NewzIntel.com

Category: Trade

  • MIL-OSI United Kingdom: Dr. Swati Dhingra reappointed to the Monetary Policy Committee

    Source: United Kingdom – Executive Government & Departments

    Press release

    Dr. Swati Dhingra reappointed to the Monetary Policy Committee

    Dr. Swati Dhingra has been reappointed as an external member to the Monetary Policy Committee (MPC), the Chancellor of the Exchequer, Rachel Reeves, has announced.

    Her three-year term was due to end on 8 August 2025. Following her appointment for a second term, Dr. Dhingra will continue to hold the post until 8 August 2028.

    Dr. Swati Dhingra is an Associate Professor of Economics at the London School of Economics (LSE), and an Associate of the Centre for Economic Performance at LSE. Her research has been funded by the Economic and Social Research Council; European Research Council; International Growth Centre; UK Research and Innovation; and she was awarded the Office for National Statistics’ Research Excellence People’s Choice Award 2019. 

    From 1 January 2023, Dr. Swati Dhingra has been Director of the Review of Economic Studies. She has also been a member of the UK’s Trade Modelling Review Expert Panel and the LSE’s Economic Diplomacy Commission.

    About the reappointment process 

    Reappointments are not automatic, and each case is considered on its own merits. This reappointment was made by the Chancellor of the Exchequer, in line with the requirements of the Governance Code for Public Appointments.

    About the Monetary Policy Committee 

    The independent MPC makes decisions about the operation of monetary policy. It comprises of the Governor of the Bank of England, three Deputy Governors, the Bank of England’s Chief Economist and four external members. External members, who are appointed by the Chancellor, may serve up to two three-year terms on the MPC. 

    The appointment of external members to the MPC is designed to ensure that the Committee benefits from thinking and expertise in addition to that gained inside the Bank. Each member of the MPC has expertise in the field of economics and monetary policy. They are independent and do not represent particular groups or areas.

    Updates to this page

    Published 24 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Energetic UK SME Raplas awarded DTEP funding

    Source: United Kingdom – Executive Government & Departments

    News story

    Energetic UK SME Raplas awarded DTEP funding

    Raplas Technologies will be collaborating with BAE Systems on innovative 3D printing projects for defence applications

    • Congratulations to SME (Small and Medium-sized Enterprise) Raplas Technologies Ltd
    • They will be collaborating with higher tier supplier BAE Systems
    • The Defence Technology Exploitation Programme (DTEP) boosts defence innovation while supporting the technology supply chain

    Sully based SME Raplas Technologies Ltd has been awarded funding through the latest round of the Defence Technology Exploitation Programme (DTEP). They will collaborate with BAE Systems who will mentor them over the duration of a forthcoming defence project. They will receive a government grant worth 50 percent of the project value with the aim of developing innovative new solutions that meet UK defence challenges and increase capability in the UK defence supply chain.

    The DTEP programme, which seeks to improve the competitiveness of the UK defence supply chain, is sponsored by the MOD’s Directorate of Industrial Strategy and Exports (DISE) and delivered through the Defence and Security Accelerator (DASA), Innovate UK, and ADS.

    Congratulations to Raplas

    Raplas is a leading UK designer and manufacturer of 3D printing solutions and equipment for multiple industries. They have proposed to deliver an innovative system for the safe printing and post processing of BAE proprietary energetic material formulations with automated handling of materials in an unmanned environment.

    Raplas will design and produce purpose-made systems which will process BAE proprietary material formulation.

    The new process and production methods will enable these materials to be manufactured in the UK, ensuring a consistent supply to the MOD without having to rely on international imports and thus eliminating the potential for future gaps in the defence supply chain.

    Dr Richard Wooldridge, CEO of Raplas, said:

    “We are honoured to have worked with the Defence and Security Accelerator (DASA) on an exciting journey to deliver new, commercially viable solutions to the UK defence industry. We are therefore delighted that our advanced resin-based 3D printing technology has been recognised by the Ministry of Defence and BAE Systems, further solidifying our position as a leader in the 3D printing industry. The Raplas team looks forward to collaborating with BAE Systems, leveraging our combined expertise in hardware and software to deliver innovative solutions that strengthen the defence of our nation and its sovereign capabilities.”

    Jon Davies, Business Development, Future Programmes, BAE Systems:

    “BAE Systems is delighted to be working with RAPLAS to explore the benefits of their 3D printing technologies for defence applications. This collaboration aligns with our strategy to integrate cutting-edge technological innovations into our Future Product development initiatives.”

    Anita Friend, Head of DASA, said:

     “We’re proud to announce the allocation of DTEP funding to Raplas Technologies and wish them every success with their collaboration with BAE Systems. DTEP funding allows SMEs to collaborate with higher tier partners to develop innovations that will make a distinct contribution to the UK’s defence supply chain. DASA is delighted to foster collaborations such as this that will help ensure the continued success of future defence and security.”

    DTEP’s funding for Raplas highlights the MOD’s commitment to fostering innovation and strengthening the UK defence supply chain through strategic SME partnerships.

    Learn more about DASA’s funding opportunities here.

    Updates to this page

    Published 24 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Sydney ETO supports Hong Kong artists thriving at Adelaide Fringe (with photos)

    Source: Hong Kong Government special administrative region

         The Hong Kong Economic and Trade Office, Sydney (Sydney ETO) is supporting contemporary art platform Hong Kong Soul to stage four Hong Kong performance programmes at the Adelaide Fringe from February 21 to March 10, showcasing Hong Kong’s unique East-meets-West art culture and the talent of Hong Kong artists.

         Hong Kong Soul is featuring two indoor programmes at the Adelaide Fringe, namely the award-winning physical theatre performance “No Dragon No Lion” by TS Crew, “Echoes of Silence: A Percussion Multimedia Odyssey” by Toolbox Percussion, as well as street performances by flow artist Lai Yee and freestyle football performer Lyson Sze.

         Speaking at the premiere show of “No Dragon No Lion” on February 21, the Director of the Sydney ETO, Mr Ricky Chong, said that the Sydney ETO is pleased to see Hong Kong Soul making its debut at the Adelaide Fringe 2025. He added that the Government is committed to developing the arts, culture and creative industries, with substantial resources provided to support arts and cultural groups and artists.

         Hong Kong Soul also staged a selection of performances at the Sydney ETO’s Chinese New Year reception in Adelaide on February 20 to share the joy of the Year of the Snake with the local community in Adelaide.

         Held from February 21 to March 23, the Adelaide Fringe is the biggest arts festival in the southern hemisphere and a world-renowned, annual arts event that attracts over 8 000 independent artists from far and wide to South Australia.                  

    MIL OSI Asia Pacific News –

  • MIL-OSI United Kingdom: Investigators secure jail for plumbing fraudster

    Source: City of York

    A man from Bolton who targeted victims across the North West has been sentenced to 4 years in prison at Bradford Crown Court today, after defrauding vulnerable customers out of a total of £250,000.

    Suhaib Sirajudin, 39, of Fifth Avenue, Bolton, operated as an ‘emergency plumber’ and pleaded guilty to 2 counts of fraudulent trading on Wednesday 9 October 2024. The court heard how he took advantage of homeowners’ urgent need for a plumber by charging grossly inflated emergency callout and repair fees, frequently targeting victims who were older, vulnerable or lived alone. As well as seriously overcharging for initial works he often deliberately damaged victims’ properties in order to charge more for repairs.

    Between June 2021 and December 2022, trading as Plumbing Emergency 24/7 Limited and Expert Plumbing Limited 24/7, Mr Sirajudin advertised his services online and responded to emergency callouts from householders seeking urgent help with leaks. Mr Sirajudin would then exploit his victims, pressurising them into paying ‘extortionate’ sums for works that he completed to such a poor standard that the problem was either unresolved, or got worse.

    One older victim watched her kitchen ceiling fall in after Mr Sirajudin said a hole needed to be made in it to repair a bathroom leak. In total she and her husband, who was bedbound, paid almost £10,000 which was almost all their savings. Another victim paid over £3,000 for the repair of a toilet leak that should have cost around £300. An expert said even that minor repair was not done properly.

    Another elderly couple were quoted £39,000 to repair their gas fire and boiler, which Mr Sirajudin was not qualified to do. They said Sirajudin made them feel belittled and as though they could not question the bill. They eventually paid £21,000.

    Many victims describe how Mr Sirajudin became aggressive when challenged, shouting and refusing to leave or threatening to take away new parts if payment was not made immediately. When victims or their relatives later contacted the companies to complain, their refund requests were often refused and they were cut off on the phone.

    As well as the financial losses, the emotional, mental and physical toll taken on victims has been significant, with a loss of confidence, depression and problems sleeping being among the lasting impacts of Mr Sirajudin’s crimes.

    The defendant was sentenced following an investigation by the National Trading Standards Yorkshire and Humber Regional Investigations Team, hosted by City of York Council, and the National Trading Standards eCrime Team, hosted by North Yorkshire Council.

    As well as the custodial sentence, Mr Sirajudin is also subject to a £250,000 confiscation order for victim compensation and £30,000 in prosecution costs. He will be disqualified from being a company director for 8 years.

    Cllr Jenny Kent, Executive Member with portfolio for Trading Standards at City of York Council, said:

    Mr Sirajudin intimidated and exploited people at a time when they needed emergency plumbing help, often late at night, in their own homes.

    “Many victims were elderly or vulnerable and were charged extortionate amounts for often minor repairs which were badly done; in some cases made considerably worse. I hope they gain some small comfort from the sentencing today, and I’m very grateful for the persistence and dedication of our investigating teams here in York and North Yorkshire who worked hard to bring this case to trial.”

    Lord Michael Bichard, Chair, National Trading Standards, said:

    With householders in desperate need of a plumber, often in the middle of the night, Mr Sirajudin was already in a position of power by the time he arrived at a caller’s home.

    “If he saw that a customer was older, vulnerable or lived alone he took the opportunity to exploit them, leaving many feeling frightened in their own homes as well as thousands of pounds out of pocket.

    “I hope today’s sentencing provides some comfort for those involved and serves as a stark reminder that this type of callous intimidation and deceit will be investigated, and perpetrators brought to justice.

    “If you or someone you know has fallen victim to a fraud like this you should report it to the Citizens Advice consumer service helpline by calling 0808 223 1133.”

    MIL OSI United Kingdom –

  • MIL-OSI China: China’s business community opposes US overstretching national security concept, hindering economic, trade exchanges

    Source: China State Council Information Office

    China’s business community strongly opposes the United States overstretching the concept of national security and hindering bilateral economic and trade exchanges, the China Council for the Promotion of International Trade (CCPIT) said Monday.

    A spokesperson for the CCPIT made the remarks in response to a query about the “America First Investment Policy” memorandum.

    The United States is not only restricting investment from China in sectors from technology, critical infrastructure, healthcare, agriculture, energy to raw materials through security reviews, but also using economic sanctions and financial audits to strengthen controls over investment in China in terms of industry scope, investment types and funding sources, the spokesperson said.

    The spokesperson warned that if implemented, these measures would severely affect normal business operations, undermine international economic and trade order, and disrupt the security and stability of global industrial and supply chains.

    The spokesperson urged the U.S. side to respect the laws of market economy and the principle of fair competition, clarify the boundaries of national security in economic and trade fields, and lift restrictions on two-way investments between China and the United States, so as to create a sound environment for mutually beneficial and win-win cooperation between the two countries’ business communities.

    MIL OSI China News –

  • MIL-OSI: FRO – Invitation to Q4 2024 Results Conference Call and Webcast

    Source: GlobeNewswire (MIL-OSI)

    Frontline plc.’s preliminary fourth quarter 2024 results will be released on Friday February 28, 2025, and a webcast and conference call will be held at 3:00 p.m. CET (9:00 a.m. U.S. Eastern Time). The results presentation will be available for download from the Investor Relations section at www.frontlineplc.cy ahead of the conference call.

    In order to attend the conference call you may do one of the following:

    a. Webcast
    Go to the Investor Relations section at www.frontlineplc.cy and follow the “Webcast” link, or access directly from the link below.

    Frontline plc Q4 2024 Webcast

    b. Conference Call
    Participants will need to register online prior to the conference call via the link below. Dial-in details will be available when registered.            

    Frontline plc Q4 2024 Conference Call

    A Q&A session will be held after the teleconference/webcast. Information on how to submit questions will be given at the beginning of the session.

    The presentation material which will be used in the teleconference/webcast can be downloaded from www.frontlineplc.cy

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

    The MIL Network –

  • MIL-OSI: A Bold Experiment: Red Notice Coin (RNC) Drops a Game-Changer in the Crypto World

    Source: GlobeNewswire (MIL-OSI)

    LA PAZ, MEXICO, Feb. 24, 2025 (GLOBE NEWSWIRE) — Red Notice Coin (RNC) just dropped a groundbreaking initiative, using blockchain tech to shake up the global law enforcement scene. This ain’t your average crypto move; it’s a whole new vibe in the industry, setting a fresh precedent for what’s possible.

    RNC is bringing the heat with a unique digital ecosystem, introducing a brand-new asset class: RWCA. Taking cues from Interpol’s Red Notice list, they’re putting 6,700 high-profile international individuals on the blockchain. This is next-level crypto blending innovation with some serious thought-provoking vibes.

    A Social Experiment Meets Blockchain Frontier

    Interpol’s Red Notice list has been the go-to for global law enforcement for decades, spotting everyone from financial hustlers to international heavyweights. But RNC ain’t just another crypto project – it’s a social experiment, a fresh brand, and a deep dive into how justice, digital ownership, and blockchain collide. It’s like, “What if we took the system and flipped it on its head?” RNC ain’t here to judge who’s on the list, it’s about asking the big questions:

    • Can digital assets challenge real-world legal frameworks?
    • Is the global legal system playing fair, or is it getting swayed by outside noise?
    • Should blockchain just chill and stay neutral, or can it rewrite the whole story?

    You know the deal – crypto OGs like Ross Ulbricht (Silk Road), Roger Ver (Bitcoin Cash), and Richard Heart (HEX, PulseChain, PulseX) have been in the hot seat, challenging the status quo in the digital world. RNC’s not picking sides; it’s just putting publicly available info out there on tokens to get people talking about justice, transparency, and how blockchain keeps it real forever.

    Crypto’s all about decentralization and doing your own thing, right? Well, RNC’s flipping the script by locking high-profile names on a ledger that can’t be messed with. It’s like, “Here’s the tea, and it’s staying put.”

    The project’s slick, eye-catching website is a total vibe – complete with their own original rap music video that slaps and a daring, edge-pushing search engine that lets you track Interpol’s Most Wanted in real time like some next-level spy thriller.

    Some folks might see RNC as the next big thing in blockchain storytelling, while others might think it’s stirring the pot. But RNC’s just chilling in the middle, giving you a new lens to look at legal history and chew on it. This project ain’t here to change the system – it’s about shining a light on the legal, ethical, and moral dilemmas and letting the public analyze and interpret independently.

    The Red Notice Coin & NFT Ecosystem: The Lowdown

    • Token Symbol: RNC
    • Total Supply: 670,000,000,000 RNC
    • Blockchain Networks: Ethereum & Arbitrum
    • Launch Strategy: Dropping straight on Uniswap and hitting the major crypto trackers. No waiting around.
    • New NFT Asset Class: We’re talking 6,700 one-of-a-kind NFTs, each a digital avatar based on real-deal individuals. These bad boys are tradeable and hooked up to a merch system where NFT owners get 50% of the sales when their avatar’s gear sells. Cha-ching!

    A Social and Financial Revolution

    RNC’s pushing blockchain into new territory by linking up with:

    • Indie news outlets that ain’t afraid to call out the legal system’s BS.
    • A Red Notice digital show that’s gonna dissect how law, ethics, and crypto collide.
    • A Play-to-Earn game where you can dive into the whole ecosystem and maybe make some cash while you’re at it.

    Get Involved Before It Blows Up

    Don’t sleep on this – get in on the Red Notice Coin presale before it hits the street. This ain’t just about stacking coins; it’s your ticket to one of the most mind-bending blockchain experiments of the decade. Want the deets? Hit ’em up at +526122341159 or swing by their spot at 118 Calle Marina Central, 23097 La Paz, Baja California Sur, Mexico. Let’s make moves!

    Social Links

    https://linktr.ee/RedNoticeCoin

    Press Contact

    Brand: Red Notice LLC

    Contact: Alex Harrington

    Email: pr@rednotice.run

    Website: https://rednotice.run

    The MIL Network –

  • MIL-OSI Australia: 50-2025: Scheduled Outage: Saturday 01 March to Sunday 02 March 2025 – BICON

    Source: Australia Government Statements – Agriculture

    24 February 2025

    Who does this notice affect?

    All clients required to use the department’s Biosecurity Import Conditions System (BICON) during this planned outage.

    Information

    To support system maintenance, BICON will be unavailable from 23:00 Saturday 01 March to 01:00 Sunday 02 March 2025 (AEDT).

    Following the system maintenance, BICON account holders will have greater visibility on the status of their permit applications that are underway. This improved…

    MIL OSI News –

  • MIL-Evening Report: Erotica, gore and racism: how America’s war on ‘ideological bias’ is letting AI off the leash

    Source: The Conversation (Au and NZ) – By Judith Bishop, Tracey Banivanua Mar Fellow, La Trobe University

    3d_kot/Shutterstock

    Badly behaved artificial intelligence (AI) systems have a long history in science fiction. Way back in 1961, in the famous Astro Boy comics by Osamu Tezuka, a clone of a popular robot magician was reprogrammed into a super-powered thief. In the 1968 film 2001: A Space Odyssey, the shipboard computer HAL 9000 turns out to be more sinister than the astronauts on board think.

    More recently, real-world chatbots such as Microsoft’s Tay have shown that AI models “going bad” isn’t sci-fi any longer. Tay started spewing racist and sexually explicit texts within hours of its public release in 2016.

    The generative AI models we’ve been using since ChatGPT launched in November 2022 are generally well behaved. There are signs this may be about to change.

    On February 20, the US Federal Trade Commission announced an inquiry to understand “how consumers have been harmed […] by technology platforms that limit users’ ability to share their ideas or affiliations freely and openly”. Introducing the inquiry, the commission said platforms with internal processes to suppress unsafe content “may have violated the law”.

    The latest version of the Elon Musk–owned Grok model already serves up “based” opinions, and features an “unhinged mode” that is “intended to be objectionable, inappropriate, and offensive”. Recent ChatGPT updates allow the bot to produce “erotica and gore”.

    These developments come after moves by US President Donald Trump to deregulate AI systems. Trump’s attempt to remove “ideological bias” from AI may see the return of rogue behaviour that AI developers have been working hard to suppress.

    Executive orders

    In January, Trump issued a sweeping executive order against “illegal and immoral discrimination programs, going by the name ‘diversity, equity, and inclusion’ (DEI)”, and another on “removing barriers to AI innovation” (which includes “engineered social agendas”).

    In February, the US refused to join 62 other nations in signing a “Statement on Inclusive and Sustainable AI” at the Paris AI Action Summit.

    What will this mean for the AI products we see around us? Some generative AI companies, including Microsoft and Google, are US federal government suppliers. These companies could come under significant direct pressure to eliminate measures to make AI systems safe, if the measures are perceived as supporting DEI or slowing innovation.

    AI developers’ interpretation of the executive orders could result in AI safety teams being reduced in size or scope, or replaced by teams whose social agenda better aligns with Trump’s.

    Why would that matter? Before generative AI algorithms are trained, they are neither helpful nor harmful. However, when they are fed a diet of human expression scraped from across the internet, their propensity to reflect biases and behaviours such as racism, sexism, ableism and abusive language becomes clear.

    AI risks and how they’re managed

    Major AI developers spend a lot of effort on suppressing biased outputs and unwanted model behaviours and rewarding more ethically neutral and balanced responses.

    Some of these measures could be seen as implementing DEI principles, even as they help to avoid incidents like the one involving Tay. They include the use of human feedback to tune model outputs, as well as monitoring and measuring bias towards specific populations.

    Another approach, developed by Anthropic for its Claude model, uses a policy document called a “constitution” to explicitly direct the model to respect principles of harmless and respectful behaviour.

    Model outputs are often tested via “red teaming”. In this process, prompt engineers and internal AI safety experts do their best to provoke unsafe and offensive responses from generative AI models.

    A Microsoft blog post from January described red teaming as “the first step in identifying potential harms […] to measure, manage, and govern AI risks for our customers”.

    The risks span a “wide range of vulnerabilities”, “including traditional security, responsible AI, and psychosocial harms”.

    The blog also notes “it is crucial to design red teaming probes that not only account for linguistic differences but also redefine harms in different political and cultural contexts”. Many generative AI products have a global user base. So this sort of effort is important for making the products safe for consumers and businesses well beyond US borders.

    We may be about to relearn some lessons

    Unfortunately, none of these efforts to make generative AI models safe is a one-shot process. Once generative AI models are installed in chatbots or other apps, they continually digest information from the human world through prompts and other inputs.

    This diet can shift their behaviour for the worse over time. Malicious attacks, such as user prompt injection and data poisoning, can produce more dramatic changes.

    Tech journalist Kevin Roose used prompt injection to make Microsoft Bing’s AI chatbot reveal its “shadow self”. The upshot? It encouraged him to leave his wife. Research published last month showed that a mere drop of poisoned data could make medical advice models generate misinformation.

    Constant monitoring and correction of AI outputs are essential. There is no other way to avoid offensive, discriminatory or unsafe behaviours cropping up without warning in generated responses.

    Yet all signs suggest the Trump administration favours a reduction in the ethical regulation of AI. The executive orders may be interpreted as allowing or encouraging the free expression and generation of even discriminatory and harmful views on subjects such as women, race, LGBTQIA+ individuals and immigrants.

    Generative AI moderation efforts may go the way of Meta’s fact-checking and expert content moderation programs. This could have an impact on global users of US-made AI products such as OpenAI ChatGPT, Microsoft Co-Pilot and Google Gemini.

    We might be about to rediscover how essential these efforts have been to keep AI models in check.

    Judith Bishop has received funding from Creative Australia for a book on AI and human data. Until 2022 she led teams producing training data for global AI companies and US government research agencies.

    – ref. Erotica, gore and racism: how America’s war on ‘ideological bias’ is letting AI off the leash – https://theconversation.com/erotica-gore-and-racism-how-americas-war-on-ideological-bias-is-letting-ai-off-the-leash-250060

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Australia: 49-2025: Scheduled Outage: Saturday 01 March to Sunday 02 March 2025 – Multiple Systems

    Source: Australia Government Statements – Agriculture

    24 February 2025

    Who does this notice affect?

    All clients required to use the Export / Next Export Documentation (EXDOC/NEXDOC) systems during this planned maintenance period.

    All clients who will be required to make an online payment during this planned maintenance period.

    All importers and customs brokers who will be required to lodge imported cargo documentation to the department for biosecurity assessment during this planned maintenance period.

    All…

    MIL OSI News –

  • MIL-OSI New Zealand: Media Advisory: Waitematā East Custody Unit re-opens

    Source: New Zealand Police (National News)

    Police invites media to the re-opening of the Waitematā East Custody Unit on Tuesday 25 February.

    The Custody Unit will be based at the North Shore Policing Centre.

    Minister of Police Mark Mitchell, Police Commissioner Richard Chambers, and District Commander Superintendent Naila Hassan will open the facility.

    Media are invited to cover the opening, which includes speeches, ribbon cutting and a tour of the facility.

    Media are required to RSVP to the event by emailing media@police.govt.nz. On the day you will be escorted by a representative from the Police Media Team to the location.

    KEY DETAILS:

    Where:

    North Shore Policing Centre, 52 Parkway Drive, Rosedale

    When: 

    Tuesday 25 February 2025.

    9am (arrive before 8.45am)

    Important Notes:

    Parking is limited – please allow additional time for arrival.

    The District Custody Unit will begin accepting detainees after this event has concluded.

    ENDS.

    Jarred Williamson/NZ Police

    MIL OSI New Zealand News –

  • MIL-Evening Report: Trump is reviving a tariff strategy from America’s ‘Gilded Age’. It didn’t end well last time

    Source: The Conversation (Au and NZ) – By Garritt C. Van Dyk, Senior Lecturer in History, University of Waikato

    Getty Images

    A White House fact sheet about Donald Trump’s recently announced “Fair and Reciprocal Plan” on trade described it as “the art of the international deal” – a reference to Trump’s 1987 business book, The Art of the Deal.

    It was a classic piece of self-marketing from the president, but whether his latest tariff proposal will really turn out to be artful is very much open to question.

    In fact, the United States’ long history of “reciprocity” in tariffs and trade suggests ordinary Americans could be in for a bumpy ride.

    In essence, Trump is reviving a strategy used in the US more than a century ago to protect developing domestic industries. This time, according to the president, reciprocal tariffs aim “to correct longstanding imbalances in international trade and ensure fairness across the board”.

    The plan targets trade relationships with other countries where the US does not receive reciprocal treatment. And it echoes the policies of the 25th US president, William McKinley, who presided over an aggressive reciprocal tariff regime in the late 19th century.

    McKinley was president from 1897 until he was assassinated in 1901. And while Trump greatly admires his business acumen, McKinley’s economic legacy also reads like a cautionary tale.

    Not a simple equation

    From the current US perspective, “reciprocity” refers to symmetrical tariffs. Trump’s plan targets unequal rates, such as the European Union’s 10% tariff on US cars, compared with the 2.5% US tariff on European automobiles.

    The EU’s 10% rate represents its “most-favoured-nation” tariff, which applies to all its favoured-nation trading partners (with certain exceptions).

    While this looks like a clear lack of reciprocity, it’s not that simple. The US also applies a 25% tariff on EU utility vehicles (pickup trucks).

    This is significant because of the popularity of pickups in the US – a 2024 survey found 47% of Americans owned one. Until last year, the Ford F150 had been the bestselling “car” in the US for 42 years in a row.

    This is just one example of how differences in tariffs can be more complex than they appear at first glance.

    A history of reciprocal tariffs

    This cycle of higher and lower tariffs has gone on for well over a century. From 1861 to 1930, the US Congress maintained control over trade tariffs, with levels as high as 50% to protect developing industries.

    But in 1934, Congress passed the Reciprocal Trade Agreements Act, giving President Franklin D. Roosevelt authority to negotiate reciprocal tariff reductions with individual nations to stimulate global trade during the Great Depression.

    These tariff reductions continued after World War II with the development of the World Trade Organization and US tariff levels declining to 5%. Economist Douglas Irwin refers to this period as the “reciprocity period” of nations lowering barriers to international trade.

    The last time “reciprocity” was used to refer to the opposite process of raising tariffs was in 1890, under the Tariff Act, often just called the McKinley Tariff. It is this era Trump harked back to in his inaugural address:

    President McKinley made our country very rich through tariffs and through talent – he was a natural businessman.

    William McKinley.
    Getty Images

    Before he became president, McKinley was head of the House of Representatives’ Ways and Means Committee. He proposed an average increase in tariffs on all imports, rising from 38% to 49.5% to “secure reciprocal trade”.

    The new law was designed to protect the tinplate industry with a tariff of 70%, and “to reduce the revenue and equalize duties on imports”.

    At the time, the US was running large surpluses from tariff revenues, which was threatening economic growth. This sounds counterintuitive these days, but surpluses were a problem because the US dollar was backed by gold at a fixed price (the gold standard).

    Because the amount of money in circulation – and state spending – were limited to the amount of gold held by the government, surplus funds had to be kept in the Treasury reserves. This reduced the money supply and led to lower growth, less investment and tighter credit.

    Republicans thought higher tariffs would reduce imported goods and therefore tariff revenues. Instead, income from the higher tariffs more than compensated for import reductions, and the surpluses increased.

    Consumer prices rose, farm prices dropped, and the resulting voter backlash saw the Republicans lose control of Congress at the 1890 midterm elections. There was a financial panic in 1893, followed by a recession that lasted until 1896.

    A new ‘Gilded Age’

    This period in late 19th-century US history is often referred to as the “Gilded Age”, from the title of an 1873 book by Charles Dudley Wright and Mark Twain.


    The book was a satire of political corruption and unscrupulous businessmen who benefited from political favours. The title reflects the reality of the era – superficially prosperous but not truly golden.

    A thin veneer of technological progress, innovation and wealth concealed widespread corruption, scandals and income inequality.

    But aside from the obvious historical parallels, it is overly optimistic to expect a plan from 1890 to succeed in a complex global trade environment that relies on interdependent supply chains to function.

    McKinley’s flawed strategy sought protection for a few industries, but also aimed to reduce revenue for a government running large surpluses. However, Trump’s new tariffs are meant to raise revenue to pay off the US$36.5 trillion national debt, as well as to enforce reciprocal trade terms.

    Trump began his second term with a declaration that “the golden age of America begins right now”. As in 1890, however, the risk remains that a handful of wealthy industrialists will benefit from increased protection, while ordinary citizens will pay higher prices.

    Less the “art of the deal”, then, than a possible dealbreaker. In which case, Trump may yet be remembered less for a new golden age than for a Gilded Age 2.0.

    Garritt C. Van Dyk received funding from the Getty Research Institute in 2024 .

    – ref. Trump is reviving a tariff strategy from America’s ‘Gilded Age’. It didn’t end well last time – https://theconversation.com/trump-is-reviving-a-tariff-strategy-from-americas-gilded-age-it-didnt-end-well-last-time-250389

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Australia: Strengthening economic ties with Southeast Asia

    Source: Minister for Trade

    The Albanese Labor Government is delivering on its trade diversification agenda by making it easier for Australian businesses to take up new opportunities in the fast-growing markets of Southeast Asia.

    Australia has ratified the upgraded ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) agreement which will:

    • help micro, small and medium businesses benefit from trade in Southeast Asia;
    • streamline trade and transportation procedures for importers and exporters, saving them time and money;
    • level the playing field for Australian service providers and investors across education, mining and engineering, and finance sectors to compete more fairly;
    • better protect e-commerce confidentiality of information and intellectual property; and
    • improve labour standards, environmental protections and promote women’s economic empowerment.

    The Albanese Government has been firmly focused on helping Australian businesses tap into the huge potential in Southeast Asia.

    Nearly half a million Australian jobs are linked to trade with Southeast Asia, and we expect this number to grow as we continue to implement Invested: Australia’s Southeast Asia Economic Strategy to 2040.

    The upgrade builds on the tariff free or preferential access we have on 98 per cent of all tariff lines for Australian exports under AANZFTA.

    With the deposit of Australia’s ratification, the upgrade will enter into force in 60 days.

    MIL OSI News –

  • MIL-OSI New Zealand: ChildFund – Keep Ukrainian Children Learning. One Day They Will Rebuild Their Country

    Source: ChildFund New Zealand

    We are grateful to the New Zealanders who continue to support children in Ukraine. They need us more than ever, as we enter the fourth year of the war.
    “This war has gone on so long, some children have never been inside a school,” says Josie Pagani CEO of ChildFund.
    “This is the generation who will have to rebuild Ukraine. They will be the builders, engineers, teachers, and leaders of the future. It’s not just that they deserve to be safe, to learn, to have a future like any other child. It’s also that they are literally the future of Ukraine.”
    ChildFund will keep supporting Ukrainian children, with the help of donations from the New Zealand public, and support from The Ministry of Foreign Affairs and Trade.
    Since 2022, ChildFund’s partners implementing the Ukraine Regional Refugee Response have:
    • Reached over 3,700 caregivers and children with psychosocial support and counselling services
    • Provided access to child friendly spaces, supporting access for 2,383 children to play activities and facilities
    • Provided child dedicated food bags to 8,237 children and caregivers
    • Provided access to additional education and training services for 204 children and young people
    • Provided referrals, assistive devices and systems strengthening for 88 children with disabilities and service providers.
    Since Russia invaded, more than 4,000 schools and educational institutions in Ukraine have been damaged or destroyed.
    “We are asking New Zealanders to keep supporting these efforts. Ukrainian children need decent food, safe places to learn. They need to be able to play like other children, and get the counselling they so desperately need.”
    “We don’t know how this war will end. But we do know these children will be tasked with rebuilding their country and their communities. They need our support more than ever.”

    MIL OSI New Zealand News –

  • MIL-OSI United Kingdom: Talks relaunch on India trade deal to boost UK’s growth agenda

    Source: United Kingdom – Executive Government & Departments

    Press release

    Talks relaunch on India trade deal to boost UK’s growth agenda

    UK-India free trade talks are being relaunched, with a visit to India by the Business and Trade Secretary.

    • UK-India trade talks kick off in New Delhi today with Business and Trade Secretary Jonathan Reynolds meeting with Commerce Minister Piyush Goyal
    • Deal aims to deliver economic growth and bring Indian economy – world’s third largest by 2028 – within reach for more UK businesses
    • Push to attract investment will take place in financial capital Mumbai and tech hub Bengaluru by Investment Minister Poppy Gustafsson

    The relaunch of talks on a UK-India trade deal will take place today [Monday 24 February], as UK ministers arrive in India to negotiate a huge economic prize helping to deliver on the growth agenda.

    India is forecast to have the highest growth rate in the G20 for the next five years and set to become the world’s third biggest economy by 2028. With an expected 95 million strong middle class by 2035, there are more and more opportunities every day for UK businesses to sell to consumers in India ready to buy British.

    Securing trade deals with massive global economies like India demonstrates the UK’s commitment to free and fair trade and how this Government will support jobs, prosperity, and real change for the British people as part of the Plan for Change.

    Business and Trade Secretary Jonathan Reynolds said:

    Securing a trade deal with what is soon-to-be the third biggest economy in the world is a no-brainer, and a top priority for me and this Government. That is why I’m flying to New Delhi with our top negotiating team to show our commitment to getting these talks back on track.

    Only a pragmatic government can deliver the economic growth and stability that the British public and British businesses deserve, delivering on the Plan for Change.

    Growth will be the guiding principle in our trade negotiations with India and I’m excited about the opportunities on offer in this vibrant market.

    Trade ministers from both countries will kickstart negotiations on a modern economic deal with two-days of focused discussions – the first time both negotiating teams have formally got around the table under this government.     

    Standard Chartered UK CEO and Head, Client Coverage UK, Saif Malik said:

    We warmly welcome efforts to strengthen trade ties with one of the world’s most dynamic and fastest growing markets. As a leading global bank operating in India for over 160 years, the opportunities for British businesses are significant.

    Whether it’s improved access to India’s growing consumer market, opportunities in manufacturing, infrastructure and innovation, or collaboration in financial and professional services, the relaunch of trade talks can unlock even greater trade, investment and prosperity across the UK-India corridor.” 

    Chair of UK India Business Council Richard Heald said:

    The UK Government’s visit reaffirms its commitment for a new ambitious and future-focused trade & investment relationship with India. 

    We are delighted to note the progress on the UK-India Free Trade Agreement negotiations. Success in the FTA will support further economic growth for the world’s 5th and 6th largest economies. It will catalyse collaboration beyond into other areas too. Importantly, it will signal the UK and India are strategic partners. This is truly an exciting chapter of the UK-India partnership.

    The talks will open against a backdrop of Indian commerce and artisans on a joint visit to Delhi’s National Crafts Museum. The pair will also spend time visiting BT India’s office in Gurugram – one of the largest UK employers in India – to see first-hand how UK tech and Indian talent are helping solve global challenges.

    As part of the visit, Investment Minister Poppy Gustafsson will address investors in two of the country’s foremost business centres Mumbai and Bengaluru, to sell the UK as the best and most connected place for Indian businesses to invest.

    India has been the second biggest source of FDI into the UK for five consecutive years in terms of number of projects. In terms of value, the most recent stats show a 28% year-on-year increase in investment stock at the end of 2023.

    The UK offer for Indian investors has never been stronger, she will tell businesses, thanks to the government’s drive to restore economic stability and boost investor confidence as part of the Plan for Change.

    The UK and India are currently the sixth and fifth largest global economies respectively, with a trade relationship worth £41 billion and investment supporting over 600,000 jobs across both countries.

    A trade deal could unlock new opportunities for businesses and consumers in all regions and nations of the UK, support jobs, boost wages, and back the high-growth sectors identified in the government’s upcoming Industrial Strategy, such as advanced manufacturing, clean energy, financial services, and professional and business services.

    Notes to editors

    Updates to this page

    Published 23 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Union Health Ministry takes immediate action in response to concerns on export of unapproved drug combination of Tapentadol and Carisoprodol

    Source: Government of India

    Union Health Ministry takes immediate action in response to concerns on export of unapproved drug combination of Tapentadol and Carisoprodol

    Joint team of CDSCO and Maharashtra State Regulatory Authority conducts thorough audit of the drug manufacturing site

    Stop Activity Order and Stop Production Order issued for the concerned drug combinations

    CDSCO moves for immediate withdrawal of Export NOCs and Manufacturing Licenses for Tapentadol-Carisoprodol combinations

    Posted On: 23 FEB 2025 8:23PM by PIB Delhi

    The Ministry of Health and Family Welfare has taken immediate and decisive action following some news reports highlighting concerns regarding the export of unapproved combination drugs containing Tapentadol and Carisoprodol by Indian Pharmaceutical Manufacturer M/s Aveo Pharmaceuticals, Mumbai to certain countries in West Africa.

    To ensure regulatory compliance across the pharmaceutical sector, the Central Drugs Standard Control Organization (CDSCO), in collaboration with state regulators, initiated risk-based inspections of drug manufacturing and testing firms in December 2022. As of now, 905 units have been inspected, resulting in 694 actions being taken. These actions include Stop Production Orders (SPO), Stop Testing Orders (STO), license suspensions/cancellations, warning letters, and showcase notices, depending on the severity of non-compliance. This initiative has provided valuable insights into the ground reality of manufacturing practices and has led to relevant corrective actions, resulting in noticeable improvements in the regulatory framework.

    During end Jan’25, CDSCO in collaboration with State Regulators had done focused audit of firms manufacturing and exporting NDPS drugs. Based on analysis of observations from the audit, important decisions were taken to strengthen regulatory oversight on export of NDPS drugs from India.

    Regarding the specific issue at hand, both Tapentadol and Carisoprodol are individually approved by CDSCO in India. Tapentadol is approved in 50, 75, and 100 mg tablet forms, as well as 100, 150, and 200 mg extended-release tablets. However, the combination of Tapentadol and Carisoprodol is not approved in India. Neither of these drugs is included in the NDPS (Narcotic Drugs and Psychotropic Substances) list in India.

    Actions taken by the Union Health Ministry:

    1. Audit and Inspection: A joint team from the CDSCO and the State Regulatory Authority conducted a comprehensive audit of M/s. Aveo Pharmaceuticals between 21st and 22nd February 2025. The findings from the audit led to the issuance of a Stop Activity Order, halting all operations at the company’s premises.
    2. Seizure of Materials: Following the audit, the investigation team seized all raw materials, in-process materials, and finished products. Approximately 1.3 crore tablets/capsules and 26 batches of APIs (Active Pharmaceutical Ingredients) of Tapentadol and Carisoprodol were detained to prevent further distribution of these potentially dangerous drugs.
    3. Stop Production Order: The Maharashtra FDA issued a Stop Production Order to M/s. Aveo Pharmaceuticals on 22nd February 2025, effectively halting the manufacturing of the concerned drug combinations.
    4. Withdrawal of Export NOCs: Communications have been sent to all State Drugs Control Authorities and Zonal Offices to immediately withdraw Export NOCs and Manufacturing Licenses granted for any combination of Tapentadol and Carisoprodol. The same communication has also been sent to all Customs offices at notified ports to route all consignments of referred products through CDSCO Port offices.
    5. Seizure of Export Consignment: An export consignment of Tapentadol 125 mg + Carisoprodol 100 mg, destined for Ghana, has been put on hold at Mumbai Air Cargo pending further investigation.
    6. Updating Export NOC Checklist: Going forward, CDSCO is updating the Export NOC checklist, to ensure that either the Product Registration Certificate from the importing country’s National Regulatory Agency (NRA) or approval from the Indian Regulatory Authority (CDSCO) is required for all medicines being exported from India.

    This updation of the checklist will address the root cause of the problem and settle the issue once for all. The Union Government will ensure smooth export operation for legitimate medicines to be used to support healthcare globally and strongly control these aberrations through swift and strong action as demonstrated through recent decisions and actions.

    The Ministry of Health and Family Welfare, along with the CDSCO, remains committed to ensuring the safety and well-being of citizens in India and abroad. The steps taken in response to this issue reflect the Government’s zero-tolerance policy towards illegal or unethical export of unapproved and potentially harmful drugs.

    India as a leading global supplier of pharmaceuticals, is dedicated to maintaining the highest standards of drug safety and regulatory compliance. The Union Health Ministry assures the public and global community that the Government will continue to monitor and regulate pharmaceutical exports to safeguard against any misuse of Indian-made medicines.

    ****

    MV

    HFW/Actions taken amid West Africa Opiod Crisis/23Feb2025/1

    (Release ID: 2105672) Visitor Counter : 82

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: London ETO supports Hong Kong Gaudeamus Dunhuang Ensemble’s concert at British Library (with photos)

    Source: Hong Kong Government special administrative region

    London ETO supports Hong Kong Gaudeamus Dunhuang Ensemble’s concert at British Library (with photos)
    London ETO supports Hong Kong Gaudeamus Dunhuang Ensemble’s concert at British Library (with photos)
    ******************************************************************************************

         ​The Hong Kong Economic and Trade Office, London (London ETO) supported the Hong Kong Gaudeamus Dunhuang Ensemble’s concert, titled “Resonance of the Silk Road: Past, Present & Future Concert”, at the British Library in London, the United Kingdom, on February 21 (London time).       The event commenced with a reception attended by over 50 guests, including representatives from the diplomatic envoys, the local business, academic and cultural sectors. The Director-General of the London ETO, Mr Gilford Law, delivered a welcome speech at the reception. Mr Law highlighted the cultural parallels between Hong Kong and Dunhuang as modern and historic hubs of international cultural exchange, underscoring their shared spirit of artistic innovation and cross-cultural dialogue.     “The concert exemplifies the power of music in celebrating international friendship. Hong Kong’s rich cultural landscape forms a solid foundation for its development into an East-meets-West centre for international cultural exchange, as supported by the National 14th Five-Year Plan. With over 7 000 cultural programmes held throughout the year, ranging from heritage-rich exhibitions at the Hong Kong Palace Museum, to globally renowned events such as the Hong Kong Sevens and Art Basel, there is always something to inspire and captivate audiences worldwide,” he said.      The Hong Kong Gaudeamus Dunhuang Ensemble has staged over 60 concerts in Hong Kong and across the globe, enchanting audiences with its unique fusion of history and music. Established in 2018, the ensemble features eight young musicians and two resident composers who create original works inspired by ancient scores discovered in Dunhuang, bringing to life the stories behind cultural relics through their performances.

     
    Ends/Saturday, February 22, 2025Issued at HKT 23:24

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Press Release – Young Ocean Ambassador Joins Citizen Science Initiative to Reduce Waste

    Source: Government of Western Samoa

    Share this:

    In an inspiring display of community engagement, Conservation International Samoa hosted a citizen science workshop last Thursday, focusing on household waste management audits. The event brought together participants of all ages, including 14-year-old Hanisisevae Vai-Stierman, the Ocean Ambassador for Manta Trust, who shared her enthusiasm for the initiative.

    “Today I learnt that a citizen scientist is a non-professional that collects data, makes observations, and analyses, under the guidance of an expert,” said Hanisese. “As part of the Conservation International Citizen Scientist Waste Management Audit, my family is going to collect, weigh, and categorize our household rubbish. I am looking forward to finding out which category of waste my family contributes the most and finding out from experts how we can reduce our waste.”

    The workshop was designed to address a growing interest among Samoans to participate in environmental conservation efforts. “Many people want to get involved in protecting our environment, but they don’t always know where to start or how to contribute”, said Le’ausalilo Leilani Duffy – Iosefa, Oceans Director at Conservation International Samoa. “Waste management is something everyone can do, and it provides data that can inform larger environmental strategies.”

    The event aligns with Samoa’s Ocean Strategy, which emphasizes sustainable management of ocean resources and reduction of land-based pollution. It featured presentations on the principles of citizen science and practical steps for conducting household waste audits. Participants also took part in a live demonstration of waste auditing techniques and received tools such as scales, trash bags and sanitizers, to conduct their own audits at home and submit their data.

    The event also marked a unique approach for Conservation International Samoa, as it was the first time the programme sought participation purely online. It was opened to the public through an online invitation on Facebook, considering anyone with an interest to join. The response highlights a strong interest in citizen science and environmental stewardship among Samoans.

    Conservation International Samoa plans to share the data collected by participants with the Ministry of Natural Resources and Environment, to inform future waste reduction strategies and community initiatives. Conservation International would like to acknowledge the support of the New Zealand Ministry of Foreign Affairs and Trade in making the event possible.

    ENDS.

    SOURCE – Conservation International Samoa

    Share this:

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Singapore ETO sponsors Hong Kong Ballet’s performances in Singapore to promote cultural exchange (with photos)

    Source: Hong Kong Government special administrative region

    Singapore ETO sponsors Hong Kong Ballet’s performances in Singapore to promote cultural exchange (with photos)
    Singapore ETO sponsors Hong Kong Ballet’s performances in Singapore to promote cultural exchange (with photos)
    ******************************************************************************************

         The Hong Kong Economic and Trade Office, Singapore (Singapore ETO) supported and sponsored ALICE (in wonderland) four performances by the Hong Kong Ballet (HKB), one of Asia’s premier dance companies, at the Esplanade Theatres on the Bay, Singapore, which the opening performance was held last evening (February 21).     ALICE (in Wonderland) was a magical production by the Artistic Director of HKB, Mr Septime Webre, which combines stunning choreography, captivating storytelling, and world-class artistry. The playful and theatrical costumes, colourful sets and beloved original score brought audiences to revisit the fantastical world of Lewis Carroll’s classic tale in the year of its 160th. The well-received performance reflected Hong Kong’s unique ability to blend tradition with innovation, creating performances that resonate with audiences worldwide.       About 100 guests, including the Executive Director of HKB, Ms Heidi Li, Mr Webre, representatives from the Chinese Embassy in Singapore, Singapore government ministries, Singapore National Arts Council, business, arts and education sectors, members of Singaporean communities, were invited to a reception hosted by the Singapore ETO before the opening performance.     Speaking at the reception, the Director of the Singapore ETO, Mr Owin Fung, said that “the performance was a testament to Hong Kong’s vibrant arts and cultural developments. Through this event, we were showcasing Hong Kong’s artistic excellence and promoting cross-cultural understanding and appreciation. Coinciding with the 30th anniversary of Singapore ETO, we will spare no effort to continue bringing Hong Kong’s performing groups to Singapore as well as to ASEAN countries, which is essential to help bring our aspiration to become a hub for cultural events and exchange to the forefront”.     This event also holds special significance as it recruited around 100 young dancers (aged 7 to 17) from Singapore for training and performance alongside around 50 dancers of Hong Kong Ballet. This not only enriches the cultural experience for both audiences and participants but also strengthens the bond between Hong Kong and Singapore. By nurturing our young talent and fostering collaboration, both places are building a bridge for mutual learning and cultural advancement.

     
    Ends/Saturday, February 22, 2025Issued at HKT 10:00

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    MIL OSI Asia Pacific News –

  • MIL-OSI: Proposed Combination of Saipem and Subsea7

    Source: GlobeNewswire (MIL-OSI)

    Milan, Luxembourg, 23 February 2025 – Saipem and Subsea7 announce that today they have reached an agreement in principle on the key terms of a possible merger of the two companies1 (the “Proposed Combination”) through the execution of a memorandum of understanding (the “MoU”). The Proposed Combination is expected to create a global leader in energy services.

    Highlights

    • The combination of Saipem and Subsea7 (the “Combined Company”) will be renamed Saipem7, and will have a combined backlog of €43 billion2, Revenue of approx. €20 billion3 and EBITDA in excess of €2 billion4
    • A global organisation of over 45,000 people, including more than 9,000 engineers and project managers
    • Highly complementary geographical footprints, competencies and capabilities, vessel fleets and technologies that will benefit the Combined Company’s global client base
    • Saipem and Subsea7 shareholders will own 50% each of the share capital of the Combined Company
    • Subsea7 shareholders will receive 6.688 Saipem shares for each Subsea7 share held. Subsea7 will distribute an extraordinary dividend for an amount equal to €450 million immediately prior to completion
    • Transaction expected to deliver material value creation for the shareholders of both Saipem and Subsea7. Annual synergies of approximately €300 million are expected to be achieved in the third year after completion, with one-off costs to achieve such synergies of approximately €270 million
    • The Combined Company will be listed on both the Milan and Oslo stock exchange
    • Siem Industries, reference shareholder of Subsea7, as well as Eni and CDP Equity, reference shareholders of Saipem, have expressed their strong support and intend to vote in favour of the transaction
    • Completion anticipated to occur in the second half of 2026

    The management of both Saipem and Subsea7 share the conviction that there is compelling logic in creating a global leader in energy services, particularly considering the growing size of clients’ projects. Saipem and Subsea7 are highly complementary in terms of market offerings and geographies. The combination would enhance value for shareholders, and all stakeholders, both in the current market and in the long term.

    CDP Equity, Eni and Siem Industries have entered into a separate Memorandum of Understanding, undertaking to support the Proposed Combination and agreeing on the terms of a Shareholders Agreement, to be effective from completion of the Proposed Combination. As part of this, it is intended that the Combined Company’s Chairman will be designated by Siem Industries and that the Combined Company’s CEO will be designated by CDP Equity and Eni. In addition, it is currently envisaged that Mr Alessandro Puliti will be appointed as CEO of the Combined Company5 while it is currently envisaged that Mr John Evans will be the CEO of the entity that will manage the Offshore business of the Combined Company. Such Offshore business will comprise all of Subsea7 and Saipem’s Offshore Engineering & Construction activities.

    The by-laws of the Combined Company are expected to provide for loyalty shares (double votes).

    Strategic Rationale of the Proposed Combination

    The Proposed Combination would be beneficial to the clients of both Saipem and Subsea7, bringing together the respective strengths of both companies:

    • Comprehensive Solutions for Clients: a full spectrum of offshore and onshore services, from drilling, engineering and construction to life-of-field services and decommissioning, with an increased ability to optimise project schedules for clients in oil, gas, carbon capture and renewable energy
    • World-class Expertise and Experience: a talented, global workforce of over 45,000 people, including more than 9,000 engineers and project managers, in more than 60 countries, contributing to deliver solutions unlocking value for clients
    • Global Reach and Diversified Fleet: an expanded and diversified fleet of more than 60 construction vessels enhancing the Combined Company’s ability to undertake a wide range of projects, from shallow water to ultra-deepwater operations, utilising a full portfolio of heavy lift, high-end J-lay, S-lay and reel-lay rigid pipeline solutions, flexible pipe and umbilical lay services and market-leading wind turbine, foundation and cable lay installation capabilities
    • Innovation and Technology: combined expertise to foster innovation in offshore technologies, ensuring cutting-edge solutions for complex projects

    The transaction would create significant shareholder value through:

    • Synergies: expected annual synergies of approximately €300 million in the third year after completion, driven by fleet optimisation, procurement, sales and marketing, and process efficiencies
    • A More Efficient Capital Investment Programme: optimised allocation of capital across a broader, complementary vessel fleet
    • An Attractive Shareholder Remuneration Policy: post-completion, Saipem7 is expected to pay a dividend of at least 40% of Free Cash Flow6 after repayment of lease liabilities
    • Enhanced Capital Structure: a solid balance sheet that is expected to support an investment grade credit rating
    • Greater Scale in Both Equity and Debt Capital Markets: access to a wider investor base and to more diversified sources of capital

    Transaction Structure and Ownership

    • The Combined Company would be created by way of an EU cross-border statutory merger carried out by way of incorporation of Subsea 7 into Saipem, with the latter to be renamed “Saipem7”. The Combined Company would be headquartered in Milan and have its shares listed on both the Milan and the Oslo stock exchanges
    • Siem Industries (being the largest shareholder of Subsea7) would then own approximately 11.9% of the Combined Company’s capital, while Eni and CDP Equity (being the largest shareholders of Saipem) would own approximately 10.6% and approximately 6.4%, respectively

    Transaction Terms

    • Subsea7 shareholders would receive 6.688 new Saipem7 shares for each Subsea7 share held
    • Assuming all Subsea7 shareholders participate in the merger, the share capital of the Combined Company will be held 50-50% by the current shareholders of Saipem and Subsea7
    • Immediately prior to completion of the Proposed Combination, Subsea7 shareholders would receive an extraordinary cash dividend of €450 million7

    Organisational Structure of the Combined Company

    • The Combined Company will be structured in four businesses: Offshore Engineering & Construction, Onshore Engineering & Construction, Sustainable Infrastructures and Offshore Drilling
    • The Offshore Engineering & Construction business will be incorporated in an operationally autonomous company, named Subsea7 and branded as “Subsea7 – a Saipem7 Company”, and it is currently envisaged that it will be led by Mr John Evans. It will comprise all of Subsea7’s business and the Asset Based Services business of Saipem, representing approximately 83% of the combined group’s EBITDA of the last 12 months as of 30 September 2024. The company will be headquartered in London
    • In line with Saipem’s previous strategy, the Onshore Engineering & Construction will be run with a focus on reducing overall risk and maximising profitability. The Sustainable Infrastructures business will aim to consolidate its presence in the Italian market with potential expansion overseas. The Offshore Drilling division will seek to continue to maximise its EBITDA and cash flow

    Shareholder Remuneration

    • The MoU allows Saipem and Subsea7 to make shareholder distributions of up to $350 million each in 2025, in the form of dividends8,9
    • In 2026, if the Proposed Combination is not completed before the approval of the full year 2025 results of Saipem and Subsea7, the two companies could each distribute by way of dividends10,11 at least $300 million
    • Following completion of the Proposed Combination, the Combined Company is expected to distribute to shareholders at least 40% of Free Cash Flow12 after repayment of lease liabilities

    Shareholders Agreement

    The Memorandum of Understanding amongst Siem Industries, CDP Equity and Eni provides for, inter alia, a three-year shareholder lock-up and standstill obligation and the submission of a common slate for the appointment of the majority of the members of the board of directors of the Combined Company.

    Timing, Conditions Precedent and Approvals

    The entering into and signing of binding definitive documents in respect of the Proposed Combination is conditional, inter alia, on the successful completion of confirmatory due diligence by the parties, the execution of a mutually satisfactory merger agreement (the “Merger Agreement”) and the approval of the final terms of the Proposed Combination by the Board of Directors of Saipem and Subsea7. The parties will also engage with the relevant works council consultations required by the applicable laws.

    Saipem and Subsea7 have undertaken mutual exclusivity obligations in connection with the negotiations of the Proposed Combination.

    Moreover, completion of the Proposed Combination will be subject to customary conditions precedent for a transaction of this nature, including, inter alia, approval by the shareholders’ meetings of both Saipem and Subsea7, the former to be also passed with the so-called whitewash majorities for the purposes of the mandatory takeover bid exemption13, and obtaining the required Italian government approval and customary regulatory clearances.

    Until such conditions precedent are satisfied, there can be no certainty that the Proposed Combination will occur.

    The MoU also provides for termination rights for each of Saipem and Subsea7 in connection with material findings in the context of the confirmatory due diligence, or upon payment of a break-up fee, should any of the companies wish to terminate the negotiations at its discretion before entering into the Merger Agreement.

    The parties currently envisage to submit the final terms of the Proposed Combination to their respective Board of Directors for approval and to enter into the Merger Agreement around mid-2025. Completion is currently anticipated to occur in the second half of 2026.

    Conference Call

    On Monday 24 February 2025, at 10:00 CET, the top management of Saipem and Subsea7 will present the transaction in a dedicated conference call, which can be followed by connecting to the below URL:

    https://edge.media-server.com/mmc/p/az2o9ou7/

    The document that will be presented by Saipem and Subsea7 top management will be available on the two respective websites (www.saipem.com and www.Subsea7.com). A replay of the call will be available on the two companies’ websites.

    Advisers

    Goldman Sachs International is acting as lead financial advisor to Saipem, and Deutsche Bank AG, Milan Branch as financial advisor to Saipem. Clifford Chance LLP is serving as global legal counsel to Saipem in particular as to matters of Italian, English, US and Luxembourg law, while Advokatfirmaet Thommessen AS is serving as legal counsel to Saipem as to matters of Norwegian law.

    Kirk Lovegrove & Company Limited is acting as lead financial advisor and Deloitte LLP is acting as financial advisor to Subsea7. Freshfields LLP is serving as global legal counsel to Subsea7 (including as to matters of Italian, US and English Law), while Elvinger Hoss Prussen S.A. and Advokatfirmaet Wiersholm AS are serving as legal counsels as to matters of Luxembourg and Norwegian law, respectively.

    Enquiries

    Saipem is a global leader in the engineering and construction of major projects for the energy and infrastructure sectors, both offshore and onshore. Saipem is “One Company” organized into business lines: Asset Based Services, Drilling, Energy Carriers, Offshore Wind, Sustainable Infrastructures, Robotics & Industrialised Solutions. The company has 6 fabrication yards and an offshore fleet of 21 construction vessels (of which 17 owned and 4 owned by third parties and managed by Saipem) and 15 drilling rigs, of which 9 owned. Always oriented towards technological innovation, the company’s purpose is “Engineering for a sustainable future”. As such Saipem is committed to supporting its clients on the energy transition pathway towards Net Zero, with increasingly digital means, technologies and processes geared for environmental sustainability. Listed on the Milan Stock Exchange, it is present in more than 50 countries around the world and employs about 30,000 people of over 120 nationalities.

    Subsea7 is a global leader in the delivery of offshore projects and services for the energy industry. Subsea7 makes offshore energy transition possible through the continuous evolution of lower-carbon oil and gas and by enabling the growth of renewables and emerging energies.

    +++

    No Offer or Solicitation

    This communication and the information contained in it are provided for information purposes only and are not intended to be and shall not constitute a solicitation of any vote or approval, or an offer to sell or solicitation of an offer to buy, or an invitation or recommendation to subscribe for, acquire or buy securities of Saipem, Subsea 7 or the combined company following the proposed merger of Saipem and Subsea 7 (the “Proposed Business Combination Transaction“) or any other financial products or securities, in any place or jurisdiction, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made in the United States absent registration under the U.S. Securities Act of 1933 (the “U.S. Securities Act”) or pursuant to an exemption from, or in a transaction not subject to, such registration requirements.

    Forward-looking Statements

    This communication contains forward-looking information and statements about Saipem and Subsea7 and their combined business after completion of the Proposed Business Combination Transaction. Forward-looking statements are statements that are not historical facts. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Forward-looking statements are generally identified by the words “expects,” “anticipates,” “believes,” “intends,” “estimates” and similar expressions. Although the managements of Saipem and Subsea7 believe that the respective expectations reflected in such forward-looking statements are reasonable, investors and holders of Saipem and Subsea7 shares are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Saipem and Subsea7, respectively, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Except as required by applicable law, neither Saipem nor Subsea7 undertake any obligation to update any forward-looking information or statements.

    Important Additional Information about the Proposed Business Combination Transaction

    This communication is not a substitute for a registration statement or for any other document that Saipem or Subsea7 may file with the U.S. Securities and Exchange Commission (“SEC”) in connection with the Proposed Business Combination Transaction. In connection with the Proposed Business Combination Transaction, Saipem and Subsea7 are filing relevant materials with the SEC, which, to the extent Saipem’s shares will be required to be registered under the U.S. Securities Act, may include a registration statement on Form F-4 that contains a prospectus. If an exemption from the registration requirements of the U.S. Securities Act is available, the shares issued in connection with the Proposed Business Combination Transaction will be made available within the United States pursuant to such exemption and not pursuant to an effective registration statement on Form F-4.

    SAIPEM AND SUBSEA7 URGE INVESTORS AND SHAREHOLDERS TO READ ANY SUCH REGISTRATION STATEMENT, PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT SAIPEM AND SUBSEA7, THE PROPOSED BUSINESS COMBINATION TRANSACTION AND RELATED MATTERS.

    Investors and shareholders can obtain free copies of the prospectus and other documents filed by Saipem and Subsea7 with the SEC (when they become available) through the website maintained by the SEC at www.sec.gov. Shareholders of Subsea7 are urged to read the prospectus, if and when available, and the other relevant materials when they become available, as well as any supplements and amendments thereto, before making any voting or investment decision with respect to the Proposed Business Combination Transaction and will receive information at an appropriate time on how to obtain these transaction-related documents for free from the parties involved or a duly appointed agent.

    Use of Non-IFRS Financial Measures

    This announcement includes certain non-IFRS financial measures with respect to Saipem and Subsea7, including EBITDA and Net debt. These unaudited non-IFRS financial measures should be considered in addition to, and not as a substitute for, measures of Saipem’s and Subsea7’s financial performance prepared in accordance with IFRS. In addition, these measures may be defined differently than similar terms used by other companies.

    Presentation of Financial Information

    This communication includes financial data regarding Saipem and Subsea7 and the combination of Saipem and Subsea7. The presentation of information in any registration statement that Saipem may file with the SEC may be different than the financial data included herein as the financial data included in any registration statement will be required to comply with the rules and regulations of the SEC. Further, any financial data contained herein representing the combination of Saipem and Subsea7 has not been prepared in accordance with the rules and regulations of the SEC, including the pro forma requirements of Regulation S-X. Accordingly, pro forma financial data contained in any registration statement filed with respect to the Proposed Business Combination Transaction may differ from the pro forma financial data contained herein, and such differences may be material. Any combined company financial data presented herein is presented for informational purposes only and is not intended to represent or be indicative of the actual consolidated results of operations or financial position that would have been reported had the Proposed Business Combination Transaction been completed as of October 1st, 2024, and should not be taken as representative of the companies’ future consolidated results of operations or financial position had the Proposed Business Combination Transaction occurred as of such date. These estimates are based on financial information available at the time of the preparation of this communication.

    1 Merger by way of incorporation of Subsea7 into Saipem
    2 Combined backlog for Saipem and Subsea7 as of 30 September 2024
    3 Combined Revenue for Saipem and Subsea7 as per last 12 months as of 30 September 2024
    4 Combined EBITDA for Saipem and Subsea7 as per last 12 months as of 30 September 2024
    5 Subject to approval by the Shareholders’ Meeting and the Board of Directors of the Combined Company
    6 Free Cash Flow is defined as Cash Flow from Operations less Capital Expenditure plus Divestments
    7 Subject to approval by the Shareholders’ Meeting
    8 Subject to approval by the Shareholders’ Meeting and the Board of Directors
    9 The dividend paid by Saipem will be qualified as ordinary in nature
    10 Subject to approval by the Shareholders’ Meeting and the Board of Directors
    11 The dividend paid by Saipem will be qualified as ordinary in nature
    12 Free Cash Flow is defined as Cash Flow from Operations less Capital Expenditure plus Divestments
    13 Pursuant to Art. 49, paragraph 1, letter g) of Consob Regulation 11971/99

    Attachment

    The MIL Network –

  • MIL-OSI New Zealand: New Zealand stands with Ukraine, three years after illegal Russian invasion

    Source: New Zealand Government

    As the world marks three years since Russia’s invasion of Ukraine, Foreign Minister Winston Peters has announced additional sanctions on Russian entities and support for Ukraine’s recovery and reconstruction. 

    “Russia’s illegal invasion has brought three years of devastation to Ukraine’s people, environment, and infrastructure,” Mr Peters says. 

    “These additional sanctions target 52 individuals and entities involved in Russia’s military-industrial complex, its energy sector, North Korea’s support to Russia’s war effort, and the forced relocation or re-education of Ukrainian children.”   

    Mr Peters announced a further $3 million contribution to the World Bank-administered Ukraine Relief, Recovery, Reconstruction and Reform Trust Fund.   

    “The Fund supports the Government of Ukraine to maintain services, conduct relief efforts, and plan and implement recovery, reconstruction and reforms,” Mr Peters says.   

    Since the Russia Sanctions Act entered into force in March 2022, New Zealand has imposed sanctions on more than 1,800 individuals and entities, along with a range of trade measures.    

    More information about sanctions, travel bans, and export controls against Russia, as well as diplomatic, military and economic support to Ukraine, can be found on the Ministry of Foreign Affairs and Trade website here.

    MIL OSI New Zealand News –

  • MIL-OSI Global: Mining Mali: how policy changes are reshaping the sector

    Source: The Conversation – Africa – By Mamadou Camara, enseignant-chercheur, Université des Sciences sociales et de Gestion de Bamako

    As Mali’s mining sector faces growing tensions — highlighted by the recent seizure of gold stocks from the Canadian company Barrick by the military government — questions about economic sovereignty and mining governance have become more relevant than ever.

    The mining sector plays a strategic role in Mali’s economy, with gold as its driving force. Yet, governance challenges persist at the heart of the sector’s evolution. In this interview, Mamadou Camara, a mining policy researcher, examines ongoing reforms, the impact of these developments, and the key challenges that must be addressed to ensure the sustainable and equitable exploitation of Mali’s mineral resources.

    What role does the mining sector play in the Malian economy?

    In 2023, the mining sector contributed 644 billion CFA (about US$1 billion) to Mali’s state budget. This represents 21.5% of Mali’s budget for the year and a slight increase from the previous year.

    Gold remains the main product, with a production of 70 tonnes in 2023. Of these revenues, 644 billion CFA came from mining companies (US$1.1 billion), and 3 billion CFA (US$4.7 million) came from social payments — taxes based on employee wages, such as housing tax, flat-rate contributions, and professional training levies.

    This highlights the significant role of the mining sector in the country’s economy. Including gold, the extractive sector contributed 6.3% of Malian GDP in 2023, up from 5.9% in 2022.

    Exports amounted to 500 billion CFA francs (about US$784 million), accounting for three-quarters of the country’s total export revenue. The sector also created 61,023 new jobs in 2023, including 10,000 direct jobs.

    Since 2013, Mali has been facing a security and political crisis that has led to coups d’état and the occupation of part of its territory by rebel groups. Amid this crisis, mining revenues have played a key role in financing major infrastructure projects.

    These investments have built and maintained schools, health centres, roads and bridges, strengthening trade.

    Today, the sector is increasingly seen as a pillar of national sovereignty, a key objective for Malian authorities. In 2023, the government issued 12 new exploration licences, prioritising Malian companies while also granting some permits to foreign firms.

    Estimating the volumes extracted in the informal mining sector remains highly complex. Many actors operate outside formal regulatory frameworks, making precise data collection difficult.

    What are the key changes in Mali’s new mining code and their expected impact?

    The 2023 mining code reflects Mali’s ambition to increase its gains from mining, promote more inclusive local development, and strengthen sovereignty (control) over its natural resources. It emphasises “local content”.

    With the introduction of specific legislation on local content, the new mining code prioritises the inclusion of Malian businesses and workers in the extractive sector.

    The law sets clear guidelines for their participation and representation.

    This initiative could boost local employment and strengthen the national economy. The authorities want Malians to directly feel the benefits of mining. Mining operators are now required to contribute 0.75% of their quarterly revenue to a local development fund. The new code also revises tax exemptions, particularly for fuel, to maximise state revenue.

    As a strategic move, Mali now aims to increase its stake in mining projects. The state is set to secure an initial 10% share in any project, and it may get an additional 20% during the early years of production.

    With 5% allocated to the Malian private sector, the total share could reach 35%, compared to the current 20%. This approach is expected to generate an additional 500 billion CFA francs (approximately US$784 million) for the national budget.

    Mali has also restructured the duration and terms for granting mining licences. The new code allows for better resource exploitation. Large mines are now granted renewable permits for 12 years, while exploration licences are issued for a maximum of nine years.

    Before the new mining code was adopted in 2023, exploration licences were granted for an initial period of three years, with the possibility of two renewals of three years each, totalling a maximum duration of nine years.

    These changes aim to encourage more intensive and structured resource exploration.

    What are the main challenges facing Mali’s mining sector?

    The rise of the mining industry has brought both benefits and challenges. To manage these, the players involved have decided to develop a community development policy. This approach aims to create income opportunities while mitigating potential negative effects, such as environmental damage caused by mining operations.

    Adaptation strategies are essential. These include improving access to financing, creating joint economic activities, and ensuring the security of mining zones. Other key areas are land management, housing, healthcare and schooling, as well as supporting public policies, programmes and civil society initiatives.

    Artisanal gold mining has environmental impacts: it causes deforestation and pollution. Cutting trees destroys wildlife habitats, harms useful plant species and weakens the soil.

    Pollution is another major concern. Chemicals contaminate water, soil, plants, animals and people. Air pollution is common due to overcrowding around mining sites.

    The mining industry affects the economy, environment and society. It is a very important source of revenue for the country and it provides direct and indirect jobs to many people through the provision of services to companies operating in this sector.

    To limit harm, mining communities should focus on four goals:

    • increase productivity by building the capacity of stakeholders

    • reduce the socio-economic vulnerability of local communities

    • strengthen stakeholders’ resilience to the effects of mining industry development

    • improve biodiversity conservation and mitigate environmental degradation.

    How can Mali improve mining governance and sustainability?

    The new mining code already improves governance by addressing the legitimate expectations of Mali’s population and government. It promotes a more responsible approach to managing the sector.

    This code ensures that mining benefits are shared fairly among all stakeholders, including local communities, authorities and mining companies.

    Mali is rich in mineral resources. The country has vast untapped potential throughout its territory. However, security issues in the north hinder exploration and mining activities. Some areas remain unassigned to companies due to ongoing insecurity.

    Mamadou Camara is a member a political party in Mali.

    – ref. Mining Mali: how policy changes are reshaping the sector – https://theconversation.com/mining-mali-how-policy-changes-are-reshaping-the-sector-249232

    MIL OSI – Global Reports –

  • MIL-OSI Africa: Mining Mali: how policy changes are reshaping the sector

    Source: The Conversation – Africa – By Mamadou Camara, enseignant-chercheur, Université des Sciences sociales et de Gestion de Bamako

    As Mali’s mining sector faces growing tensions — highlighted by the recent seizure of gold stocks from the Canadian company Barrick by the military government — questions about economic sovereignty and mining governance have become more relevant than ever.

    The mining sector plays a strategic role in Mali’s economy, with gold as its driving force. Yet, governance challenges persist at the heart of the sector’s evolution. In this interview, Mamadou Camara, a mining policy researcher, examines ongoing reforms, the impact of these developments, and the key challenges that must be addressed to ensure the sustainable and equitable exploitation of Mali’s mineral resources.

    What role does the mining sector play in the Malian economy?

    In 2023, the mining sector contributed 644 billion CFA (about US$1 billion) to Mali’s state budget. This represents 21.5% of Mali’s budget for the year and a slight increase from the previous year.

    Gold remains the main product, with a production of 70 tonnes in 2023. Of these revenues, 644 billion CFA came from mining companies (US$1.1 billion), and 3 billion CFA (US$4.7 million) came from social payments — taxes based on employee wages, such as housing tax, flat-rate contributions, and professional training levies.

    This highlights the significant role of the mining sector in the country’s economy. Including gold, the extractive sector contributed 6.3% of Malian GDP in 2023, up from 5.9% in 2022.

    Exports amounted to 500 billion CFA francs (about US$784 million), accounting for three-quarters of the country’s total export revenue. The sector also created 61,023 new jobs in 2023, including 10,000 direct jobs.

    Since 2013, Mali has been facing a security and political crisis that has led to coups d’état and the occupation of part of its territory by rebel groups. Amid this crisis, mining revenues have played a key role in financing major infrastructure projects.

    These investments have built and maintained schools, health centres, roads and bridges, strengthening trade.

    Today, the sector is increasingly seen as a pillar of national sovereignty, a key objective for Malian authorities. In 2023, the government issued 12 new exploration licences, prioritising Malian companies while also granting some permits to foreign firms.

    Estimating the volumes extracted in the informal mining sector remains highly complex. Many actors operate outside formal regulatory frameworks, making precise data collection difficult.

    What are the key changes in Mali’s new mining code and their expected impact?

    The 2023 mining code reflects Mali’s ambition to increase its gains from mining, promote more inclusive local development, and strengthen sovereignty (control) over its natural resources. It emphasises “local content”.

    With the introduction of specific legislation on local content, the new mining code prioritises the inclusion of Malian businesses and workers in the extractive sector.

    The law sets clear guidelines for their participation and representation.

    This initiative could boost local employment and strengthen the national economy. The authorities want Malians to directly feel the benefits of mining. Mining operators are now required to contribute 0.75% of their quarterly revenue to a local development fund. The new code also revises tax exemptions, particularly for fuel, to maximise state revenue.

    As a strategic move, Mali now aims to increase its stake in mining projects. The state is set to secure an initial 10% share in any project, and it may get an additional 20% during the early years of production.

    With 5% allocated to the Malian private sector, the total share could reach 35%, compared to the current 20%. This approach is expected to generate an additional 500 billion CFA francs (approximately US$784 million) for the national budget.

    Mali has also restructured the duration and terms for granting mining licences. The new code allows for better resource exploitation. Large mines are now granted renewable permits for 12 years, while exploration licences are issued for a maximum of nine years.

    Before the new mining code was adopted in 2023, exploration licences were granted for an initial period of three years, with the possibility of two renewals of three years each, totalling a maximum duration of nine years.

    These changes aim to encourage more intensive and structured resource exploration.

    What are the main challenges facing Mali’s mining sector?

    The rise of the mining industry has brought both benefits and challenges. To manage these, the players involved have decided to develop a community development policy. This approach aims to create income opportunities while mitigating potential negative effects, such as environmental damage caused by mining operations.

    Adaptation strategies are essential. These include improving access to financing, creating joint economic activities, and ensuring the security of mining zones. Other key areas are land management, housing, healthcare and schooling, as well as supporting public policies, programmes and civil society initiatives.

    Artisanal gold mining has environmental impacts: it causes deforestation and pollution. Cutting trees destroys wildlife habitats, harms useful plant species and weakens the soil.

    Pollution is another major concern. Chemicals contaminate water, soil, plants, animals and people. Air pollution is common due to overcrowding around mining sites.

    The mining industry affects the economy, environment and society. It is a very important source of revenue for the country and it provides direct and indirect jobs to many people through the provision of services to companies operating in this sector.

    To limit harm, mining communities should focus on four goals:

    • increase productivity by building the capacity of stakeholders

    • reduce the socio-economic vulnerability of local communities

    • strengthen stakeholders’ resilience to the effects of mining industry development

    • improve biodiversity conservation and mitigate environmental degradation.

    How can Mali improve mining governance and sustainability?

    The new mining code already improves governance by addressing the legitimate expectations of Mali’s population and government. It promotes a more responsible approach to managing the sector.

    This code ensures that mining benefits are shared fairly among all stakeholders, including local communities, authorities and mining companies.

    Mali is rich in mineral resources. The country has vast untapped potential throughout its territory. However, security issues in the north hinder exploration and mining activities. Some areas remain unassigned to companies due to ongoing insecurity.

    – Mining Mali: how policy changes are reshaping the sector
    – https://theconversation.com/mining-mali-how-policy-changes-are-reshaping-the-sector-249232

    MIL OSI Africa –

  • MIL-OSI Global: Trump’s tariff and land grab threats signal U.S. expansionist ambitions

    Source: The Conversation – Canada – By Ilan Kapoor, Professor, Critical Development Studies, York University, Canada

    When U.S. President Donald Trump first suggested Canada should become the 51st American state, the federal government dismissed it as just a joke. Finance Minister Dominic Leblanc insisted it was “in no way a serious comment.”

    Similar skepticism was expressed by political leaders across the world when Trump talked about seizing Greenland and the Panama Canal in early January, by military force if necessary, to buttress U.S. national security. He also floated the idea of taking over Gaza to transform it into the “Riviera of the Middle East.”

    Now that Trump has carried through on his aggressive economic threats — launching a trade war with China and raising the possibility of similar conflicts with Canada, Mexico and the European Union — his imperialist expansionism is in plain sight.

    Canadian leaders have come to realize that Trump’s actions may not be a temporary or minor irritant, but rather an attack on Canadian sovereignty itself.

    The failure to take Trump’s words seriously is reminiscent of British Prime Minister Neville Chamberlain’s skepticism in 1938 that Hitler would actually risk world war despite the latter’s aggressive rhetoric, annexation of Austria and threats to Czechoslovakia and Poland.

    What, then, have been the signs of Trump’s expansionist tendencies? American economic and military might, albeit declining relative to emerging powers like China and India, still provides a solid basis for the projection of U.S. supremacy. But there are also two new key elements at play.

    A billionaire-corporate administration

    The Trump administration appears to operate with a distinctly corporate mindset, treating the nation like a business empire. Trump has stacked his administration with private sector leaders and corporate billionaires such as Elon Musk, Doug Burgum and Howard Lutnick.

    Like other billionaires, their immense business success has been founded not on mainstay competitive market practices like productivity or cost-cutting, but on predatory and cannibalistic ones.

    These include controlling resources like oil, gold, diamonds and coltan to secure production inputs; buying out competitors to monopolize markets and patents; and deliberately breaking up and destroying companies through mergers and acquisitions with little regard for the resulting job losses.

    It is within this framework that Trump’s allegations about buying Greenland and Gaza, annexing Canada through “economic force” and capturing the Panama Canal need to be seen.



    Read more:
    Billionaires and loyalists will provide Trump with muscle during his second term

    Under the guise of national security, the idea is not simply to safeguard borders, but to engage in economic expansionism and real estate development, aided by the U.S. military when needed. Taking control of land, waterways and mineral wealth is critical to building “America’s Golden Age” of corporate capitalism.

    This approach seems to be a mainly business one, with little concern for the social costs (recession, unemployment, violence) produced by such imperialistic ventures. In line with his infamous book, The Art of the Deal, Trump appears to view foreign nations and domestic opponents alike as obstacles to be callously bullied, degraded, manipulated, exploited and finally vanquished.

    American nationalist populism

    The Trump administration’s imperial ambitions lie in the nationalist populism that propelled Trump and his allies into power for the second time.

    Trump’s populism has successfully tapped into widespread anxieties among Americans — job insecurity, food prices, the housing crisis — by promising to soothe their worries through the “Make America Great Again” (MAGA) agenda.



    Read more:
    Trump’s view of the world is becoming clear: America’s allies come second to its own interests

    Like other right-wing populist movements around the globe — Recep Tayyip Erdoğan’s in Turkey, Viktor Orbán’s in Hungary and the Brexit campaign in the U.K. — the MAGA movement has sought to unify the U.S. by identifying and targeting perceived national enemies. These include so-called “illegal” migrants, transgender people and the country’s largest trading rivals: Mexico, Canada and China.

    By blaming these groups, especially those seen as contributing to America’s economic decline, MAGA whips up nationalist sentiment in the form of suspicion, aggression and vengeance. The result is a deeply polarized nationalist discourse in which one is either a loyal supporter or an enemy; a believer or a “woke” liberal.

    A lethal imperial set-up

    The combination of U.S. global power, nationalist populism and the Trump administration’s corporate-driven, predatory approach makes for a dangerous dynamic.

    This mix is fuelling a form of economic expansionism that is now beginning to manifest itself. The impending trade wars, potential dismantling of the U.S.-Mexico-Canada Trade Agreement (which Trump initiated in 2018 to avoid unilateral trade moves by its signatories) and the brazen disregard for the socioeconomic consequences of foreign territorial control, such as the forced displacement of Palestinians, are all signs of this.

    While many assumed Trump’s administration would be protectionist and isolationist, a more troubling and nefarious reality is emerging. His administration appears to be intent on securing America’s industrial dominance through trade wars while expanding it through hawkish economic imperialism.

    There is a clear ruthlessness to this approach, with a willingness to pressure not only America’s perceived enemies but also its allies. “America First” is starting to looks like “America Above All Others” as Trump attempts to bully U.S. rivals into subordination, with disturbing echoes of past authoritarians.

    Unravelling American imperial designs

    Many obstacles could prevent Trump’s aggressive expansionism from fully taking shape. While the key ingredients may already be there, and some have begun to be deployed, that doesn’t mean they will come to fruition.

    The Trump administration’s policymaking process is often chaotic and theatrical, prioritizing short-term political gains over long-term strategy. This instability undermines any consistent efforts at expansion.

    There is also the risk that Trump’s trade wars will backfire. They could end up causing hardship to U.S. companies and consumers through higher food and energy prices, job losses in key industries like agriculture and auto manufacturing, and increased stock market instability. Such consequences could negatively affect Trump’s corporate allies.

    Meanwhile, Trump’s economic and military rivals could forge new alliances to challenge his attempts at global supremacy. Prime Minister Justin Trudeau, for instance, recently met with the head of NATO and other European allies to strengthen trade and security ties.

    The first step to any countermoves by Trump’s foreign adversaries will be seeing his regime’s designs for what they are: chaotic, perhaps, but serious expansionist ones.

    Ilan Kapoor 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. Trump’s tariff and land grab threats signal U.S. expansionist ambitions – https://theconversation.com/trumps-tariff-and-land-grab-threats-signal-u-s-expansionist-ambitions-249924

    MIL OSI – Global Reports –

  • MIL-OSI China: US urged to stop proposed restrictions on China’s maritime, logistics, shipbuilding sectors

    Source: China State Council Information Office

    China on Sunday urged the United States to stop its wrongdoing in proposing to impose restrictive measures on China’s maritime, logistics, and shipbuilding sectors as part of its Section 301 investigation.

    The proposed measures, including the imposition of port fees, are self-damaging, said a spokesperson for China’s Ministry of Commerce. “The U.S. measures will not only fail to revitalize its shipbuilding industry but will also raise shipping costs on related routes, exacerbate its domestic inflation, reduce the global competitiveness of U.S. goods, and hurt the interests of its port operators and dockworkers,” the spokesperson said.

    The spokesperson added that these measures have aroused significant opposition within the United States, and relevant countries and organizations have also expressed their opposition to and dissatisfaction with the U.S. move.

    Earlier, the World Trade Organization (WTO) has ruled that the Section 301 tariffs violate WTO rules. Driven by domestic political needs, the United States further undermined the multilateral trading system by abusing the Section 301 investigation mechanism, the spokesperson noted.

    Since March 2024, China and the United States have communicated multiple times regarding the U.S. investigation into China’s maritime, logistics and shipbuilding sectors.

    The spokesperson said China has repeatedly reaffirmed its views on the Section 301 investigation and presented the non-paper on its position, urging the United States to adopt a rational and objective stance and stop blaming China for its domestic industrial problems.

    However, it is regrettable that the United States remains obstinate and is going further down the wrong path, the spokesperson added.

    China urged the United States to respect the facts and multilateral rules and stop its wrongdoing, the spokesperson said, noting that China will closely monitor U.S. actions and take necessary measures to safeguard its legitimate rights and interests.

    The Office of the United States Trade Representative announced on Feb. 21 that it is seeking public comment on proposed actions in the Section 301 investigation into China’s maritime, logistics and shipbuilding sectors.

    MIL OSI China News –

  • MIL-OSI China: US tariff policies threaten global economy, expert warns

    Source: China State Council Information Office

    Washington’s escalating protectionist policies, grounded in the “zero-sum” logic, risk destabilizing the global economic order and deepening recessionary pressures, an expert has said.

    The Trump administration’s tariff-driven agenda, which prioritizes short-term domestic gains, threatens to fracture international supply chains and undermine multilateral institutions, said Vlade Simovic, a professor of the Faculty of Political Science at the University of Banja Luka in Bosnia and Herzegovina.

    In an interview with Xinhua, he depicted the Trump administration’s move to revive high tariffs as a return to mercantilist principles.

    While Washington seeks to reshore manufacturing and reduce reliance on imports, this approach ignores the realities of globalization, said Simovic.

    Though tariffs may be politically appealing to Washington, the expert warned, they may trigger retaliatory cycles.

    “Modern economies thrive on interdependence. Disrupting this balance risks inflation, supply chain chaos and a collapse of multilateral frameworks,” he said.

    U.S. unilateralism is eroding the World Trade Organization (WTO), with Washington prioritizing bilateral deals over multilateral rules, said Simovic. “The WTO is increasingly irrelevant to the U.S. that writes its own playbook.”

    Historical parallels are alarming — protectionism in the 1930s worsened the Great Depression, he added.

    Simovic said that the European Union, as a key U.S. trade partner, faces acute vulnerabilities under U.S. tariff threats on steel, aluminum and automobiles, which pose risks to Europe’s social stability and economic growth.

    The international community must prioritize inclusive reforms to avert a preventable crisis — one where short-term political wins pave the path to long-term collective loss, he said. 

    MIL OSI China News –

  • MIL-OSI China: Solomon Islands government reaffirms unwavering commitment to one-China principle

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

    Solomon Islands government reaffirms unwavering commitment to one-China principle

    SYDNEY, Feb. 22 — The Government of Solomon Islands has reaffirmed its unwavering commitment to the one-China principle, recognizing Taiwan as an integral part of the People’s Republic of China’s sovereign territory, Solomon Islands Ministry of Foreign Affairs and External Trade said on Feb. 19.

    Solomon Islands fully respects China’s sovereignty over Taiwan and calls on all nations to honor their obligations under the United Nations Charter, refraining from interference in the internal affairs of sovereign states, according to a statement by the ministry.

    Maintaining peace and stability across the Taiwan Strait is critical for global trade and the maintenance of international security, Solomon Islands said, adding that any provocative actions that could heighten tensions is not encouraged.

    Solomon Islands values its strong and growing Comprehensive Strategic Partnership with the People’s Republic of China, the statement said. “Our two countries continue to collaborate in key sectors, fostering development and mutual prosperity.”

    MIL OSI China News –

  • MIL-OSI Australia: Albanese Government provides tax relief to support investment and jobs

    Source: Minister for Trade

    The Albanese Labor Government will provide tax relief for Australia’s distillers, brewers and wine producers.

    Currently brewers and distillers get a full refund of any excise paid up to $350,000 each year. The Government will increase the excise remission cap to $400,000 for all eligible alcohol manufacturers. The Government will also increase the Wine Equalisation Tax (WET) producer rebate to $400,000.

    Adjusting the taxation arrangements will back an important local industry as well as supporting regional tourism, investment and job creation. Currently around 1,500 brewers and distillers and 3,000 wine producers access these tax incentives.

    The proposal will apply from 1 July 2026.

    In addition to the tax relief, the Australian Trade and Investment Commission (Austrade) will be providing Australian distillers, brewers and wine producers with additional support to help them grow their exports in high priority overseas markets.

    This support includes the opportunity to join in trade missions, expert advice and connections to help our small and medium size exporters tap into fast growing markets, including in Southeast Asia and beyond.

    The tax relief is estimated to decrease tax receipts by $70 million over five years from 2024-25.

    Quotes attributable to the Prime Minister Anthony Albanese:

    “To build Australia’s future, we need strong small and medium sized businesses generating jobs and economic opportunity for Australians.

    “This common sense measure will back thriving local industries and open the way for growth.”

    Quotes attributable to the Treasurer Jim Chalmers:

    “We’re pleased to have found room in a tight budget to provide some tax relief for a really important industry creating jobs and opportunities around Australia.

    “Brewers, distillers and winemakers play a large role in many local economies and this support will help them invest and grow.”

    Quotes attributable to the Minister for Trade and Tourism Don Farrell:

    “Supporting small distillery, brewing and wine businesses is not just about producing exceptional products – it’s about creating jobs, fostering local economies, and building a better Australia.

    “By boosting our export support for these businesses, we are helping fast-track their success in international markets which will create even more jobs at home.”

    MIL OSI News –

  • MIL-OSI China: Chinese, Algerian FMs pledge to deepen bilateral cooperation

    Source: China State Council Information Office 3

    Chinese Foreign Minister Wang Yi, also a member of the Political Bureau of the Communist Party of China Central Committee, meets with his Algerian counterpart Ahmed Attaf on the sidelines of the Group of 20 (G20) Foreign Ministers’ Meeting in Johannesburg, South Africa, Feb. 21, 2025. [Photo/Xinhua]

    Chinese Foreign Minister Wang Yi on Friday met with his Algerian counterpart Ahmed Attaf, with both sides pledging to deepen bilateral cooperation.

    The meeting was held on the sidelines of the Group of 20 (G20) Foreign Ministers’ Meeting in Johannesburg, South Africa. Wang is also a member of the Political Bureau of the Communist Party of China Central Committee.

    During the meeting, Wang noted that Algeria is a major African country with significant influence and made special contributions to China’s restoration of its lawful seat in the United Nations. The two countries, with profound traditional friendship and fruitful practical cooperation, have established an all-round cooperation pattern.

    The foreign minister said that China attaches great importance to its relations with Algeria and supports Algeria in accelerating its development and revitalization to play a more important role in international and regional affairs.

    He added that China is ready to work with Algeria to consolidate political mutual trust, continue to support each other in safeguarding their respective core interests, deepen cooperation in various fields, jointly uphold the legitimate rights and interests of Global South countries, and promote an equal and orderly multipolar world.

    For his part, Attaf noted that Algeria and China share similar historical experiences and common values and the friendship between the two countries has left many precious historical memories.

    Algeria, which firmly supported China in restoring its lawful seat in the United Nations, opposes interference in other countries’ internal affairs under the pretext of human rights and appreciates China’s steadfast support for Algeria in times of need, he said.

    Attaf recalled Algerian President Abdelmadjid Tebboune’s successful visit to China in 2023, during which Tebboune reached important consensus with Chinese President Xi Jinping, injecting new impetus into the development of bilateral relations.

    He further highlighted that the two countries’ practical cooperation has achieved numerous highlights and entered a fast-track phase. The Algeria-China Joint Economic and Trade Commission meeting was successfully held and China has become Algeria’s largest trading partner.

    Noting that Algeria welcomes increased investment from China, Attaf said Algeria is willing to work with China to implement eight major initiatives for practical cooperation between the two countries and deepen cooperation across various fields, particularly in emerging industries, to deliver tangible benefits to both peoples.

    MIL OSI China News –

  • MIL-OSI China: China to continue supporting WTO reform: FM

    Source: China State Council Information Office

    A file photo shows the exterior view of the World Trade Organization (WTO) headquarters in Geneva, Switzerland. [Photo/Xinhua]

    China firmly supports the free trade system with the World Trade Organization (WTO) at its core and will continue to support the reform of the international body, said Chinese Foreign Minister Wang Yi on Friday.

    Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, made the remarks when meeting with WTO Director-General Ngozi Okonjo-Iweala on the sidelines of the G20 Foreign Ministers’ Meeting in Johannesburg, the largest city and economic hub of South Africa.

    During the meeting, Wang noted that China, as a founding member of the United Nations (UN) and a steadfast defender of the current international order, pursues genuine multilateralism and firmly supports both the international system with the UN at its core and the free trade system with the WTO at its core.

    He pointed out that while unilateralism and protectionism are prevalent today, the trend of economic globalization is irreversible. Therefore, all parties should work together to promote trade liberalization and facilitation while accelerating global economic recovery.

    China will continue to support the director-general in advancing WTO reform, listening to the voices of countries in the Global South, and keeping pace with the progressive trends of the times, Wang said.

    “China adheres to its position as a developing country, but it never shirks its international responsibilities,” he said. “We will continue to fulfill our due obligations and demonstrate our responsibility as a major country.”

    Okonjo-Iweala, for her part, noted that amid the chaos in the world, China has moved in the right direction, achieved the UN poverty reduction target ahead of schedule, advanced industrialization rapidly and made remarkable achievements in education. China’s success has set a model for other developing countries to follow, she said.

    The WTO highly appreciates China’s commitment to resolving trade disputes through dialogue and consultation within multilateral mechanisms in a mature and rational manner. It also hopes to continue receiving strong support from China in promoting WTO reform, she added.

    MIL OSI China News –