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Category: Trade

  • MIL-OSI Video: Young Trade Leaders: Eric, Nigeria

    Source: World Trade Organization – WTO (video statements)

    The Young Trade Leaders Programme was established to connect young people with the work of the WTO. Eric Andrew is the founder and Team Lead of AgrofixiNG, an organization in Nigeria successfully implementing solutions in agriculture and the circular economy.

    Eric shares his impressions about the programme and his plans as a Young Trade Leader.

    Download this video from the WTO website:
    https://www.wto.org/english/res_e/webcas_e/webcas_e.htm

    https://www.youtube.com/watch?v=N7TE7dxZSP0

    MIL OSI Video –

    February 12, 2025
  • MIL-OSI USA News: Fact Sheet: President Donald J. Trump Restores Section 232 Tariffs

    Source: The White House

    COUNTERING TRADE PRACTICES THAT UNDERMINE NATIONAL SECURITY: Yesterday, President Donald J. Trump signed proclamations to close existing loopholes and exemptions to restore a true 25% tariff on steel and elevate the tariff to 25% on aluminum.

    • President Trump is taking action to protect America’s critical steel and aluminum industries, which have been harmed by unfair trade practices and global excess capacity.
    • President Trump is reinstating the full 25% tariff on steel imports and increasing tariffs on aluminum imports to 25%.
      • Key reforms include eliminating all alternative agreements, applying strict “melted and poured” standards, expanding tariffs to include key downstream products, terminating all general approved exclusions, and cracking down on tariff misclassification and duty evasion schemes.
    • The countries of Argentina, Australia, Brazil, Canada, Japan, Mexico, South Korea, the European Union, Ukraine, and the United Kingdom had received exemptions, which prevented the tariffs from being effective.
      • By granting exemptions to certain countries, the United States inadvertently created loopholes that were exploited by China and others with excess steel and aluminum capacity, undermining the purpose of these exemptions.
    • The President is exercising his authority under Section 232 of the Trade Expansion Act of 1962 to adjust imports of steel and aluminum to protect our national security.
      • This statute provides the President with authority to adjust imports being brought into the United States in quantities or under circumstances that threaten to impair national security.
      • In March 2018, President Trump invoked authority under Section 232 of the Trade Expansion Act of 1962 (19 U.S.C. § 1862) to impose 25% tariffs on steel imports and 10% tariffs on aluminum.  These measures were remarkably effective in supporting recovery and reinvestment in the American steel industry and saved the domestic primary aluminum industry from total collapse. But exemptions and loopholes have permitted evasion of the tariffs and weakened the effectiveness of the program.
      • The reinvigorated Section 232 tariffs on steel and aluminum will support the program’s original objective of revitalizing the domestic steel and aluminum industries and achieving sustainable capacity utilization of at least 80%.

    RESTORING FAIRNESS TO STEEL AND ALUMINUM MARKETS: President Trump is taking action to end unfair trade practices and the global dumping of steel and aluminum.

    • Foreign nations have been flooding the United States market with cheap steel and aluminum, often subsidized by their governments.
    • A report from the first Trump Administration found that steel import levels and global excess were weakening our domestic economy and threatening to impair national security.
      • The report found that excess production and capacity, particularly in China, has been a major factor in the decline of domestic aluminum production.
    • While the domestic steel industry briefly achieved 80% utilization in 2021, subsequent trade pressure following the COVID-19 pandemic has depressed domestic production.  In 2022 and 2023, capacity utilization fell to 77.3% and 75.3%, respectively.  High import volumes from sources exempt from Section 232 tariffs are a major factor in depressing domestic production volumes. 
    • For aluminum, there was an increase in the capacity utilization rate between 2017 and 2019, from 40% to 61% during that period. But since 2019, the aluminum capacity utilization has once again seen a steady decline, falling from 61% to 55% between 2019 and 2023.  
    • The United States does not want to be in a position where it would be unable to meet demand for national defense and critical infrastructure in a national emergency.

    STRENGTHENING AMERICA’S MANUFACTURING INDUSTRY: President Trump’s decision to close existing loopholes and exemptions will strengthen United States’ steel and aluminum industries.

    • In his first term, President Trump imposed Section 232 tariffs to protect the American steel and aluminum industries from unfair foreign competition.
    • The steel tariffs that President Trump implemented led to thousands of jobs gained and higher wages in the metals industry.
      • These tariffs were hailed as a “boon” for Minnesota’s iron ore industry, with state officials crediting tariffs for bolstering the local economy. 
      • Steel and aluminum imports drastically decreased under President Trump, falling by nearly a third from 2016 to 2020.
      • The tariffs led to a wave in investment across the United States, with more than $10 billion committed to build new mills.
    • It was recently announced that Hyundai Steel is actively considering building a steel plant in the United States.
    • U.S. steelmakers, including the American Iron and Steel Institute and the Steel Manufacturers Association, have praised President Trump’s America First trade policy.

    TARIFFS WORK: Studies have repeatedly shown that contrary to public rhetoric, tariffs can be an effective tool for achieving economic and strategic objectives.

    • A 2024 study on the effects of President Trump’s tariffs in his first Administration found that they “strengthened the U.S. economy,” and “led to significant reshoring” in industries like manufacturing and steel production.
    • A 2023 report by the U.S. International Trade Commission that analyzed the effects of Section 232 and 301 tariffs on more than $300 billion of U.S. imports found that the tariffs reduced imports from China, effectively stimulated more U.S. production of the tariffed goods, with very minor effects on prices.
    • According to the Economic Policy Institute, the tariffs implemented by President Trump during his first Administration “clearly show[ed] no correlation with inflation” and only had a temporary effect on overall price levels.
    • An analysis from the Atlantic Council found that “tariffs would create new incentives for US consumers to buy US-made products.”
    • Former Biden Treasury Secretary Janet Yellen affirmed last year that tariffs do not raise prices: “I don’t believe that American consumers will see any meaningful increase in the prices that they face.”

    A 2024 economic analysis found that a global tariff of 10% would grow the economy by $728 billion, create 2.8 million jobs, and increase real household incomes by 5.7%.

    MIL OSI USA News –

    February 12, 2025
  • MIL-OSI USA: China’s crude oil imports decreased from a record as refinery activity slowed

    Source: US Energy Information Administration

    In-depth analysis

    February 11, 2025

    Data source: China General Administration of Customs, Bloomberg L.P.


    Slower oil demand growth in 2024 led to less crude oil processed by China’s refineries and fewer crude oil imports compared with the record high set in 2023. China, the world’s largest importer of crude oil, received 11.1 million barrels per day (b/d) in 2024, down from 11.3 million b/d in 2023. Even though total imports decreased about 2%, imports from some countries increased while others decreased.

    Why did China’s crude oil imports decrease last year?

    We estimate that 16.3 million b/d of petroleum and other liquid fuels were consumed in China last year, second only to the United States globally. China’s domestic crude oil production averaged 4.3 million b/d in 2024, so the country had to import crude oil to meet the demand from its domestic refined petroleum product and petrochemical manufacturing sectors. China’s refiners imported 11.1 million b/d of crude oil and processed 14.2 million b/d. Both crude oil imports and refinery runs decreased in China from record levels in 2023, when the country imported 11.3 million b/d of crude oil and processed 14.8 million b/d.

    Net decreases in the consumption of transportation fuel (gasoline, diesel, and jet fuel) last year meant China’s refineries processed less crude oil. Monthly data from China’s National Bureau of Statistics and General Administration of Customs indicate that consumption of both gasoline and jet fuel grew in China during 2024, but consumption of diesel fuel offset this growth with a large decline from 2023. These estimates are preliminary and subject to revision until late 2025, when China publishes annual consumption data, which we use to update our International Energy Statistics.

    Instead of transportation fuels, liquefied petroleum gases (LPG), naphtha, or other petroleum products that can be imported directly for petrochemical manufacturing instead of refined from crude oil have led China’s growth in petroleum consumption. As a result, the net decline in transportation fuel demand reduced both refinery runs and import demand for crude oil in China last year.

    Which countries do China’s refiners import crude oil from?

    China’s refiners purchase crude oil from dozens of countries, with Russia, Saudi Arabia, Iraq, Oman, and Malaysia being the largest sources. Imports from Malaysia increased significantly last year to 1.4 million b/d, which is more than Malaysia’s domestic crude oil production of around 0.6 million b/d. The large difference stems from crude oil cargoes that were initially shipped from Iran but were then relabeled or transferred to avoid sanctions.

    Imports from Russia increased in 2024 for the third consecutive year and averaged 2.2 million b/d, 1% more than in 2023. China increased imports from Russia after the Group of Seven (G7) country import bans and sanctions limited Russia’s ability to sell crude oil after its full-scale invasion of Ukraine in 2022. These actions prompted Russia to sell some of its crude oil at discounted prices, making it more attractive to certain buyers.

    On January 10, 2025, the United States announced additional sanctions on several oil vessels transporting crude oil from Russia. Because of potential disruptions from these actions, refiners in China may reduce purchases from Russia and replace those barrels with others from crude oil exporting countries not subject to sanctions, such as Brazil, Canada, the United States, or countries in the Middle East.

    China’s second-largest source of crude oil imports was Saudi Arabia, although these imports decreased for the third consecutive year and averaged 1.6 million b/d, 9% less than in 2023.

    Data source: China General Administration of Customs, Bloomberg L.P.
    Note: Congo=Congo-Brazzaville


    Imports from other Middle East OPEC countries including the United Arab Emirates (UAE) and Kuwait also declined, but imports from Iraq increased. Although small, crude oil imports from Canada increased, particularly in the second half of the year after the Trans Mountain expansion (TMX) project began commercial operations in May 2024. This pipeline expansion brings increased crude oil export capacity to Asia from Canada’s West Coast, which contributed to imports at more than 0.3 million b/d from Canada in September, an all-time high.

    What factors will affect China’s crude oil imports and refining this year?

    We forecast petroleum consumption in China will grow more slowly in 2025 and 2026 than in previous years in our latest Short-Term Energy Outlook. Because we expect growth in China’s consumption will outpace China’s domestic production of crude oil and other liquids, we believe net imports will increase. Last summer, we released a study on refinery capacity expansions in China and other countries through 2028. Several integrated refining and petrochemical complexes will open or expand over the next few years, suggesting crude oil imports will continue growing to meet feedstock demand from these facilities.

    However, a tax change implemented in December 2024 creates considerable uncertainty for China’s petroleum trade balance this year. China reduced a value-added tax rebate offered on some petroleum product exports, which reduces their competitiveness in world markets. Depending on the effects of this change on Chinese refiners’ operations and profitability, refinery runs and crude oil imports could decline.

    Data source: U.S. Energy Information Administration, Short-Term Energy Outlook, January 2025
    Note: We forecast net imports as domestic consumption minus production.

    Principal contributor: Jeff Barron

    MIL OSI USA News –

    February 12, 2025
  • MIL-OSI: American Rebel Holdings, Inc. (NASDAQ: AREB) Regains Compliance with NASDAQ Listing Standards as of February 10, 2025.

    Source: GlobeNewswire (MIL-OSI)

    Nashville, Tennessee, Feb. 11, 2025 (GLOBE NEWSWIRE) — American Rebel Holdings, Inc. (NASDAQ: AREB) (“American Rebel” or the “Company”), creator of American Rebel Beer (americanrebelbeer.com) and a designer, manufacturer, and marketer of branded safes, personal security and self-defense products and apparel (americanrebel.com), is pleased to announce that it has regained compliance with the periodic filing requirement under NASDAQ’s listing rules.

    “Maintaining our NASDAQ listing is of utmost importance to our Company and our stockholders. I would like to extend my deepest gratitude to our internal and external accounting teams for their tireless efforts in ensuring our ability to file our FY2024 3rdQuarter financials that allowed American Rebel to regain compliance with NASDAQ’s listing rules.” Andy Ross, CEO of American Rebel, further commented, “The dedication and hard work of Darin Fielding, CFO of our wholly owned subsidiary, Champion Safe Co., who emerged as our regulatory lead due to his previous auditor experience was instrumental in the coordination between our independent auditors, GBQ and Eventus Advisory Group’s seasoned team of public company accounting professionals.”

    Timeline of NASDAQ Compliance Efforts
            

    November 14, 2024 FY2024 3rd Quarter 10Q due
    November 22, 2024 Company notification by NASDAQ that it no longer met the perioding listing requirement due to the inability to file the FY2024 3rd Quarter 10Q
    January 21, 2025 Deadline for American Rebel Holdings, Inc. to submit a plan to NASDAQ to regain compliance with the listing requirements
    February 7, 2025 American Rebel Holdings, Inc. files Form 10-Q for the period ended September 30, 2024.
      Revenue for the three (3) months ended September 30, 2024 of $2,337,786.00
      Revenue for the nine (9) months ended September 30, 2024 of $9,637,016.00
    February 10, 2025 American Rebel Holdings, Inc. is notified by NASDAQ Staff that with the February 7, 2025 filing of the 10-Q for the period ended September 30, 2024, that the Company is deemed compliant with the NASDAQ Listing Rules.

    In the coming weeks, the Company is planning on providing a brief stockholder update from its CEO, Andy Ross, detailing the progress made in our business units throughout last year. This update will highlight the rapid growth and success American Rebel has experienced in our American Rebel Beverage business unit responsible for American Rebel Light Beer and the positive impacts of the reorganization and streamlining of our product offerings and processes at Champion Safe Co. (www.championsafe.com).

    About American Rebel Holdings, Inc.

    American Rebel Holdings, Inc. (NASDAQ: AREB) has operated primarily as a designer, manufacturer and marketer of branded safes and personal security and self-defense products and has recently transitioned into the beverage industry through the introduction of American Rebel Light Beer. The Company also designs and produces branded apparel and accessories. To learn more, visit www.americanrebel.com and www.americanrebelbeer.com. For investor information, visit www.americanrebel.com/investor-relations.

    American Rebel Holdings, Inc.
    info@americanrebel.com

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. American Rebel Holdings, Inc., (NASDAQ: AREB; AREBW) (the “Company,” “American Rebel,” “we,” “our” or “us”) desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “forecasts” “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements primarily on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include benefits of marketing outreach efforts, continued compliance with Nasdaq listing requirements, our ability to effectively execute our business plan, and the Risk Factors contained within our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2024. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law.

    Company Contact:
    Corey Lambrecht, COO
    Corey.lambrecht@americanrebel.com

    The MIL Network –

    February 12, 2025
  • MIL-OSI Global: Struggling with money? Here are 5 tips for growing your income from a financial expert

    Source: The Conversation – Canada – By Lisa Kramer, Professor of Finance, University of Toronto

    Whether you are just starting or looking to advance your financial skills, there are steps you can take to improve your financial situation. (Shutterstock)

    Personal finance can often feel overwhelming, with many Millennial and Gen Z individuals struggling with student loans, the high cost of living, housing market challenges and a general sense of financial anxiety. But just as any challenge can be overcome through skill development and persistence, so can your finances.

    Whether you are just starting or looking to advance your financial skills, there are steps you can take to improve your financial situation. From basic recommendations to more advanced strategies, here are some ways to get yourself on the path to financial stability.


    Ready to make a change? The Quarter Life Glow-up is a new, six-week newsletter course from The Conversation’s UK and Canada editions.

    Every week, we’ll bring you research-backed advice and tools to help improve your relationships, your career, your free time and your mental health – no supplements or skincare required. Sign up here to start your glow-up at any time.


    1. Create a budget

    The first step to mastering your finances is working out where your money is going. You may discover, as my now-husband realized when he was a graduate student, that you’re spending a third of your food expenditures on coffee.

    Once you determine where your money is going, you can reign in some of your expenses and ensure some money is left over each month to devote to debt repayment or savings. Creating a budget is essential for doing this.

    The Government of Canada has an online budget planner tool available, as does the United States Federal Trade Commission and the United Kingdom government’s Money and Pensions Service.

    Once your budget is made, you can focus on reducing discretionary costs and redirect those savings toward your financial goals.

    Create a realistic budget that aligns with your financial goals.
    (Shutterstock)

    2. Boosting your income

    It can be difficult to reduce expenses in an inflationary environment — especially when the cost of basic needs like food and shelter are becoming increasingly expensive in Canada, the United States and elsewhere.

    But you can still find ways to boost your income without necessarily getting a second or third job.




    Read more:
    Maths that will help you as an adult: from baking a cake to asking for a pay rise


    It can be daunting to ask your employer for a raise, but you’re much more likely to get one if you ask. Arm yourself with quantifiable evidence about your productivity and work ethic. Then, rehearse your request with a mentor who is further along on your career path.

    If you don’t succeed on your first try, use the experience to understand how to secure a raise in the future. Another way to get a raise? While still employed — and on your own time, not company time — look for a new job, get an offer and use it as leverage to politely negotiate a raise. If you’re still unsuccessful, it may be time to move on to that new job.

    3. Build your pension

    Older generations are more likely to have worked in jobs that came with defined-benefit pensions, a type of pension plan that provides someone with a stream of income after they retire.

    These days, jobs are less likely to come with such perks. A recent World Bank report found about half of gig workers worldwide have no retirement plan; in some countries, that figure is as high as 75 per cent.

    It’s important to check if your current employer offers a defined contribution pension plan, which involves you and your employer contributing to a saving account that grows over time.

    Even if you don’t have access to such a plan, consider using a robo-advisor to replicate one of its key features by setting up an automatic monthly contribution to an investment account. Then, you can increase the amount you contribute every time you get a raise.

    You should also consider allocating that investment to a well-diversified stock index, or to a blend of stocks and bonds if you are relatively risk averse. An exchange-traded fund, also known as an ETF, is a low-cost way to do this compared to buying mutual funds. While the value of your investment may go up and down over the short term, it is likely to perform well over the long term.

    Talking to a financial advisor is always a good idea if you feel stuck.
    (Shutterstock)

    4. Steady does it

    Once you have set up automatic contributions and established a routine of increasing them over time, you will see your investment account balance start to grow. Even if you can put away only small amounts each month in the beginning, you’ll develop good financial habits.

    Your next task should be avoiding the temptation of timing the ups and downs of financial markets by actively trading. To dodge this common pitfall, avoid examining the balance of your investment account on a month-to-month basis and keep contributing, regardless of whatever may be happening in financial markets.




    Read more:
    If you have money anxiety, knowing your financial attachment style can help


    Ironically, overconfident investors often underperform the market when they try — and fail — to outperform by frequently trading their investment holdings. Successful investors understand the most reliable path to wealth accumulation is paved with a buy-and-hold mentality, meaning you should purchase investments with the intention of keeping them long-term rather than frequently buying and selling.

    5. Imagine the future

    When you’re young, it can be hard to identify with an abstract future version of yourself in retirement. Your golden years may be decades in the future, and it can seem like you have ages to prepare for whatever life will bring you at that stage in life.

    However, research shows that the clearer you can mentally picture your future self, the more motivated you will be to make sensible saving and retirement planning decisions for your future self.

    Try imagining what your life will be like when you’re retired, or what you will look like. Will you have grey hair or wrinkles? How will you spend your time? Picture your future self in retirement and the kind of life you would like to have.

    Meet the challenge head-on

    If you still find yourself overwhelmed by these tips and don’t know where to begin, consider contacting a fee-only financial advisor to analyze your situation and provide you with personalized advice.

    Remember, no matter what financial challenge you may face, it’s simply a new opportunity to overcome. With the right strategies and support, you’ll be able to tackle any financial hurdles and work toward a more secure future for yourself.

    Achieving financial stability is a journey that requires ongoing effort and dedication. Each milestone you reach brings you closer to your ultimate goal.

    Lisa Kramer has received funding from the Social Sciences and Humanities Research Council of Canada and the Canadian Securities Institute Research Foundation.

    – ref. Struggling with money? Here are 5 tips for growing your income from a financial expert – https://theconversation.com/struggling-with-money-here-are-5-tips-for-growing-your-income-from-a-financial-expert-234623

    MIL OSI – Global Reports –

    February 12, 2025
  • MIL-OSI Russia: Dmitry Patrushev: Agricultural trade turnover between Russia and India increased by more than 60% in 2024

    Translartion. Region: Russians Fedetion –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Dmitry Patrushev held a working meeting with the Ambassador Extraordinary and Plenipotentiary of the Republic of India to the Russian Federation Vinay Kumar

    February 11, 2025

    Dmitry Patrushev held a working meeting with the Ambassador Extraordinary and Plenipotentiary of the Republic of India to the Russian Federation Vinay Kumar

    February 11, 2025

    Ambassador Extraordinary and Plenipotentiary of the Republic of India to the Russian Federation Vinay Kumar

    February 11, 2025

    Dmitry Patrushev held a working meeting with the Ambassador Extraordinary and Plenipotentiary of the Republic of India to the Russian Federation Vinay Kumar

    February 11, 2025

    Previous news Next news

    Dmitry Patrushev held a working meeting with the Ambassador Extraordinary and Plenipotentiary of the Republic of India to the Russian Federation Vinay Kumar

    Deputy Prime Minister of Russia Dmitry Patrushev held a working meeting with Ambassador Extraordinary and Plenipotentiary of the Republic of India to the Russian Federation Vinay Kumar. The meeting participants discussed the possibilities of cooperation between the two countries in the field of agriculture.

    “Trade in agricultural products and food between Russia and India is growing rapidly. Thus, last year, the turnover of agricultural products increased by more than 60%. We are interested in further development of mutual trade,” said Dmitry Patrushev.

    The Deputy Prime Minister added that Russia is ready to increase exports to India of vegetable oils, livestock and fish products, wheat and legumes and, in addition, is interested in importing Indian agricultural products, including fruits and vegetables.

    The meeting also discussed possible additional growth points for the development of bilateral cooperation.

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

    MIL OSI Russia News –

    February 12, 2025
  • MIL-OSI Asia-Pac: Import of poultry meat and products from areas in Poland, Korea and Australia suspended

    Source: Hong Kong Government special administrative region

    Import of poultry meat and products from areas in Poland, Korea and Australia suspended
    Import of poultry meat and products from areas in Poland, Korea and Australia suspended
    ***************************************************************************************

         The Centre for Food Safety (CFS) of the Food and Environmental Hygiene Department announced today (February 11) that in view of notifications from the World Organisation for Animal Health (WOAH) about outbreaks of highly pathogenic H5N1 avian influenza in Lipno District of Kujawsko-pomorskie Region in Poland, Hampyeong-gun of Jeollanam-do Province and Gumi-si of Gyeongsangbuk-do Province in Korea; and an outbreak of highly pathogenic H7N8 avian influenza in Strathbogie Shire of the State of Victoria in Australia, the CFS has instructed the trade to suspend the import of poultry meat and products (including poultry eggs) from the above-mentioned areas with immediate effect to protect public health in Hong Kong.     A CFS spokesman said that according to the Census and Statistics Department, Hong Kong imported about 6 600 tonnes of frozen poultry meat from Poland; about 80 tonnes of chilled and frozen poultry meat, and about 21.9 million poultry eggs from Korea; and about 1 030 tonnes of chilled and frozen poultry meat, and about 11.36 million poultry eggs from Australia last year.     “The CFS has contacted the Polish, Korean and Australian authorities over the issues and will closely monitor information issued by the WOAH and the relevant authorities on the avian influenza outbreaks. Appropriate action will be taken in response to the development of the situation,” the spokesman said.

     
    Ends/Tuesday, February 11, 2025Issued at HKT 18:32

    NNNN

    MIL OSI Asia Pacific News –

    February 12, 2025
  • MIL-OSI Asia-Pac: HKETO, Washington DC hosts Chinese New Year Reception (with photos)

    Source: Hong Kong Government special administrative region

    HKETO, Washington DC hosts Chinese New Year Reception (with photos)
    HKETO, Washington DC hosts Chinese New Year Reception (with photos)
    *******************************************************************

         The Hong Kong Economic and Trade Office in Washington DC (HKETO, Washington DC) hosted a Chinese New Year reception on February 6 (Washington DC time). Some 700 guests attended to welcome the Year of the Snake.     The reception began with performances by musicians Yang Enhua, Hong Ting Laurina and Ding Yijie from the Arts with the Disabled Association Hong Kong. Speaking to a distinguished audience, which included US government officials, congressional staff, Ambassadors and others, Sylvester Wong, Director of the HKETO, Washington DC, said the performances exemplified the “perseverance and diversity of Hong Kong’s performing arts scene and the power of inclusion across the arts.” He acknowledged Cathay Pacific Airway’s support for the musicians’ US tour.            Mr Wong provided an update on growth forecasts for Hong Kong’s economy and the strength of Hong Kong-US commercial ties.                 He highlighted the robust trade ties between Hong Kong and the US, reporting that US goods exports to the city last year totaled nearly US$26 billion. Over the past 10 years, the US has realized a trade surplus of US$271 billion with Hong Kong.           With the Hong Kong government’s recently announced reduction of the duty on imported alcoholic beverages, coupled with the city’s vibrant cocktail culture, Mr Wong stressed that there was strong potential for US whiskeys in Hong Kong.      Mr Wong highlighted Hong Kong’s robust measures to amplify the city’s competitiveness by strengthening traditional pillar industries, while cultivating new growth areas.      He reported on the recent commissioning of the Three-Runway System in the Hong Kong International Airport, which would increase passenger and cargo flows and boosts interconnectivity. Illustrating greater interconnectivity, he announced that Cathay Pacific Airways would soon launch nonstop service from Dallas Fort Worth International Airport to Hong Kong.      In cultivating new growth areas, Mr Wong reported that Hong Kong had continued to step-up the competitiveness of its financial market. With over 1 100 fintech companies operating in the city, innovative financial products run the gamut from mobile payments to virtual asset trading. “The pace of financial innovation requires our regulatory regime to be nimble,” said Mr Wong. “Our regulatory approach ensures market innovation while managing risks.”      Beyond the world of business, Mr Wong said that Hong Kong offered unforgettable experiences for American visitors, including iconic events like Art Basel and the Clockenflap music and arts festival. Thanks to Hong Kong athletes’ achievements at international sporting events and the new Kai Tak Sports Park, Hong Kong had elevated its elite sports development and the status as the capital of international sports events.

     
    Ends/Tuesday, February 11, 2025Issued at HKT 8:52

    NNNN

    MIL OSI Asia Pacific News –

    February 12, 2025
  • MIL-OSI Asia-Pac: MILK PRODUCTS

    Source: Government of India

    Posted On: 11 FEB 2025 5:35PM by PIB Delhi

    The productivity of Indigenous bovine breeds in the country is low compared to advanced dairy nations globally and this is mainly due to low genetic potential of dairy animals and animals are maintained on low plane of nutrition.  However, the total productivity of Bovines in the country has increased from 1640 kilograms per animal per year in 2014-15 to 2072 kilograms per animal per year in 2023-24 that is by 26.34% which is the highest productivity gain by any country in the world.  The productivity of the indigenous and non-descript cattle has increased from 927 kilograms per animal per year in 2014-15 to 1292 kilograms per animal per year in 2023-24 that is by 39.37 %. The productivity of the buffaloes has increased from 1880 kilograms per animal per year in 2014-15 to 2161 kilograms per animal per year in 2023-24 that is by 14.94%. Milk production in the country has increased from 146.31 Million Tonnes in 2014-15 to 239.30 Million Tonnes in 2023-24 that is by 63.55 % during the last 10 years. Rashtriya Gokul Mission envisages to achieve productivity of bovines upto 3000 kilograms of milk per animal per year by 2030.

    In order to complement and supplement the efforts of the States and Union Territories to improve the nutrition, management practices, genetic potential of local cattle breeds and to provide training and support to dairy farmers in adopting best practices, the details of the steps undertaken and schemes being implemented by Government of India is as under:

    1.         Rashtriya Gokul Mission: The Department of Animal Husbandry and Dairying is implementing Rashtriya Gokul Mission since December 2014 for development and conservation of indigenous bovine breeds, genetic upgradation of bovine population and enhancement of milk production and productivity of bovines. Following efforts are being made under the scheme to enhance milk production and productivity of bovines:

    (i)         Nationwide Artificial Insemination Program: Under the Rashtriya Gokul Mission, the Department of Animal Husbandry and Dairying is expanding artificial insemination coverage to boost the milk production and productivity of bovines, including indigenous breeds.

    (ii)        Progeny Testing and Pedigree Selection: This program aims to produce high genetic merit bulls, including bulls of indigenous breeds. Progeny testing is implemented for Gir, Sahiwal breeds of cattle, and Murrah, Mehsana breeds of buffaloes. Under the Pedigree selection programme Rathi, Tharparkar, Hariana, Kankrej breed of cattle and Jaffarabadi, Nili Ravi, Pandharpuri and Banni breed of buffalo are covered.

    (iii)       Implementation of In-Vitro Fertilization (IVF) Technology: To propagate elite animals of indigenous breeds, the Department has established 22 IVF laboratories. The technology has important role in genetic upgradation of bovine population in single generation. Further, to deliver technology at reasonable rates to farmers Government has launched IVF media.

    (iv)       Sex-Sorted Semen Production: The Department has established sex sorted semen production facilities at 5 government semen stations located in Gujarat, Madhya Pradesh, Tamil Nadu, Uttarakhand and Uttar Pradesh. 3 private semen stations are also producing sex sorted semen doses.

    (v)        Genomic Selection: To accelerate genetic improvement of cattle and buffaloes, the Department has developed unified genomic chips—Gau Chip for indigenous cattle and Mahish Chip for buffaloes—specifically designed for initiating genomic selection in the country.

    (vi)       Multi-purpose Artificial Insemination Technicians in Rural India (MAITRIs): Under the scheme MAITRIs are trained and equipped to deliver quality Artificial Insemination services at farmers’ doorstep.

    (vii)      Accelerated Breed Improvement Programme using sex sorted semen: This program aims to produce female calves with up to 90% accuracy, thereby enhancing breed improvement and farmers’ income. Farmers receive support for assured pregnancy upto 50% of the cost of sex sorted semen.

    (viii)     Accelerated Breed Improvement Programme using In-Vitro Fertilization (IVF) technology: This technology is utilized for the rapid genetic upgradation of bovines and an incentive of Rs 5,000 per assured pregnancy is made available to farmers interested in taking up IVF technology.

    2.         National Livestock Mission (NLM): National Livestock Mission (NLM) aims to create employment generation, entrepreneurship development, increase in per-animal productivity and thus targeting increased production of meat, goat milk, egg and wool under the umbrella scheme Development Programme.  The scheme envisages following three submissions: (i) Sub-Mission on Breed Development of Livestock and Poultry; (ii) Sub-Mission on Feed and Fodder Development and (iii) Sub-Mission on Innovation, Extension. Details of the activities covered under these submissions are as under:

    (A) Sub-mission on Breed Development of Livestock and Poultry:  This Sub-Mission has following activities: (I)                 Establishment of Entrepreneurs for breed development: under this activity following sub activities are included (i) Establishment of Entrepreneurs for breed development of Rural Poultry and (ii) Establishment of Entrepreneur for breed development in small ruminant sector (sheep and goat farming). (II) Genetic Improvement of Sheep and Goat breeds: under this activity following are the sub activities: (i) Establishment of Regional Semen Production Laboratory and Semen Bank for sheep and goat; (ii) Establishment of State Semen Bank: (iii) Propagation of Artificial Insemination through existing cattle and buffalo Artificial Insemination centers and (iv)  Import of exotic sheep and goat germplasm.  (III) Promotion of Piggery Entrepreneur. (IV) Genetic Improvement of Pig breeds: Under this activity following activities are implemented:  (i) Establishment of pig semen collection and processing lab and (ii) Import of exotic pig germplasm. (V) Establishment of Entrepreneurs for horse, donkey, mule and camel. (VI) Genetic Improvement of Horse, Donkey, Mule, Camel:  (i) Regional Semen Station for Horse, donkey and camel; (ii) Nucleus Breed Farm for Conservation of Horse/Donkey/Camel germplasm and (iii) Breed Registration Society.

    (B) Sub-Mission on feed and fodder development: The Sub-Mission of the feed and fodder is covering the following activities: (I)     Assistance for quality Fodder seed production. (II) Entrepreneurial activities in feed and fodder. (III) Establishment of Entrepreneurs for Fodder Seed processing Infrastructure (processing and grading unit/ fodder seed storage godown). (IV) Fodder production from Non-Forest Wasteland / Rangeland / Non-arable Land” and “Fodder Production from Forest Land.

    (C)       Sub Mission on Innovation and Extension: Under this Sub-Mission the following are the activities: (I) Research and Development and innovations. (II) Extension activities. (III) Livestock Insurance programme.

    3.         National Programme for Dairy Development: This scheme focuses on creating dairy infrastructure for the procurement, processing, and marketing of milk and milk products in the cooperative dairy sector inter alia training and awareness programs for dairy farmers, input services such as cattle-feed and mineral mixtures, and assistance for quality testing of milk and milk products, thereby improving the economic condition of dairy farmers enrolled in cooperatives.

    4.         Livestock Health and Disease Control (LH & DC): The scheme is implemented for providing assistance for control of animal diseases like Foot and Mouth Disease, Brucellosis and also to provide assistance to State Governments for Control of other infectious diseases of livestock including dairy animals. Mobile Veterinary Units are established under the scheme to deliver quality livestock health services at farmers doorstep. Under the vaccination programme: (i) more than 100 crore vaccinations have been done against FMD including 35 crore vaccination performed during current year; and (ii) about 4.3 crore calves vaccinated against Brucellosis under brucellosis control programme including 1.3 crore calves vaccinated during current year. Under the component of Establishment and Strengthening of Veterinary Hospitals and Dispensaries (ESVHD- MVU), 100% financial assistance is provided towards procurement & customization of Mobile Veterinary Units (MVUs) with recurring operational expenditure in the ratio of 90:10 for North Eastern & Himalayan States; 60% for other States, and 100% for UTs for delivery of veterinary healthcare services through Mobile Veterinary Units (MVUs) through a Toll-Free Number (1962) at farmers’ doorsteps which include disease diagnosis, treatment, vaccination, minor surgical interventions, audio-visual aids and extension services. So far, 4016 MVUs are operational in 28 states and 65 lakh farmers benefitted. This helps in increasing productivity

    5.         Animal Husbandry Infrastructure Development Fund (AHIDF) The scheme is to facilitate incentivisation of investments to establish (i) Dairy processing and product diversification infrastructure, (ii) Meat processing and product diversification infrastructure and (iii) Animal Feed Plant (iv) Breed Improvement Technology and Breed Multiplication Farm, (v) Veterinary Vaccine and Drugs production facilities, (vi) Animal waste to wealth management (Agri-waste Management). Keeping in view of the success of AHIDF, the erstwhile Dairy Processing Infrastructure Development Fund has been subsumed with the AHIDF on 01.02.2024. Now total size of the fund is Rs 29110 cr.

    The Department of Animal Husbandry and Dairying is implementing Centrally Sponsored Scheme National Livestock Mission with a Sub-Mission on Feed and Fodder Development. Under the Submission, fodder development activity is undertaken through strengthening of fodder seed chain (Breeder-Foundation-Certified) thereby improving the availability of certified/quality fodder seeds required for production of high quality and  nutritious fodder. Approx.  1.03 lakh Tons of fodder seeds were produced under the Component Assistance for Quality Fodder Seeds Production since 2021-22 with release of funds of Rs.636.83 crores. The details of the progress under the component is at Annexure-I

    Indian Council of Agricultural Research (ICAR)- Indian Grassland and Fodder Research Institute ( IGFRI) Jhansi along with its All India Co-ordinated Research Project (AICRP) on Forage Crops & Utilization with 22 coordinated centers located in 21 states of the country are dedicatedly working on development of high yielding and nutritious fodder crop varieties for different agro-climatic conditions of the country and many varieties have been released for cultivation. Different approaches of crop improvement viz. speed breeding, apomixes; gene editing, SS markers, transgenic etc. are being used to develop high yielding trait specific cultivars. Major thrust are being placed for the development of varieties with attributes of high yielding, nutritionally superior, climatically resilient and resistant for different biotic factor. Till now more than 400 improved varieties in 40 fodder crops has been developed for different parts of the country and out of these about 200 varieties are in seed production chain. During last five years (2019-2024) nutritionally better and high yielding 86 varieties/ hybrids in 17 fodder crops have been identified/ notified for the cultivation in different agro-climatic regions of the country.

    Annexure-I

    Progress under component Assistance for Quality Fodder seeds Production under realign National Livestock Mission (NLM)

    1. Physical Progress – Year and Class wise Fodder Seed Production (Qtls)

    Class of seeds

    2021-22

    2022-23

    2023-24

    2024-25

    Total

    Breeder

    530.13

    0

    0

    0

    530.13

    Foundation

    6120.87

    21864.75

    15312.89

    12832.06

    56130.57

    Certified

    104852.2

    303222.4

    407874.5

    159383.0

    975332.1

    Total

    111503.2

    325087.2

    423187.4

    172215.1

    1031993

    1. Financial Progress – Year-wise Release of funds

    Year

    Release of funds (Rs.in crores)

    2021-22

    100.44

    2022-23

    159.99

    2023-24

    156.07

    2024-25

    (As on 4.2.2025)

    220.31

    Total Releases

    636.83

    This information was given by the Minister of Fisheries, Animal Husbandry and Dairying Shri Rajiv Ranjan Singh alias Lalan Singh, in a written reply in Lok Sabha today.

    *****

    AA

    (Release ID: 2101854) Visitor Counter : 25

    Read this release in: Hindi

    MIL OSI Asia Pacific News –

    February 12, 2025
  • MIL-OSI Europe: MOTION FOR A RESOLUTION on the further deterioration of the political situation in Georgia – B10-0106/2025

    Source: European Parliament

    Reinier Van Lanschot, Mārtiņš Staķis, Maria Ohisalo, Sergey Lagodinsky, Markéta Gregorová, Ville Niinistö, Erik Marquardt, Nicolae Ştefănuță, Villy Søvndal
    on behalf of the Verts/ALE Group

    B10‑0106/2025

    European Parliament resolution on the further deterioration of the political situation in Georgia

    (2025/2522(RSP))

    The European Parliament,

    – having regard to its previous resolutions on Georgia,

    – having regard to the statement of 1 December 2024 by the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy (VP/HR) Kaja Kallas and Commissioner for Enlargement Marta Kos on Georgia,

    – having regard to the Council conclusions on Enlargement of 17 December 2024,

    – having regard to the Association Agreement of July 2016 between the European Union and the European Atomic Energy Community and their Member States, of the one part, and Georgia, of the other part, and its establishment of a Deep and Comprehensive Free Trade Area,

    – having regard to Rule 136(2) of its Rules of Procedure,

    A. whereas mass grass-roots protests have been taking place in Georgia since the October 2024 parliamentary election; whereas civil society, opposition parties and international and local observers did not accept the reported election results and continue to demand a new election; whereas the protests have been marred by the police’s use of excessive and disproportionate violence, countless arrests and the ill treatment of detainees while in custody;

    B. whereas local and international human rights organisations have documented a worrying trend of police brutality, stating that hundreds of protesters, dispersed and arrested by police, have faced violence that, in some cases, amounts to torture; whereas Georgia’s police forces are operating under a veil of apparent impunity, using sporadic acts of violence by protesters, often provoked by their own actions, as a pretext for repression; whereas no officials responsible for abuses have been held accountable;

    C. whereas hundreds of anti-government protesters and activists are still being detained, of whom more than 300 are alleging that they suffer beatings, torture and other ill treatment in detention; whereas detainees face swift court hearings resulting in fines or detention for alleged administrative offences, while dozens of people have been arrested on criminal charges in the context of the ongoing anti-government protests;

    D. whereas UN experts have condemned the pattern of repression and human rights violations in Georgia, while the Organization for Security and Co-operation in Europe has called this suppression a serious breach of the right of freedom of assembly;

    E. whereas prominent journalist Mzia Amaghlobeli, founder of Georgian independent news outlets Batumelebi and Netgazeti, was detained in Batumi on 12 January 2025 for posting a protest poster and then detained again after she suffered ill treatment while in detention, which allegedly resulted in her slapping a Batumi police officer who had insulted her; whereas the Georgian Prosecutor’s Office then charged her with ‘attacking a police officer,’ a criminal offence that carries a prison sentence of four to seven years; whereas on 20 January, it became known that Amaghlobeli had begun a hunger strike; whereas international and local human rights organisations, foreign and Georgian politicians, 14 embassies and more than 300 Georgian journalists, editors and media managers have expressed deep concern about her medical condition and called for her immediate release;

    F. whereas the ruling Georgian Dream party convened the new parliament in violation of the country’s constitution, resulting in a boycott of parliament by the opposition; whereas on 5 February 2025, Georgian Dream members of parliament (MPs) voted to strip 49 opposition MPs of their mandates; whereas Georgian authorities have arrested several opposition figures, including politicians Nika Melia and Gigi Ugulava;

    G. whereas Georgian Dream has adopted new legislation that came into effect on 30 December 2024, which imposes further arbitrary restrictions on the rights of freedom of expression and peaceful assembly, along with hefty fines for the use of protest slogans or posters, and enables preventive detentions of anyone suspected of planning to violate these rules governing public assembly or other laws, for up to 48 hours; whereas the authorities are routinely abusing administrative and criminal proceedings by the Georgian authorities as part of the worsening crackdown on protest and peaceful dissent;

    H. whereas the Georgian authorities continue to ignore the numerous local and international calls to repeal the law ‘on transparency of foreign influence’ and the law ‘on family values and protection of minors’; whereas Georgian Dream has, however, announced plans to replace the so-called foreign agent legislation with a tougher law it describes as a ‘direct copy of the current US Foreign Agents Registration Act’; whereas Georgian Dream has also announced plans for a new draft law on media control which would reportedly restrict media funding from foreign sources, establish ‘standards for media objectivity and journalistic ethics’ and define institutional mechanisms for monitoring and safeguarding these standards;

    I. whereas a growing number of civil servants have been dismissed after speaking out against the halting of Georgia’s EU membership process, with Prime Minster Kobakhidze stating that the country’s civil service was going through a ‘process of self-cleansing’;

    J. whereas Giorgi Gakharia, leader of the For Georgia party and former prime minister, and Zviad Koridze, a journalist and a member of Transparency International Georgia, were physically assaulted in two separate incidents on 15 January;

    K. whereas Article 78 of the Georgian Constitution states that the constitutional bodies must take all measures within the scope of their competences to ensure the full integration of Georgia into the European Union;

    L. whereas the EU has firmly halted Georgia’s EU accession process, redirected EU funding from Georgia’s government to civil society and suspended visa-free travel to the EU for Georgian diplomats and officials; whereas, at the December 2024 Foreign Affairs Council, Hungary and Slovakia blocked broadly demanded targeted sanctions against leading Georgian officials, including Bidzina Ivanishvili;

    M. whereas Estonia, Latvia and Lithuania have bilaterally imposed targeted sanctions against Ivanishvili and 10 government officials, including Prime Minister Irakli Kobakhidze and Interior Minister Vakhtang Gomelauri; whereas, in December 2024, the US imposed individual sanctions against Ivanishvili, while the UK imposed individual sanctions against Mr Gomelauri, Deputy Interior Minister Aleksandre Darakhvelidze, Tbilisi Police Department Director Sulkhan Tamazashvili, Chief of the Special Tasks Department Zviad Kharazishvili, and Deputy Head of the Special Tasks Department Mileri Lagazauri; whereas on 13 January 2025, UK MP James MacCleary put forward a motion to sanction Ivanishvili in the House of Commons;

    N. whereas Ivanishvili and his family members have reportedly begun transferring their business assets, worth dozens of millions of euros, from offshore entities to Georgia-registered companies following the imposition of the US targeted sanctions;

    O. whereas a significant incentive for Georgian Dream and Ivanishvili in particular to remain on their confrontational path with democracy at home and against European integration is their confidence in cultivating alternative economic development opportunities with Russia, and the continued and growing geo-economic leverage of Georgia in respect of the West; whereas Georgia is a key partner country of the ‘Middle Corridor’ in terms of connectivity, energy and trade relations;

    1. Stands in solidarity with all people in Georgia who, for over three months, have been protesting for their country’s democracy and constitution, human rights and EU values; reiterates its unwavering support for the Georgian people’s legitimate European aspirations and their wish to live in a prosperous and democratic country, free from corruption, that fully respects fundamental freedoms, protects human rights and guarantees an open society, independent media and free and fair elections;

    2. Reconfirms its position that the reported extensive electoral fraud during the October 2024 parliamentary election undermined the integrity of the election process, the legitimacy of the results and the public’s trust in any new government, and that the results therefore do not serve as a reliable representation of the will of the Georgian people; calls for a new election within a year, and for the process to be conducted in an improved electoral environment by an independent and impartial election administration, under diligent international observation, in order to ensure a genuinely fair and transparent electoral process;

    3. Considers that the actions of the Georgian Dream party, both in parliament and on the streets against its own citizens, are rapidly steering the country towards authoritarianism, in a seemingly deliberate attempt to demonstrate that the will of the Georgian people no longer determines the country’s future;

    4. Condemns all violence against protesters and the ill treatment of detainees by Georgia’s police forces, especially the growing reports of torture; strongly urges the Georgian authorities to guarantee the right of citizens to assemble and to refrain from using unwarranted force against them; demands that all officials responsible for unlawful use of force, including acts of torture and other ill treatment, must be held fully accountable;

    5. Calls for the immediate and unconditional release of political prisoners and those detained during the anti-government protests; expresses its deep concern about the medical condition of Mzia Amaghlobeli and denounces Georgian Dream for her unlawful detention and criminal prosecution, which was intended to instil fear among independent media representatives, activists and civil society at large;

    6. Condemns the termination of the mandates of 49 opposition MPs by Georgian Dream; considers this the latest step in Georgian Dream’s attack on political pluralism in the country; warns the Georgian authorities that any attempts to turn its threats of a ban on established political parties into a reality would alienate Georgia from the EU and make any move towards EU accession impossible;

    7. Condemns the attacks on Giorgi Gakharia and Zviad Korids; demands an independent investigation into the incidents and for those responsible to be held accountable;

    8. Reiterates its call on the Georgian authorities to repeal the law ‘on transparency of foreign influence’ and the law ‘on family values and protection of minors’; expresses concern about recently announced and introduced laws limiting freedom of expression and assembly, increasing state control of the media and further tightening of the so-called foreign agent legislation; underlines that the law and policies implemented by Georgian Dream are unconstitutional and incompatible with Georgia’s EU integration;

    9. Condemns the broader campaign of attacks by the Georgian authorities vilifying civil society organisations and reputable international donors that support democracy, the rule of law and the protection of human rights in Georgia; notes in this regard attempts by Georgian Dream officials to align themselves on these issues with US President Donald Trump and Elon Musk;

    10. Deplores efforts by Hungary and Slovakia to block EU targeted sanctions against Georgian Dream officials at the December 2024 Foreign Affairs Council; reiterates its call on the Council to impose, without delay, individual sanctions on the officials and political leaders in Georgia who are responsible for the democratic backsliding, violations of electoral laws and standards, brutality by police and their proxies and the ill treatment of detainees, administrative abuses and misuse of state institutions, such as Prime Minister Irakli Kobakhidze, Mayor of Tbilisi and Secretary General of the ruling Georgian Dream party Kakha Kaladze, Speaker of the Georgian Parliament Shalva Papuashvili, and Chairman of the Georgian Dream party Irakli Garibashvili, and to extend these sanctions to judges passing politically motivated sentences; reiterates its call on the Council and the EU’s democratic partners, in particular the UK, to impose immediate and targeted personal sanctions on Bidzina Ivanishvili and to freeze all his assets for his role in the deterioration of the political process in Georgia and for acting against the country’s constitutionally declared interests, including efforts to restore Russia’s sphere of influence over the country;

    11. Welcomes in this regard the sanctions imposed bilaterally by Estonia, Latvia and Lithuania; encourages other Member States, especially those hosting relevant assets, to similarly impose targeted sanctions against Georgian Dream officials, in particular Mr Ivanishvili, in a coordinated fashion, if EU level sanctions fail to be adopted in the Council; calls on France to revoke Ivanishvili’s Légion d’honneur;

    12. Reiterates its call for the EU and the Member States to adjust and accelerate the EU funding mechanisms for Georgian civil society and independent media to help make them resilient against efforts by the Georgian Government to cut off their financial lifeline; calls for the focus of that funding to reflect adjusted project needs in the context of a more hostile and anti-democratic environment; stresses that both fresh EU funding for Georgian civil society and the effective allocation of funding is more important than ever now that President Trump has frozen all such funding from the US; stresses that in Georgia’s increasingly repressive climate there is a rapidly growing need for EU and Member State emergency support for Georgian civil society and media, including core operational support, as well as support in countering disinformation;

    13. Calls for targeted sanctions on the financial sector of Georgia, as well as political and financial divestment away from planned connectivity projects, in order to disincentive Georgian Dream’s efforts to become a thriving hub for (illicit) Russian financial markets, and a key ‘partner of necessity’ for the West in the Caucasus in the Middle Corridor; stresses that there can be no deep political and economic relations between Georgia and the EU without Georgia upholding fundamental rights and the Georgian Constitution;

    14. Calls on VP/HR Kallas and Commissioner Kos, along with Magdalena Grono as the EU Special Representative for the South Caucasus and the crisis in Georgia, to travel to Georgia at their earliest convenience in order to meet with civil society and democratic/pro-European opposition leaders, express support for political prisoners, and more broadly show that the EU has not forgotten those in Georgia protesting for democracy and human rights; expresses its continued support for the efforts of Georgia’s fifth President, Salome Zourabichvili, who continues to represent Georgia’s democratic ambitions;

    15. Calls for an immediate and comprehensive audit of EU policy towards Georgia in the context of the halt in the country’s EU accession process; calls on the Commission, in this regard, to conduct a review of the EU-Georgia Association Agreement, in particular Georgia’s adherence to the requirements of the Deep and Comprehensive Free Trade Agreement and its general principles;

    16. Instructs its President to forward this resolution to the Council, the Commission, the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy, the European External Action Service, the governments and parliaments of the Member States, and to the President, Prime Minister and Parliament of Georgia.

     

     

    MIL OSI Europe News –

    February 12, 2025
  • MIL-OSI Europe: EIB and Banco Santander join forces to boost Europe’s wind energy manufacturers

    Source: European Investment Bank

    • The EIB provides a €500 million counter-guarantee enabling Santander to create a portfolio of bank guarantees of up to €1 billion, expected to unlock €8 billion of investment to support wind energy manufacturers in Europe.
    • The agreement is part of the EIB’s €5 billion wind power package to boost Europe’s wind power manufacturing sector and accelerate the energy transition.
    • The operation is backed by InvestEU, the EU programme aiming to mobilise investment of more than €372 billion by 2027.

    The European Investment Bank (EIB) and Santander have signed a €500 million counter-guarantee agreement that Santander will use to create a portfolio of bank guarantees of up to €1 billion, expected to unlock €8 billion of investment to support wind energy equipment manufacturing companies in Europe.

    The guarantees will back investment by companies manufacturing wind energy and grid interconnection equipment, as well as key components for the wind sector. This will enable the manufacturers to receive advance payments as well as to provide performance guarantees when taking on new wind projects. The guarantees scheme also enables manufacturers to pay their suppliers in advance for the supply of wind farms and the related wind value chain components, which include turbines, grid connection infrastructure, cables and transformer stations.  

    The leverage effect of the EIB counter-guarantee is expected to mobilise additional funding from other investors to support increasing production and accelerate wind energy development, helping to stimulate investment in the real economy.

    The deal forms part of the EIB’s €5 billion wind power package launched in 2023, a dedicated package of counter-guarantees to improve access to finance for wind power sector and support increasing newly installed wind energy generation capacity by 32GW. This EIB financing scheme is being activated through agreements with the sector’s main lenders like Santander. It is a key component of the  European Wind Power Package launched by the European Commission, and is designed to further accelerate a just and swift transition to net zero, while boosting home-grown industrial innovation.

    “Wind energy will play a significant role in achieving the EU’s renewable-energy target. To unveil its full potential, the EIB together with Santander is putting in place de-risking instruments that will allow manufacturers to overcome some of the challenges impacting the sector such as supply chain disruptions, high costs or intense international competition,” said EIB Director of Financial Institutions Gemma Feliciani. “This new framework sponsored by the EIB wind package will accelerate the energy transition in Europe while strengthening its industrial competitiveness and strategic autonomy.”

    Ricardo Gamazo, Santander Global Trade Finance team added: “The program has been very welcome by our clients in the wind equipment industry which face a large backlog of orders to meet the energy transition demand. This in turn creates large guarantee issuance requirements and this extra capacity goes a long way in securing credit lines in the market. We believe this agreement is another decisive step in buttressing energy security for the EU in a sustainable fashion”

    Background information

    About the EIB

    The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It finances investments that contribute towards EU policy goals. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

    About Banco Santander

    Banco Santander (SAN SM) is a leading commercial bank, founded in 1857 and headquartered in Spain and one of the largest banks in the world by market capitalization. The group’s activities are consolidated into five global businesses: Retail & Commercial Banking, Digital Consumer Bank, Corporate & Investment Banking (CIB), Wealth Management & Insurance and Payments (PagoNxt and Cards). This operating model allows the bank to better leverage its unique combination of global scale and local leadership. Santander aims to be the best open financial services platform providing services to individuals, SMEs, corporates, financial institutions and governments. The bank’s purpose is to help people and businesses prosper in a simple, personal and fair way. Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising €220 billion in green financing between 2019 and 2030. At the end of 2024, Banco Santander had €1.3 trillion in total funds, 173 million customers, 8,000 branches and 207,000 employees.

    MIL OSI Europe News –

    February 12, 2025
  • MIL-OSI Asia-Pac: DRDO showcases indigenously developed state-of-the-art technologies and systems, working models and innovations at Aero India 2025

    Source: Government of India

    DRDO showcases indigenously developed state-of-the-art technologies and systems, working models and innovations at Aero India 2025

    Full-scale model of India’s first 5.5 Gen stealth aircraft Advanced Medium Combat Aircraft (AMCA) is on display

    Seminar on ‘DRDO Industry Synergy towards Viksit Bharat: Make in India – Make for World’ to foster industry engagement, promote self-reliance in defence and provide boost to defence exports

    Posted On: 11 FEB 2025 10:47AM by PIB Delhi

                Defence Research and Development Organisation (DRDO) with an endeavour to integrate various stakeholders of defence R&D ecosystem in the country, is participating in the 15thedition of Aero India during February 10-14, 2025 at the Air Force Station Yelahanka, Bengaluru. It will feature indigenously developed state-of-the-art technologies and systems, working models and innovations in all formats, i.e., Indoor Pavilion, Outdoor Displays, India Pavilion and Flying display.

    DRDO for the first time is showcasing a full-scale model of India’s first 5.5 Gen stealth aircraft Advanced Medium Combat Aircraft (AMCA) equipped with cutting-edge features at the India Pavilion. This Pavilion at Aero India 2025 will showcase India’s commitment to its Make-in-India initiative by displaying indigenous defence manufacturing capabilities and cutting-edge technologies ready for the global stage. The pavilion exemplifies the combined strength of India’s private industries, Defence PSUs, start-ups, and DRDO.

    Apart from this, visitors to this Pavilion will gain insight from 16 other DRDO developed products and technologies being displayed such as Twin Engine Deck Based Fighter (TEDBF); LCA Mk-2 Model; Air Droppable Container (ADC) -150; Advanced Light Weight Torpedo; Kaveri Derivate Aero Engine without afterburner , Naval Anti-ship missile – Medium Range and various other missiles.

                DRDO indoor pavilion at Hall-D at Aero India is meticulously divided into 9 themes, encompassing core areas of defence innovation. The themes are: ‘Airborne Surveillance Solutions’, ‘Naval Warfare’, ‘Next-Generation Missile Systems’, ‘Supremacy in the Skies – ADA’s 5th Gen Leap’, ‘Unmanned Aerial Systems’, ‘RadarScape: Mapping the Invisible’, ‘Maritime Sentinel: A New Era of Surveillance & Safety’, ‘Sensors Suite for Fighter Aircraft’ and ‘Rakshak’. The Pavilion is displaying over 330 products which are categorised into 14 technology zones. It will provide an in-depth exploration of key defence areas, namely Advanced Materials & Composites; Surveillance & Reconnaissance Technology; Antenna & Microwave Technology; Soldier Support Systems; Combat Aircraft Technology; Corporate Directorates; Micro Electronic Devices, Computational Systems and Cyber Security; Land Systems & Munitions; Missile Technology; Next-Gen Combat Vehicles & Tactical Mobility; Photonics, Laser and Quantum Technology; Electronic Warfare & Communication; Simulation & Training Technology; and Aero Propulsion Technology. The indoor pavilion is also displaying the products developed under Technology Development Fund (TDF) Scheme being executed by DRDO.

    The outdoor segment of DRDO pavilion is designed to demonstrate the real-world application of cutting-edge defence technologies featuring full-scale model of QRSAM Mobile Launcher Vehicle, Akash NG Launcher; Archer UAV 1:1 (Rustom-1); Air Droppable Survival and Rescue Kit (SARK); Emergency Escape Parachute System for Air Crew (EEPSA); Military Combat Parachute System (MCPS); Vehicle Mounted Jammer; Anti UAV (JAU) Entity of Project DHARASHAKTI, and VHF Radar. The demonstration of Dornier aircraft’s midlife upgrade is one of the main highlights of DRDO’s participation at the Aero Show. The upgraded Dornier is showcasing enhanced avionics, better fuel efficiency, advanced radar systems, enhanced manoeuvrability, integrated surveillance systems, and improved electronic warfare capabilities, reinforcing its role as a dependable asset of the Indian Air Force.

    DRDO will conduct a seminar with the theme ‘DRDO Industry Synergy towards Viksit Bharat: Make in India – Make for World’ at Hall No. 2 on February 11, 2025. The seminar will foster industry engagement, promote self-reliance in defence and provide a boost to defence exports. Members of Academia, Indian Private Industry, StartUps, PSUs, and DRDO will participate in this seminar. Raksha Mantri, Shri Rajnath Singh will inaugurate the event and will release the Revised Policy for ToT, DRDO Policy for Harnessing Innovative Startups in Defence R&D and Compendium of DRDO Products for Export. During the seminar, Handing Over of Licensing Agreement for Transfer of Technology (LATOT) to Industries will also take place. At the event, Secretary DDR&D and Chairman DRDO Dr. Samir V Kamat will chair a panel discussion on Opportunities for Industries in Defence Export to foster a collaborative environment for enhancing defence exports.

    Under the banner of Aero India 2025, an Indigenisation & Valedictory event themed as ‘SAMARTHYA’ will be organised on February 12 by Department of Defence Production (DDP), to recognise and felicitate the contributors of Indigenously developed cutting edge technologies. Five DRDO developed products have been recognised to be showcased and Team leader of these products will be felicitated by the Raksha Mantri.   The details are:

    1. Shri Y Dilip, Director ADE Bengaluru for Computerised Pilot Selection System (CPSS)
    2. Dr MSY Siva Prasad, PD RudraM II, RCI Hyderabad
    3. Ms M Backialakshmi, CABS Bengaluru for Automatic Dependent Surveillance Broadcast (ADS-B) Receiver
    4. Smt T Sirisha, RCI, for Naval Anti-Ship Missile–Short Range
    5. Shri Vishal Dwivedi, CFEES Delhi for Fire Wire for Integrated Fire Detection and Suppression System for BMP, T-72 and T-90.

    As a prelude to Aero India, DRDO also organised the 15th edition of the Biennial Aero India International Seminar in association with the Aeronautical Society of India (AeSI) during February 8-9, 2025 in Bengaluru. The theme of the seminar was ‘Futuristic Aerospace Technologies: Challenges in Design Validation’, covering emerging trends in futuristic aerospace technologies and military airworthiness & certification: challenges in design and testing. This seminar provided valuable insights about cutting-edge technologies, a platform to explore collaborative research opportunities and forge strategic partnerships, while advancing the future of aerospace and defence technologies.

    DRDO’s exhibition at Aero India 2025 is an excellent opportunity for the Indian aerospace community to foster the cause of indigenous development of military systems and technologies with the spirit of self-reliance & national pride. Working towards the vision of Samarth and Shashakt Bharat, DRDO is developing the indigenous capabilities of the country by equipping the Armed Forces with state-of-the-art technologies/equipment, and bolstering the defence sector through collaboration with the private sector.

    *****

    VK/SR/KB

    (Release ID: 2101598) Visitor Counter : 76

    MIL OSI Asia Pacific News –

    February 12, 2025
  • MIL-OSI Asia-Pac: Remarks by Acting CE at media session before ExCo (with video)

    Source: Hong Kong Government special administrative region

         Following are the remarks by the Acting Chief Executive, Mr Chan Kwok-ki, at a media session before the Executive Council meeting today (February 11):

    Reporter: Good morning, Mr Chan. Some English questions. First about HKMAO Director Xia Baolong’s meeting with Hong Kong officials. How did the Government address Mr Xia on matters such as a budget deficit that Hong Kong is facing, and secondly, has the SAR Government formally filed a complaint to the World Trade Organization (WTO) regarding US tariffs on imports, and what further actions will the Government consider to take in response to the Trump administration’s move? Thank you.

    Acting Chief Executive: Thank you. Director Xia visited Hong Kong last Sunday, and he visited Hetao. I, together with other Principal Officials, reported to him the present situation of Hetao and also the future development of the Hetao area. Later on, in the afternoon, the Financial Secretary, together with some Principal Officials, attended a discussion session in Guangdong to report to Director Xia about the economic situation of Hong Kong. Director Xia is very concerned about Hong Kong. He highly recognised the work of the Hong Kong SAR Government under the leadership of the Chief Executive, and he also directed that we should try our very best to integrate into the Mainland’s national policies, especially the Greater Bay Area initiative. I think this is very important to Hong Kong. Of course, I think this is a very good occasion for us to communicate with Director Xia, so that we have a clear understanding of how the Central Government is thinking, especially how we should make good co-operation with our Guangdong counterparts.

         Regarding the US tariffs on Hong Kong, I think this is absolutely inconsistent with the WTO rules, of course, and also they have totally disregarded that Hong Kong is a separate customs territory. We will file a complaint with the WTO regarding this unreasonable arrangement.

    (Please also refer to the Chinese portion of the remarks.)

    MIL OSI Asia Pacific News –

    February 12, 2025
  • MIL-OSI Asia-Pac: PRESS RELEASE – PRESENTATION OF CREDENTIALS OF THE AMBASSADOR OF FRANCE TO THE INDEPENDENT STATE OF SAMOA

    Source: Government of Western Samoa

    Share this:

    (TUESDAY 4 FEBRUARY 2025)

    His Excellency Mr Guillaume Lemoine presented his Letter of Credence to the Head of State of Samoa, Afioga Tuimalealiifano Vaaletoa Sualauvi II at a presentation of credential ceremony held this morning at the Head of State’s official residence in Vailele accrediting His Excellency as the first resident Ambassador Extraordinary and Plenipotentiary of France to Samoa.

    Samoa and France have enjoyed cordial relations since the establishment of diplomatic relations on 1 March 1974. The Ambassador expressed that with over 50 years of diplomatic relations, the establishment of a permanent French Embassy in Apia is a historical step forward, which will contribute to strengthening the ties with Samoa and the French territories of French Polynesia, New Caledonia and Wallis & Futuna. The Head of State echoed the Ambassador’s sentiments and stated that the decision to set up an Embassy in Samoa “…places prominence on the recognition of our growing relations and the mutual respect we have for each other.”

    Both the Head of State and the Ambassador acknowledged the contributions of Ms Zita Martel as the French Honorary Consul in Samoa for the last 25 years in strengthening bilateral relations through the promotion of culture and friendship. Afioga Tuimalealiifano expressed that he is confident that the appointment of H.E Guillaume Lemoine as the first Ambassador of France to Samoa with residence in Apia, will further strengthen the existing relations between our two countries.

    His Excellency Mr Guillaume Lemoine holds a Master’s degree in Computer Science Management, a Post-graduate degree in Computerization of Organizations and is a former student of the Paris Institute of Political Studies. Mr Lemoine is a career diplomat who served in various diplomatic missions of France in Athens, Beirut, Kuwait and Lomé. Mr Lemoine was the Ambassador of France to Papua New Guinea prior to his appointment as the first resident Ambassador of France to Samoa. He was awarded distinctions in Medal of Honour of Foreign Affairs and as Knight of the National Order of Merit. Mr Guillaume Lemoine is married to Ms Olivia de Saint-Luc and they have three daughters.

    END.

    SOURCE – Ministry of Foreign Affairs and Trade

    Photos by the Government of Samoa (Leaosa Faaifo Faaifo)

    Share this:

    February 11, 2025

    MIL OSI Asia Pacific News –

    February 12, 2025
  • MIL-OSI: OTC Markets Group Welcomes Tantalus Systems Holding Inc. to OTCQX

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 11, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Tantalus Systems Holding Inc. (TSX: GRID; OTCQX: TNTLF), a technology company dedicated to helping utilities modernize their distribution grids by harnessing the power of data, has qualified to trade on the OTCQX® Best Market. Tantalus Systems Holding Inc. upgraded to OTCQX from the Pink® market.

    Tantalus Systems Holding Inc. begins trading today on OTCQX under the symbol “TNTLF.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

    Upgrading to the OTCQX Market is an important step for companies seeking to provide transparent trading for their U.S. investors. For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws.

    “Accessing the OTCQX Market highlights Tantalus’ dedication to transparency and operational excellence while also strengthening our access to U.S. investors,” said Peter Londa, President & CEO of Tantalus. “Given that the vast majority of our utility customers and revenue is generated from the United States, we believe cross-trading between the TSX and OTCQX will enhance liquidity and reinforces our commitment to delivering long-term value for our shareholders.”

    About Tantalus Systems Holding Inc.
    Tantalus is a technology company dedicated to helping utilities modernize their distribution grids by harnessing the power of data across all their devices and systems deployed throughout the entire distribution grid. We offer a grid modernization platform across multiple levels: intelligent connected devices, communications networks, data management, enterprise applications and analytics. Our solutions provide utilities with the flexibility they need to get the most value from existing infrastructure investments while leveraging advanced capabilities to plan for future requirements. Learn more at http://www.tantalus.com/.

    About OTC Markets Group Inc.
    OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market.

    Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

    OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

    To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

    Subscribe to the OTC Markets RSS Feed

    Media Contact:
    OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

    The MIL Network –

    February 12, 2025
  • MIL-OSI China: Foreign Minister Lin confers Friendship Medal of Diplomacy on British Office Taipei Representative Dennis

    Source: Republic of Taiwan – Ministry of Foreign Affairs

    No. 029 
    January 27, 2025

    Minister of Foreign Affairs Lin Chia-lung on January 24 conferred the Friendship Medal of Diplomacy on outgoing British Office Taipei Representative John Dennis in recognition of his efforts over the past five years to promote bilateral exchange and cooperation in all areas.

    Minister Lin thanked Representative Dennis for raising British attention on the Taiwan Strait and Indo-Pacific during his tenure. Minister Lin expressed pleasure that the G7 had begun stressing the importance of cross-strait peace and stability as an indispensable element to global security and prosperity since United Kingdom’s G7 presidency in 2021. He also noted that Parliamentary Under-Secretary of State for the Indo-Pacific at the Foreign, Commonwealth and Development Office Catherine West in November 2024 for the first time publicly expressed the UK government’s opposition to China’s misrepresentation of UN General Assembly Resolution 2758. 

    Furthermore, Minister Lin stated that Representative Dennis had initiated regular bilateral dialogue mechanisms on a wide range of issues and had facilitated the signing of bilateral memorandums of understanding on the exchange of driving licenses and organics equivalence, as well as the Enhanced Trade Partnership (ETP) arrangement, thereby further deepening people-to-people, agricultural, economic, and trade exchanges between the two countries. Minister Lin added that during Representative Dennis’s tenure the United Kingdom had actively participated in and co-hosted activities under the Global Cooperation and Training Framework, helping to consolidate partnerships based on democratic values.  

    Representative Dennis said that considerable progress had been made in Taiwan-UK ties in recent years and that bilateral trade had continued to grow. He stated that he had been honored to witness the flourishing collaboration between the two countries, as well as Taiwan’s achievements in combating the COVID-19 pandemic, advancing supply chain resilience, and responding to climate change. He also expressed hope that Taiwan and the United Kingdom would soon conclude negotiations and sign subagreements on key pillars of the ETP, including investment, digital trade, and energy and net-zero emissions.

    Meanwhile, Representative Dennis said that the United Kingdom would do its utmost to support Taiwan’s international participation so that the two countries could jointly contribute to global initiatives on health, ICT resilience, and sustainable development. He concluded his remarks by stressing that peace and stability across the Taiwan Strait were vital to global prosperity and that the United Kingdom and the other G7 members would continue to pay close attention to Taiwan Strait developments. 

    Since taking office in December 2020, Representative Dennis has actively sharpened the United Kingdom’s focus on Taiwan Strait and Indo-Pacific affairs. He has also promoted bilateral exchange and collaboration in such areas as the economy, trade, investment, science and technology, and talent cultivation. His outstanding contributions have further enhanced the mutually beneficial and substantive partnership between Taiwan and the United Kingdom. (E) 

    MIL OSI China News –

    February 12, 2025
  • MIL-OSI Russia: Principality of Andorra: Staff Concluding Statement of the 2025 Article IV Mission

    Source: IMF – News in Russian

    February 11, 2025

    A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

    The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

    Andorra La Vella – February 11, 2025

    The Andorran economy is doing well. This provides a window of opportunity to address substantial long-term challenges. The authorities have consolidated the country’s macro-financial framework and reinforced buffers. However, Andorra’s real GDP per capita—while high in absolute terms—has remained flat over the last 50 years, with growth largely driven by population increases. Going forward, population aging is both an economic and a fiscal concern, and climate change challenges an economic model largely dependent on winter tourism. Ambitious structural reforms are needed to unlock investment and lift productivity.

    Economic Outlook

    The Andorra economy continues to show resilience and to grow above its potential. Growth in 2024 surprised slightly on the upside, at an estimated 2.1 percent, driven by the service, banking and construction sectors. Inflation is subsiding gradually, reaching 2.6 percent at the end of 2024, despite limited economic slack and a still tight labor market. The current account surplus remains very large, estimated at 15.1 percent of GDP in 2024. The strong performance of banks continued in 2024 supported by high interest margins and increased fees and commissions.

    Going forward, GDP is expected to slow to the level of potential growth. Real GDP growth is forecasted at 1.7 percent in 2025 and 1.5 percent from 2027 onwards. Inflation is projected to stabilize at 1.7 percent over the medium term. Short-term risks are balanced: greater uncertainty in the global economy and the potential for adverse shocks such as deepening geoeconomic fragmentation, supply disruptions, recurrent commodity price fluctuations and a reversal of monetary policy loosening are downside risks to growth and inflation. On the upside, Andorra, like other service-oriented economies in Europe, could benefit from stronger demand, and grow faster than projected. Solid buffers mitigate risks.

    Challenges are concentrated over the medium-term, as stagnating income growth makes it challenging to address the impact of population aging and climate change. With long life expectancy and low fertility rates, Andorra’s population is expected to age rapidly—removing an engine for GDP growth and creating fiscal liabilities over the long term. Fiscal costs from pensions and healthcare will be substantial. More frequent climate shocks can affect the economic cycle in an economy largely reliant on winter tourism, and structurally warmer temperatures will require extensive adaptation.

    Policy priorities

    The solid macroeconomic position and the credibility of the policy framework provide Andorra with an opportunity for implementing far-reaching structural reforms. Diversifying the economy to enhance resilience, unlocking investment and lifting productivity to raise income levels, and addressing the costs of aging and climate change should be driving the policy agenda. The recently negotiated EU Association Agreement (EUAA), if approved by referendum, could offer an opportunity to support the reform momentum, but would also bring challenges.

    Maintaining a solid fiscal framework given spending pressures over the medium term

    Maintaining a disciplined fiscal policy within the fiscal framework is important and will provide room for more public investment. In a microstate that needs fiscal buffers against external shocks, entrenching fiscal space is important. In addition, the credibility of the fiscal framework and the primary surplus provide room for higher public investment to support potential growth and mitigate structural bottlenecks.

    • A balanced 2025 budget focused on economic priorities. The 2025 budget finds a welcome balance between maintaining a conservative fiscal stance but building on the authorities’ structural priorities, with a focus on health, housing, maintaining purchasing power, and education. Overall, the 2025 budget foresees a deficit of 0.9 percent of GDP. Given past practice of adjusting expenditures in line with incoming revenues, staff forecasts a small surplus of about 0.3 percent of GDP.
    • Room for growth-enhancing public spending. The fiscal framework, which prescribes an overall deficit limit of 1 percent of GDP and a central government debt ceiling of 40 percent of GDP, provides room for higher public spending targeted towards growth-enhancing investment. Spending should be focused on the structural needs of the economy: social and affordable housing, upskilling the workforce and addressing labor shortages, connectivity to support economic diversification, and investments to lift potential growth. As under-execution of budgeted public investment is customary, delivering on investment plans should be a policy objective.

    Over the medium term, Andorra faces rising spending pressures from aging, as well as a need to adapt to climate change—engaging reforms early is paramount. Staff estimates that by 2050, pension system expenditures will rise by 6.7 percentage points while healthcare expenditures will increase by 2 percentage points. Acting early on pension and healthcare reforms is needed to anticipate and mitigate the fiscal impact of aging.

    • Pension reform has been on the government’s agenda for some time and is overdue. The menu of options to put the system on the sustainable path is well understood, from increasing contribution rates and reducing conversion rates to increasing the retirement age. Concluding the reform in an expeditious and comprehensive manner is needed to ensure the sustainability of the social security fund in the long run.
    • A reform of the healthcare system should aim to contain long-term costs while raising healthcare revenues . Experience from other advanced economies provides a blueprint for potential measures, in 4 areas: (i) enhance cost efficiency, (ii) strengthen preventive care, (iii) increase revenues for healthcare while preserving equity, and (iv) improve governance. The National Pact brought together stakeholders and should continue its work to strengthen the healthcare system.

    · Beyond direct policies in the pension and healthcare areas, broader measures would be helpful to buffer the additional long-term fiscal costs of aging. Domestic revenue mobilization and migration policies can help.

    • Climate change also exposes the government to future contingent liabilities. Public investment needs to increase to meet Andorra’s climate change mitigation targets and to provide adequate support to the adaptation of the private sector. In addition, fiscal space will be increasingly needed to buffer the negative impact of climate shocks.

    Precautionary borrowing and a rapid reduction in public debt provide the authorities with flexibility in managing the debt profile. The authorities are reaping the benefits of an effective debt management strategy that is projected to bring public debt down to 30 percent of GDP by 2026, that lengthened its maturity to 6.3 years and that keeps public debt service low. The authorities should continue to monitor market conditions for an upcoming debt maturity of €500 million public bonds in 2027, including for further diversifying debt and extending its maturity to decrease rollover risks and mitigate consequences from potential increases in interest rates.

    Consolidating banking performance in a changing environment

    Strengthening further the resilience of the banking system during periods of high profitability is appropriate. The banking sector displays solid fundamentals, with large capital and liquidity buffers. However, given the large size of the banking sector, the supervisor should remain vigilant. Available supervisory tools should complement each other, including by supporting the lender of last resort facility introduced in 2022 by continued close supervision and a well-designed resolution framework to ensure that critical problems are identified and addressed early. The activation of a countercyclical capital buffer in 2024 was timely to increase banking system resilience during high bank profitability.

    The changing financial landscape, notably with the continued international expansion of banks and a possible EUAA, brings opportunities and challenges for Andorran banks. Banks have been growing in the EU where they run independent subsidiaries focused on private banking services, and the EUAA would facilitate this expansion, notably in the asset management business. Domestically, the EUAA has the potential to create a more dynamic domestic market but also to open Andorra to greater competition. The authorities should work closely with banks to prepare for the transition and safeguard financial stability.

    Ambitious structural reforms to unlock investment and lift productivity, support the diversification of the economy and help mitigate climate change.

    A comprehensive set of structural measures is important and should focus on the following:

    • Addressing frictions, notably labor and housing shortages. Public investment in education and well-designed immigration policies can improve knowledge capital in Andorra and raise labor productivity. Multiple housing measures were implemented recently—including the extension of existing rental contracts, the creation of a public affordable housing park, tax incentives for owners who offer affordable housing, suspension of tourist accommodation licenses, fees on empty houses and on real estate purchases by foreigners. The authorities should aim at providing market-based incentives for investing in affordable housing while minimizing distortions.
    • Creating a business environment conducive to higher investment. Recommendations encompass reducing administrative rigidities associated with doing business in Andorra, promoting access to financing, and implementing measures to attract and retain talent.
    • Supporting the development of higher value-added sectors, including the digital economy. With limited space for manufacturing, Andorra can look at the experience of peer countries that have successfully diversified towards the digital economy. Government policies, including the 2022 Law on the digital economy, entrepreneurship, and innovation and the Digitalization Strategy 2020-2030 were welcome initial steps.

    The EUAA could provide further momentum for reforms towards diversification, unlock investment, and raise productivity in Andorra, but is not without its own challenges. The agreement signals a strong commitment to deeper integration with the EU and to reinforce Andorran institutions in their coherence with EU standards. Empirical evidence on the benefits of EU membership provides useful lessons for EU association. It suggests that while the impact can be significant and positive, it builds up over time, and is conditional on well-designed domestic reforms during the accession period. While the impact varies with country-specific circumstances, it materializes through a few channels: structural reforms in the period preceding accession/association, greater capital accumulation, notably FDI, and higher productivity. In Andorra, room for increasing investment and productivity is substantial. Transition periods for key sectors such as telecom and banking mitigate the risks of disruption and fiscal space can cover transition costs. Preparedness is essential to realize the benefits of association, and reduce potential downsides, such as greater regional competition.

    The climate adaptation strategy needs to be accelerated given the macrocriticality of global warming for Andorra. Because of its higher altitude, Andorra is less exposed than other winter tourism locations in the region and should use this window of opportunity to enact needed policies, support the development of higher value-added service sectors and diversify away from winter tourism. The authorities should expedite the development and execution of a climate adaptation strategy.

    *

    The mission thanks the authorities and all our counterparts for a constructive and candid policy dialogue, for engaging in a productive and transparent collaboration, and for their hospitality during the official visit of the IMF to Andorra.

    Andorra: Selected Social and Economic Indicators

    I. Social Indicators

    Population (2023)

    85101

    Population at risk of poverty (percent, 2020)

    13

    Per capita income (2023, euros)

    40511

    Human Development Index Rank (2021)

    40 (out of 189)

    Gini Index (2020)

    32

    Life expectancy at birth (2024)

    83.9

    II. Economic Indicators

    Projections

    2022

    2023

    2024

    2025

    2026

    2027

    2028

    2029

    2030

    NATIONAL ACCOUNTS AND PRICES

    (annual change, percent, unless otherwise indicated)

    Real GDP

    9.6

    2.6

    2.1

    1.7

    1.6

    1.5

    1.5

    1.5

    1.5

    Nominal GDP

    14.2

    9.0

    5.0

    3.7

    3.4

    3.3

    3.2

    3.2

    3.2

    GDP deflator

    4.2

    6.3

    2.9

    1.9

    1.8

    1.7

    1.7

    1.7

    1.7

    (contribution to nominal GDP growth, percentage points)

    Consumption

    6.5

    7.0

    3.6

    2.5

    2.5

    2.5

    2.5

    2.4

    2.4

    Private

    6.2

    3.5

    1.7

    1.5

    1.5

    1.5

    1.5

    1.4

    1.4

    Public

    0.3

    3.4

    1.9

    1.0

    1.0

    1.0

    1.0

    1.0

    1.0

    Investment

    6.8

    -2.2

    0.9

    0.5

    0.6

    0.3

    0.3

    0.4

    0.5

    Private 1/

    6.4

    -3.1

    0.2

    0.0

    0.4

    0.1

    0.1

    0.2

    0.3

    Public

    0.4

    0.9

    0.7

    0.5

    0.2

    0.2

    0.2

    0.2

    0.2

    Net exports of goods and services

    0.9

    4.3

    0.7

    0.6

    0.4

    0.4

    0.4

    0.4

    0.4

    Exports

    18.8

    10.4

    4.2

    3.3

    2.8

    2.8

    2.9

    2.9

    2.8

    Imports

    18.0

    6.1

    3.5

    2.7

    2.5

    2.4

    2.5

    2.5

    2.4

    Prices

    Inflation (percent, period average)

    6.2

    5.6

    3.1

    2.2

    1.8

    1.7

    1.7

    1.7

    1.7

    Inflation (percent, end of period)

    7.2

    4.6

    2.6

    2.0

    1.7

    1.7

    1.7

    1.7

    1.7

    Unemployment rate (percent)

    2.1

    1.6

    1.6

    1.6

    1.8

    1.8

    1.9

    2.0

    2.0

    EXTERNAL SECTOR

    (percent of GDP, unless otherwise indicated)

    Current account

    11.6

    14.2

    15.1

    17.0

    17.0

    17.0

    17.0

    17.0

    17.0

    Balance on goods and services

    8.8

    12.0

    12.0

    12.2

    12.1

    12.1

    12.1

    12.1

    12.1

    Exports of goods and services

    80.9

    83.7

    83.7

    83.9

    83.8

    83.9

    84.1

    84.2

    84.3

    Imports of goods and services

    72.2

    71.8

    71.6

    71.7

    71.7

    71.8

    71.9

    72.1

    72.2

    Primary income, net

    4.3

    3.5

    4.3

    6.1

    6.1

    6.1

    6.1

    6.1

    6.1

    Secondary income, net

    -1.4

    -1.3

    -1.3

    -1.3

    -1.3

    -1.3

    -1.3

    -1.3

    -1.3

    Capital account

    0.0

    -0.1

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    Financial account

    12.7

    13.5

    15.1

    17.0

    17.0

    17.0

    17.0

    17.0

    17.0

    Errors and omissions

    1.1

    -0.6

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    Gross international reserves (millions of euros) 2/

    338.4

    338.7

    399.0

    399.0

    399.0

    399.0

    399.0

    399.0

    399.0

    FISCAL SECTOR

    (percent of GDP, unless otherwise indicated)

    General Government 3/

    Revenue

    39.7

    38.0

    37.9

    37.8

    37.7

    37.8

    37.8

    37.7

    37.8

    Expenditure

    34.9

    35.9

    36.5

    36.7

    36.6

    36.9

    36.9

    37.0

    37.0

    Interest

    0.7

    0.6

    0.6

    0.6

    0.6

    0.8

    0.8

    0.8

    0.8

    Primary balance

    5.6

    2.7

    2.0

    1.7

    1.6

    1.6

    1.7

    1.6

    1.6

    Net lending/borrowing (overall balance)

    4.8

    2.1

    1.5

    1.1

    1.1

    0.8

    0.9

    0.8

    0.8

    Public debt

    38.9

    35.5

    33.7

    32.5

    31.5

    30.5

    30.0

    29.5

    29.0

    Central Government 4/

    Revenue

    21.7

    19.8

    21.3

    20.8

    20.8

    20.8

    20.8

    20.8

    20.9

    Expenditure

    18.7

    19.1

    20.4

    20.5

    20.5

    20.6

    20.7

    20.6

    20.7

    Interest

    0.7

    0.5

    0.5

    0.5

    0.5

    0.7

    0.7

    0.7

    0.7

    Primary balance

    3.6

    1.2

    1.4

    0.8

    0.8

    0.9

    0.8

    0.9

    0.9

    Net lending/borrowing (overall balance)

    2.9

    0.7

    0.9

    0.3

    0.3

    0.2

    0.1

    0.2

    0.2

    Public debt

    37.1

    34.0

    32.3

    31.2

    30.1

    29.2

    28.7

    28.3

    27.9

    BANKING SECTOR5 /

    (percent, unless otherwise indicated)

    Regulatory capital to risk-weighted assets

    20.3

    21.7

    21.2

    …

    …

    …

    …

    …

    …

    Nonperforming loans to total gross loans

    3.3

    2.2

    2.1

    …

    …

    …

    …

    …

    …

    Credit to nonfinancial private sector

    Level (percent of GDP)

    116.4

    101.3

    94.5

    …

    …

    …

    …

    …

    …

    Corporates

    61.8

    55.1

    51.1

    …

    …

    …

    …

    …

    …

    Households

    54.6

    46.2

    43.4

    …

    …

    …

    …

    …

    …

    Growth (nominal)

    -1.7

    -5.2

    -2.0

    …

    …

    …

    …

    …

    …

    Corporates

    2.6

    -2.8

    -2.5

    …

    …

    …

    …

    …

    …

    Households

    -6.1

    -7.8

    -1.3

    …

    …

    …

    …

    …

    …

    Credit to public sector

    Level (percent of GDP)

    2.2

    1.8

    1.5

    …

    …

    …

    …

    …

    …

    Growth (nominal)

    -8.4

    -10.0

    -13.0

    …

    …

    …

    …

    …

    …

    Memorandum items

    Exchange rate (€/USD, period average) 6/

    0.95

    0.92

    0.92

    0.97

    0.97

    0.97

    0.97

    0.97

    0.97

    Nominal GDP (millions of euros)

    3,210

    3,501

    3,676

    3,811

    3,942

    4,070

    4,202

    4,338

    4,478

    Sources: Andorran authorities, Eurostat, and IMF staff calculations.

    1/ The contribution of private investment is derived as a residual and includes investments of state-owned enterprises.

    2/ The increase of gross international reserves in 2022 is due to €100 million deposited at the Bank of Spain, €40 million at the Banque de France, and €60 million at the Nederlandsche Bank as gross international reserves. In 2024, additional €60 million reserves were accounted, mainly deposited at the Bank of Spain.

    3/ The general government comprises the central government, local governments, and the social security fund.

    4/ The central government comprises Govern d’Andorra, as well as nonmarket, nonprofit institutional units.

    5/ 2024 data corresponds to 2024Q3.

    6/ The table reports the exchange rate €/USD because Andorra is a euroized economy.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Camila Perez

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

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2025/02/11/andorra-cs-2025

    MIL OSI

    MIL OSI Russia News –

    February 12, 2025
  • MIL-OSI: MEXC Launches STORY (IP) Launchpool & Airdrop+, Offering 68,500 IP & 50,000 USDT in Bonuses

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Feb. 11, 2025 (GLOBE NEWSWIRE) — MEXC, the world’s leading cryptocurrency trading platform, is excited to announce the launch of its Launchpool initiative in collaboration with the renowned blockchain project STORY (IP). This initiative highlights the close partnership between MEXC and STORY, showcasing their joint efforts to expand the STORY network. By introducing two major events—a Launchpool featuring a 60,000 IP reward pool and an Airdrop+ offering 8,500 IP plus 50,000 USDT—this collaboration further accelerates the growth of the STORY network while driving innovation in the blockchain space.

    MEXC Supports the STORY Network with the Launch of IP Launchpool

    In the digital age, traditional intellectual property (IP) management faces growing challenges. Centralized platforms and complicated intermediaries often lead to inefficiencies, high costs, and trust issues for creators. As a Layer 1 blockchain built with Cosmos SDK, STORY combines DeFi and AI technologies to offer automated, transparent, and cost-effective IP management solutions. With full EVM compatibility and a modular architecture, STORY empowers creators to tokenize their IP assets, automate royalties, and simplify licensing processes. MEXC’s support of the STORY network highlights the growing importance of such innovations in blockchain.

    As a global leader in digital asset trading, MEXC consistently supports innovative blockchain projects. Its Launchpool initiative with STORY reaffirms this commitment. This collaboration not only strengthens the STORY ecosystem but also empowers global creators and developers to explore the potential of decentralized IP management. MEXC’s broad market coverage and strong liquidity offer the environment for blockchain projects like STORY to thrive and bring new possibilities to the digital economy. By allowing users to stake USDT, MX, and IP tokens to earn rewards, MEXC provides a platform for increased exposure and growth for STORY. Visit the STORY (IP) pre-market page to see this innovation in action.

    Celebrate the IP Launchpool & Airdrop+ with a Prize Pool of 68,500 IP & 50,000 USDT

    As a pioneer in the cryptocurrency industry, MEXC continues to foster innovation and support emerging blockchain ecosystems. MEXC is hosting two major STORY (IP) events: the Airdrop+ event, running from February 12, 2025, 10:00 (UTC) to February 26, 2025, 10:00 (UTC), featuring 8,500 IP plus 50,000 USDT in rewards, and the Launchpool, taking place from February 12, 2025, 10:00 (UTC) to February 15, 2025, 10:00 (UTC), with a 60,000 IP reward pool. These initiatives underscore MEXC’s ongoing commitment to advancing blockchain innovation and delivering valuable opportunities to the crypto community.

    These activities include:

    • Event 1: IP Launchpool – Stake USDT, MX & IP to Share 60,000 IP
    • Event 2: Join Airdrop+ to Share 8,500 IP & 50,000 USDT bonus
    • Perk 1: Deposit and Share 5,600 IP (New User Exclusive).
      Perk 2: Spot Challenge – Trade to Share 1,700 IP.
      Perk 3: Futures Challenge – Trade to Share 50,000 USDT in Futures Bonuses.
      Perk 4: Invite New Users and Share 1,200 IP.

    MEXC continues to expand its market share in the centralized exchange space, leveraging its first-mover advantage in listing promising and valuable projects. As one of the leading cryptocurrency exchanges, with its commitment to innovation, user-centric approach, and strategic focus on early-stage token listings, MEXC remains at the forefront of the crypto industry, providing strong access to the rapidly growing blockchain ecosystem.

    About MEXC

    Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto”. Serving over 30 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, frequent airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.
    MEXC Official Website| X | Telegram |How to Sign Up on MEXC

    Contact:
    Lucia Hu
    PR Manager
    lucia.hu@mexc.com

    Disclaimer: This content is provided by MEXC. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2a2e22b1-397a-4227-8c4b-fe594bb87d87

    The MIL Network –

    February 12, 2025
  • MIL-OSI Economics: Principality of Andorra: Staff Concluding Statement of the 2025 Article IV Mission

    Source: International Monetary Fund

    February 11, 2025

    A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

    The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

    Andorra La Vella – February 11, 2025

    The Andorran economy is doing well. This provides a window of opportunity to address substantial long-term challenges. The authorities have consolidated the country’s macro-financial framework and reinforced buffers. However, Andorra’s real GDP per capita—while high in absolute terms—has remained flat over the last 50 years, with growth largely driven by population increases. Going forward, population aging is both an economic and a fiscal concern, and climate change challenges an economic model largely dependent on winter tourism. Ambitious structural reforms are needed to unlock investment and lift productivity.

    Economic Outlook

    The Andorra economy continues to show resilience and to grow above its potential. Growth in 2024 surprised slightly on the upside, at an estimated 2.1 percent, driven by the service, banking and construction sectors. Inflation is subsiding gradually, reaching 2.6 percent at the end of 2024, despite limited economic slack and a still tight labor market. The current account surplus remains very large, estimated at 15.1 percent of GDP in 2024. The strong performance of banks continued in 2024 supported by high interest margins and increased fees and commissions.

    Going forward, GDP is expected to slow to the level of potential growth. Real GDP growth is forecasted at 1.7 percent in 2025 and 1.5 percent from 2027 onwards. Inflation is projected to stabilize at 1.7 percent over the medium term. Short-term risks are balanced: greater uncertainty in the global economy and the potential for adverse shocks such as deepening geoeconomic fragmentation, supply disruptions, recurrent commodity price fluctuations and a reversal of monetary policy loosening are downside risks to growth and inflation. On the upside, Andorra, like other service-oriented economies in Europe, could benefit from stronger demand, and grow faster than projected. Solid buffers mitigate risks.

    Challenges are concentrated over the medium-term, as stagnating income growth makes it challenging to address the impact of population aging and climate change. With long life expectancy and low fertility rates, Andorra’s population is expected to age rapidly—removing an engine for GDP growth and creating fiscal liabilities over the long term. Fiscal costs from pensions and healthcare will be substantial. More frequent climate shocks can affect the economic cycle in an economy largely reliant on winter tourism, and structurally warmer temperatures will require extensive adaptation.

    Policy priorities

    The solid macroeconomic position and the credibility of the policy framework provide Andorra with an opportunity for implementing far-reaching structural reforms. Diversifying the economy to enhance resilience, unlocking investment and lifting productivity to raise income levels, and addressing the costs of aging and climate change should be driving the policy agenda. The recently negotiated EU Association Agreement (EUAA), if approved by referendum, could offer an opportunity to support the reform momentum, but would also bring challenges.

    Maintaining a solid fiscal framework given spending pressures over the medium term

    Maintaining a disciplined fiscal policy within the fiscal framework is important and will provide room for more public investment. In a microstate that needs fiscal buffers against external shocks, entrenching fiscal space is important. In addition, the credibility of the fiscal framework and the primary surplus provide room for higher public investment to support potential growth and mitigate structural bottlenecks.

    • A balanced 2025 budget focused on economic priorities. The 2025 budget finds a welcome balance between maintaining a conservative fiscal stance but building on the authorities’ structural priorities, with a focus on health, housing, maintaining purchasing power, and education. Overall, the 2025 budget foresees a deficit of 0.9 percent of GDP. Given past practice of adjusting expenditures in line with incoming revenues, staff forecasts a small surplus of about 0.3 percent of GDP.
    • Room for growth-enhancing public spending. The fiscal framework, which prescribes an overall deficit limit of 1 percent of GDP and a central government debt ceiling of 40 percent of GDP, provides room for higher public spending targeted towards growth-enhancing investment. Spending should be focused on the structural needs of the economy: social and affordable housing, upskilling the workforce and addressing labor shortages, connectivity to support economic diversification, and investments to lift potential growth. As under-execution of budgeted public investment is customary, delivering on investment plans should be a policy objective.

    Over the medium term, Andorra faces rising spending pressures from aging, as well as a need to adapt to climate change—engaging reforms early is paramount. Staff estimates that by 2050, pension system expenditures will rise by 6.7 percentage points while healthcare expenditures will increase by 2 percentage points. Acting early on pension and healthcare reforms is needed to anticipate and mitigate the fiscal impact of aging.

    • Pension reform has been on the government’s agenda for some time and is overdue. The menu of options to put the system on the sustainable path is well understood, from increasing contribution rates and reducing conversion rates to increasing the retirement age. Concluding the reform in an expeditious and comprehensive manner is needed to ensure the sustainability of the social security fund in the long run.
    • A reform of the healthcare system should aim to contain long-term costs while raising healthcare revenues . Experience from other advanced economies provides a blueprint for potential measures, in 4 areas: (i) enhance cost efficiency, (ii) strengthen preventive care, (iii) increase revenues for healthcare while preserving equity, and (iv) improve governance. The National Pact brought together stakeholders and should continue its work to strengthen the healthcare system.

    · Beyond direct policies in the pension and healthcare areas, broader measures would be helpful to buffer the additional long-term fiscal costs of aging. Domestic revenue mobilization and migration policies can help.

    • Climate change also exposes the government to future contingent liabilities. Public investment needs to increase to meet Andorra’s climate change mitigation targets and to provide adequate support to the adaptation of the private sector. In addition, fiscal space will be increasingly needed to buffer the negative impact of climate shocks.

    Precautionary borrowing and a rapid reduction in public debt provide the authorities with flexibility in managing the debt profile. The authorities are reaping the benefits of an effective debt management strategy that is projected to bring public debt down to 30 percent of GDP by 2026, that lengthened its maturity to 6.3 years and that keeps public debt service low. The authorities should continue to monitor market conditions for an upcoming debt maturity of €500 million public bonds in 2027, including for further diversifying debt and extending its maturity to decrease rollover risks and mitigate consequences from potential increases in interest rates.

    Consolidating banking performance in a changing environment

    Strengthening further the resilience of the banking system during periods of high profitability is appropriate. The banking sector displays solid fundamentals, with large capital and liquidity buffers. However, given the large size of the banking sector, the supervisor should remain vigilant. Available supervisory tools should complement each other, including by supporting the lender of last resort facility introduced in 2022 by continued close supervision and a well-designed resolution framework to ensure that critical problems are identified and addressed early. The activation of a countercyclical capital buffer in 2024 was timely to increase banking system resilience during high bank profitability.

    The changing financial landscape, notably with the continued international expansion of banks and a possible EUAA, brings opportunities and challenges for Andorran banks. Banks have been growing in the EU where they run independent subsidiaries focused on private banking services, and the EUAA would facilitate this expansion, notably in the asset management business. Domestically, the EUAA has the potential to create a more dynamic domestic market but also to open Andorra to greater competition. The authorities should work closely with banks to prepare for the transition and safeguard financial stability.

    Ambitious structural reforms to unlock investment and lift productivity, support the diversification of the economy and help mitigate climate change.

    A comprehensive set of structural measures is important and should focus on the following:

    • Addressing frictions, notably labor and housing shortages. Public investment in education and well-designed immigration policies can improve knowledge capital in Andorra and raise labor productivity. Multiple housing measures were implemented recently—including the extension of existing rental contracts, the creation of a public affordable housing park, tax incentives for owners who offer affordable housing, suspension of tourist accommodation licenses, fees on empty houses and on real estate purchases by foreigners. The authorities should aim at providing market-based incentives for investing in affordable housing while minimizing distortions.
    • Creating a business environment conducive to higher investment. Recommendations encompass reducing administrative rigidities associated with doing business in Andorra, promoting access to financing, and implementing measures to attract and retain talent.
    • Supporting the development of higher value-added sectors, including the digital economy. With limited space for manufacturing, Andorra can look at the experience of peer countries that have successfully diversified towards the digital economy. Government policies, including the 2022 Law on the digital economy, entrepreneurship, and innovation and the Digitalization Strategy 2020-2030 were welcome initial steps.

    The EUAA could provide further momentum for reforms towards diversification, unlock investment, and raise productivity in Andorra, but is not without its own challenges. The agreement signals a strong commitment to deeper integration with the EU and to reinforce Andorran institutions in their coherence with EU standards. Empirical evidence on the benefits of EU membership provides useful lessons for EU association. It suggests that while the impact can be significant and positive, it builds up over time, and is conditional on well-designed domestic reforms during the accession period. While the impact varies with country-specific circumstances, it materializes through a few channels: structural reforms in the period preceding accession/association, greater capital accumulation, notably FDI, and higher productivity. In Andorra, room for increasing investment and productivity is substantial. Transition periods for key sectors such as telecom and banking mitigate the risks of disruption and fiscal space can cover transition costs. Preparedness is essential to realize the benefits of association, and reduce potential downsides, such as greater regional competition.

    The climate adaptation strategy needs to be accelerated given the macrocriticality of global warming for Andorra. Because of its higher altitude, Andorra is less exposed than other winter tourism locations in the region and should use this window of opportunity to enact needed policies, support the development of higher value-added service sectors and diversify away from winter tourism. The authorities should expedite the development and execution of a climate adaptation strategy.

    *

    The mission thanks the authorities and all our counterparts for a constructive and candid policy dialogue, for engaging in a productive and transparent collaboration, and for their hospitality during the official visit of the IMF to Andorra.

    Andorra: Selected Social and Economic Indicators

    I. Social Indicators

    Population (2023)

    85101

    Population at risk of poverty (percent, 2020)

    13

    Per capita income (2023, euros)

    40511

    Human Development Index Rank (2021)

    40 (out of 189)

    Gini Index (2020)

    32

    Life expectancy at birth (2024)

    83.9

    II. Economic Indicators

    Projections

    2022

    2023

    2024

    2025

    2026

    2027

    2028

    2029

    2030

    NATIONAL ACCOUNTS AND PRICES

    (annual change, percent, unless otherwise indicated)

    Real GDP

    9.6

    2.6

    2.1

    1.7

    1.6

    1.5

    1.5

    1.5

    1.5

    Nominal GDP

    14.2

    9.0

    5.0

    3.7

    3.4

    3.3

    3.2

    3.2

    3.2

    GDP deflator

    4.2

    6.3

    2.9

    1.9

    1.8

    1.7

    1.7

    1.7

    1.7

    (contribution to nominal GDP growth, percentage points)

    Consumption

    6.5

    7.0

    3.6

    2.5

    2.5

    2.5

    2.5

    2.4

    2.4

    Private

    6.2

    3.5

    1.7

    1.5

    1.5

    1.5

    1.5

    1.4

    1.4

    Public

    0.3

    3.4

    1.9

    1.0

    1.0

    1.0

    1.0

    1.0

    1.0

    Investment

    6.8

    -2.2

    0.9

    0.5

    0.6

    0.3

    0.3

    0.4

    0.5

    Private 1/

    6.4

    -3.1

    0.2

    0.0

    0.4

    0.1

    0.1

    0.2

    0.3

    Public

    0.4

    0.9

    0.7

    0.5

    0.2

    0.2

    0.2

    0.2

    0.2

    Net exports of goods and services

    0.9

    4.3

    0.7

    0.6

    0.4

    0.4

    0.4

    0.4

    0.4

    Exports

    18.8

    10.4

    4.2

    3.3

    2.8

    2.8

    2.9

    2.9

    2.8

    Imports

    18.0

    6.1

    3.5

    2.7

    2.5

    2.4

    2.5

    2.5

    2.4

    Prices

    Inflation (percent, period average)

    6.2

    5.6

    3.1

    2.2

    1.8

    1.7

    1.7

    1.7

    1.7

    Inflation (percent, end of period)

    7.2

    4.6

    2.6

    2.0

    1.7

    1.7

    1.7

    1.7

    1.7

    Unemployment rate (percent)

    2.1

    1.6

    1.6

    1.6

    1.8

    1.8

    1.9

    2.0

    2.0

    EXTERNAL SECTOR

    (percent of GDP, unless otherwise indicated)

    Current account

    11.6

    14.2

    15.1

    17.0

    17.0

    17.0

    17.0

    17.0

    17.0

    Balance on goods and services

    8.8

    12.0

    12.0

    12.2

    12.1

    12.1

    12.1

    12.1

    12.1

    Exports of goods and services

    80.9

    83.7

    83.7

    83.9

    83.8

    83.9

    84.1

    84.2

    84.3

    Imports of goods and services

    72.2

    71.8

    71.6

    71.7

    71.7

    71.8

    71.9

    72.1

    72.2

    Primary income, net

    4.3

    3.5

    4.3

    6.1

    6.1

    6.1

    6.1

    6.1

    6.1

    Secondary income, net

    -1.4

    -1.3

    -1.3

    -1.3

    -1.3

    -1.3

    -1.3

    -1.3

    -1.3

    Capital account

    0.0

    -0.1

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    Financial account

    12.7

    13.5

    15.1

    17.0

    17.0

    17.0

    17.0

    17.0

    17.0

    Errors and omissions

    1.1

    -0.6

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    Gross international reserves (millions of euros) 2/

    338.4

    338.7

    399.0

    399.0

    399.0

    399.0

    399.0

    399.0

    399.0

    FISCAL SECTOR

    (percent of GDP, unless otherwise indicated)

    General Government 3/

    Revenue

    39.7

    38.0

    37.9

    37.8

    37.7

    37.8

    37.8

    37.7

    37.8

    Expenditure

    34.9

    35.9

    36.5

    36.7

    36.6

    36.9

    36.9

    37.0

    37.0

    Interest

    0.7

    0.6

    0.6

    0.6

    0.6

    0.8

    0.8

    0.8

    0.8

    Primary balance

    5.6

    2.7

    2.0

    1.7

    1.6

    1.6

    1.7

    1.6

    1.6

    Net lending/borrowing (overall balance)

    4.8

    2.1

    1.5

    1.1

    1.1

    0.8

    0.9

    0.8

    0.8

    Public debt

    38.9

    35.5

    33.7

    32.5

    31.5

    30.5

    30.0

    29.5

    29.0

    Central Government 4/

    Revenue

    21.7

    19.8

    21.3

    20.8

    20.8

    20.8

    20.8

    20.8

    20.9

    Expenditure

    18.7

    19.1

    20.4

    20.5

    20.5

    20.6

    20.7

    20.6

    20.7

    Interest

    0.7

    0.5

    0.5

    0.5

    0.5

    0.7

    0.7

    0.7

    0.7

    Primary balance

    3.6

    1.2

    1.4

    0.8

    0.8

    0.9

    0.8

    0.9

    0.9

    Net lending/borrowing (overall balance)

    2.9

    0.7

    0.9

    0.3

    0.3

    0.2

    0.1

    0.2

    0.2

    Public debt

    37.1

    34.0

    32.3

    31.2

    30.1

    29.2

    28.7

    28.3

    27.9

    BANKING SECTOR5 /

    (percent, unless otherwise indicated)

    Regulatory capital to risk-weighted assets

    20.3

    21.7

    21.2

    …

    …

    …

    …

    …

    …

    Nonperforming loans to total gross loans

    3.3

    2.2

    2.1

    …

    …

    …

    …

    …

    …

    Credit to nonfinancial private sector

    Level (percent of GDP)

    116.4

    101.3

    94.5

    …

    …

    …

    …

    …

    …

    Corporates

    61.8

    55.1

    51.1

    …

    …

    …

    …

    …

    …

    Households

    54.6

    46.2

    43.4

    …

    …

    …

    …

    …

    …

    Growth (nominal)

    -1.7

    -5.2

    -2.0

    …

    …

    …

    …

    …

    …

    Corporates

    2.6

    -2.8

    -2.5

    …

    …

    …

    …

    …

    …

    Households

    -6.1

    -7.8

    -1.3

    …

    …

    …

    …

    …

    …

    Credit to public sector

    Level (percent of GDP)

    2.2

    1.8

    1.5

    …

    …

    …

    …

    …

    …

    Growth (nominal)

    -8.4

    -10.0

    -13.0

    …

    …

    …

    …

    …

    …

    Memorandum items

    Exchange rate (€/USD, period average) 6/

    0.95

    0.92

    0.92

    0.97

    0.97

    0.97

    0.97

    0.97

    0.97

    Nominal GDP (millions of euros)

    3,210

    3,501

    3,676

    3,811

    3,942

    4,070

    4,202

    4,338

    4,478

    Sources: Andorran authorities, Eurostat, and IMF staff calculations.

    1/ The contribution of private investment is derived as a residual and includes investments of state-owned enterprises.

    2/ The increase of gross international reserves in 2022 is due to €100 million deposited at the Bank of Spain, €40 million at the Banque de France, and €60 million at the Nederlandsche Bank as gross international reserves. In 2024, additional €60 million reserves were accounted, mainly deposited at the Bank of Spain.

    3/ The general government comprises the central government, local governments, and the social security fund.

    4/ The central government comprises Govern d’Andorra, as well as nonmarket, nonprofit institutional units.

    5/ 2024 data corresponds to 2024Q3.

    6/ The table reports the exchange rate €/USD because Andorra is a euroized economy.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Camila Perez

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

    @IMFSpokesperson

    MIL OSI Economics –

    February 12, 2025
  • MIL-OSI: CapitalRock spreads its wings in the realm of cryptocurrency with the latest solutions and investment plans

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, Feb. 11, 2025 (GLOBE NEWSWIRE) — World-recognized Crypto Asset Management Leader now introduces CapitalRock coin and is ready to start its trading app.

    CapitalRock is one of the leading crypto asset management companies that has come up with a huge plan to redefine the digital finance system through its advanced investment plans, strategic analysis approach, and attractive offers.

    Composed of a competent team of more than 200 experts, CapitalRock is all set to take over the crypto world.

    The prime focus of CapitalRock is to cater to the digital world with its unique crypto investment plans with keen market analysis. The efficient team is dedicated to working most professionally by keeping an eye on the latest trends and risk factors, thus making smart decisions for its Investors. The CapitalRock team involves seasoned analysts, traders, and Blockchain experts from the industry who bring their hands-on experience to make every effort to elevate the graph of CapitalRock coin.

    CapitalRock coin aka CR is the nucleus of CapitalRock’s unique work plan in the world of cryptocurrency. CR has taken the top position in the contemporary exchange market. Its top ranking has increased the company’s reputation in the market in turn, providing the investors a trustworthy platform for carrying out trade activities. Thus, both CR and the company find its way to ace the digital market.

    CapitalRock Coin (CR): A Game-Changer in Crypto

    CapitalRock coin (CR) has been launched to set a foundation for the company’s beneficial monetary plans, to take it high in the brand ranking. After wise investment planning, along with smart strategic management, CR bears the potential to bring innovation to the digital market. CR paves a lucrative path for its users from trade aspects, thus providing them a strong and durable crypto ecosystem.

    The launch of CR is completely aligned with the vision of CapitalRock which claims to provide its users not just with a financially supportive trade coin but also makes them a valuable part of the company’s mission.

    CR, being labelled as the top-ranked coin in the exchange market, has caught the attention of investors worldwide for availing a better trading experience.

    CapitalRock’s Trading Application: A Step Forward in User Experience

    In the coming future, CapitalRock is also ready to launch its highly effective trading application. This up-to-date trading app will allow both retailers and investors to make use of advanced features to increase the functionality of the coin. With the use of this app, the users through their crypto profile, will enjoy a smooth trade experience with CR.

    The application will be designed with an attractive yet easy-to-use interface, precise analysis, and authentic market data. The easy-to-use interface will allow both new traders and old crypto users to enjoy the service in its full bloom. It will enable the users to reach out to important market updates, trading trends, and analytics and will also allow them to maintain their trade portfolio and view the performance graph. These facilities will surely allow them to make wise decisions in terms of trading and investment in the digitally competitive finance market.

    Technology is a reality and it stands at the heart of the crypto asset management and our trading app is the representative of this reality. Our motto is to take crypto investments through a more user-friendly approach and this will be possible via our trading application. The CEO of CapitalRock claimed to be eagerly in the queue to embrace its beneficial impact in the digital world.

    CapitalRock’s Dedicated Team: The Driving Force Behind Success

    The CapitalRock team of over 200 potential minds is one of the leading reasons behind its successful journey. The expert data analysts, competent risk managers, and Blockchain masters put their entire efforts to keep it high in the exchange ranking by continuously devising mindful strategies and keeping a track of the associated risks. Thus CapitalRock has met all the risks and stands high in ua performance.

    The head of CapitalRock’s investment strategy department stated that the CapitalRock team is its backbone. He further mentioned that they take pride in their capabilities to cope with the trends, pinpoint risks timely, and avail the opportunities rightly by being flexible by market fluctuations. He also paid tribute to the team members’ full-time commitment and dedication to their duties and the company’s vision.

    A Vision for the Future

    With the continuous growth of the crypto market, CapitalRock stands firm with its motto to add value to the advanced digital world. The strategic plans of CapitalRock including continuous investment analysis, the launch of CR, and the most useful trading application are all its support systems that speak of its vision. The passionate team of CapitalRock is also striving to extend its global face, making new partnerships and fostering ties with organizational investors. It also has smart plans to work on Blockchain projects and make trading collaborations. The leadership of CapitalRock is giving it’s best in availing more growth opportunities to amplify its digital profile along with bringing more services and facilities for the investors.

    In the coming future, CapitalRock is also quite eager to take part in educational programs, innovative projects, and decentralized finance (DeFi) applications in order to pay back to the Blockchain community in the best way.

    Commitment to Transparency and Security

    Transparency is practiced at its best at CapitalRock. As with the increasing number of users and an upsurge in digital assets, the company is subjected to more seamlessness in providing the data to its partners. Therefore, it ensures that the company’s investors feel rather more trusted while making decisions and being a part of this community.

    CapitalRock makes use of top-notch security tools i-e multi-signature wallets, two-factor authentication, and peer-to-peer encryption to keep all the investments as well as users’ personal data fully safe and secure. With frequently mushrooming crypto assets, CapitalRock has felt the need to maintain its security protocols rather than more.

    Conclusion

    With all its uniqueness, CapitalRock is determined to maintain its pre-eminent position in the crypto world. With it’s crypto coin (CR) and the trendy trading application launched, the company is doing its best to come up to the mark with all competitors and contribute in revamping the digital finance market.

    CapitalRock, with its seasoned team, smart leadership, and dedicated mindset, is laying the foundation to better standards for crypto investments, trade and exchanges. Investors can see a bright future ahead of their way in the contemporary crypto ecosystem where CapitalRock is leading their way.

    For further information regarding CapitalRock coin (CR) and trading app, keep visiting the official website.

    https://www.capitalrock.ch/
    https://t.me/capitalrock1
    https://twitter.com/CapitalRock_AG
    Contact person: Jawwad Ahmed
    Company name: CapitalRock
    Website: capitalrock.ch
    Email: admin@capitalrock.ch

    Disclaimer: This press release is provided by CapitalRock. The statements, views, and opinions expressed in this content are solely those of the sponsor and do not necessarily reflect the views of this media platform. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered as financial, investment, or trading advice. Investing in cloud mining and related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4c8175b0-1282-4ae3-8036-d6168fb13fbe

    The MIL Network –

    February 12, 2025
  • MIL-OSI Economics: Christine Lagarde: European Parliament plenary debate on the European Central Bank Annual Report

    Source: Bank for International Settlements

    It is a great pleasure to take part in this plenary session and discuss your draft resolution on the ECB’s Annual Report.

    At the ECB, we are deeply committed to transparency and accountability, particularly in how we communicate with the public and their elected representatives in the European Parliament. In fact, in the last parliamentary term we interacted with this Parliament even more frequently than in previous terms.1

    At the same time, we greatly value the opportunity to hear the Parliament’s views. Your resolution and debate are an important pillar of the ECB’s accountability framework and a key channel for you to share your views with us – and we listen. For instance, next week will mark ten years since the ECB started publishing the accounts of the Governing Council’s monetary policy meetings2, a major step in enhancing our monetary policy communication and one that this Parliament had called for.

    This year’s draft resolution covers key issues that are central to the ECB’s mandate and the future of the euro area, including our response to inflation, the digital euro and the ECB’s role in supporting the EU’s broader economic policies. It also reflects the dynamic challenges we face in Europe today, and I look forward to hearing your thoughts on all of these issues and having a constructive dialogue with you.

    But let me first start by outlining our view on the current economic situation in the euro area and our monetary policy stance. I will then address the broader economic challenges we are facing and their implications for monetary policy.

    The euro area economy and the ECB’s monetary policy

    The euro area economy grew modestly in 2024. While output stagnated in the fourth quarter, it was still 0.9% higher than at the end of 2023. Surveys indicate that manufacturing continues to contract while services activity is expanding. Consumer confidence is fragile and, despite rising real incomes, households are hesitant to spend more.

    Nevertheless, the conditions for a recovery remain in place. A solid job market and higher incomes should strengthen consumer confidence and allow spending to rise. More affordable credit should boost consumption and investment over time. Exports should also support the recovery as global demand rises, although this is conditional on developments in international trade policies.

    Inflation stood at 2.5% in January and has recently developed broadly in line with staff projections. Core inflation has remained at 2.7% in recent months, reflecting a sideways movement in both services and goods inflation. Wage growth is moderating as expected, although it remains elevated, while profits are partially buffering the impact of wage increases on inflation.

    Inflation is set to return to our 2% medium-term target in the course of this year, with risks on both the upside and the downside. Greater friction in global trade would make the euro area inflation outlook more uncertain.

    In total, the ECB has lowered interest rates by 125 basis points since last June, and the deposit facility rate – the rate through which we steer the monetary policy stance – now stands at 2.75%. At our last meeting in January, we decided to lower our key interest rates by 25 basis points, based on an updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission. In particular, the disinflation process in the euro area is well on track. Most measures of underlying inflation suggest that inflation will settle at around our target on a sustained basis. And while financing conditions continue to be tight, our recent interest rate cuts are gradually making borrowing less expensive.

    We are determined to ensure that inflation stabilises sustainably at our 2% medium-term target. We will follow a data-dependent and meeting-by-meeting approach to determining the appropriate monetary policy stance. We are not pre-committing to a particular rate path.

    A challenging economic environment for monetary policy

    Let me now turn to the broader economic environment and its implications for monetary policy.

    Europe has faced a series of unprecedented challenges in recent years, each with its own far-reaching impact. From the COVID-19 pandemic to surging energy prices and the geopolitical upheaval caused by Russia’s invasion of Ukraine, we have navigated our way through a storm of supply shocks. As we look ahead, the frequency of these shocks is likely to remain high.

    While we have weathered these crises, the past few years have also revealed missed opportunities and underinvestment in areas such as the digital transformation and the green transition – and the uncertainty surrounding trade and economic policy continues to weigh on consumption and investment.3 As a result, and as highlighted in reports by Enrico Letta and Mario Draghi, Europe finds itself lagging behind international competitors in productivity and growth.

    In a world driven by shifting global dynamics and rapid technological change, Europe must strike a delicate balance between achieving strategic autonomy and preserving its openness to the global economy. As President Ursula von der Leyen and I highlighted in a recent article, Europe’s response to these challenges must be bold and strategic. While the outlook may seem daunting, the prospects are more promising than they might appear.4

    One of Europe’s first priorities should be to deepen the Internal Market. By removing remaining barriers within the Single Market – barriers that effectively function like tariffs – we can unlock economies of scale, encourage innovation and reduce costs for consumers and producers alike. We are already home to a wealth of ideas and innovators. Our challenge is to transform these ideas into technologies that fuel economic growth. To do so, we need to reduce administrative burdens and foster an innovation-friendly environment.

    Another critical area is enhancing Europe’s autonomy in payments, which form the backbone of our economy and our single currency. At present, a few foreign providers dominate Europe’s payments landscape, leaving us vulnerable to external pressures. As we face an increasingly digital future, we must prepare the ground for a digital euro. This will ensure the resilience and public good nature of our payment systems. It will also provide a platform for private innovation in digital payments.

    With substantial savings at its disposal, Europe must channel more resources into private investment and scale up financing to support its innovators. A genuine capital markets union designed for citizens and businesses alike will be instrumental here.

    More broadly, investment must be the cornerstone of Europe’s economic transformation. The focus must be on investing in physical and digital infrastructure, research and development, and green technologies. These are not optional but essential investments required to drive productivity and guarantee Europe’s competitiveness on the global stage. Moreover, they will address our energy dependence and help us meet our climate goals – both pressing imperatives.

    In this regard, we welcome the European Commission’s Competitiveness Compass as a concrete roadmap for action, which will also support the ECB in maintaining price stability by reducing Europe’s susceptibility to supply shocks.

    That said, the ECB is not standing idle. We are committed to learning from the experiences of recent years. As part of the ongoing assessment of our monetary policy strategy, we are preparing for the risk of an increasingly volatile future. We are taking stock of a changed inflation environment and economic context. We are also focusing on the implications for monetary policy, our experiences with our evolving policy toolkit, our reaction function and how to better deal with risk and uncertainty in policy setting and communications. While the ECB continuously evaluates and adapts its economic models – a topic raised in your resolution – assessing new analytical needs will be one component of this assessment.

    Conclusion

    Let me conclude.

    The challenges facing Europe are immense, but solutions are within our reach. Our opportunity lies in more Europe.

    As Konrad Adenauer said 70 years ago, “European unity was the dream of a few. It became the hope for many. Today it is a necessity for all of us.” This sentiment rings true today more than ever.

    To jointly tackle Europe’s challenges, I am counting on the Parliament’s commitment. Within its mandate, the ECB will play its part. Ever since the introduction of the euro, the ECB has continuously adapted to changing economic environments to fulfil its mandate. We remain fully committed to delivering on this mandate. We are equally committed to maintaining our active and meaningful dialogue with the Parliament.

    Thank you for your attention. 

    MIL OSI Economics –

    February 11, 2025
  • MIL-OSI United Kingdom: Manchester’s First Street Hub reaches completion milestone

    Source: United Kingdom – Executive Government & Departments

    A new state-of-the-art government office building in Manchester’s city centre has hit a key stage in its construction.

    A new state-of-the-art government office building in Manchester’s city centre has hit a key stage in its construction.

    The Government Property Agency (GPA) has confirmed it has accepted the handover of its new hub in First Street after the building reached practical completion of its Category A (Cat A) fit out and lease commencement. Works were completed by BAM Construct UK appointed by developer Ask Real Estate.

    This latest milestone continues the countdown to ready for service, with the nine-storey circa 12,000 square metre building now ready for the internal fit-out to commence.

    Once complete the hub will accommodate around 2,600 civil servants from departments including the Ministry for Housing, Communities and Local Government (MHCLG), the Department for Business and Trade (DBT), the Office for Standards in Education (OFSTED), and the Department for Education (DfE). It is expected that more than 150 roles will be relocated to Manchester from across several different government departments and agencies once the hub is operational.  

    The building forms part of the Government Hubs Programme supporting economic growth across the UK. The programme is rationalising the government’s estate in towns and cities across the UK, playing a pivotal role in delivering modern, customer-focused and varied workspaces where civil servants can thrive. The design recognises that different types of work require different spaces to enable collaboration, creativity and community regardless of how people choose to work.

    Parliamentary Secretary for the Cabinet Office, Georgia Gould, said:

    It’s great to see the Manchester First Street Hub move onto this next stage of construction.

    UK Government Hubs across the country help to consolidate our estate. Not only cutting waste by removing old inefficient buildings from our portfolio, but also giving people across the country the chance to work in the Civil Service, and driving economic growth in the local area.

    Georgina Dunn, the GPA’s Interim Director of Capital Projects, said:

    It’s very gratifying to reach this significant stage in the programme. This new state-of-the-art office will provide a home for civil servants from across the government in Manchester, making it one of the largest hubs for cross-departmental collaboration and operation outside London. The GPA remains immensely proud of the industry-leading sustainability, accessibility and workplace standards delivered by the Government Hubs Programme.

    A competitive tender process for the subsequent fit-out works has completed with the GPA due to make an announcement in the next few weeks.

    John Hughes, Managing Director at Ask Real Estate said:

    Bringing the GPA hub to practical completion is a huge testament to our commitment to driving sustainability in the workplace sector. Achieving a NABERS 5.5 Design for Performance rating – the first building in Manchester City Centre to reach this milestone – supports the high ambitions set by HM Government.

    First Street and its extended neighbourhood will be boosted significantly when the GPA takes occupation.

    The £105m development was forward-funded by Pension Insurance Corporation (PIC), a specialist insurer of defined benefit pension funds, which will use the secure, long-dated and index-linked cashflows to pay the pensions of its policyholders over the coming decades.

    James Agar, Head of Real Estate Origination at PIC, added:

    We are delighted to have reached practical completion on such an important project for PIC. The First Street hub is a great example of what can be achieved through public private partnerships.

    The sustainability and ESG focus of this best-in-class building are clear to see, these were a key element of our investment case for the asset which will help us to pay the pensions of our policy holders.

    The building deepens our relationship with the GPA and will assist the UK Government in delivering the transition to Net Zero. We look forward to the GPA taking formal occupation of the building and welcoming more than 2,500 civil servants to the site.

    The First Street Hub is in the heart of Manchester and a few minutes’ walk from Oxford Road and Deansgate rail stations. It has been designed to be class-leading, meeting inclusive and accessible design standards.

    Lead developer Ask Real Estate and its joint venture partner, Richardson, secured a full pre-let of the Grade A BREEAM Excellent office building to the GPA which then signed a lease with building owners PIC in 2022.

    For more information contact the GPA’s comms team: comms@gpa.gov.uk

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    Published 11 February 2025

    MIL OSI United Kingdom –

    February 11, 2025
  • MIL-OSI Russia: Dialogue between science and government

    Translartion. Region: Russians Fedetion –

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

    A working meeting of representatives of regional executive authorities with a delegation of the Association of Innovative Regions of Russia (AIRR) was held in the Government of St. Petersburg. The event was dedicated to discussing issues of developing intellectual property, innovation and support for high-tech projects in the regions.

    Key government and business representatives addressed the participants with welcoming remarks. Deputy Chairman of the Committee for Industrial Policy, Innovation and Trade of St. Petersburg Dmitry Prozherin emphasized the importance of developing innovative infrastructure and protecting intellectual property for the region’s economic growth. Deputy of the Legislative Assembly of St. Petersburg, Chairman of the specialized commission on investments and the city branch of “Business Russia” Dmitry Panov noted the need to create favorable conditions for investment and the introduction of new technologies.

    Head of the Center for Strategic Communications of the Federal State Budgetary Institution “Federal Institute of Industrial Property” Daria Shipitsyna spoke about measures of state support in the field of intellectual property.

    Head of the regional direction of AIRR Dmitry Mitroshin gave a report on the development of the intellectual property system at the regional and federal levels. He emphasized the importance of integrating efforts to create a unified strategy in this area. Representatives of various regions of Russia shared their experience in intellectual property management, as well as successful cases of implementing innovative solutions.

    Of particular interest was the speech by the director of the SPbPU Center for Intellectual Property and Technology Transfer Ismail Kadiev. He proposed creating a regional center for intellectual property and technology transfer, which would become a platform for interaction between science, business and government. The initiative was supported and enshrined in the final document of the meeting.

    Natalia Petrova, Chairperson of the Board of the Intellectual Property Development Fund and CEO of the Patent and Legal Firm NEVA-PATENT LLC, spoke about the implementation of effective mechanisms for regulating intellectual property in the country’s regions. She noted that competent management of intellectual assets helps to increase the competitiveness of regions and attract investment.

    The delegation visited the innovation infrastructure facilities of St. Petersburg, including JSC Technopark of St. Petersburg. The participants familiarized themselves with the work of the Prototyping Center, the regional engineering center for electronic instrumentation, the laboratory of the regional engineering center for active pharmaceutical substances (RIC APS), and the demonstration site of Russian vendors.

    The event was an important step in strengthening cooperation between regions and federal structures in the field of intellectual property and innovation. Participants expressed confidence that such initiatives will contribute to the development of high-tech industries and increase the competitiveness of the Russian economy.

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

    MIL OSI Russia News –

    February 11, 2025
  • MIL-OSI Europe: Press release – EP TODAY, Tuesday, 11 February

    Source: European Parliament 3

    EU response to tariff threats from the Trump administration

    From 9.00, plenary will debate with Commissioner Šefčovič and Polish Minister for EU Affairs Szłapka the current state of EU-US trade relations, multilateralism and the EU’s potential responses if the US imposes tariffs on European products.

    Eszter ZALÁN

    (+32) 477 99 20 73

    EP Trade

    Three years of Russia’s war in Ukraine

    Starting around 10.00, MEPs will assess the impact of Russia’s three-year long war against Ukraine and the EU’s unwavering support for the country, in a debate with Commissioner Kos and Polish Minister for EU Affairs Adam Szłapka. They will vote on a resolution during the March plenary session. Ruslan Stefanchuk, Chairman of the Ukrainian Verkhovna Rada, will address MEPs in a formal sitting at noon.

    Viktor ALMQVIST

    (+32) 470 88 29 42

    EP_ForeignAff

    Snjezana KOBESCAK SMODIS

    (+32) 470 96 08 19

    EP_ForeignAff

    EU’s strategy for the Middle East

    At around 15.00, MEPs will discuss the latest developments in the Middle East and a future EU strategy for the region, in a debate with Commissioner Šuica and Polish Minister for EU Affairs Szłapka.

    Snjezana KOBESCAK SMODIS

    (+32) 470 96 08 19

    EP_ForeignAff

    Viktor ALMQVIST

    (+32) 470 88 29 42

    EP_ForeignAff

    Digital Services Act/Media seminar

    Starting at 14.00, Parliament’s Press Service will organise a press seminar on “Defending Europe’s Digital Integrity: Addressing Social Media Challenges and Foreign Interference” with the participation of leading MEPs on the issue. You can follow the seminar live.

    Yasmina YAKIMOVA

    (+32) 470 88 10 60

    EP_SingleMarket

    In brief

    US restriction of chips exports to EU countries. Plenary will quiz Commission Vice-President Virkkunen on how to address the US decision to restrict the export of chips used for artificial intelligence models to certain EU member states, from around 20.00.

    Violence escalation in Congo. Parliament will assess the conflict and humanitarian crisis in the Democratic Republic of Congo (DRC) with the Council and Commission, in a debate starting around 16.00. A resolution will be put to a vote on Thursday.

    Protecting the system of international justice. In the evening, starting around 21.00, plenary will discuss defending the system of international justice and its institutions, in particular the International Criminal Court and the International Court of Justice., with Commissioner McGrath and Polish Minister for EU Affairs Szłapka.

    Health care sector. The challenges posed by a shortage of healthcare professionals across the EU, as well as the quality of jobs in the sector, will be the focus of a debate with Commission Vice-President Mînzatu in the early afternoon, immediately after the voting session.

    Anti-government unrest in Serbia. From around 17.00, MEPs will analyse with Commissioner Kos and Polish Minister for EU Affairs Szłapka the situation in Serbia, where a deadly railway station canopy collapse has sparked an anti-corruption movement and student-led protest against the government.

    Votes

    Plenary will vote at 12.00 among others on:

    • an updated fisheries agreement with Cabo Verde, and
    • Parliament’s assessment of ECB’s activities in 2024.

    Live coverage of the plenary session can be found on Parliament’s webstreaming and on EbS+.

    For detailed information on the session, please also see our newsletter.

    Find more information regarding plenary.

    MIL OSI Europe News –

    February 11, 2025
  • MIL-OSI: Equinor ASA: Share buy-back – first tranche for 2025

    Source: GlobeNewswire (MIL-OSI)

    Please see below information about transactions made under the first tranche of the 2025 share buy-back programme for Equinor ASA (OSE:EQNR, NYSE:EQNR, CEUX:EQNRO, TQEX:EQNRO).

    Date on which the tranche was announced: 5 February 2025.

    The duration of the tranche: 6 February to no later than 2 April 2025.

    Further information on the tranche can be found in the stock market announcement on its commencement dated 5 February 2025, available here: https://newsweb.oslobors.no/message/637712

    From 6 February to 7 February 2025, Equinor ASA has purchased a total of 1,200,000 own shares at an average price of NOK 266.0754 per share.

    Overview of transactions:

    Date Trading venue Aggregated daily volume (number of shares) Weighted average share price (NOK) Total transaction value (NOK)
             
    6 February OSE 600,000 269.0584 161,435,040.00
      CEUX      
      TQEX      
             
    7 February OSE 600,000 263.0924 157,855,440.00
      CEUX      
      TQEX      
             
    Total for the period OSE 1,200,000 266.0754 319,290,480.00
      CEUX      
      TQEX      
             
    Previously disclosed buy-backs under the tranche OSE      
    CEUX      
    TQEX      
    Total      
             
    Total buy-backs under the tranche (accumulated) OSE 1,200,000 266.0754 319,290,480.00
    CEUX      
    TQEX      
    Total 1,200,000 266.0754 319,290,480.00

     
    Following the completion of the above transactions, Equinor ASA owns a total of 69,743,662 own shares, corresponding to 2.50% of Equinor ASA’s share capital, including shares under Equinor’s share savings programme (excluding shares under Equinor’s share savings programme, Equinor owns a total of 62,356,027 own shares, corresponding to 2.23% of the share capital).

    This is information that Equinor ASA is obliged to make public pursuant to the EU Market Abuse Regulation and that is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

    Appendix: A overview of all transactions made under the buy-back tranche that have been carried out during the above-mentioned time period is attached to this report and available at www.newsweb.no.

    Contact details:

    Investor relations
    Bård Glad Pedersen, senior vice president Investor Relations,
    +47 918 01 791

    Media
    Sissel Rinde, vice president Media Relations,
    +47 412 60 584

    Attachment

    • Detailed overview of transactions

    The MIL Network –

    February 11, 2025
  • MIL-OSI USA News: Adjusting Imports of Steel into The United States

    Source: The White House

    class=”has-text-align-center”>BY THE PRESIDENT OF THE UNITED STATES OF AMERICA
     
    A PROCLAMATION

    1. On January 11, 2018, the Secretary of Commerce (Secretary) transmitted to me a report on the Secretary’s investigation into the effect of imports of steel mill articles (steel articles) on the national security of the United States under section 232 of the Trade Expansion Act of 1962, as amended (19 U.S.C. 1862) (section 232).  The Secretary found and advised me of his opinion that steel articles are being imported into the United States in such quantities and under such circumstances as to threaten to impair the national security of the United States.
    2. In Proclamation 9705 of March 8, 2018 (Adjusting Imports of Steel Into the United States), I concurred in the Secretary’s finding that steel articles, as defined in clause 1 of Proclamation 9705 (as amended by clause 8 of Proclamation 9711 of March 22, 2018 (Adjusting Imports of Steel Into the United States)), are being imported into the United States in such quantities and under such circumstances as to threaten to impair the national security of the United States, and decided to adjust the imports of steel articles by imposing a 25 percent ad valorem tariff on such articles imported from most countries.  Proclamation 9705 further stated that any country with which the United States has a security relationship is welcome to discuss alternative ways to address the threatened impairment of the national security caused by imports from that country, and noted that, should the United States and that country arrive at a satisfactory alternative means to address the threat to the national security such that the President determines that imports from that country no longer threaten to impair the national security, I may remove or modify the restriction on steel articles imports from that country and, if necessary, adjust the tariff as it applies to other countries, as the national security interests of the United States require.
    3. In Proclamation 9705, I also directed the Secretary to monitor imports of steel articles and inform me of any circumstances that in the Secretary‘s opinion might indicate the need for further action under Section 232, as amended, with respect to such imports.  Pursuant to Proclamation 9705, the Secretary was authorized to provide relief from the additional duties, based on a request from a directly affected party located in the United States, for any steel article determined not to be produced in the United States in a sufficient and reasonably available amount or of a satisfactory quality, or based upon specific national security considerations.

    In subsequent proclamations, I noted the conclusion of discussions or the agreement on certain measures with the Argentine Republic (Argentina), Proclamation 9759 of May 31, 2018 (Adjusting Imports of Steel Into the United States); the Commonwealth of Australia (Australia), Proclamation 9759; the Federative Republic of Brazil (Brazil), Proclamation 9759; Proclamation 10064 of August 28, 2020 (Adjusting Imports of Steel Into the United States); Canada, Proclamation 9894 of May 19, 2019 (Adjusting Imports of Steel Into the United States; the United Mexican States (Mexico), Proclamation 9894; and the Republic of Korea (South Korea), Proclamation 9740 of April 30, 2018 (Adjusting Imports of Steel Into the United States).  President Biden noted the conclusion of discussions or the agreement on certain measures with the European Union (EU) on behalf of its member countries, Proclamation 10328 of December 27, 2021 (Adjusting Imports of Steel Into the United States); Proclamation 10691 of December 28, 2023 (Adjusting Imports of Steel Into the United States); Japan, Proclamation 10356 of March 31, 2022 (Adjusting Imports of Steel Into the United States); and the United Kingdom (UK), Proclamation 10406 of May 31, 2022 (Adjusting Imports of Steel Into the United States), on alternative ways to address the threat to the national security.  In addition, then-President Biden acknowledged the close relationship with Ukraine and exempted steel articles from Ukraine from the tariff. Proclamation 10403 of May 27, 2022 (Adjusting Imports of Steel Into the United States); Proclamation 10588 of May 31, 2023 (Adjusting Imports of Steel Into the United States); Proclamation 10771 of May 31, 2024 (Adjusting Imports of Steel Into the United States).  In Proclamation 10783 of July 10, 2024 (Adjusting Imports of Steel Into the United States), President Biden noted that imports of steel articles from Mexico had increased significantly as compared to their levels at the time of Proclamation 9894.  Accordingly, he implemented a melt and pour requirement for imports of steel articles that are products of Mexico and increased the section 232 duty rate for imports of steel articles and derivative steel articles that are products of Mexico that are melted and poured in a country other than Mexico, Canada, or the United States.

    • The Secretary has informed me that the initial 25 percent ad valorem tariff imposed by Proclamation 9705 has been an effective means of reducing imports, encouraging investment and expansion of production by domestic steel producers, and mitigating the threatened impairment of U.S. national security.  Following the initial imposition of 25 percent ad valorem tariffs, the U.S. steel capacity utilization rate increased to above 80 percent.
    • The Secretary has also informed me that, notwithstanding the impact of the tariff imposed by Proclamation 9705, imports of steel articles from certain countries exempted from the tariff or subject to alternative agreements have increased significantly, while excess capacity in the global steel industry has begun to increase again in recent years.  For example, imports from Canada increased 18 percent since Canada was excluded from the section 232 tariffs.  According to the Organization for Economic Cooperation and Development (OECD), global steel excess capacity is projected to reach approximately 630 million metric tons by 2026, more than total steel production in all OECD countries.  At the same time, exports of steel from the People’s Republic of China (China) have recently surged, exceeding 114 million metric tons through November 2024 while displacing production in other countries and forcing them to export greater volumes of steel articles and derivative steel articles to the United States. 
    • Total steel imports as a share of U.S. consumption increased significantly in 2024, reaching nearly 30 percent, similar to the import share of U.S. consumption at the time the Secretary issued his January 11, 2018, report.  Imports from countries with which the United States has reached alternative agreements have increased significantly as a share of total imports, from 74 percent in 2018 to 82 percent in 2024, while imports from countries subject to quantitative restrictions remain elevated regardless of changing U.S. demand conditions and the substantial investments made to expand the capabilities of the domestic industry.  Increasing and persistently high import volumes from countries exempted from the duties or subject to other alternative agreements like quotas and tariff-rate quotas have captured the benefit of U.S. demand at the domestic industry’s expense and transmitted harmful effects onto the domestic industry.  As steel import market share has increased, the domestic industry’s performance has been depressed, resulting in capacity utilization rates persistently lower than the 80 percent target level highlighted in the Secretary’s report. 
    • The Secretary has informed me that imports of steel articles from Canada and Mexico have increased significantly to levels that once again threaten to impair U.S. national security.  Volumes from both Canada and Mexico increased overall, from 7.77 million metric tons in 2020 to 9.14 million metric tons in 2024.  Imports have also surged in excess of historical norms of trade across numerous key product lines, such as long reinforcing bars, which have experienced import increases of 1,678 percent from Mexico and 564 percent from Canada.  These surges have occurred while authorities in those countries have supported otherwise uncompetitive producers with subsidies and other interventions that have exacerbated the global excess capacity crisis.  In addition, increasing import volumes and including Mexico’s imports from China, support a conclusion that there is transshipment or further processing of steel mill articles from countries that remain subject to the additional ad valorem tariff proclaimed in Proclamation 9705, or from countries seeking to evade quantitative restrictions.
    • The Secretary has also informed me that alternative agreements with trading partners including Australia, the members of the EU, Japan, and the United Kingdom have been less effective in eliminating the threatened impairment of U.S. national security than the additional ad valorem tariff proclaimed in Proclamation 9705.  As a result, imports of steel articles from these countries have increased as a share of total U.S. steel imports from 18.6 percent in 2020 to 20.7 percent in 2024.  In addition, from 2022 to 2024, imports from countries subject to quotas (Argentina, Brazil, and South Korea) increased by approximately 1.5 million metric tons, even as U.S. demand declined by more than 6.1 million tons during the period.  Argentina has continued to export steel to the United States at unsustainable quantities, especially a recent surge of semifinished products. Furthermore, Argentina’s lack of data transparency has continued to be of concern for the United States.  From official trade statistics released by Argentina, it is difficult to assess the levels of steel being imported from places like China and Russia, and other potential sources of excess capacity. Brazilian imports from countries with meaningful levels of overcapacity, specifically China have grown tremendously in recent years, more than tripling since the institution of this quota arrangement. 
    • At the same time, these alternative agreements have not resulted in sufficient action by these trading partners to address non-market excess capacity caused primarily by China, or sufficient cooperation by these trading partners on issues like trade remedies and customs matters or monitoring bilateral steel trade.  Some countries have also welcomed steel industry investments from non-market producers in countries like China seeking to exploit the agreements to obtain preferential access to the U.S. market.  The agreements have therefore been detrimental to U.S. steel production and national security.
    • The Secretary has informed me of similar problems with respect to the temporary exemption for imports of steel articles and derivative steel articles from Ukraine.  Rather than supporting the Ukrainian steel industry and alleviating the economic harm caused by the ongoing conflict, the benefits of this temporary exemption have accrued primarily to producers in EU member countries, which have significantly increased duty-free exports to the U.S. market of steel articles processed from Ukrainian semi-finished steel.  Since 2021, imports from Ukraine have remained steady at 0.5 percent of total U.S. imports, while imports from the European Union have increased 11.2 percent to 14.8 percent.  As a result of the temporary exemption, these imports enter the U.S. market subject to neither the ad valorem tariff proclaimed in Proclamation 9705, nor the tariff-rate-quota system applicable to other imports of steel articles from EU producers as proclaimed in Proclamation 10328.  This has facilitated evasion of both the section 232 measures and of antidumping duties that would be paid if the finished products were imported directly from Ukraine.
    • The Secretary has informed me that producers in countries that remain subject to the program have continued to evade the measures by processing covered steel articles into additional downstream steel derivative products that were not included in the additional ad valorem tariffs proclaimed in Proclamation 9705 and Proclamation 9980 of January 24, 2020 (Adjusting Imports of Derivative Aluminum Articles and Derivative Steel Articles Into the United States).  Imports of products such as fabricated structural steel, prestressed concrete strand, and others, have increased significantly since the issuance of Proclamation 9705 and Proclamation 9980, eroding the domestic industry’s customer base and resulting in depressed demand for steel articles produced in the United States.
    • The Secretary has also informed me of certain ongoing challenges with the product exclusion process authorized by Proclamation 9705, Proclamation 9777 of August 29, 2018 (Adjusting Imports of Steel Into the United States), and Proclamation 9980 and implemented by subsequent regulations.  This process has resulted in exclusions for a significant volume of imports, in a manner that undermines the purpose of the section 232 measures and threatens to impair national security.  Certain general approved exclusions remain in effect for entire tariff lines of steel articles, notwithstanding the domestic industry’s potential to produce many excluded products. 
    • I determine that these developments and modifications to the tariffs announced in Proclamation 9705 have undermined the program’s national security objectives by preventing the domestic steel industry from achieving sustained production capacity utilization of at least 80 percent, as determined necessary in the Secretary’s report of January 11, 2018.  I also determine that they have failed to achieve their articulated objectives.  As a result, I determine that they have resulted in significantly increasing imports of steel articles that threaten to impair the national security.    
    • In light of the Secretary’s findings regarding the alternative agreements with South Korea proclaimed in Proclamation 9740; Argentina, Australia, and Brazil proclaimed in Proclamation 9759; Canada and Mexico proclaimed in Proclamation 9894; EU countries proclaimed in Proclamation 10328; Japan proclaimed in Proclamation 10356; and the United Kingdom proclaimed in Proclamation 10406, I have revisited the determinations in these proclamations.  In my judgment, the arrangements with these countries have failed to provide effective, long-term alternative means to address these countries’ contribution to the threatened impairment to the national security by restraining steel articles exports to the United States from each of them, limiting transshipment and surges and distorted pricing, and discouraging excess steel capacity and excess steel production. Thus, I have determined that steel articles imports from these countries threaten to impair the national security, and I have decided that it is necessary to terminate these arrangements as of March 12, 2025.  As of that date, all imports of steel articles and derivative steel articles from Argentina, Australia, Brazil, Canada, EU countries, Japan, Mexico, South Korea, and the United Kingdom shall be subject to the additional ad valorem tariff proclaimed in Proclamation 9705 with respect to steel articles and Proclamation 9980 with respect to derivative steel articles.  In my judgment, these modifications are necessary to address the significantly increasing share of imports of steel articles and derivative steel articles from these sources, which threaten to impair U.S. national security.  Replacing the alternative agreements with the additional ad valorem tariffs will be a more robust and effective means of ensuring that the objectives articulated in the Secretary’s January 11, 2018, report and subsequent proclamations are achieved.
    • For the same reasons, I have also revisited the determinations in Proclamation 10403, Proclamation 10558, and Proclamation 10771.  In my judgment, the arrangement with Ukraine has failed to provide effective, long-term alternative means to address Ukraine’s contribution to the threatened impairment to our national security by restraining steel articles exports to the United States from Ukraine, limiting transshipment and surges, and discouraging excess steel capacity and excess steel production. Thus, I have determined that steel articles imports from Ukraine threaten to impair the national security and have determined that it is necessary to terminate the temporary exemption for imports of steel articles and derivative steel articles from Ukraine as proclaimed in Proclamation 10403, Proclamation 10558, and Proclamation 10771.  In my judgment, terminating this exemption will prevent abuses that have resulted in significantly increasing imports from sources other than Ukraine, will prevent evasion of antidumping duties, and will support the domestic steel industry without harming Ukraine’s economic recovery. 
    • In light of the information provided by the Secretary that significantly increasing imports of certain derivative steel articles have depressed demand for steel articles produced by domestic steel producers, I have determined that it is necessary and appropriate in light of U.S. national security interests to adjust the tariff proclaimed in Proclamation 9705 and Proclamation 9980 to apply to additional derivative steel articles.  As of March 12, 2025, the additional derivative steel articles covered by this proclamation, as set out in Annex I to this proclamation, shall be subject to the ad valorem duties proclaimed in Proclamation 9705 and Proclamation 9980, except for derivative steel articles processed in another country from steel articles that were melted and poured in the United States.  For any derivative steel article identified in Annex I that is not in Chapter 73 of the HTSUS, the additional ad valorem duty shall apply only to the steel content of the derivative steel article.  The Secretary shall publish a notice in the Federal Register to this effect, including Annex I to this proclamation. 
    • The Secretary has informed me that his findings with regard to the product exclusion process present circumstances that in the Secretary’s opinion indicate the need for further action by the President under section 232.  Accordingly, as of the date of this proclamation the Secretary is no longer authorized to provide relief from the additional duties set forth in clause 2 of Proclamation 9705 for any steel article determined not to be produced in the United States in a sufficient and reasonably available amount or a satisfactory quality or based on specific national security determinations, and the product exclusion process as authorized in clause 3 of Proclamation 9705, clause 1 of Proclamation 9777, and clause 2 of Proclamation 9980 is terminated, effective immediately.  I have determined that terminating product exclusions is necessary to ensure that overly broad exclusions do not allow high volumes of imports to undermine the objectives articulated in the Secretary’s January 11, 2018, report and relevant subsequent proclamations.  This change will also relieve the administrative burden that the process has created.  Following this proclamation, and subject to any restrictions set forth in or pursuant to other provisions of applicable law, imports of any steel article or derivative steel article from any source and in any quantity will be available to U.S. importers, provided that the additional ad valorem tariffs are paid upon entry or withdrawal from warehouse for consumption.
    • Section 232 of the Trade Expansion Act of 1962, as amended, authorizes the President to take action to adjust the imports of an article and its derivatives if the President concurs with the Secretary’s finding that the article is being imported into the United States in such quantities or under such circumstances as to threaten to impair the national security. 
    • Section 604 of the Trade Act of 1974, as amended (19 U.S.C. 2483), authorizes the president to embody in the Harmonized Tariff Schedule of the United States (HTSUS) the substance of statutes affecting import treatment, and actions thereunder, including the removal, modification, continuance, or imposition of any rate of duty or other import restriction.

    20.  The United States will monitor the implementation and effectiveness of these actions in addressing our national security needs, and I may revisit this determination, as appropriate.

         NOW, THEREFORE, I, DONALD J. TRUMP, President of the United States of America, by the authority vested in me by the Constitution and the laws of the United States of America, including section 301 of title 3, United States Code, section 604 of the Trade Act of 1974, as amended, and section 232 of the Trade Expansion Act of 1962, as amended, do hereby proclaim as follows: 

    • The provisions of Proclamation 9740 with respect to imports of steel articles from South Korea; Proclamation 9759 with respect to imports of steel articles from Argentina, Australia, and Brazil; Proclamation 10064 with respect to imports of steel articles from Brazil; Proclamation 9894 with respect to imports of steel articles from Canada and Mexico; Proclamation 10783 with respect to imports of steel articles from Mexico; Proclamation 10328 and Proclamation 10691 with respect to imports of steel articles and derivative steel articles from the EU; Proclamation 10356 with respect to imports of steel articles and derivative steel articles from Japan; Proclamation 10406 with respect to imports of steel articles and derivative steel articles from the United Kingdom; and Proclamation 10403, Proclamation 10558, and Proclamation 10771 with respect to steel articles and derivative steel articles from Ukraine shall be ineffective as of 12:01 a.m. eastern time on March 12, 2025.  The provisions of clause 1 of Proclamation 9740 as applicable to imports of steel articles or derivative steel articles from Argentina, Australia, Brazil, Canada, Mexico, South Korea, and EU member countries shall be ineffective as of 12:01 a.m. eastern time on March 12, 2025.  The provisions of clause 1 of Proclamation 9980 as applicable to imports of derivative steel articles from Argentina, Australia, Canada, Mexico, and South Korea shall be ineffective as of 12:01 a.m. eastern time on March 12, 2025.  As of 12:01 a.m. eastern time on March 12, 2025, all imports of steel articles and derivative steel articles from these countries shall be subject to the additional ad valorem tariffs proclaimed in Proclamation 9705 and Proclamation 9980.
    • Clause 2 of Proclamation 9705, as amended, is revised to read as follows:

    “(2)(a)  In order to establish certain modifications to the duty rate on imports of steel articles, subchapter III of chapter 99 of the HTSUS is modified as provided in the forthcoming annex to this proclamation set out in a subsequent Federal Register notice and any subsequent proclamations regarding such steel articles.

         (b)  Except as otherwise provided in this proclamation, or in notices published pursuant to clause 3 of this proclamation, all steel articles imports covered by heading 9903.80.01, in subchapter III of chapter 99 of the HTSUS, shall be subject to an additional 25 percent ad valorem rate of duty with respect to goods entered for consumption, or withdrawn from warehouse for consumption, as follows: (i) on or after 12:01 a.m. eastern time on March 23, 2018, from all countries except Argentina, Australia, Brazil, Canada, Mexico, South Korea, and the member countries of the European Union; (ii) on or after 12:01 a.m. eastern time on June 1, 2018, from all countries except Argentina, Australia, Brazil, and South Korea; (iii) on or after 12:01 a.m. eastern time on August 13, 2018, from all countries except Argentina, Australia, Brazil, South Korea, and Turkey; (iv) on or after 12:01 a.m. eastern time on May 20, 2019, from all countries except Argentina, Australia, Brazil, South Korea, and Turkey; (v) on or after 12:01 a.m. eastern time on May 21, 2019, from all countries except Argentina, Australia, Brazil, Canada, Mexico, and South Korea; (vi) on or after 12:01 a.m. eastern time on January 1, 2022, from all countries except Argentina, Australia, Brazil, Canada, Mexico, and South Korea, and except the member countries of the European Union through 11:59 p.m. eastern time on December 31, 2023, for steel articles covered by headings 9903.80.65 through 9903.81.19, inclusive; (vii) on or after 12:01 a.m. eastern time on April 1, 2022, from all countries except Argentina, Australia, Brazil, Canada, Mexico, and South Korea, and except the member countries of the European Union through 11:59 p.m. eastern time on December 31, 2023, for steel articles covered by headings 9903.80.65 through 9903.81.19, inclusive, and from Japan, for steel articles covered by headings 9903.81.25 through 9903.81.80, inclusive; (viii) on or after 12:01 a.m. eastern time on June 1, 2022, from all countries except Argentina, Australia, Brazil, Canada, Mexico, South Korea, and Ukraine through 11:59 p.m. eastern time on June 1, 2023, and except the member countries of the European Union through 11:59 p.m. eastern time on December 31, 2023, for steel articles covered by headings 9903.80.65 through 9903.81.19, inclusive, and from Japan and the United Kingdom (UK), for steel articles covered by subheadings 9903.81.25 through 9903.81.78 and heading 9903.81.80, and from the member countries of the European Union, for steel articles covered by heading 9903.81.81; (ix) on or after 12:01 a.m. eastern time on June 1, 2023, from all countries except Argentina, Australia, Brazil, Canada, Mexico, South Korea, and Ukraine through 11:59 p.m. eastern time on June 1, 2024, and except the member countries of the European Union through 11:59 p.m. eastern time on December 31, 2023, for steel articles covered by headings 9903.80.65 through 9903.81.19, inclusive, and from Japan and the UK, for steel articles covered by subheadings 9903.81.25 through 9903.81.78 and heading 9903.81.80, and from the member countries of the European Union, for steel articles covered by heading 9903.81.81, and from the member countries of the European Union where the steel used in the manufacture of the steel article is melted and poured in Ukraine through 11:59 p.m. eastern time on June 1, 2024, (x) on or after 12:01 a.m. eastern time on January 1, 2024, from all countries except Argentina, Australia, Brazil, Canada, Mexico, and South Korea, and except for Ukraine in accordance with the relevant proclamation as amended, and except the member countries of the European Union in accordance with the relevant proclamation as amended, for steel articles covered by headings 9903.80.65 through 9903.81.19, inclusive, and from Japan and the UK , in accordance the relevant proclamation as amended, for steel articles covered by subheadings 9903.81.25 through 9903.81.78 and heading 9903.81.80, and from the member countries of the European Union in accordance with the relevant proclamation as amended, for steel articles covered by heading 9903.81.81, and from the member countries of the European Union where the steel used in the manufacture of the steel article is melted and poured in Ukraine in accordance with the relevant proclamation as amended, and (xi) from all countries on or after 12:01 a.m. eastern time on March 12, 2025, unless suspended. Further, except as otherwise provided in notices published pursuant to clause 3 of this proclamation, all steel articles imports from Turkey covered by heading 9903.80.02, in subchapter III of chapter 99 of the HTSUS, shall be subject to a 50 percent ad valorem rate of duty with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern time on August 13, 2018, and prior to 12:01 a.m. eastern time on May 21, 2019.  These rates of duty, which are in addition to any other duties, fees, exactions, and charges applicable to such imported steel articles, shall apply to imports of steel articles from each country as specified in the preceding three sentences.“

    • The first two sentences of clause 1 of Proclamation 9980 are revised to read as follows:

    “In order to establish increases in the duty rate on imports of certain derivative articles, subchapter III of chapter 99 of the HTSUS is modified as provided in Annex I and Annex II to this proclamation.  Except as otherwise provided in this proclamation, all imports of derivative aluminum articles specified in Annex I to this proclamation shall be subject to an additional 10 percent ad valorem rate of duty, and all imports of derivative steel articles specified in Annex II to this proclamation shall be subject to an additional 25 percent ad valorem rate of duty, with respect to goods entered for consumption, or withdrawn from warehouse for consumption, as follows: (i) on or after 12:01 a.m. eastern time on February 8, 2020, these rates of duty, which are in addition to any other duties, fees, exactions, and charges applicable to such imported derivative aluminum articles or steel articles, shall apply to imports of derivative aluminum articles described in Annex I to this proclamation from all countries except Argentina, the Commonwealth of Australia (Australia), Canada, and the United Mexican States (Mexico), and to imports of derivative steel articles described in Annex II to this proclamation from all countries except Argentina, Australia, Brazil, Canada, Mexico, and South Korea; (ii) on or after 12:01 a.m. eastern time on January 1, 2022, these rates of duty, which are in addition to any other duties, fees, exactions, and charges applicable to such imported derivative aluminum articles or steel articles, shall apply to imports of derivative aluminum articles described in Annex I to this proclamation from all countries except Argentina, Australia, Canada, the member countries of the European Union, and Mexico, and to imports of derivative steel articles described in Annex II to this proclamation from all countries except Argentina, Australia, Brazil, Canada, the member countries of the European Union, Mexico, and South Korea; (iii) on or after 12:01 a.m. eastern time on April 1, 2022, these rates of duty, which are in addition to any other duties, fees, exactions, and charges applicable to such imported derivative aluminum articles or steel articles, shall apply to imports of derivative aluminum articles described in Annex I to this proclamation from all countries except Argentina, Australia, Canada, the member countries of the European Union, and Mexico, and to imports of derivative steel articles described in Annex II to this proclamation from all countries except Argentina, Australia, Brazil, Canada, the member countries of the European Union, Japan, Mexico, and South Korea; (iv) on or after 12:01 a.m. eastern time on June 1, 2022, these rates of duty, which are in addition to any other duties, fees, exactions, and charges applicable to such imported derivative aluminum articles or steel articles, shall apply to imports of derivative aluminum articles described in Annex I to this proclamation from all countries except Argentina, Australia, Canada, the member countries of the European Union, Mexico, and the UK, and to imports of derivative steel articles described in Annex II to this proclamation from all countries except Argentina, Australia, Brazil, Canada, the member countries of the European Union, Japan, Mexico, South Korea, and the UK, and except from Ukraine through 11:59 p.m. eastern time on June 1, 2023; (v) on or after 12:01 a.m. eastern time on March 10, 2023, these rates of duty, which are in addition to any other duties, fees, exactions, and charges applicable to such imported derivative aluminum articles or steel articles, shall apply to imports of derivative aluminum articles described in Annex I to this proclamation from all countries except Argentina, Australia, Canada, the member countries of the European Union, Mexico, the UK, and Russia, and to imports of derivative steel articles described in Annex II to this proclamation from all countries except Argentina, Australia, Brazil, Canada, the member countries of the European Union, Japan, Mexico, South Korea, and the UK, and except from Ukraine through 11:59 p.m. eastern time on June 1, 2023; (vi) on or after 12:01 a.m. eastern time on June 1, 2023, these rates of duty, which are in addition to any other duties, fees, exactions, and charges applicable to such imported derivative aluminum articles or steel articles, shall apply to imports of derivative aluminum articles described in Annex I to this proclamation from all countries except Argentina, Australia, Canada, the member countries of the European Union, Mexico, the UK, and Russia, and to imports of derivative steel articles described in Annex II to this proclamation from all countries except Argentina, Australia, Brazil, Canada, the member countries of the European Union, Japan, Mexico, South Korea, and the UK, and except from Ukraine om accordance with the relevant proclamation as amended; and (vii) on or after 12:01 a.m. eastern daylight time on March 12, 2025, unless suspended, these rates of duty, which are in addition to any other duties, taxes, fees, exactions, and charges applicable to such imported derivative steel articles, shall apply to imports of derivative steel articles described in Annex II to this proclamation from all countries.”

    • Except as otherwise provided in this proclamation, all imports of derivative steel articles specified in Annex I to this proclamation or in any subsequent annex to this proclamation, as set out in a subsequent notice in the Federal Register, shall be subject to an additional 25 percent ad valorem rate of duty, with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern daylight time on the Commerce certification date in clause 8. These rates of duty, which are in addition to any other duties, taxes, fees, exactions, and charges applicable to such imported derivative steel articles, shall apply to imports of derivative steel articles described in Annex I to this proclamation from all countries, but shall not apply to derivative steel articles processed in another country from steel articles that were melted and poured in the United States. The Secretary shall continue to monitor imports of the derivative articles described in Annex I to this proclamation, and shall, from time to time, in consultation with the United States Trade Representative, review the status of such imports with respect to the national security of the United States.
    • For purposes of implementing the requirements in this proclamation, importers of steel derivative articles shall provide to U.S. Customs and Border Patrol within the Department of Homeland Security (CBP) any information necessary to identify the steel content used in the manufacture of steel derivative articles imports, covered by this Proclamation. CBP shall implement the information requirements as soon as practicable.
    • Within 90 days after the date of this proclamation, the Secretary shall establish a process for including additional derivative steel articles within the scope of the ad valorem duties proclaimed in Proclamation 9705, Proclamation 9980, and clause 4 of this proclamation.  In addition to inclusions made by the Secretary, this process shall provide for including additional derivative steel articles at the request of a producer of a steel article or derivative steel article, or an industry association representing one or more such producers, where the request establishes that imports of a derivative steel article have increased in a manner that threatens to impair the national security or otherwise undermine the objectives set forth in the Secretary’s January 11, 2018, report or any Proclamation issued pursuant thereto.  When the Secretary receives such a request from a domestic producer or industry association, the Secretary shall issue a determination regarding whether or not to include the derivative steel article or articles within 60 days of receiving the request. 
    • The provisions of clause 3 of Proclamation 9705, clause 1 of Proclamation 9777, clause 2 of Proclamation 9980, or any other provisions authorizing the Secretary to grant relief for certain products from the additional ad valorem duties or quantitative restrictions set forth in prior proclamations are hereby revoked.  As of 11:59 p.m. eastern time on the date of this proclamation, the Secretary shall not consider any product exclusion requests or renew any product exclusion requests in effect as of that date.  The Secretary shall take all necessary action to rescind the product exclusion process, including publication in the Federal Register.  Granted product exclusions shall remain effective until their expiration date or until excluded product volume is imported, whichever occurs first.  The Secretary shall terminate all existing general approved exclusions as of March 12, 2025.   
    • The modifications made by this proclamation in clause 4 shall be effective upon public notification by the Secretary of Commerce, that adequate systems are in place to fully, efficiently, and expediently process and collect tariff revenue for covered articles.
    • Any steel article or derivative article, except those eligible for admission under “domestic status” as defined in 19 CFR 146.43, that is subject to the duty imposed by this proclamation and that is admitted into a U.S. foreign trade zone on or after 12:01 a.m. eastern daylight time on March 12, 2025, must be admitted as “privileged foreign status” as defined in 19 CFR 146.41, and will be subject upon entry for consumption to any ad valorem rates of duty related to the classification under the applicable HTSUS subheading.  Any steel article or derivative steel article, except those eligible for admission under “domestic status” as defined in 19 CFR 146.43, that is subject to the duty imposed by this proclamation, and that was admitted into a U.S. foreign trade zone under “privileged foreign status” as defined in 19 CFR 146.41, prior to 12:01 a.m. eastern daylight time on March 12, 2025 , will likewise be subject upon entry for consumption to any ad valorem rates of duty related to the classification under the applicable HTSUS subheading added by this proclamation.  Pursuant to clause 8, the duties on steel derivatives established by clause 4 of this Proclamation shall be suspended until public notification by the Secretary of Commerce that adequate systems are in place to fully, efficiently, and expediently process and collect tariff revenue applicable to covered articles.
    • Any product listed in Annex Ito this proclamation or any subsequent annex published in the Federal Register pursuant to this Proclamation, that is subject to the additional duties imposed by this proclamation, and that is admitted into a U.S. foreign trade zone, except any product that is eligible for admission under “domestic status” as defined in 19 CFR 146.43, may only be admitted as “privileged foreign status,” as defined in 19 CFR 146.41, effective as of the date that the additional duties are imposed.
    • The Secretary, in consultation with the Commissioner of CBP, Security, and the heads of other relevant executive departments and agencies, shall revise the HTSUS so that it conforms to the amendments and effective dates directed in this proclamation within ten days of March 12, 2025.  The Secretary is authorized and directed to publish any such modification and future modifications to the HTSUS in the Federal Register.
    • CBP shall prioritize reviews of the classification of imported steel articles and derivative steel articles and, in the event that it discovers misclassification resulting in non-payment of the ad valorem duties proclaimed herein, it shall assess monetary penalties in the maximum amount permitted by law and shall not consider any evidence of mitigating factors in its determination.  In addition, CBP shall promptly notify the Secretary regarding evidence of any efforts to evade payment of the ad valorem duties proclaimed herein through processing or alteration of steel articles or derivative steel articles prior to importation.  In such circumstances, the Secretary shall consider the processed or altered steel articles or derivative steel articles for inclusion as derivative steel articles pursuant to clause 5 of this proclamation.
    • No drawback shall be available with respect to the duties imposed pursuant to this proclamation.

    (14)  The Secretary may issue regulations and guidance consistent with this proclamation, including to address operational necessity.

    (15) Any provision of a previous proclamation or Executive Order that is inconsistent with the actions taken in this proclamation is superseded to the extent of such inconsistency.

         IN WITNESS WHEREOF, I have hereunto set my hand this

    tenth day of February, in the year of our Lord two thousand twenty-five, and of the Independence of the United States of America the two hundred and forty-ninth.

    MIL OSI USA News –

    February 11, 2025
  • MIL-Evening Report: Whether we carve out an exemption or not, Trump’s latest tariffs will still hit Australia

    Source: The Conversation (Au and NZ) – By Scott French, Senior Lecturer in Economics, UNSW Sydney

    US President Donald Trump and Prime Minister Anthony Albanese have stated an exemption for Australia from Trump’s executive order placing 25% tariffs on all steel and aluminium imported into the US is “under consideration”. But prospects remain uncertain.

    Albanese would do well to secure an exemption using similar arguments as then-Prime Minister Malcolm Turnbull did in 2018.

    If Australia cannot obtain a carve-out from the tariffs, the main group affected will be the Australian producers of steel and aluminium. But the size of the hit they will take is difficult to predict.

    Regardless of whether Australia gets an exemption, the world economy – and Australians – will be affected by Trump’s latest round of tariffs.

    Producers will be hit

    If ultimately imposed by the US, these tariffs will make steel and aluminium produced in Australia more expensive for US manufacturers relative to domestically produced alternatives. This will certainly result in reduced demand for the Australian products.

    However, three factors will help limit the effects:

    1. The price of metals produced in the US will rise

    It will take time to ramp up US production to fill the gap of reduced imports, and the extra production will likely come from less efficient domestic producers. This means that US manufacturers will continue to buy imported metals, despite the higher prices.

    2. The US is not a huge market for Australian steel and aluminium

    Australia produced A$113 billion of primary and fabricated metal in the 2022-23 financial year, according to the ABS.

    By comparison, less than $1 billion of steel and aluminium was exported to the US in 2023, according to data from UN Comtrade, consisting of about $500 million of aluminium and less then $400 million of steel. Exports to the US account for about 10% of Australia’s total exports of these metals.

    3. Major markets

    If major markets such as China and the European Union enact retaliatory tariffs on US metals, this could make Australian metals more competitive in these markets.

    Some stand to benefit

    While workers in Australian steel and aluminium plants will be watching the news with trepidation, some of Australia’s biggest manufacturing companies may be less concerned.

    For example, BlueScope Steel has significant US steel operations, and saw its share price increase on news of the tariffs.

    US-based Alcoa, which owns alumina refineries in Western Australia and an aluminium smelter in Victoria, will also expect to see its US operations benefit.

    And Rio Tinto will be most concerned about its substantial Canadian operations. Its Canadian hub is responsible for close to half of its global aluminium production.

    Demand for iron ore could fall

    The US tariffs will also have wider ranging effects on the Australian economy, regardless of whether Australia’s products are directly targeted.

    While aluminium is Australia’s top manufacturing export, it still makes up only about 1% of total exports, and steel makes up less than half that.

    Iron ore, by contrast, makes up more than 20% of Australia’s exports, with aluminium ores making up an additional 1.5%.

    This means the effect of the tariffs on demand for the raw materials to make steel and aluminium may have the largest detrimental effect on the Australian economy.

    Because the tariffs will make steel and aluminium more expensive to US manufacturers, they will seek to reduce their use of them. This means global demand for the metals, and the ores used to produce them, will decline.

    Investors appear to be betting on this, with shares of Australian miners like Rio Tinto and BHP falling since Trump announced the tariffs.

    Imported goods will become more expensive

    Many of the things Australians buy are likely to get more expensive.

    All US products that use steel and aluminium at any stage of the production process will also become more expensive. Tariffs will raise the cost of steel and aluminium for US manufacturers, both directly and by reducing overall productivity in the US.

    About 11% of Australia’s imports come from the US. And about half of this consists of machinery, vehicles, aircraft, and medical instruments, which typically contain steel and aluminium. Further, these goods are used by manufacturers around the world to produce and transport many of the other things Australians buy.

    Scott French 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. Whether we carve out an exemption or not, Trump’s latest tariffs will still hit Australia – https://theconversation.com/whether-we-carve-out-an-exemption-or-not-trumps-latest-tariffs-will-still-hit-australia-249493

    MIL OSI Analysis – EveningReport.nz –

    February 11, 2025
  • MIL-OSI China: Tesla battery Megafactory in Shanghai launches production

    Source: China State Council Information Office 3

    This photo shows a production launch ceremony of U.S. carmaker Tesla’s Megafactory in Shanghai, east China, Feb. 11, 2025. [Photo/Xinhua]

    U.S. carmaker Tesla’s new Megafactory in Shanghai, dedicated to manufacturing its energy-storage batteries, known as Megapacks, launched production on Tuesday, marking a significant expansion of the company’s presence in China.

    With an initial annual production capacity of 10,000 units, or roughly 40 gigawatt-hours of energy storage, this Megafactory is set to significantly contribute to Tesla’s global energy storage goals. The company anticipates a year-on-year increase of 50 percent in energy storage deployments in 2025.

    Covering an area of approximately 200,000 square meters, the new Shanghai plant represents a total investment of about 1.45 billion yuan (around 202 million U.S. dollars), according to the administration of the Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone, where this Tesla facility is located.

    Notably, mass production at the factory commenced just eight months after construction began, serving as a new example of “Tesla speed” in China, with the Shanghai Gigafactory, Tesla’s first plant in the country’s eastern financial hub, having been built and inaugurated within a year in 2019.

    “We’ve witnessed the incredible speed of Shanghai and Tesla once again. I’m excited to have this factory kick off an exciting year for Tesla,” said Mike Snyder, vice president of Tesla, at the launch ceremony on Tuesday, expressing confidence that the new factory will become a cornerstone of Tesla’s global production network. 

    An aerial drone photo shows U.S. carmaker Tesla’s Megafactory in Shanghai, east China, Feb. 8, 2025. [Photo/Xinhua]

    This photo shows a commercial energy-storage system at U.S. carmaker Tesla’s Megafactory in Shanghai, east China, Feb. 11, 2025. [Photo/Xinhua]

    This photo shows U.S. carmaker Tesla’s Megafactory in Shanghai, east China, Feb. 8, 2025. [Photo/Xinhua]

    MIL OSI China News –

    February 11, 2025
  • MIL-OSI China: Tech hub unveils measures to boost innovation

    Source: China State Council Information Office

    The exhibition area of humanoid robots is pictured at the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province, Sept. 25, 2024. [Photo/Xinhua]

    The eastern Chinese tech city of Hangzhou, home to e-commerce giant Alibaba and rising AI star DeepSeek, has announced a series of measures to further elevate its status as a high-level innovation hub.

    The measures are aimed at enhancing high-level innovation platforms, promoting the technology transfer and application, and strengthening the role of enterprises as the main drivers of technological innovation, Lou Xiuhua, head of the municipal bureau of science and technology, said at a press conference.

    Among the measures is a partnership plan, which encourages collaboration between tech innovation platforms, universities, enterprises and industrial chains.

    The city will accelerate its construction of facilities and foundational projects such as large-scale models and computing power infrastructure. More computing power vouchers will also be allocated, Lou said.

    Computing power vouchers are a government subsidy tool designed to help small and medium-sized enterprises (SMEs) access more computing resources at lower costs, aiming to promote innovative applications of AI technologies and digital transformation.

    Additionally, Hangzhou will launch an “AI+” initiative to promote the integration and application of AI across industries. It will also introduce a reform related to the application of technological achievements, encouraging universities and research institutions to license their technological fruits to SMEs under a “use first, pay later” model.

    Hangzhou, the capital of the economic powerhouse province of Zhejiang, has developed itself as an important hub in the internet and tech industries, driving advancements in e-commerce, AI and digital transformation.

    MIL OSI China News –

    February 11, 2025
  • MIL-Evening Report: Do men and women agree on how easy it is for each other to find a job or a date?

    Source: The Conversation (Au and NZ) – By Stephen Whyte, Deputy Director – Behavioural Economics, Society and Technology (BEST) Research Group. Chief-Investigator – ARC ITTC Centre for Behavioural Inisghts for Technology Adoption (BITA).), Queensland University of Technology

    The Conversation, DenPhotos/Shutterstock, Mehaniq/Shutterstock

    Typically, you don’t have to write a cover letter before attending a candlelit dinner. But there are some eerie emotional parallels between finding a job and finding a date.

    Both can require you to put yourself “out there” in uncomfortable ways, brace yourself for repeated rejection and grapple with heartache.

    On the flip side, success in either pursuit can significantly boost your confidence and sense of wellbeing – especially if it feels like a good fit.

    This raises the question: do Australians really believe they have equal access to the labour and dating markets?

    Our study, published in the journal Evolutionary Psychology, examined this question in depth, shining a light on how these beliefs are linked, and where they differ.

    Whether Australians’ perceptions of job and dating market access are completely accurate or not, they can certainly have a big impact on the choices we make and the way we behave in both our personal and professional lives.

    Finding a job versus finding a date

    We surveyed more than 1,000 online daters aged between 18 and 81. Our sample only included participants who described their sexual orientation as heterosexual and who identified as either male or female.

    Our study looked at people’s beliefs about how easy it was to find a job or find a date.
    Arthur Bargan/Shutterstock

    It’s important to understand that we were looking specifically at people’s perceptions of their access to these markets.

    That is, we looked at what men and women believed about their own (and the opposite sex’s) ability to find a job or find a date.

    We also examined what both sexes believed about women’s economic dependence on men.

    On average, we found women think it’s easier for men to find a decently paying job. Women also think they’re less economically dependent on male partners than men think women are.

    Both sexes agree it’s easier for women to find a date than men. But men think they have it much worse off on this metric than women think they do.

    Where beliefs diverge

    These perceptions begin to vary significantly with factors such as age, education, number of children and political orientation.

    There are some big differences in how women perceive women’s economic dependence and ease of dating access at different stages of life.

    Middle-aged men and women (aged 35 to 55 years) share similar perspectives on women’s economic dependence. This contrasts with younger and older women, who believe women are significantly less economically dependent on men.

    Women believe they have an easier time finding a date as they age from 18 to 35 years old. This perception then declines sharply from 40 to 75 years or older.

    These patterns align with evolutionary theories, suggesting that access to resources and shifting household dynamics at different life stages influence how men and women view the labour and dating markets.

    Shifting beliefs about access at different age levels may reflect changing household dynamics.
    aijiro/Shutterstock

    Intertwined ‘markets’

    Importantly, we found that perceptions of labour and dating market access are intrinsically linked, and they tend to reflect broader economic conditions.

    For instance, men in high-income areas think they have better job and dating opportunities, while those in areas with greater gender income disparities see women as more economically dependent.

    On the flipside, women in higher-income areas think they are less economically dependent. And those in areas with lower gender gaps in income perceive women’s dating access to be greater.

    This interplay of beliefs is also reflected in participants’ own dating preferences. Women who believe they are more economically dependent on men tend to seek a long-term male partner with greater earning potential than them.

    On the other hand, men who expect to earn more than their ideal partner think it’s easier for men to find a date.

    Beliefs about how easy it is to find a job and find a date are linked.
    Drazen Zigic/Shutterstock

    Why does this all matter?

    Economic growth is the way economists and politicians measure increases in our standard of living. It is primarily driven by consumption.

    That’s everyday Australians buying their morning coffees at work, leg hams at Christmas time or splurging on a new cabana for the beach.

    Historically, more consumers meant more consumption, which meant higher economic growth and an increased standard of living.

    Many governments have recognised and acted on this link, encouraging Australians to have more children. Back in the early 2000s, for instance, the Howard government implemented the so-called “baby bonus”.

    Then-Treasurer Peter Costello famously asked the nation to “Have one for mum, one for dad, and one for the country”.

    It worked, sort of. Australia’s birth rates increased modestly.

    Fast forward to today, and these issues are just as relevant. Dating and job market choices still have a significant impact on Australian society, both economically and socially.

    Khandis R Blake receives funding from the Australian Research Council (DE210100800 and DP220101023).

    Benno Torgler, Ho Fai Chan, Rachel Hall, and Stephen Whyte do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Do men and women agree on how easy it is for each other to find a job or a date? – https://theconversation.com/do-men-and-women-agree-on-how-easy-it-is-for-each-other-to-find-a-job-or-a-date-247235

    MIL OSI Analysis – EveningReport.nz –

    February 11, 2025
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