continent.

    This is according to the Minister of Electricity and Energy, Dr Kgosientsho Ramokgopa.

    The Minister delivered remarks at the African Green Hydrogen Summit, which is underway in Cape Town.

    WATCH | 

    [embedded content]

    “[Green] hydrogen must be understood not merely as a clean fuel, but as a strategic enabler of Africa’s structural transformation. It holds the potential to reposition the continent within global value chains, not as an exporter of raw materials but as a competitive industrial actor. Harnessed strategically, it can anchor new industrial ecosystems, from green steel and fertilisers to sustainable mobility and synthetic fuels.

    “These are not abstract possibilities — they are within reach, provided we design policy frameworks that localise value, deepen intra-African trade, and direct investment flows towards infrastructure, skills, and technology transfer that serve the interests of the continent,” Ramokgopa said on Thursday.

    The industry presents a lucrative opportunity for the continent and boasts a global potential of at least $300 billion in global exports over the next three decades.

    Africa holds minerals and metals that are critical for the industry – placing the continent at the heart of this new frontier.

    “More fundamentally, green hydrogen offers an opportunity to reverse the logic of dependency that has historically defined Africa’s insertion into the global economy. Instead of reinforcing extractive patterns, Africa can lead with an agenda of beneficiation, regional integration, and sovereign industrial development. 

    “This will require that we reject siloed national approaches in favour of coordinated regional frameworks, leveraging platforms like the African Continental Free Trade Area (AfCFTA), the Programme for Infrastructure Development in Africa (PIDA), and most crucially, Agenda 2063. 

    “These frameworks offer the institutional scaffolding for a common energy market and harmonised regulatory regimes that can attract patient, long-term capital,” Ramokgopa said.

    The Minister implored African leaders at the summit to be “unapologetic” in taking their place at the forefront of the Green Hydrogen global industry.

    “We must also be unapologetic in demanding a fair place at the green negotiating table. Africa’s role in the global energy transition cannot be one of accommodation. It must be one of agency. Our narrative must be led by African voices, grounded in African realities, and committed to African futures.

    “As the world seeks new energy alliances and supply chains, Africa must shape its energy destiny through solidarity, strategy and statecraft, turning the promise of green hydrogen into a pillar of continental prosperity,” he insisted.

    The summit also launched the Africa Green Hydrogen Report – a document thrashing out the continent’s green hydrogen potential, which brings together the full breadth of the continent’s technical readiness.

    “This is not just a theoretical compilation; it is a technical blueprint for scaled project execution. Its message is unequivocal: Africa is not short of knowledge. Africa is ready to move from pilot to pipeline, from strategy to scale.

    “But let us be clear. The window for Africa to shape the rules of this emerging market is narrowing. Other regions are moving fast, with public subsidies, regulatory incentives, and long-term offtake strategies. If we delay, we risk importing technologies, importing skills, and once again exporting unprocessed potential. 

    “So, the real work of this summit is to forge clarity on the scale of our ambition, the credibility of our plans, and the coordination of our actions. Let us begin that work today, with urgency, with unity, and with a shared conviction that Africa’s future is not on the periphery of the global green economy, but firmly at its centre,” he said.

    IN PICTURES | Green Hydrogen Summit

    According to the African Green Hydrogen Alliance (AGHA) – which is made up of 10 African states, including South Africa – the industry has the potential to add between $66 billion and $126 billion to the Gross Domestic Product of the member countries over the next 25 years.

    Furthermore, some two to four million jobs could also be added during that time.

    “Africa’s choice is whether to be a passive site of resource extraction or a proactive architect of the green energy economy. With the right policy frameworks, investment enablers, and regional coordination, green hydrogen can and must be the backbone of a new African industrial era,” Ramokgopa said. – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI Economics: IMCA announces results of South America Committee elections

    Source: International Marine Contractors Association – IMCA

    Headline: IMCA announces results of South America Committee elections

    IMCA has welcomed four new industry experts including a representative from Marinha do Brasil – the Brazilian Navy – to its South America Committee following elections among IMCA Members.

    The successful candidates, who were all nominated and voted for by IMCA Members from across the region, are:

    Fugro’s John Chatten and Daniel Marins from Subsea7 were re-elected for a third two-year session, as Committee Chair and Vice Chair, respectively, alongside Renata Cortês and Patricia Gomes from Companhia Brasileira de Offshore – Grupo CBO, Cicero Ricardo Batista Lopes from Posidonia Shipping and Trading, Nelsiane Carrara from TechnipFMC, and Michel Teicher from SISTAC Sistemas de Acesso SA.

    The South America Committee supports the development of our industry across the region, promoting IMCA’s campaigns to improve safety and sustainability among key stakeholders, and regularly bringing local Members together to share their insights and experiences. Recent in-person meetings have taken place in Rio de Janeiro, Brazil.

    The Committee works in partnership with energy company Petrobras, and Marinha do Brasil.

    For further information, contact jennifer.evans@imca-int.com.

    MIL OSI Economics –

  • MIL-OSI Economics: Joint Summary of the Visit by H

    Source: ASEAN

    At the invitation of the Government of Norway and on the occasion of the 10th anniversary of ASEAN-Norway Sectoral Dialogue Partnership, H.E. Dr. Kao Kim Hourn, Secretary-General of ASEAN, undertook a working visit to Norway, from 9 to 12 June 2025.
     
    The visit underscored the growing and multifaceted cooperation between ASEAN and Norway since the formalisation of the Sectoral Dialogue Partnership in 2015. It also reflected both sides’ shared commitment to further strengthening cooperation on sustainable ocean management and green transition, trade and investments, as well as on peace and conflict management and human rights.
     
    While in Oslo, the Secretary-General paid a courtesy call on H.E. Jonas Gahr Støre, Prime Minister of Norway. He also held meetings with H.E. Espen Barth Eide, Minister of Foreign Affairs, and with H.E. Cecilie Myrseth, Minister of Trade and Industry. The discussions touched on the deepening of ASEAN-Norway relations, trade and investment, blue economy, regional and global developments, and the importance of ASEAN as a regional consensus builder and a stabilising role in the Indo-Pacific region. The Meetings also emphasised the importance of upholding and strengthening ASEAN Centrality, rules-based international order and the importance of practical cooperation pursued through the ASEAN Outlook on the Indo-Pacific (AOIP).
     
    The Secretary-General also engaged with the ASEAN Inter-Parliamentary Assembly (AIPA) delegation at the Norwegian Parliament, took part in a roundtable discussion at the Norwegian Institute of International Affairs (NUPI), delivered a lecture at the Centre of Geopolitics, and participated in Oslo Forum where he exchanged views with a range of stakeholders on peace, diplomacy, and regional security issues. The Secretary-General and his delegation also visited Bergen where he engaged with Norwegian businesses and institutions related to sustainable ocean management, circular economy and smart cities.
     
    The visit demonstrated the scope and depth of ASEAN-Norway relations over the past decade and reaffirmed both sides’ mutual commitment to further strengthening the partnership. Both sides look forward to the finalisation of the ASEAN-Norway Practical Cooperation Areas (2026-2030) that is ambitious yet practical and implementable, which will serve as a framework for tangible cooperation in the years ahead.
    The post Joint Summary of the Visit by H.E. Dr. Kao Kim Hourn, Secretary-General of ASEAN, to the Kingdom of Norway appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: Aristo Sham’s Van Cliburn Piano Competition victory celebrated in New York (with photos)

    Source: Hong Kong Government special administrative region

    Aristo Sham’s Van Cliburn Piano Competition victory celebrated in New York

    The Director of the Hong Kong Economic and Trade Office in New York, Ms Maisie Ho, attended the 17th Van Cliburn International Piano Competition press conference in New York City on June 11 (New York time), where she congratulated Hong Kong pianist Aristo Sham on his momentous win at the prestigious Van Cliburn International Piano Competition. Aristo Sham, whose remarkable artistry and technical brilliance captivated audiences and judges alike, made history as the first-ever Hong Kong pianist to win the Van Cliburn International Piano Competition, one of the world’s most esteemed classical music competitions, which concluded on June 7 in Fort Worth, Texas. Remarking on Aristo Sham’s extraordinary achievement, Ms Ho said, “Aristo’s win at the Van Cliburn International Piano Competition is not only a personal triumph but also a source of immense pride for Hong Kong, further reinforcing Hong Kong’s reputation as a nurturing home for extraordinary musical talent. This historic milestone also highlights Hong Kong’s vibrant cultural legacy on the global stage and underpins Hong Kong’s positioning as an East-MeetsWest cultural hub.” Ends/Thursday, June 12, 2025

    Issued at HKT 11:54

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: SITI to visit France and Netherlands

    Source: Hong Kong Government special administrative region

    SITI to visit France and NetherlandsIssued at HKT 15:00

    The Secretary for Innovation, Technology and Industry, Professor Sun Dong, will depart for a visit to France and the Netherlands this evening (June 12) to strengthen Hong Kong’s ties and co-operation in innovation and technology (I&T) with France and the Netherlands.

    Professor Sun will attend Viva Technology 2025 (VivaTech) in Paris, France, and deliver a keynote speech on “From Hong Kong to the World: Embarking on the New Journey of Innovation” at a seminar and networking reception organised by the Hong Kong Trade Development Council. VivaTech, being held from June 11 to 14, is Europe’s annual start-up and technology event that brings together start-ups, tech leaders, corporates and investors to drive I&T and business collaboration.

    During the visit, Professor Sun will also meet with leaders of the local I&T sector as well as technology enterprises and tour the I&T and advanced manufacturing enterprises there.

    Professor Sun will return to Hong Kong on June 18. During his absence, the Under Secretary for Innovation, Technology and Industry, Ms Lillian Cheong, will be the Acting Secretary for Innovation, Technology and Industry.

    Ends/Thursday, June 12, 2025
    Issued at HKT 15:00

    MIL OSI Asia Pacific News –

  • MIL-OSI Banking: Scheduled Banks’ Statement of Position in India as on Friday, May 30, 2025

    Source: Reserve Bank of India

    (Amount in ₹ crore)
      SCHEDULED COMMERCIAL BANKS
    (Including RRBs, SFBs and PBs)    		 ALL SCHEDULED BANKS
    31-May-2024 16-May-2025* 30-May-2025* 31-May-2024 16-May-2025* 30-May-2025*
    I LIABILITIES TO THE BKG.SYSTEM (A)            
      a) Demand & Time deposits from banks 283850.22 356142.91 365140.08 287722.27 362130.00 370999.12**
      b) Borrowings from banks 163095.32 112740.77 110567.25 162607.11 112743.77 110589.25
      c) Other demand & time liabilities 76511.12 24239.07 25102.81 76730.29 24626.53 25497.28
    II LIABILITIES TO OTHERS (A)            
      a) Deposits (other than from banks) 21087206.37 22887587.39 23172559.90 21674968.79 23379288.75 23662791.19
      i) Demand 2506492.91 2841915.80 2988913.58 2567382.20 2892062.41 3038372.32
      ii) Time 18580713.47 20045671.59 20183646.31 19107586.59 20487226.34 20624418.87
      b) Borrowings @ 738925.22 893728.27 895727.00 743952.27 898148.91 900193.89
      c) Other demand & time liabilities 967360.63 999529.93 1030639.78 983261.53 1012437.72 1043774.13
    III BORROWINGS FROM R.B.I. (B) 71305.00 23081.00 6516.00 71305.00 23081.00 6516.00
      Against usance bills and / or prom. Notes     0.00     0.00
    IV CASH 90895.20 85968.10 87179.07 93788.10 88775.09 89604.92
    V BALANCES WITH R.B.I. (B) 951109.00 928136.28 956086.24 971105.00 947302.36 975236.91
    VI ASSETS WITH BANKING SYSTEM            
      a) Balances with other banks            
      i) In current accounts 8067.70 11102.45 11433.47 11788.66 13341.32 13852.12
      ii) In other accounts 177529.41 233058.58 255330.58 228433.60 295070.10 318135.43
      b) Money at call & short notice 13028.13 17715.86 22812.64 33944.85 35986.40 40349.51
      c) Advances to banks (i.e. due from bks.) 51405.37 39786.83 36147.80 54043.23 42530.76 38542.46£
      d) Other assets 112400.95 78068.21 78094.05 118837.65 82032.05 82801.64
    VII INVESTMENTS (At book value) 6183502.03 6684475.70 6706717.24 6391944.79 6838726.32 6861687.29
      a) Central & State Govt. securities+ 6182472.76 6683947.50 6706168.85 6378531.37 6830276.71 6853140.24
      b) Other approved securities 1029.27 528.19 548.39 13413.42 8449.61 8547.05
    VIII BANK CREDIT (Excluding Inter-Bank Advances) 16782881.64 18227711.87 18287596.63 17346530.02 18694728.44 18753960.67
      a) Loans, cash credits & Overdrafts $ 16469359.59 17890954.33 17949974.58 17029508.57 18354554.88 18412998.48
      b) Inland Bills purchased 64366.78 79832.65 79467.07 64372.00 81180.34 80743.89
      c) Inland Bills discounted 208274.29 221259.31 222652.60 211137.16 222739.64 224160.09
      d) Foreign Bills purchased 16125.00 14020.55 13866.49 16347.72 14241.01 14063.24
      e) Foreign Bills discounted 24755.98 21645.03 21635.88 25164.57 22012.57 21994.97
    NOTE
    * Provisional figures incorporated in respect of such banks as have not been able to submit final figures.
    (A) Demand and Time Liabilities do not include borrowings of any Scheduled State Co-operative Bank from State Government and any reserve fund deposits maintained with such banks by any co-operative society within the areas of operation of such banks.
    ** This excludes deposits of Co-operative Banks with Scheduled State Co-operative Banks. These are included under item II (a).
    @ Other than from Reserve Bank, National Bank for Agriculture and Rural Development and Export Import Bank of India.
    (B) The figures relating to Scheduled Commercial Banks’ Borrowings in India from Reserve Bank and balances with Reserve Bank are those shown in the statement of affairs of the Reserve Bank. Borrowings against usance bills and/ or promissory notes are under Section 17(4)(c) of the Reserve Bank of India Act, 1934. Following a change in the accounting practise for LAF transactions with effect from July 11, 2014, as per the recommendations of Malegam Committee formed to Review the Format of Balance Sheet and the Profit and Loss Account of the Bank, the transactions in case of Repo / Term Repo / MSF are reflected under ‘Borrowings from RBI’.
    £ This excludes advances granted by Scheduled State Co-operative Banks to Co-operative banks. These are included under item VIII (a).
    + Includes Treasury Bills, Treasury Deposits, Treasury Savings Certificates and postal obligations.
    $ Includes advances granted by Scheduled Commercial Banks and Scheduled Cooperative Banks to Public Food Procurement Agencies (viz. Food Corporation of India, State Government and their agencies under the Food consortium).
    Food Credit Outstanding as on
    (Amount in ₹ crore)
    Date 31-May-2024 16-May-2025 30-May-2025
    Scheduled Commercial Banks 40258.89 68078.36 70580.71
    Scheduled Co-operative Banks 50623.09 51972.99 51972.99

    The expression ‘Banking System’ or ‘Banks’ means the banks and any other financial institution referred to in sub-clauses (i) to (vi) of clause (d) of the explanation below Section 42(1) of the Reserve Bank of India Act, 1934.

    No. of Scheduled Commercial Banks as on Current Fortnight:135

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/533

    MIL OSI Global Banks –

  • MIL-OSI Asia-Pac: Hong Kong Customs special operation combats use of counterfeit devices by beauty parlours to provide beauty and slimming treatments (with photo)

    Source: Hong Kong Government special administrative region

    Hong Kong Customs special operation combats use of counterfeit devices by beauty parlours to provide beauty and slimming treatments (with photo) 
    Customs earlier received information alleging that suspected counterfeit devices were being used by beauty parlours to provide beauty and slimming treatments for customers. After an in-depth investigation and with the assistance of the trademark owner, Customs officers took enforcement action and raided three beauty parlours in Lai Chi Kok, Mong Kok and Tsim Sha Tsui yesterday. Three suspected counterfeit beauty and slimming devices were seized at the beauty parlours.
     
    During the operation, four women aged between 27 and 56 were arrested for being suspected of contravening the Trade Descriptions Ordinance. Two of them are shop owners and two are employees. An investigation is ongoing, and the likelihood of further arrests is not ruled out.
     
    Customs will continue to take stringent law enforcement action and collaborate with relevant trademark owners to closely monitor the market situation with a view to fighting against the use of counterfeit goods for the purpose of trade.
     
    Customs reminds traders to be cautious and prudent in merchandising since possession of counterfeit goods for any purpose of trade is a serious crime, and offenders are liable to criminal sanctions. Consumers are also reminded to make purchases at reputable shops and to check with the trademark owners or their authorised agents if the authenticity of a product is in doubt.
     
    Under the Ordinance, any person who possesses for the purpose of trade any goods with a forged trademark commits an offence. The maximum penalty upon conviction is a fine of $500,000 and imprisonment for five years.
     
    Members of the public may report any suspected counterfeiting activities to Customs’ 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hkIssued at HKT 15:35

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI: From Talent to Success: Axi Select Announces Fourth Pro M Trader, Now Managing $1 Million USD of Axi Funds

    Source: GlobeNewswire (MIL-OSI)

    SYDNEY, June 12, 2025 (GLOBE NEWSWIRE) — Following the recent announcements that three Axi Select traders reached the top milestone of the program, leading online FX and CFD broker Axi has proudly announced the promotion of its fourth overall – Pro M trader: Looi Sook Yen from Asia.

    This breakthrough reflects the broker’s ongoing commitment to empower ambitious and talented traders through a program that is designed to unlock and maximise their full trading and profit potential.

    Louis Cooper, Chief Commercial Officer at Axi, shares his excitement for the program’s latest success, noting “We’re proud to see our program continue to elevate traders, helping them trade and improve their trading skills all the way to the top. Since launching Axi Select in 2023, we’ve been confident in its ability to harness the talent of all traders to new heights – regardless of gender or experience level. Today, we celebrate a landmark moment: our fourth Pro M trader and the first woman to reach the program’s top stage and secure a $1M allocation. Ms. Looi demonstrated outstanding skill, talent, and discipline – and with the right tools and support, she now manages $1M of Axi funds.”

    A few months ago, Axi Select announced its first three $1M funded traders: Francisco Quesada Godines, Daniel Gutiérrez Viñas, and 21-year-old trader, Kayan Freitas. The program offers traders the opportunity to access capital funding up to $1,000,000 USD and earn up to 90% of their profits, as well as the advantage to join the program with zero registration or monthly fees*. Moreover, Axi Select uses a Standard or a Pro live account, unrestrictive trading conditions, an exclusive trading room, and more. Recently, the broker was recognised with the ‘Best Funded Trader Programme’ award by the ADVFN International Financial Awards, and, among others, was honoured by Finance Feeds with the ‘Most Innovative Proprietary Trading Firm’ award.

    The Axi Select program is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available to AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. *Standard trading fees apply.

    Watch announcement video here.

    About Axi

    Axi is a global online FX and CFD trading company, with thousands of customers in 100+ countries worldwide. Axi offers CFDs for several asset classes including Forex, Shares, Gold, Oil, Coffee, and more.

    For more information or additional comments from Axi, please contact: mediaenquiries@axi.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/da30a690-7ae0-4ccb-b753-b387e16c7313

    The MIL Network –

  • MIL-OSI Europe: EU Fact Sheets – Combating climate change – 10-06-2025

    Source: European Parliament

    The European Union (EU) is among the leading major economies in terms of tackling greenhouse gas (GHG) emissions. In 2020, EU GHG emissions were down by 31% from 1990 levels, exceeding the EU’s target of reducing emissions by 20% by 2020. Led by international treaties, such as the Kyoto Protocol, the EU adopted many climate policies, such as the EU Emissions Trading System. In 2019, the Commission presented the European Green Deal. Since then, many measures have been agreed on with the aim of increasing the EU’s GHG emission reduction target to 55% by 2030 and decarbonising its economy by 2050, in line with the Paris Agreement.

    MIL OSI Europe News –

  • MIL-OSI Europe: Commission proposes to postpone by one additional year the market risk prudential requirements under Basel III

    Source: European Commission

    European Commission Press release Brussels, 12 Jun 2025 The European Commission has today adopted a delegated act that postpones by one additional year – until 1 January 2027 – the date of application of the one remaining part of the Basel III international standards in the EU – the Fundamental Review of the Trading Book (FRTB).

    MIL OSI Europe News –

  • MIL-OSI Asia-Pac: Sun Dong headed to Europe

    Source: Hong Kong Information Services

    Secretary for Innovation, Technology & Industry Prof Sun Dong will depart for a visit to France and the Netherlands this evening to strengthen Hong Kong’s ties and co-operation in innovation and technology (I&T) with the two countries.

    Prof Sun will attend Viva Technology 2025 (VivaTech) in Paris, France, and deliver a keynote speech on “From Hong Kong to the World: Embarking on the New Journey of Innovation” at a seminar and networking reception organised by the Hong Kong Trade Development Council.

    VivaTech, being held from June 11 to 14, is Europe’s annual startup and technology event that brings together startups, tech leaders, corporates and investors to drive I&T and business collaboration.

    During the visit, Prof Sun will also meet leaders of the local I&T sector as well as technology enterprises and tour the I&T and advanced manufacturing enterprises there.

    Prof Sun will return to Hong Kong on June 18. During his absence, Under Secretary for Innovation, Technology & Industry Lillian Cheong will be Acting Secretary.

    MIL OSI Asia Pacific News –

  • MIL-OSI NGOs: Oil and gas Unions and climate groups demand £1.9 billion of emergency funding for North Sea workers ahead of Spending Review Pictures of the Westminster rally can be found here  Today (Wednesday), a coalition of trade unions and climate groups are rallying outside Parliament to ask the Chancellor for… by Florri Burton May 14, 2025

    Source: Greenpeace Statement –

    Pictures of the Westminster rally can be found here 

    Today (Wednesday), a coalition of trade unions and climate groups are rallying outside Parliament to ask the Chancellor for an emergency funding package of £1.9 billion per year for North Sea workers ahead of the Spending Review. A funding package on this scale is urgently needed for oil and gas and supply chain workers to make the transition into renewable energy jobs, ensuring that workers and communities benefit, says the coalition. The group is also joined at the rally by politicians from Labour, SNP and the Green Party.

    The call is endorsed by the largest union representing UK offshore workers, Unite the Union, as well as the National Union of Rail and Maritime and Transport Workers (RMT), the Public and Commercial Services Union (PCS), and Aberdeen’s Trades Union Councils. 65 climate groups including Greenpeace UK, Uplift, Friends of the Earth Scotland, Oil Change International, Global Justice Now, Extinction Rebellion and Platform are also part of the coalition. 

    The £1.9 billion emergency funding package to create permanent, unionised renewable energy jobs and support the country’s oil and gas workers to transition into them is comprised of:

    • £1.1 billion per year to develop permanent, local jobs in public and community-owned wind manufacturing.
    • £440 million of further investment each year for ports, on top of the £1.8 billion already committed through the National Wealth Fund.
    • £355 million per year to develop a dedicated training fund for offshore oil and gas workers, with match-funding from industry.

    As the North Sea basin’s reserves decline, the wider oil and gas sector has lost 227,000 jobs in the past 10 years. This is despite the UK government issuing roughly 400 new drilling licences over the same period, and energy companies making record-breaking profits. 

    The coalition outlines that oil and gas companies consistently fail to invest in renewable energy jobs and retraining for their workers, whilst prioritising shareholder profits and cutting or offshoring jobs that should stay here in the UK. Just last week, Harbour Energy, which has handed £1 billion to its shareholders in the past three years, announced it would cut a further 250 jobs from its offshore workforce, and two weeks ago, multinational Petroineos ceased operations at Grangemouth oil refinery without a transition plan for the workforce. 

    Commenting, Mel Evans, climate team leader at Greenpeace UK, said: 

    “It’s vital that we don’t leave oil and gas workers’ future in the hands of private companies who put their profits above workers’ security and the climate time and time again. 

    “That’s why Rachel Reeves must commit to this emergency package of funding to protect workers and their communities. If she fails to act, she leaves their livelihoods at the mercy of greedy oil bosses and will undermine community confidence in the transition to renewable energy. 

    “We urgently need a renewable energy system fit for the twenty-first century that can bring down bills, helping our energy security and the climate at the same time. But we must bring workers and communities along and ensure that wind manufacturing and renewable energy jobs stay here in the UK, rather than leaving other countries to benefit from the booming green economy.”

    Claire Peden, Unite for a Workers’ Economy team lead, said: 

    “The UK government must deliver a real, robust plan that guarantees good, secure jobs for oil and gas workers as part of the energy transition. So far, that promise hasn’t materialised—yet 30,000 jobs are at risk by 2030. Climate change is an urgent crisis, but it must not be working people who bear the brunt. A just transition needs to be a workers’ transition: no one must be left behind.”

    Ruby Earle, Worker Transition Lead at Platform, said: 

    “No worker should have to wait until crisis point before they get support, like we’ve seen in Scunthorpe. Today, unions and climate campaigners are sending a clear message to the Chancellor. We need urgent public investment that creates permanent, unionised renewable energy jobs and supports the country’s oil and gas workers to move into them. Multinationals have held us to ransom for too long. It’s time we give workers and communities a real stake in our energy industry.”

    Offshore wind energy capacity has the potential to grow by as much as six times in the next 15 years. The groups state that public investment now and on this scale would create thousands of long-term, good quality and unionised manufacturing jobs, which oil and gas and supply chain workers could transition into. 

    The coalition points to huge job losses at Grangemouth and Port Talbot as examples of what happens when the Government leaves the transition entirely in the hands of private companies. Rachel Reeves must step in to provide North Sea workers with the support they need to prevent the repetition of past mistakes.

    Ends 

    Notes to Editors

    1. Contact: Greenpeace UK press office  press.uk@greenpeace.org / Florri Burton on 07971177378 
    2. The coalition has submitted their demands in advance of the forthcoming Comprehensive Spending Review, their submission can be found here. A full list of signatories to the call for emergency funding can be found here
    3. The rally is currently taking place at Abingdon Street Gardens, 5 Great College St, London SW1P 3SE
    4. Speakers at the rally include Rosie Hampton, Just Transition Campaigner at Friends of the Earth Scotland; Amy Cameron, Greenpeace Programme Director; Ruby Earle, Just Transition Campaigner at Platform; Chris Hamilton, Unite the Union convenor at Grangemouth oil refinery; Claire Peden, team lead in Unite the Union’s Organising and Leverage department; Darren Procter, RMT National Secretary; John Moloney, Assistant General Secretary of PCS Union; Steven Gray, Aberdeen Trade’s Council Delegate; Kirsty Blackman, SNP Member of Parliament for Aberdeen North; Carla Denyer, Green Member of Parliament for Bristol Central; Brian Leishman, Member of Parliament for Alloa and Grangemouth
    5. Last month, a petition was delivered to the UK Government, signed by more than 1 million people, calling on the UK government to deliver a fair transition to renewable energy. 
    6. North Sea oil and gas firms in the UK are failing to switch their investments to renewable energy, with three-quarters planning to invest solely in continued fossil fuel production between now and 2030. 

    MIL OSI NGO –

  • MIL-OSI Africa: Clothing and textile sector is crucial to SA’s economic recovery

    Source: South Africa News Agency

    The clothing and textile sector has a critical role to play in South Africa’s economic recovery and re-industrialisation efforts, says Trade, Industry and Competition Deputy Minister Andrew Whitfield.

    He was addressing the Annual General Meeting and 20-year anniversary of the Cape Clothing and Textile Cluster held at UVU Africa in Cape Town. 

    Whitfield highlighted some key targets of the government which are aimed at revitalising the South African economy. Among these is the creation of 100 000 new direct jobs in manufacturing, a 4.1% growth in manufacturing exports and a 3% average annual Gross Domestic Product (GDP) growth during the current term of government. 

    He said that under the Government of National Unity, the Department of Trade, Industry and Competition (dtic) is advancing a bold, coordinated industrial strategy – one the builds real momentum behind inclusive economic growth and job creation. 

    However, government alone cannot achieve sector revitalisation. 

    This, according to Whitfield, requires collaboration with key stakeholders, through platforms such as clusters, on factory floors, in skills development hubs, and within local ecosystems that are solving problems and scaling practical solutions every day. 

    “The Cape Clothing and Textile Cluster (CCTC) is not just a regional initiative; it is a catalyst. Through shared services, coordinated skills training, and supplier development, this cluster is helping to build a stronger, more competitive, and more sustainable industry from the ground up.

    “It is strengthening local supply chains, enhancing productivity, and enabling firms, large and small, to respond to global market demands with agility and innovation,” he said.

    He said that working with all its key partners through the Retail–Clothing Textile Footwear Leather Master Plan, government is committed to doing the work necessary to deal with the trade imbalance that has resulted in the staggering 223% rise of imports within the sector. 

    “We must boost export capacity, focusing on quality, reliability, and compliance, to reach key global markets with premium finished goods. We need to be ready, on standards, on delivery, on traceability.
    “And we must shift from being exporters of raw input to suppliers of premium, finished product. The road ahead is clear, and the groundwork is already in place. 

    “Through collaboration, innovation, and continued investment in people and partnerships, we can ensure that this sector not only survives but thrives.” – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI Asia-Pac: Hong Kong Customs seizes suspected counterfeit watches worth about $3.3 million (with photo)

    Source: Hong Kong Government special administrative region

    Hong Kong Customs seizes suspected counterfeit watches worth about $3.3 million (with photo) 
    Through risk assessment, Customs on that day intercepted an incoming lorry at the HZMB Hong Kong Port. After inspection, Customs officers found the batch of suspected counterfeit watches inside the cargo compartment of the lorry. A 52-year-old male lorry driver was subsequently arrested.
     
    An initial investigation revealed that the batch of suspected counterfeit watches would have been transhipped to overseas regions.
     
    The investigation is ongoing, and the arrested man has been released on bail pending further investigation.
     
    Customs will continue to take stringent enforcement action against counterfeit goods and smuggling activities through risk assessment and intelligence analysis.
     
    Under the Trade Descriptions Ordinance, any person who imports or exports any goods to which a forged trademark is applied commits an offence. The maximum penalty upon conviction is a fine of $500,000 and imprisonment for five years.
     
    Members of the public may report any suspected counterfeiting activities to Customs’ 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hkIssued at HKT 16:17

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Secretaries Wright, Burgum Join JERA and U.S. LNG Producers to Finalize Agreements Expected to Add over $200 Billion to U.S. GDP

    Source: US Department of Energy

    WASHINGTON— U.S. Secretary of Energy Chris Wright and Secretary of the Interior Doug Burgum, vice-chair and chair of the National Energy Dominance Council (NEDC) respectively, today joined Yukio Kani, global CEO and chairman of JERA Co., Inc. and representatives from several U.S. LNG producers to announce the finalization of four 20-year agreements between JERA and U.S. companies to purchase up to 5.5 million tons per year of American LNG. The agreements, which are projected to support more than 50,000 U.S. jobs and add more than $200 billion to U.S. GDP according to S&P Global analysis, underscore President Trump’s efforts to unleash American LNG production and the significant role the U.S. LNG industry plays in strengthening the U.S. economy and bolstering global energy security.

    The agreements include sales and purchase agreements with NextDecade Corporation and Commonwealth LNG, and heads of agreements with Sempra Infrastructure and Cheniere Marketing LLC, to purchase LNG from America’s Gulf Coast. The announcement is yet another major milestone for President Trump’s commitment to increase investment in the U.S. and unleash American dominance.

    “Today’s announcement of investments in American energy that will unlock nearly a quarter trillion dollars in U.S. GDP is a massive milestone and a bold demonstration of President Trump’s leadership,” said Secretary Wright. “More than 50,000 jobs, tens of billions of dollars in new LNG export infrastructure, and a more secure energy future is just around the corner because we have a President who prioritizes our nation’s prosperity and energy security. This is another powerful example of the growth of the U.S. LNG export industry over the past decade, which is a boon to our allies around the world who seek to expand trade with the U.S. while supporting their own energy security.”

    “This investment is a message to the world that American LNG is back thanks to President Trump and we’re leading on the world stage,” said Secretary Burgum. “I am proud to join Secretary Wright and JERA CEO Yukio Kani to celebrate this commitment that will bring in almost a quarter trillion dollars to our nation’s economy and support over 50,000 American jobs for our country’s LNG industry. America is no longer begging for foreign energy – we’re producing it cleaner, smarter, better, and more reliably than the rest of the world.”

    “Today represents a true win-win and we want to thank President Trump for his leadership and commitment to unleash American energy – both of which were essential to completing these Agreements,” said Yukio Kani, Global CEO and Chairman of JERA Co., Inc. “They reflect a strong commercial partnership between the U.S. and Japan, strengthen Japan’s energy security and reaffirm the U.S.’s leading role in the global LNG market. We look forward to continuing our work with the President, Secretaries Burgum and Wright, and their teams, in partnership with the Government of Japan and the Ministry of Economy, Trade and Industry, on shared energy goals moving forward.”

    BACKGROUND:

    President Trump and Secretary Wright have been hard at work to expand U.S. LNG exports by removing regulatory burdens left by the previous administration. With President Trump’s leadership, the DOE acted on day one to resume the consideration of pending applications to export LNG to countries without a free trade agreement (FTA), in accordance with the Natural Gas Act. Under President Trump, Secretary Wright has approved approximately 106 (mpt/a) in non-FTA export projects, which ranks higher than the current LNG export capacities of the second largest global exporter. The DOE removed regulatory barriers blocking LNG exports, including rescinding a Biden-era policy statement that required LNG exporters to meet strict criteria before the agency would request to extend a commencement date for an approved project. In May 2025, the DOE finalized the 2024 LNG export study showing key findings, including that the United States has a robust natural gas supply; exports increase GDP, expand jobs, and improve trade; and LNG exports improve national security.

    To fulfill President Trump’s Energy Dominance agenda, Secretary Burgum is cutting red tape and empowering energy producers in the Gulf of America to drill more than ever before. In Q1 of 2025, the Department of the Interior announced the disbursement of approximately $353.6 million in energy revenues to the four Gulf of America oil- and gas-producing states – Alabama, Louisiana, Mississippi, and Texas, and their coastal political subdivisions such as counties and parishes. In a significant step forward for American energy production, the Department of the Interior is boosting offshore oil output in the Gulf of America. New scientific studies from the Department of the Interior have found that there is 7.15 trillion cubic feet of natural gas in the Gulf of America—a 22.6 percent increase in remaining recoverable reserves. In May, the Department of Interior issued an amended bonding financial assurance rule, which will free up billions of dollars for American energy producers to use to lease, explore, drill, and produce oil and gas in the Gulf of America while protecting American taxpayers against high-risk decommission liabilities.

    President Trump’s One Big Beautiful Bill will help advance this project by expediting permitting for critical infrastructure projects, including LNG export terminals.

    For more information on this announcement and President Trump’s efforts to unleash American LNG exports click here to view a fact sheet.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Council collaboration delivers Sustainable Tourism Programme

    Source: Northern Ireland City of Armagh

    Joanne McElmeel, ABC Tourism Trade Liaison Officer pictured with local tourism businesses who successfully completed the Sustainable Business Pathway Programme.

    Armagh City, Banbridge and Craigavon Borough Council in partnership with Tourism Northern Ireland has successfully delivered the Sustainable Business Pathway Programme, reinforcing their commitment towards becoming a more sustainable and resilient tourism destination.

    As one of the first councils in Northern Ireland to introduce the localised Sustainable Tourism Business initiative, the Council is taking steps to support the local industry in adopting environmentally and socially responsible practices. Facilitated by sustainability training specialists The Tourism Space, the 15-week programme supported ten tourism businesses from across the Borough and encouraged practical, collective action on sustainability at a local level.

    Each business developed its own sustainability action plan as part of the programme, outlining measurable targets for reducing environmental impact, identifying cost savings and enhancing visitor experience. Their participation and sustained commitment was recognised with a Level 4 Certificate in Sustainable Tourism Practice in Destinations, accredited by Ulster University.

    Speaking about the programme, Lord Mayor of Armagh City, Banbridge and Craigavon Borough Alderman Stephen Moutray said:

    “As one of the first councils in Northern Ireland to partner with Tourism NI on this important initiative, we are proud to be leading the way in sustainable tourism development. The Sustainable Business Pathway Programme reflects our Borough’s commitment to responsible growth and innovation. I commend all participating businesses for embracing this opportunity. Their dedication not only strengthens our local tourism sector but also helps secure a more sustainable future for our communities and visitors alike.”

    Reflecting on her experience, Helen Forster of Charlemont Arms Hotel commented,

    “This programme has equipped me with new insights, renewed confidence and a clear sense of direction. As a small hotel in beautiful historic City of Armagh we have both a responsibility and an opportunity to contribute to the promotion of the place we call home as a sustainable destination.”

    With the programme now complete, ABC Council are now part of a growing network of destinations across Northern Ireland working to embed sustainability into the visitor experience. The insights gained and outcomes achieved will help shape future council initiatives, while participating businesses are now well placed to begin acting as local champions for more sustainable tourism.

    For more information on support available for Tourism and Hospitality businesses, please contact Joanne McElmeel 

    *protected email*

    MIL OSI United Kingdom –

  • MIL-OSI Australia: Australia’s Bond Market in a Volatile World

    Source: Airservices Australia

    Introduction

    It is a pleasure to be at the Australian Government Fixed Income Forum here in Tokyo. Today I will talk about three issues that are important for the wider Australian bond market:

    1. How has the market matured over a long period of time?
    2. What might the future hold, given a volatile international backdrop?
    3. What are the implications of the RBA’s new framework for implementing monetary policy?

    To give the punchline up front: in a volatile world, the Australian bond market is supported by a number of enduring strengths that are centred around Australia’s institutional stability and policy frameworks.

    The maturing of the Australian bond market

    If we rewind 25 years, the debate over Australia’s bond market was whether it had much of a future. In the early 2000s, the core of the market – Australian government securities (AGS) – was dwindling in size. That focused minds on the negative feedback effects this would have for the functioning and resilience of Australia’s financial system, ability to attract foreign investors, and the cost of capital.

    We have since seen significant growth in Australia’s overall bond market. The first phase of growth was the expanded issuance by Australian banks raising wholesale funding (Graph 1). The second phase has involved the expanded issuance by governments, both federal and state (‘semi’ government securities). The stock of bonds issued by Australian entities is now about 80 per cent the size of total bank credit in Australia.

    The growth of the market has been supported by a diverse range of investors: banks accumulating liquid assets in response to regulation; super funds managing Australia’s maturing compulsory savings system; and foreign investors attracted by Australia’s institutions, credit profile and history of relatively high yields.

    For most of its history, Australia has benefited from being a net importer of capital, and the bond market has been a key vehicle for that. The growth of the bond market has continued despite an extraordinary decline in Australia’s net foreign liabilities in recent years (Graph 2). That is because Australians have accumulated foreign assets, especially equity, while foreign investors have continued to seek to hold Australian debt.

    As the bond market has grown, we have seen a positive feedback loop. A bigger market has seen more diversity, liquidity and maturity of the underlying infrastructure. Several recent and emerging trends speak to this:

    • We have seen greater depth of the Australian dollar (i.e. onshore) market. Since the 1980s, Australian banks and other corporations have mainly issued bonds offshore in foreign currency to access deeper markets. So we tend to think of the Australian bond market in these broader terms. But in the past few years issuance has shifted onshore – banks now source around half of their bond funding onshore and corporates are issuing much more of their longer term debt onshore (Graph 3). At the same time, foreign investors have been more active in the onshore market.
    • Liquidity has been supported by an expanded repo market, where bonds can be used as collateral to raise cash. The repo market for AGS and semis has doubled in size relative to the physical bond market over the past decade (Graph 4). We also see a broader range of participants and more diverse collateral. The growth of repo partly reflects the larger physical bond market, and is despite money markets having been flush with reserves in recent years.
    • The market is moving toward enhanced infrastructure and transparency. There is a growing industry consensus that centralised clearing could enhance the efficiency, stability and transparency of the Australian bond and repo markets. And a welcome development in the repo market is that the ASX is developing an overnight repo pricing benchmark (SOFIA).

    Some earlier expectations for the bond market have not come to fruition. Most notably, the corporate bond sector remains small by international standards, with lower rated issuers still tending to seek capital abroad. That said, this partly reflects the ongoing strength of the Australian banks, the emergence of a private credit market, and a long-term decline in corporate leverage since the global financial crisis.

    Overall, the Australian bond market has come a long way. Rather than the negative feedback effects that people worried about at the turn of the century, we have seen a positive feedback loop as the market has grown. The market has become more attractive over time to both issuers and investors.

    Challenges and opportunities in a volatile and uncertain world

    What then might the future hold?

    The international backdrop presents two key challenges: competition for global capital; and the potential for periodic market disruptions to spill over. I’ll now outline what each in turn might mean for the Australian bond market. From here, I am largely focusing on government bond markets.

    Competition for global capital

    Recent years have seen increased supply of government bonds globally. That reflects both new issuance and a wind down of central banks’ holdings (Graph 5). Some observers have gone so far as to refer to this as an emerging global ‘bond glut’.

    In turn, there has been a sustained rise in the yield that government bonds pay over expected future short rates – the term premium (Graph 6). And yields on bonds have also risen relative to those in derivatives markets – the interest rate swap spread.

    This shift should be kept in context – the term premium has returned closer to historical norms. Even so, it suggests a fundamental shift from the previous decade or so, when we saw strong demand for government bonds from price-insensitive buyers and historically low term premiums.

    What does this mean for Australia?

    The supply of government bonds in Australia is also projected to grow at a fast pace relative to history. That largely reflects funding tasks for both the Australian federal and state borrowing authorities. It also reflects the gradual unwinding of the RBA’s holdings of AGS and semis. The ‘free float’ of AGS available to private investors is projected to increase by around 4 percentage points of GDP a year in coming years – the highest since the pandemic.

    At the same time, foreign investors continue to own a large share of Australian bonds (Graph 7). That is despite a rapidly growing pool of domestic savings, as I mentioned earlier. Foreign ownership comprises around two-thirds of the free float of AGS available to private investors, though a much lower share of semis.

    In this context, Australia’s institutions and credit profile have long provided an important comparative advantage. Our discussions in liaison confirm that foreign investors are attracted to Australia’s strong and stable institutional arrangements. Australia’s general government net debt is amongst the lowest in the developed world, at around 30 per cent of GDP (Graph 8). As a result, while Australia comprises only around 1 per cent of the outstanding sovereign bonds in advanced economies, it makes up more than 10 per cent of the AAA-rated sovereign bond universe. Looking beyond government bonds, Asian investors have developed a larger presence in bank and corporate bonds in recent years for these same reasons. And in the process, issuers have developed stronger relationships with new offshore investors.

    Much as international trade may be diverted in a new economic order – so too might international capital. There are a range of plausible scenarios for how this may play out. Investors may be concerned about Australia’s exposures as a small economy with a large trade relationship with China and a major stake in an open international trading and financial architecture. But working in the other direction are the enduring institutional factors I have mentioned, which will continue to be attractive to investors. In some scenarios where these institutional factors take precedence, Australia could even be a net recipient of broader portfolio allocations.

    Ultimately, prices will clear markets. And Australia’s floating exchange rate has historically also provided important flexibility, helping to absorb any shifts in relative demand for Australian assets.

    Market disruptions and spillovers

    A second issue is the potential for market disruptions to spill over to the Australian market. This is not new of course. But in an environment of elevated uncertainty, increasing supply and (as I’ll get to) leverage in global bond markets, we need to be prepared for periodic disruptions.

    Events in early April were somewhat dramatic, though brief, and illustrated how changes in the global economic system will play out quickest in capital markets. The US administration’s announcement of larger and broader tariffs than expected, and the response of other governments, saw markets rapidly reassess the outlook. Some large positions in international government bond markets, often associated with leverage, were unwound relatively quickly leading to a sharp rise in yields and thinner liquidity.

    There was a similar unwinding of positions in the Australian Government bond market and some participants reduced their trading amid the volatility. As a result, we saw some large moves in AGS yields and a decline in market liquidity (Graph 9). Bid-ask spreads widened to several times their normal level. Yields for other bonds rose relative to AGS, including because they have less liquidity than the AGS market.

    On this occasion, Australian markets were ultimately able to adjust – we saw a repricing, but not a broad-based shift to cash. Sellers were able to find willing buyers, and Australian governments continued issuing, though at a slower pace. Derivatives markets were resilient, including bond futures, which play a particularly important role in price discovery and risk management in the Australian market. This was in contrast with the early days of the pandemic, when markets became dysfunctional and threatened broader financial stability.

    A key reason that markets stabilised quickly was the pause on the implementation of tariffs. That suggests little room for complacency.

    So what other lessons can we take?

    One is to remain attentive to market leverage. We did not see large-scale deleveraging in AGS or other Australian bonds. But leveraged investors such as hedge funds have had an increased role in many markets in recent years. They bring significant benefits as a source of liquidity in normal times, but also introduce risks as deleveraging can amplify shocks.

    In Australia, we hear that hedge funds are a growing source of demand in some sectors such as semis. But unlike in other countries, where pension funds and insurers can employ significant leverage when holding bonds, Australia’s large superannuation sector is restricted from – and has less incentive to – directly take on leverage.

    And, ultimately, this was a reminder of the importance of resilience in core money markets. Australian repo markets continued to function, which avoided broader deleveraging and supported the ability to trade and issue in bonds. In turn, liquidity in money markets was supported by the RBA’s monetary policy implementation framework.

    Implications of the RBA’s new framework for implementing monetary policy

    Which brings me to my final topic – the RBA’s new framework for implementing monetary policy and its role in markets.

    Recent years have seen a significant decline in the RBA’s balance sheet as our pandemic-era policies have matured. In light of that, we recently announced how we will implement monetary policy in the future to control the cash rate – which is the RBA’s operational target for monetary policy.

    For markets, this framework emphasises the important role of two aspects of liquidity:

    1. Central bank liquidity – by which I mean the availability of reserves as the ultimate liquid asset. At its heart, the framework provides an ‘ample’ level of reserves, as participants can fully satisfy their demand at our ‘full allotment’ repo operations. That is a change from pre-pandemic times when we supplied a scarce quantity of reserves.
    2. Market liquidity – by which I mean the ability to obtain funding in active private money markets. While the framework provides more reserves than in the past, it still aims to also provide private money markets with the space to operate effectively. That is done by applying a modest cost on reserves and operating in the market only weekly.

    The recent episode highlighted the importance of these two aspects of liquidity. Money markets redistributed liquidity where it was needed. And we saw a relatively modest increase in demand for reserves at our weekly operations, which helped keep the necessary overall liquidity in the system (Graph 10). Together, that helped to ensure the initial shock was not amplified through broader markets.

    The framework’s set-up is forward looking. We expect our repo operations to expand from a low share of the market, to meet demand for reserves as our bond holdings gradually unwind (Graph 11). But we do not want that to significantly displace the normal operation of private money markets.

    To help support the smooth operation of markets, we have also emphasised that use of our ‘overnight standing facility’ will be seen as routine liquidity management by both the RBA and APRA.

    In all, we have put through changes seen as appropriate for the future – including the price and tenor of operations and the rate we pay on reserves. While we will learn and recalibrate as needed, markets also benefit from predictability and so the intent is not to adjust these settings frequently.

    Conclusion

    Let me conclude.

    We are facing a volatile world. The global economic system is in flux and what will emerge is difficult to predict. Australia’s open economy has long benefited from open capital flows, and the Australian bond market provides a critical linkage with the rest of the world.

    In that context, the Australian bond market has a number of key and enduring strengths. Its growth over time has been accompanied by greater depth, diversity and infrastructure. More broadly, Australia’s stable institutional foundations and favourable credit profile should help it to remain an attractive destination for international capital, alongside strong growth in domestic savings.

    In an uncertain environment we should be prepared for periods of volatility and market disruption, as events in early April highlighted. Australian markets exhibited resilience and that episode did not become systemic. Importantly, it did not result in a broader shift to cash. On that front, the RBA’s new operational framework is designed to both foster liquid money markets and provide ample central bank reserves. That combination can help Australian markets to remain flexible and resilient in a volatile world.

    Thank you for your time and I look forward to your questions.

    MIL OSI News –

  • MIL-Evening Report: Global outrage over Gaza has reinforced a ‘siege mentality’ in Israel – what are the implications for peace?

    Source: The Conversation (Au and NZ) – By Eyal Mayroz, Senior Lecturer in Peace and Conflict Studies, University of Sydney

    After more than 20 months of devastating violence in Gaza, the right-wing Israeli government’s pursuit of two irreconcilable objectives — “destroying” Hamas and releasing Israeli hostages — has left the coastal strip in ruins.

    At least 54,000 Palestinians have been killed by the Israeli military, close to two million have been forcibly displaced, and many are starving. These atrocities have provoked intense moral outrage around the world and turned Israel into a pariah state.

    Meanwhile, Hamas is resolved to retain control over Gaza, even at the cost of sacrificing numerous innocent Palestinian lives for its own survival.

    Both sides have been widely accused of war crimes, crimes against humanity, and mainly in Israel’s case, genocide.

    While the obstacles to ending the fighting remain stubbornly difficult to overcome, a troubling pattern has become increasingly apparent.

    The very outrage that succeeded in mobilising, sustaining and swelling international opinion against Israel’s actions — a natural psychological response to systematic injustice — has also reinforced a “siege mentality” already present among many in its Jewish population.

    This siege mentality may have undermined more proactive Israeli Jewish public support for a ceasefire and “day-after” concessions.

    A toxic cocktail of emotions

    Several dominant groups have shaped the conflict’s dynamics, each driven by a distinct set of emotional responses.

    For many Israeli Jews, the massacres of October 7 have aggravated longstanding feelings of victimhood and mistrust, fears of terrorist attacks, perceptions of existential threats, intergenerational traumas stemming from the Holocaust, and importantly, the strong sense of siege mentality.

    Together, these emotions have produced a toxic blend of anger, hatred and intense desire for revenge.

    For the Palestinians, Israel’s devastation of Gaza has followed decades of oppressive occupation, endless rights violations, humiliation and dispossession. This has exacerbated feelings of hopelessness, fear and abandonment by the world.

    The wider, global pro-Palestinian camp has been driven by moral outrage over the atrocities being committed in Gaza, alongside empathy for the victims and a sense of guilt over Western governments’ complicity in the killings through the provision of arms to Israel.

    Similarly, for Israel’s supporters around the world, anger and resentment have led to feelings of persecution, and in turn, victimisation and a sense of siege.

    Many on both sides have become prisoners of this moral outrage. And this has suppressed compassion for the suffering of the “other” — those we perceive as perpetrators of injustice against the side we support.

    Complaints of bias and content omissions

    Choosing sides in a conflict translates almost inevitably into biases in how we select, process and assess new information.

    We search for content that confirms what we already believe. And we discount information that would go against our pre-existing perceptions.

    This tendency also increases our sensitivity to omissions of facts we deem important for our cause.

    Since early in the crisis, voices in the two camps have accused the mainstream media in the West of biased coverage in favour of the “other”. These feelings have added fuel to the moral outrage and sense of injustice among both sides.

    Outrage in the pro-Israel camp has focused mainly on a perceived global conspiracy to absolve Hamas of any responsibility.

    In that view, Israel has been singled out as the only culpable party for the killings in Gaza. This is despite the fact Hamas unleashed the violence on October 7, used the Gazan population as human shields while hiding in tunnels, and refused to release all the Israeli hostages to end the fighting.

    On the other side, pro-Palestinian outrage has focused on “blatant” omissions by the media and Western governments of important historical facts that could provide context for the October 7 attacks.

    These included:

    On both sides, then, significant focus has been placed on omissions of facts that could support one’s own narrative or cause.

    A siege mentality in Israel

    Many Israelis continue to relive October 7 while remaining decidedly blind to the daily horrors their military inflicts on Gaza in their name. For them, the global outrage has reinforced a long-existing and potent siege mentality.

    This mindset has been fed by a reluctance to directly challenge Israeli soldiers risking their lives and other rally-around-the-flag effects. It’s also been bolstered by the desire for revenge and an intense campaign of dehumanising all Palestinians — Hamas or not.

    The so-called “ring of fire” created around Israel by Iran and its proxies —Hezbollah, Hamas, Islamic Jihad and the Houthis — has further amplified this siege mentality. Their stated objective is the destruction of Israel.

    I’ve conducted an exploratory study of Israeli media, government statements and English Jewish diaspora publications from October 2023 to May 2025, reviewing some 5,000 articles and video clips.

    In this research, I’ve identified strong, consistent uses of siege mentality language, phrases such as:

    In a detailed analysis of 65 English articles from major Israeli outlets, such as The Jerusalem Post and Times of Israel, and Jewish publications in the United States, United Kingdom and Australia, I found siege mentality language in nearly nine out of ten searches.

    Importantly, nearly half of these occurrences were in response to pro-Palestinian rhetoric or advocacy: campus protests and actions targeting Israelis or Jews, university groups refusing to condemn October 7, or foreign governments’ recognition of Palestinian statehood.

    The sharp increase in attacks on Jews and Jewish installations since October 7 has also sparked global debates over rising antisemitism. Distinguishing honest critiques of Israel’s actions in Gaza from antisemitic rhetoric has become contentious, as has the use of antisemitism claims by Israeli leaders to dismiss much of this criticism.

    Moving forward

    When viewed through the prism of injustice, the strong asymmetry between Israeli and Palestinian suffering has long been apparent. But it’s grown even wider following Israel’s brutal responses to October 7.

    The culpability of Israel’s government and Hamas for the atrocities in Gaza is incontestable. However, many in the Israeli-Jewish public must also share some of the blame for refusing to stand up to – or by actively supporting – their extremist government’s policies.

    The pro-Palestine movement’s justice-driven campaigns have done much to combat international bystanding and motivate governments to act. At the same time, the unwillingness to unite behind a clearer unequivocal condemnation of Hamas’ massacres may have been a strategic mistake.

    By ignoring or minimising the targeting of civilians, the hostage-taking and the reports of sexual violence committed by Hamas, a vocal minority of advocates has weakened the movement’s otherwise strong moral authority with some of the audiences it needed to influence most. First and foremost, this is people in Israel itself.

    My research suggests that while injustice-based outrage can be effective at generating attention and engagement, it can also produce negative side effects. One adverse impact has been the polarisation of the public debate over Gaza, which, in turn, has contributed to the intensification of Israelis’ siege mentality.

    Noam Chomsky, a well-known Jewish academic and fierce critic of Israel’s treatment of Palestinians, once noted in relation to Palestinian advocacy:

    You have to ask yourself, when you conduct some tactic, what the effect is going to be on the victims. You don’t pursue a tactic because it makes you feel good.

    The question, then, is how to harness the strong mobilising power of moral outrage for positive ends – preventing bystander apathy to atrocities – without the potential negative consequences. These include polarisation, expanded violence, feeding a siege mentality (when applicable), and making peace negotiations more difficult.

    The children in Gaza and elsewhere in the world deserve advocacy that will prioritise their welfare over the release of moral outrage — however justified.

    So, what approaches would most effectively help end the suffering?

    Most immediately, the solution rests primarily with Israel and, by extension, the Trump administration as the only international actor powerful enough to force Prime Minister Benjamin Netanyahu’s government to halt the killings.

    Beyond that, and looking toward the future, justice-based activism should be grounded in universal moral principles, acknowledge all innocent victims, and work to create space for both societies to recognise each other’s humanity.

    I served as a counterterrorism specialist with the Israeli Defence Forces in the 1980s.

    – ref. Global outrage over Gaza has reinforced a ‘siege mentality’ in Israel – what are the implications for peace? – https://theconversation.com/global-outrage-over-gaza-has-reinforced-a-siege-mentality-in-israel-what-are-the-implications-for-peace-258561

    MIL OSI Analysis – EveningReport.nz –

  • EAM Jaishankar’s Brussels visit reinforces India’s ties with EU, Belgium

    Source: Government of India

    Source: Government of India (4)

    External Affairs Minister Dr. S. Jaishankar concluded a three-day official visit to Brussels from June 9 to 11, reinforcing India’s deepening ties with both the European Union and Belgium.

    In a major boost to India-EU relations, Jaishankar met European Commission President Ursula von der Leyen and European Parliament President Roberta Metsola, and co-chaired the first-ever India-EU Strategic Dialogue with EU High Representative and Vice-President Kaja Kallas.

    Jaishankar and von der Leyen reaffirmed their commitment to concluding a “balanced, ambitious, and mutually beneficial” Free Trade Agreement (FTA) by the end of 2025, according to a statement from the Ministry of External Affairs (MEA).

    Both sides expressed satisfaction with the progress of cooperation across sectors such as trade, technology, defence and security, mobility of skilled professionals, and connectivity. They also discussed preparations for the next India-EU Summit, agreeing to hold the next meeting of the India-EU Trade and Technology Council (TTC) before the summit.

    A key highlight of the visit was the Strategic Dialogue held on June 10, where Jaishankar and Kallas held wide-ranging discussions on enhancing collaboration in defence and security, counter-terrorism, maritime security, and cyber issues.

    They also reviewed the proposed India-EU Security and Defence Partnership, a Security of Information Agreement, and plans for a comprehensive Space Dialogue.

    The two sides also exchanged views on regional and global developments. The European Union strongly condemned the recent terrorist attack in Pahalgam and reiterated its support for India’s right to defend its citizens.

    During his engagements with European Commissioners, Jaishankar discussed key areas of cooperation. He reviewed progress on the FTA negotiations with Commissioner Maroš Šefčovič, explored space and defence industry collaboration with Commissioner Virginijus Sinkevičius, and discussed connectivity initiatives with Commissioner Jozef Sikela.

    The visit also saw the signing of an Administrative Arrangement for Trilateral Cooperation in development projects, aimed at leveraging the expertise of both India and the EU to support initiatives in third countries.

    Strengthening bilateral ties with Belgium was another major focus of the visit.

    Jaishankar met with Belgian Prime Minister Bart De Wever and reaffirmed India’s commitment to strengthening its close partnership with Belgium across a broad spectrum of areas.

    He also held delegation-level talks with the Deputy Prime Minister and Foreign Minister Maxime Prévot.

    The two sides reviewed ongoing collaborations and explored new opportunities in key sectors including semiconductors, renewable energy, pharmaceuticals, trade and investment, and security. Belgium reiterated its solidarity with India in the fight against terrorism.

    The visit came on the heels of the EU College of Commissioners’ visit to India and the Belgian Economic Mission to New Delhi, signaling growing momentum in India’s ties with Europe.

    According to the MEA, Jaishankar’s Brussels engagements marked “a significant step forward in reinforcing the vision for a future-oriented partnership” with both the EU and Belgium.

  • India, EU committed to inclusive growth through FTA: Piyush Goyal

    Source: Government of India

    Source: Government of India (4)

    Union Commerce and Industry Minister Piyush Goyal on Thursday said that the proposed India-EU Free Trade Agreement (FTA) reflects a shared commitment to deepening economic ties and fostering inclusive growth across regions.

    Speaking at the India-Sweden High-Level Trade and Investment Policy Forum, Goyal underlined the potential for increased collaboration between India and Sweden. The forum was attended by members of the Confederation of Swedish Enterprises and leading Swedish and Indian businesses.

    “The joint paper on the proposed India-EU FTA, released at the event, underscores our collective commitment to strengthening economic ties and fostering inclusive growth. The India-Sweden partnership is a model of how two diverse economies can create mutual benefit through shared vision and cooperation. I look forward to translating these deliberations into concrete opportunities,” Goyal said.

    During his visit, Goyal also met Marie Sandin, Managing Director of Tetra Pak Sweden, and discussed ways to enhance cooperation in sustainable packaging solutions. The two sides explored opportunities for expanding research and development initiatives in India and strengthening capabilities in advanced equipment manufacturing.

    In an interaction with Swedish business leaders at a dinner reception hosted by the Sweden-India Business Council and the Embassy of India, Goyal highlighted India’s growing appeal as an investment destination. He cited the country’s steady progress in sustainable development and its Zero Defect, Zero Effect manufacturing philosophy as key drivers of economic opportunity.

    “I emphasised the remarkable progress India has made in technology, innovation, and R&D, backed by the strength of our skilled and talented workforce. I encouraged Swedish businesses to explore opportunities in India, where there is immense potential for collaboration and mutual growth,” he said.

    Goyal also participated in the concluding session of the Ministerial Meeting of the Indo-Swedish Joint Commission for Economic, Industrial and Scientific Cooperation, alongside Sweden’s Minister for International Development Cooperation and Foreign Trade, Benjamin Dousa. The ministers discussed how capital, talent, and technology exchanges continue to shape the strategic partnership between the two countries, with science and innovation at the forefront.

    IANS

  • MIL-Evening Report: In most mammals, one gene determines sex. But 100 million years ago, platypuses and echidnas went their own way

    Source: The Conversation (Au and NZ) – By Linda Shearwin, Researcher, Comparative Genome Biology Laboratory, University of Adelaide

    Rob D / Shutterstock

    For decades, scientists have known that platypuses and echidnas – Australia’s unique egg-laying mammals – have another developmental quirk: they don’t use the same genetic toolkit as other mammals to develop male and female embryos.

    What’s more, just how they do it has been a mystery. Until now.

    In a recent study published in Genome Biology, our research team has found strong evidence that monotreme sex comes down to a single gene – one that’s much more like what we see in some fish and amphibians than other mammals.

    The search for the secret of monotreme sex

    The Australian platypus and echidna are monotremes, the most ancient living group of mammals. These unique creatures are famously the only mammals to lay eggs, and they also have other reptile-like features.

    Humans and many other mammal species have two sex-determining chromosomes, X and Y. An embryo with an XX pair of chromosomes will develop as female, while an XY pair leads to a male embryo.

    In many mammals, the process that makes an embryo develop as male is triggered by a gene called SRY on the male Y chromosome. However, the SRY gene in monotremes has never been found.

    About 20 years ago, it was discovered that monotremes have an entirely different system that uses multiple X and Y chromosomes. Scientists assumed the Y chromosomes must still hold a gene that determined sex, but very little was known about what it might be.

    In 2008 a full genome sequence of a platypus was published, which was a step in the right direction. However, the genome was from a female so it had no information about Y chromosomes.

    By 2021, a new and improved platypus genome and a first echidna genome included sequences of multiple Y chromosomes. A gene emerged as the frontrunner for the role of sex determination in monotremes: the anti-Muellerian hormone (or AMH), which is involved in the sexual development in many animals.

    A 100-million-year-old change

    Our new research provides the first real evidence that an adapted version of AMH found on one of the monotreme Y chromosomes (dubbed AMHY) is the sex determination gene in monotremes.

    We showed that changes in the AMH gene long ago, early in the evolution of monotremes, could explain how AMHY arose and took on a role in male sexual development.

    This event would have set the stage for the evolution of the novel sex chromosome system in the ancestor of today’s platypus and echidna, about 100 million years ago when the AMH gene on the XY chromosomes embarked on separated paths.

    We showed that although the AMHY gene has changed significantly from the original AMH gene (AMHX), it has retained its essential features. Importantly, we could show for the first time that AMHY is turned on in the right tissue and at the right time to direct development of the testes during male development, which was an important missing piece of the puzzle.

    A first for mammals

    Unlike the other mammal sex determination genes, which act directly on the DNA to switch on other genes that lead to male development, AMHY is a hormone. It does not interact with DNA, but instead acts at the surface of cells to turn genes on or off.

    There is growing evidence that AMHY also plays a role in sex determination in a number of fish and amphibian species. However, AMHY in monotremes would be the first known example of a hormone playing a sex-determining role in mammals.

    What’s next? Our ongoing research investigate in detail how AMHX and AMHY work differently in monotremes compared to other mammals.

    The work discussed in this article was carried out by researchers from the University of Adelaide, the University of Melbourne, the University of Queensland, Monash University and Currumbin Wildlife Sanctuary.

    Linda Shearwin receives funding from the Australian Research Council.

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

    – ref. In most mammals, one gene determines sex. But 100 million years ago, platypuses and echidnas went their own way – https://theconversation.com/in-most-mammals-one-gene-determines-sex-but-100-million-years-ago-platypuses-and-echidnas-went-their-own-way-258801

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Global: In most mammals, one gene determines sex. But 100 million years ago, platypuses and echidnas went their own way

    Source: The Conversation – Global Perspectives – By Linda Shearwin, Researcher, Comparative Genome Biology Laboratory, University of Adelaide

    Rob D / Shutterstock

    For decades, scientists have known that platypuses and echidnas – Australia’s unique egg-laying mammals – have another developmental quirk: they don’t use the same genetic toolkit as other mammals to develop male and female embryos.

    What’s more, just how they do it has been a mystery. Until now.

    In a recent study published in Genome Biology, our research team has found strong evidence that monotreme sex comes down to a single gene – one that’s much more like what we see in some fish and amphibians than other mammals.

    The search for the secret of monotreme sex

    The Australian platypus and echidna are monotremes, the most ancient living group of mammals. These unique creatures are famously the only mammals to lay eggs, and they also have other reptile-like features.

    Humans and many other mammal species have two sex-determining chromosomes, X and Y. An embryo with an XX pair of chromosomes will develop as female, while an XY pair leads to a male embryo.

    In many mammals, the process that makes an embryo develop as male is triggered by a gene called SRY on the male Y chromosome. However, the SRY gene in monotremes has never been found.

    About 20 years ago, it was discovered that monotremes have an entirely different system that uses multiple X and Y chromosomes. Scientists assumed the Y chromosomes must still hold a gene that determined sex, but very little was known about what it might be.

    In 2008 a full genome sequence of a platypus was published, which was a step in the right direction. However, the genome was from a female so it had no information about Y chromosomes.

    By 2021, a new and improved platypus genome and a first echidna genome included sequences of multiple Y chromosomes. A gene emerged as the frontrunner for the role of sex determination in monotremes: the anti-Muellerian hormone (or AMH), which is involved in the sexual development in many animals.

    A 100-million-year-old change

    Our new research provides the first real evidence that an adapted version of AMH found on one of the monotreme Y chromosomes (dubbed AMHY) is the sex determination gene in monotremes.

    We showed that changes in the AMH gene long ago, early in the evolution of monotremes, could explain how AMHY arose and took on a role in male sexual development.

    This event would have set the stage for the evolution of the novel sex chromosome system in the ancestor of today’s platypus and echidna, about 100 million years ago when the AMH gene on the XY chromosomes embarked on separated paths.

    We showed that although the AMHY gene has changed significantly from the original AMH gene (AMHX), it has retained its essential features. Importantly, we could show for the first time that AMHY is turned on in the right tissue and at the right time to direct development of the testes during male development, which was an important missing piece of the puzzle.

    A first for mammals

    Unlike the other mammal sex determination genes, which act directly on the DNA to switch on other genes that lead to male development, AMHY is a hormone. It does not interact with DNA, but instead acts at the surface of cells to turn genes on or off.

    There is growing evidence that AMHY also plays a role in sex determination in a number of fish and amphibian species. However, AMHY in monotremes would be the first known example of a hormone playing a sex-determining role in mammals.

    What’s next? Our ongoing research investigate in detail how AMHX and AMHY work differently in monotremes compared to other mammals.

    The work discussed in this article was carried out by researchers from the University of Adelaide, the University of Melbourne, the University of Queensland, Monash University and Currumbin Wildlife Sanctuary.

    Linda Shearwin receives funding from the Australian Research Council.

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

    – ref. In most mammals, one gene determines sex. But 100 million years ago, platypuses and echidnas went their own way – https://theconversation.com/in-most-mammals-one-gene-determines-sex-but-100-million-years-ago-platypuses-and-echidnas-went-their-own-way-258801

    MIL OSI – Global Reports –