NewzIntel.com

Category: Trade

  • Prime Minister Modi holds bilateral talks with Cyprus President Christodoulides in Nicosia

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi on Monday held comprehensive bilateral discussions with the President of the Republic of Cyprus, Nikos Christodoulides, during his official visit to the Mediterranean nation. The talks were held at the Presidential Palace in Nicosia, where Prime Minister Modi was received with ceremonial honours.

    During the talks, Prime Minister Modi conveyed his appreciation for Cyprus’s unequivocal condemnation of the terrorist attack in Pahalgam in April 2025. “India deeply values Cyprus’s solidarity and its consistent support in our fight against terrorism,” the Prime Minister said, adding that “our shared commitment to combating terrorism binds us further.”

    The two leaders reaffirmed their support for the sovereignty and territorial integrity of both nations. Prime Minister Modi reiterated India’s longstanding support for the unity of Cyprus and called for a peaceful resolution of the Cyprus issue in accordance with United Nations Security Council resolutions, international law, and the European Union Acquis.

    Both sides reviewed the entire spectrum of bilateral cooperation, including trade and investment, scientific research, cultural engagement, and people-to-people ties. They explored new areas of collaboration in fintech, digitalization, defence, AI, innovation, start-ups, and mobility.

    The leaders agreed to chart a five-year roadmap to deepen engagement in strategic sectors and to establish new dialogues on maritime and cyber security. “We are committed to working together on real-time intelligence sharing to counter terrorism, arms trafficking, and narcotics trade,” Prime Minister Modi said following the discussions.

    Looking ahead to Cyprus’s upcoming Presidency of the Council of the European Union in early 2026, the two leaders expressed their readiness to further strengthen the India-EU partnership. They discussed the progress of the first India-EU Strategic Dialogue and the work under way through the India-EU Trade and Technology Council. Both sides reaffirmed their support for concluding the long-pending EU–India Free Trade Agreement by the end of 2025.

    Cyprus assured its commitment to prioritising the EU–India strategic partnership during its presidency, particularly in areas such as defence and security, green and clean energy, maritime cooperation, and space.

    The two sides welcomed the Bilateral Defence Cooperation Programme signed earlier in January this year, which is expected to further cement the defence partnership. The establishment of the India-Greece-Cyprus (IGC) Business and Investment Council was also noted as a key step in enhancing trilateral cooperation.

    The leaders discussed the importance of improving air connectivity to facilitate business, tourism, and knowledge exchange. Prime Minister Modi also underscored the strategic relevance of the India-Middle East-Europe Economic Corridor (IMEC), stating that the project would bring long-term peace and prosperity to the region.

    On multilateral cooperation, both countries reaffirmed their commitment to global governance reforms. Prime Minister Modi thanked President Christodoulides for reiterating Cyprus’s support for India’s permanent membership in a reformed United Nations Security Council. “India believes the global order must evolve to reflect the realities of the 21st century,” he said.

    The two leaders also exchanged views on pressing international issues, including conflicts in West Asia and Europe. As part of the cultural cooperation between the two countries, an MoU was signed to establish an India Studies Chair under the Indian Council for Cultural Relations (ICCR) at the University of Nicosia.

  • MIL-OSI Economics: Luis de Guindos: Interview with Reuters

    Source: European Central Bank

    Interview with Luis de Guindos, Vice-President of the ECB, conducted by Balázs Korányi and Francesco Cánepa on 12 June 2025

    16 June 2025

    President Lagarde said the ECB was in a good place now. Investors and ECB watchers took that to mean a pause in rate cuts is appropriate. Was that the correct interpretation?

    The projections provide the key to understanding our policy decision. It’s almost a cliché now but the level of uncertainty is huge. So much so, we published alternative scenarios. The key differences in the scenarios relate to trade policy. In the baseline, we assume no retaliation and a 10% tariff. In the adverse scenario, we assume higher tariffs and retaliation.

    The final outcome in trade negotiations is by far the most relevant factor of uncertainty that we considered in our projections, which are the basis for our monetary policy decisions. Nobody knows the final outcome of the trade negotiations and the impact it may have on the outlook for growth and inflation.

    Having said that, markets have understood perfectly well what the President said about being in a good position. Even in this context of huge uncertainty, I think that markets believe and discount that we are very close to our target of sustainable 2% inflation over the medium term.

    Your projections incorporate interest rate futures, which still price in one more rate cut. So, if the baseline materialises, we can still expect a cut?

    We incorporate market expectations for interest rates into the underlying assumptions of our projection framework. But I think that, in this case, this assumption is not important compared with the consideration we give to trade issues in the June exercise. Trade has a greater magnitude of relevance in influencing our projections.

    Would you say that risks to the inflation outlook are to the upside or the downside?

    This is quite an important question. A tariff is a tax on imported goods. So the first impact is inflationary. But tariffs simultaneously depress demand, which can more than compensate for the initial inflationary impact. So, in the medium term, tariffs reduce both growth and inflation.

    But there is another factor that is more difficult to calibrate. A fully fledged trade war could give rise to fragmentation in the global economy and distortions in the global supply chain. And that would be inflationary in the longer term.

    So, with all these nuances, over the next two years tariffs would reduce both growth and inflation. But, if you look further out, you have to consider the potential impact that fragmentation could have. That goes beyond our projection horizon, but it is something that we will have to take into consideration in the future.

    You now project inflation dipping below target and then coming back to 2%. We’ve seen such a scenario before, when the longer-term projection always points to 2%, partly because of mean reversion. So, how much weight do you attach to the 2027 projection? And do you give a lot of thought to this notion of mean reversion as a feature at the back of the projection?

    When it comes to 2026, there are two key issues: the appreciation of the euro and the evolution of prices of raw materials, particularly energy. For 2027 a similar appreciation of the currency and a fall in energy prices is not expected to take place, and that is the reason why we expect inflation to come back up to 2%. But, of course, the level of uncertainty is huge. So, even though we are convinced that inflation will converge to our target, we need to stay data-dependent and decide meeting by meeting. Also, bear in mind that we have already reduced interest rates by 200 basis points – from 4% to 2%.

    The risk of undershooting in any year is that it influences wage-setting and could perpetuate low inflation. In the first quarter of next year, you see inflation at 1.4%. Do you consider undershooting a significant risk?

    I think inflation is going in the right direction. There is a clear deceleration, also confirmed by the latest data. But I don’t think that inflation hovering around 1.4% in the first quarter of 2026 is going to be enough to unanchor inflation expectations and modify the wage bargaining process. We clearly see that wage dynamics are cooling. But, even when you take all these factors into consideration, compensation per employee will be around 3% over time. So, the risk of undershooting is very limited in my view.

    Our assessment is that risks for inflation are balanced. Clearly, 1.4% is below target. But we look at the medium term, and in the medium term there are other factors that can compensate for the short-term elements that can temporarily bring inflation down.

    Europe is expected to spend more on defence. Do you think that greater military expenditure should come at the expense of other spending, or should it be financed from debt?

    A lot of uncertainty still surrounds our fiscal policy assumptions and projections. Trade is prominently in the news, but fiscal policy is often overlooked.

    First of all, fiscal policy in the United States is important. The new tax bill is going to increase the deficit, and the US fiscal position is already challenging. The debt ratio is over 100% and the fiscal deficit between 6% and 7%. So, markets are likely to start paying more attention to fiscal policy in the United States, which could give rise to increasing yields. I think this will catch the eye of markets more and more in the future.

    In the case of Europe, we have seen a degree of decoupling in terms of yields with respect to the United States. But developments have been much more moderate.

    Nevertheless, fiscal policy is relevant because there is an additional need to increase spending on defence, which is going to demand more resources. The starting point for some EU countries is not good. The EU does not have much fiscal space, so we have to look for social and political space in order to expand it.

    We will need to have more support from the people of Europe, and governments will have to explain clearly the necessity for higher spending on defence, because it’s a question of independence and autonomy.

    This extra spending may take some time to ramp up. Do you think ECB watchers or the ECB’s own projections overestimate how much fiscal support is coming?

    There are different fiscal multipliers, and much will depend on the kind of fiscal spending that countries are going to pursue. This kind of expenditure takes time to be implemented, so the impact on inflation and growth is not going to be material in the short term.

    Do you think the ECB can play a role in helping that defence spending, like with the targeted QE, targeted TLTRO, or some other tool?

    I can assure you that this is something that we have not discussed.

    We saw in the minutes of the Federal Reserve System’s May meeting that it had extended the swap line with the ECB. Nevertheless, given the political turmoil in the United States, do you think it would be a good exercise to look at scenarios in which US dollar funding dries up? Should the ECB be preparing the financial sector for such a scenario?

    We believe that swap lines with the Federal Reserve are a good instrument in terms of financial stability for both the euro area and the United States. We are fully convinced that the swap lines will be maintained over time because they are positive for both sides and for global financial stability.

    But markets are starting to openly doubt the status of the US dollar as the world’s leading reserve currency. And some central banks are even building up reserves in gold. Do you think it would be prudent for the ECB, and the Eurosystem more generally, also to start building up more gold reserves or reserves in assets other than US dollar-denominated assets?

    The weight of gold in our reserves has been on the increase clearly because of rising gold prices. Central banks use gold as an instrument to diversify in moments of geopolitical risk, and that is understandable. Some are even looking at silver or platinum to diversify.

    But the role of the US dollar as a reserve currency in the short term is not going to be challenged, in my opinion.

    The role of the euro as a reserve currency in the global arena will depend on actions taken in Europe. If we can achieve a much more integrated goods and services market, then the capital markets union and the banking union will come about much more easily. It’s very difficult to make progress in the capital markets union or the banking union if you do not advance in the integration of the goods and services market.

    You put out a report on the role of the euro last week, which covers basically to the end of last year. Can you provide us with a bit of insight on what’s been happening since 2 April. There’s been a lot of movement on financial markets. Have euro assets really benefited from capital leaving the US dollar, or is it mostly gold that has benefited?

    If you look at market developments, we had a big decline and a risk-off movement at the beginning of April. And now market valuations have fully recovered – apart from the US dollar and commodity prices.

    The policies of the new US Administration cover not only tariffs, but also fiscal policy and the regulatory frameworks for banks – in terms of the implementation of Basel III – and non-banks, and even for crypto assets. At the end of the day, this is a sort of change of paradigm. There have even been some doubts about how engaged the new US Administration is going to be with multilateral institutions.

    Even though markets have recovered, setting aside the US dollar and commodities, there is something that is quite obvious. The correlation of asset prices has changed quite a lot since April. If you look at developments in stock and bond prices, the correlation has been different from the ones we had in the past.

    Even in the case of yields on US Treasuries, we have seen ups and downs. But I think that the main element that indicates some doubts about the new US policies is the evolution of the US dollar. That’s quite clear.

    The flipside of that is that the euro has become stronger. Is it becoming an issue for growth and for exporters? Can the euro zone even afford reserve currency status given the currency strength that comes with it?

    I think that, at USD 1.15, the euro’s exchange rate is not going to be a big obstacle. And the question of the reserve status of the euro in the global arena is not going to have a significant impact in the short term.

    In the short term, the status of the US dollar is not going to be challenged. In the medium term, the factor that is going to be key is the kind of policy that we implement in Europe. If we are able to become more independent, more autonomous in defence, and we start to do what we have to do for the integration of markets… gradually, over the medium to long term, the euro will gain market share. But, in the short term, a big jump in market share is out of the question.

    So you don’t seem to be terribly concerned about USD 1.15 for the real economy. Accepting that you have no exchange rate target, what is the point where you become concerned that the exchange rate has a detrimental impact on the real economy?

    Much more than a specific level, I think that we have to look at the speed of developments, how rapid the appreciation or depreciation is. And if there is a clear overshooting of the exchange rate, that is something we should analyse.

    So far, the evolution has been quite controlled. Perhaps the surprise has been that, at the beginning of the year, most market participants believed that we could go to parity. And instead we have gone to the current level. I would not say that the exchange rate has been extremely volatile so far, or that we have seen a very rapid appreciation .

    We take the exchange rate into consideration in our projections. The perception of the ECB is that the appreciation of the euro has so far been positive in terms of achieving our target for inflation. That’s one of the reasons why we have revised our inflation projections down for 2026.

    A recent paper by Blanchard and Ubide has relaunched the idea of a European safe asset. You were on the other side of the fence when you were once a finance minister. Do you see growing chances of more joint issuance happening?

    Ideas coming from the academic sphere are very good. The one you mentioned is a very interesting proposal for a EU safe asset in a very liquid and deep market. That is something we have to take into consideration.

    But I think we have to do a lot of things before that. We need a much more integrated single market, and to make much more progress towards the capital markets union and the completion of the banking union. Simultaneously – and I feel we have made some progress here – we need the fiscal positions of euro area countries to be closer and disparities to be reduced.

    So it’s an interesting proposal from an academic standpoint. But I think that, from a practical viewpoint, there are other necessary conditions before we get there and these are not yet in place.

    Do you think it could be prudent for the ECB and the Eurosystem’s national central banks to bring back some of the gold reserves they store in New York?

    There is no doubt in my mind that they are totally safe.

    Even when a new Federal Reserve Chair will be appointed next year?

    Well, I don’t know who the next Chair is going to be, but I expect it will be a competent and sensible person.

    Fair enough. But has there been a discussion about this or didn’t it even come up?

    Even the possibility of it didn’t come up.

    Over the past few years, the ECB has learned some lessons, such as that you also have to react forcefully to inflation when it’s too high. This didn’t seem to be a problem a few years ago, yet all of a sudden it was. So, with that in mind, how would you like the new strategy document to reflect that?

    As you have said, the framework for inflation was totally different five years ago. And now we have had a period of high inflation, which was an important change.

    This is going to be a reassessment of our strategy review. In my view, we are not going to see modications in the definition of price stability. With respect to the toolkit, I think that all the instruments are going to remain available for use in the future.

    Simultaneously, we have learned much more about side effects, and we are going to pay more attention to financial stability considerations. QE, for instance, was a new instrument added to the toolkit in 2015. What is important is that when you use an instrument, you can gauge its real impact. Sometimes it’s much easier to start using the instrument than to withdraw it — that’s something we have learned as well. And finally, the framework of the global economy is going to be very different from the one we had in 2021. In one sense, I think we are going to have a much more fragmented world.

    In 2021, we didn’t have any discussions about trade. Deflation, or low inflation, was the main point of our review, and how close we were to the lower bound. At the same time, some academics raised the issue of the natural interest rate. This is interesting from a conceptual and an academic standpoint, but not for actual monetary policy decision-making.

    What should we expect from the new strategy statement?

    I would not expect big surprises. This is about evolution, not revolution. It is just a reassessment. It will be much more focused on how the framework for central banks and for the ECB has changed over the last five years.

    In a multipolar world, what role can China play for the ECB as a partner, and the People’s of Bank of China particularly?

    China is an important player. It’s the world’s second largest economy. We have some monetary arrangements with the central bank, like our swap lines.

    Sometimes when we talk about trade policies, we look only at bilateral tariffs. But we need to have a holistic approach. In the case, for instance, of the negotiations between the United States and Europe, what is going to be key is not only the final outcome in terms of bilateral tariffs, but the potential impact of trade diversion. You need to be holistic with respect to trade, because otherwise, perhaps, you are missing the real impact that these trade negotiations are going to have.

    Do you see that as a big risk, trade diversion? Your colleague Isabel Schnabel seemed to suggest this was not a major risk.

    Well, I don’t know whether it’s going to be a big risk, but undoubtedly this is something that we have to monitor and take into consideration.

    Could the ECB work with the People’s Bank of China, for example in the field of payments? China has its own digital currency.

    We are fully behind a digital euro. We believe that it’s something that is going to be very important in Europe.

    There will be new legislation in the United States about stablecoins. They are going to become a means of payment and most projects are going to come from the United States. My reading of the digital euro project is digital public money: it will be a means of payment, it’s not going to pay an interest rate, and it will not replace cash. We are going to take financial stability implications into consideration too.

    People, at the end of the day, both in the analogue and digital context, always want to have public money. For them, that’s real money. And if people doubt whether they can transform their current account balance into banknotes, then a bank run can take place. The digital euro is going to play a similar role in a digital world.

    If the case for a digital euro is so clear, why does the legislator not see it? Brussels has been dragging its feet. Why is that, and do you expect a change?

    I hope that we will be able to convince the legislators, but you have to ask them why they have so many doubts. From our standpoint, it’s quite clear that a digital euro is something that is extremely relevant and useful in the payment context in Europe. And I think that eventually, they will be convinced of the clear advantages of a digital euro.

    MIL OSI Economics –

  • MIL-OSI Economics: Christine Lagarde: Interview with Xinhua News Agency

    Source: European Central Bank

    Interview with Christine Lagarde, President of the ECB, conducted by Su Liang on 12 June 2025

    14 June 2025

    I was in the audience in 2018 at the opening ceremony of the first China International Import Expo in Shanghai. You said in a speech there that China built a bridge to the world, built a bridge to prosperity and is building a bridge to the future – the three bridges, which is famous in China. Has anything changed in your mind – is China building new bridges?

    I haven’t been back to China for six years – that was my last visit, six years ago. From what I have seen so far, I can tell you that this bridge to the future is clearly an enterprise that China is working hard on. The combination of robotic artificial intelligence, hard work by the Chinese people and the strategic approach to it are contributing a lot to that bridge to the future. Development will occur fast on a threefold basis: robotic artificial intelligence, hard work and all of that focused on the industries of the future, which are going to change the Chinese economy even faster and better.

    How does the ECB see China’s role in the global economic recovery, especially amid this increasing fragmentation in global supply chains? What kind of dialogue or cooperation would you like to see between the ECB and Chinese financial institutions?

    The main cooperation and dialogue that we have at the ECB with China is with the People’s Bank of China (PBOC), because we are both central banks for a large region. We share some of the same concerns, some of the same challenges and we have a strong and deep dialogue on those issues. We are both very attached to the regulatory framework and supervision that will sustain financial stability. Our primary responsibility at the ECB is price stability, and this is clearly defined in our strategy. We are within reach of the 2% medium-term inflation target that we have defined as price stability. But we cannot have price stability if we do not have financial stability. And that’s the reason why we – and I think the PBOC is on the same page – are very attached to a solid regulatory environment and strong supervision so that our financial sector is stable and solid, because it is in the interest of the people that we serve.

    This year marks the 50th anniversary of the establishment of diplomatic relations between China and the European Union, the then European Economic Community. As President of the ECB and previously a politician in Europe, how do you see the cooperation between China and the EU over the past 50 years?

    The cooperation between the European Union and China has been beneficial to both sides. We have increased the level of trade between our two regions, and we have seen increased direct investment over the course of the last few decades.

    And what will that cooperation look like in the future?

    I very much hope, in the interest of financial stability and price stability, that China and the European Union will continue to cooperate, will continue their dialogue, will be candid with each other and will play by the rules that they both agree to. I’m thinking of the WTO rules, for instance, as rules that both regions have agreed to support and have signed up to. I think that determination for dialogue, cooperation and working on win-win solutions is something that will continue to be shared.

    You talked about stability and about the rules. Do you think what the United States government is doing now is kind of a risk to stability and the rules? They are raising tariffs and creating uncertainty in the world economy.

    I would focus on your last point. The level of uncertainty caused by the announcements or the threats of decisions is dampening investment. It is leading all institutions to reduce their growth projections for the global economy, for the United States, for China and for Europe. It’s really a lose-lose situation that we have at the moment. The sooner the uncertainty can be removed and agreements can be found between the parties – on tariffs in particular, but on other issues as well, such as non-tariff barriers – the better off we will all be. Economic players, investors and employers have great difficulty dealing with uncertainty. The same applies to us as central banks because when we need to forecast, anticipate the evolution of the economy and project the level of prices, if we have this great uncertainty, it makes our lives really difficult.

    So when the delegations of China and the United States in London said they had made progress, that’s good news.

    I hope progress goes in the direction of removing as much uncertainty as possible. If it reaches a new equilibrium, which is beneficial for all countries, then it’s a positive.

    It is impossible to talk about China-EU relations without talking about China-US relations. You worked both in Washington and Europe. How do you see current China-US relations and how do you think China-US relations will impact China-EU relations?

    I don’t want to make any projections or anticipate what the outcome of the discussions will be between the Chinese authorities and the US authorities. This is for political leaders, for trade and commerce secretaries to discuss and to take forward. But what I observe is that all our countries – European Union Member States, China, the United States and many other countries – are intrinsically bound by supply chains. When you start dissecting a product and you realise what the origin of the product is, where the spare parts are coming from, what journey it takes to travel from one place to the other, it is amazing how countries are linked to each other. What will impact one will impact others, and if the situation is not resolved satisfactorily and the uncertainty is not removed, the corporate world will rethink their supply chains. They will rethink their supply and their sourcing, and that will cause more fragility and a period of uncertainty, during which growth will probably be impaired, during which we could have inflationary pressure as a result. And I think this is not in the interest of any country. As I said, it’s not just the United States, China and Europe, it’s many other countries as well.

    I remember you once said you stand by Adam Smith, you stand by liberalism. Do you think what we are witnessing in the world is a kind of failure of liberalism, the rules of free trade?

    We have to acknowledge what the benefits have been and where there have been downsides. The benefits have been incredible when you look at how much additional activity has prospered, how much growth has increased, how many people have been taken out of poverty, particularly in this country, in China, how the well-being of people has improved. There have been many benefits as a result of international open trade and free markets, but there have also been some negative consequences. There are areas in the world where industrial activity has died, where people have lost jobs and where measures have not been taken to deal with that. So we have to be mindful of that. We have to look at that very honestly and decide how we want to remedy those situations. It has a lot to do with reducing the disequilibrium, reducing the imbalances that we see both on an international but also on a domestic basis.

    Like you said, China has had a lot of benefits from globalisation, and China is now the second-largest economy in the world, and we have heard some concepts like de-risking from China in Europe. What is your opinion on this concept?

    The principle of de-risking is not surprising, and I think it has been accentuated by the COVID-19 period. You know, during the pandemic, countries and regions suddenly realised that they no longer had manufacturing facilities to produce some pharmaceutical goods (e.g. masks) that were needed, and they were dependent and vulnerable as a result. This desire not to be vulnerable, not to be exclusively dependent on one single source of supply, is completely legitimate to the extent that those products – not necessarily masks – are considered strategic. It’s completely normal that countries think they need to have alternative sources of supply. We need to have a degree of security of supply so that we are not at the mercy of a failure, or a unilateral decision that would expose the security of our people. So I don’t find anything surprising about it. It is legitimate, but it does not stop cooperation. It does not stop international trade.

    When it comes to financial innovation, people always focus on digital financing and green financing. The ECB is actively exploring a digital euro. How will this influence the future of finance from the perspective of European bankers? And on green innovation in financing, how can the ECB and the PBOC cooperate in the future?

    Firstly, both the PBOC and the ECB are working on a digital currency. China was ahead, it started earlier. We started six years ago, and we are getting to the point where, if the legislature supports the proposal, we should be ready to launch. Why are we doing that? Simply because of client demand, to put it very simply. Because many Europeans – not all, but many – like to pay electronically, digitally, without cash. Many Europeans still like cash. I like cash. So we will continue to have cash, and we will be issuing new banknotes in a few years’ time. But we need, as a sovereign expression on the financial stage, to be able to respond to the demand of our customers, Europeans. If they want cash, we should be able to print secure banknotes. If they want digital cash, we should be able to offer a digital euro. We want to make sure that we have a European offer that is available, so that within the entire euro area there is a means of payment and a solid currency that can help you transact both online, peer-to-peer, business-to-business, and that’s the purpose of the digital euro.

    And what about green financing?

    Green financing is an activity that is conducted by commercial banks or international institutions. The European Investment Bank, which is a public institution, also has a role. And as you know, Europe has approved a green bond framework that is available, which I think China has observed very carefully in order to issue its own framework. But it’s a matter for commercial banks.

    My final question is the following: you were the second most powerful woman in the world according to Forbes in 2019, 2020, 2022, 2023 and 2024. You have a life experience envied by women around the world. Do you have any advice for them on how to be successful?

    Women have inside them the potential to thrive in whichever domain they choose. And I think that they should always draw on that confidence and energy without which things do not happen, and they should cultivate that and never be intimidated or refrain from achieving what they can. They have to believe in themselves. I hope they get the support that I was lucky to receive from family members and friends, as that is extremely helpful to continue doing what you want to do.

    MIL OSI Economics –

  • MIL-OSI: MEXC Unveils “Proof of Trust” Campaign for Crypto Security, Audits, and User Protection

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, June 16, 2025 (GLOBE NEWSWIRE) — MEXC, a leading global cryptocurrency exchange, will launch Proof of Trust, a comprehensive global campaign aimed at strengthening user protection, operational transparency, and community trust across the crypto sector. This initiative combines concrete financial safeguards with security partnerships, open education, and user-first design — positioning MEXC as one of the most proactive players in an increasingly risk-conscious market.

    As part of the initiative, MEXC is implementing advanced security protocols and forming strategic partnerships with leading blockchain auditing firms. In March 2025, the exchange partnered with Hacken, a well-known blockchain security auditor, to support external risk monitoring and system-wide security assessments. According to MEXC COO Tracy Jin, “External, independent verification is essential for maintaining trust and accountability. We thank Hacken for their work and remain committed to prioritizing security and transparency as we scale globally.”

    Central to the Proof of Trust campaign is MEXC’s groundbreaking $100 million Guardian Fund, which represents one of the industry’s most transparent and accessible user protection mechanisms. This fund provides comprehensive coverage for users facing severe security threats, including large-scale exploits, targeted attacks, and unforeseen system vulnerabilities. What sets this fund apart is its complete transparency—all wallet addresses are publicly disclosed on MEXC’s website, allowing users to verify balances and monitor transactions through blockchain records. Unlike traditional third-party insurance with lengthy claims processes, the Guardian Fund offers agile and rapid deployment, ensuring users receive timely support. This initiative establishes a new industry benchmark for proactive risk management and demonstrates MEXC’s commitment to putting user safety first.

    The campaign also includes a renewed focus on user empowerment through education. MEXC Learn, the platform’s multilingual educational hub (available in over eight languages), provides free access to beginner guides, safety tools, and advanced trading insights — helping both newcomers and seasoned traders navigate the ecosystem responsibly.

    To reinforce financial integrity, MEXC now publishes enhanced Proof-of-Reserves and Security Reports on a bi-monthly basis, allowing users to verify that all major assets are fully backed independently. Current data confirms reserve ratios exceeding 100% across core cryptocurrencies — underlining the exchange’s liquidity strength and long-term solvency.

    Importantly, MEXC remains one of the financially strongest and most secure centralized exchanges. In addition to routine Proof-of-Reserves disclosures, the exchange maintains insurance and emergency funds to protect user assets in the event of force majeure events such as cyberattacks, system breaches, or other unforeseen security incidents. In 2025, MEXC plans to increase its security and protection budgets as part of its broader commitment to making digital asset trading safer for global users.

    The Proof of Trust campaign by MEXC is also focused on community and engagement. The platform design is elaborated in detail to reflect user-centricity, simplicity, and innovation. Besides, UX (user experience) metrics are being continuously researched and revised accordingly. Feedback from users is a cornerstone for providing an engaging and fulfilling environment. Stories and interactive campaigns featured by MEXC add up to both positive networking and valuable experience sharing. MEXC is dedicated to maintaining the highest standards of security and user satisfaction, industry experts say.

    The launch of the Proof of Trust multifaceted campaign, combining unprecedented security and transparency measures with community engagement and education, is a substantial input of MEXC into the crypto industry globally. By employing such large-scale initiatives, MEXC is maintaining its leadership and trendsetter position in the market.

    About MEXC
    Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto.” Serving over 40 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, everyday 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

    Source

    Contact:
    Lucia Hu
    lucia.hu@mexc.com

    Disclaimer: This is a paid post and is provided by MEXC. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bc82c1b5-76bc-4295-bb7f-744a43d60686

    The MIL Network –

  • MIL-OSI: Subsea 7 S.A. – 2Q25 earnings call notification

    Source: GlobeNewswire (MIL-OSI)

    Luxembourg – 16 June 2025 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) will publish its second quarter 2025 results for the period ended 30 June 2025 on Thursday 31 July 2025 at 08:00 CET.

    A conference call and simultaneous webcast for the investment community will be held on Thursday 31 July 2025 at 11:00 UK / 12:00 CET.

    From 08:00 CET the results announcement and the presentation to be reviewed during the conference call and webcast will be available on the Subsea7 website.

    Conference call registration:
    Phone: https://register-conf.media-server.com/register/BI59310f2a739a44ab86529d2cda595e97
    Webcast: https://edge.media-server.com/mmc/p/yja3wdd3/        

    Please note that questions can only be submitted from a phone line.

    *******************************************************************************
    Subsea7 creates sustainable value by delivering the offshore energy transition solutions the world needs.

    Subsea7 is listed on the Oslo Børs (SUBC), ISIN LU0075646355, LEI 222100AIF0CBCY80AH62.

    *******************************************************************************

    Contact for investor enquiries:
    Katherine Tonks
    Head of Investor Relations
    Subsea 7 S.A.
    Tel +44 20 8210 5568
    ir@subsea7.com

    www.subsea7.com

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

    This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 16 June 2025 at 12:30 CET.

    Attachment

    The MIL Network –

  • MIL-OSI: Subsea 7 S.A. – 2Q25 earnings call notification

    Source: GlobeNewswire (MIL-OSI)

    Luxembourg – 16 June 2025 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) will publish its second quarter 2025 results for the period ended 30 June 2025 on Thursday 31 July 2025 at 08:00 CET.

    A conference call and simultaneous webcast for the investment community will be held on Thursday 31 July 2025 at 11:00 UK / 12:00 CET.

    From 08:00 CET the results announcement and the presentation to be reviewed during the conference call and webcast will be available on the Subsea7 website.

    Conference call registration:
    Phone: https://register-conf.media-server.com/register/BI59310f2a739a44ab86529d2cda595e97
    Webcast: https://edge.media-server.com/mmc/p/yja3wdd3/        

    Please note that questions can only be submitted from a phone line.

    *******************************************************************************
    Subsea7 creates sustainable value by delivering the offshore energy transition solutions the world needs.

    Subsea7 is listed on the Oslo Børs (SUBC), ISIN LU0075646355, LEI 222100AIF0CBCY80AH62.

    *******************************************************************************

    Contact for investor enquiries:
    Katherine Tonks
    Head of Investor Relations
    Subsea 7 S.A.
    Tel +44 20 8210 5568
    ir@subsea7.com

    www.subsea7.com

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

    This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 16 June 2025 at 12:30 CET.

    Attachment

    The MIL Network –

  • MIL-OSI: T1 Energy Advances $850 Million Planned 5 GW Solar Cell Plant

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas and NEW YORK, June 16, 2025 (GLOBE NEWSWIRE) — T1 Energy Inc. (NYSE: TE) (“T1,” “T1 Energy,” or the “Company”) announced the selection of Yates Construction as contractor for preconstruction services and site preparations for its planned $850 million, G2_Austin 5 GW Solar Cell Facility. The project is enabled by the Trump Administration’s tariffs and other policies supporting American advanced manufacturing, jobs and energy dominance.

    The commissioners of Milam County, Texas, also unanimously voted to provide T1 Energy with a long-term tax abatement package, subject to the Company meeting or exceeding employment and investment thresholds at the facility. The facility is expected to begin producing cells by the end of 2026, and create up to 1,800 full-time jobs.

    G2_Austin is a key part of T1’s strategy to build a domestic solar and battery supply chain to provide America with scalable, reliable and low-cost energy. In combination with the Company’s fully operational G1_Dallas 5 GW Solar Module Facility, T1 plans to address unmet customer demand for U.S. solar cells and modules using TOPCon technology.

    “Solar energy is a foundational part of American power grids. Our facilities will manufacture solar cells and modules to invigorate our economy with abundant energy. We’re excited to work with Yates and Milam County to bring American advanced manufacturing to the heart of Texas and to unlock our most scalable energy resources,” said T1 Chairman of the Board and Chief Executive Officer Daniel Barcelo.

    “We look forward to working with T1 Energy and leveraging our extensive experience in advanced manufacturing facility construction,” said William G. Yates III, President and CEO of Yates Construction. “This is an exciting project, and Yates Construction is committed to being a collaborative partner throughout the execution of the project.” Yates Construction is part of The Yates Companies, Inc., one of the country’s top builders of complex construction projects.

    “We’re thrilled to welcome T1 Energy to Milam County—this partnership brings not just innovation, but the kind of high-quality, good-paying jobs that empower our local families and strengthen our community. It’s a powerful step toward a future of sustainable growth and opportunity, right here at home,” said Milam County Judge Bill Whitmire.

    T1 Energy has engaged Yates to provide preconstruction services for G2_Austin and anticipates finalizing commercial terms with the company as General Contractor. Yates joins SSOE Group which has been providing project engineering for G2_Austin since December 2024.

    About T1 Energy

    T1 Energy Inc. (NYSE: TE) is an energy solutions provider building an integrated U.S. supply chain for solar and batteries. In December 2024, T1 completed a transformative transaction, positioning the Company as one of the leading solar manufacturing companies in the United States, with a complementary solar and battery storage strategy. Based in the United States with plans to expand its operations in America, the Company is also exploring value optimization opportunities across its portfolio of assets in Europe.

    To learn more about T1, please visit www.T1energy.com and follow us on social media.

    Investor contact:

    Jeffrey Spittel
    EVP, Investor Relations and Corporate Development
    jeffrey.spittel@T1energy.com
    Tel: +1 409 599 5706

    Media contact:

    Russell Gold
    EVP, Strategic Communications
    russell.gold@T1energy.com
    Tel: +1 214 616 9715

    Cautionary Statement Concerning Forward-Looking Statements:

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation with respect to: the success and timeline of the construction of G2_Austin and T1’s ability to manufacture solar cells and modules; any anticipated benefits of the Trump Administration’s tariffs and other policies; the ability of T1 Energy to meet the required threshold for the long-term tax abatement from Milam County, Texas; the timeline for commencement of cell production at G2_Austin and the creation of jobs in connection therewith; T1 Energy’s strategy to build a domestic solar and battery supply chain to provide America with energy; T1 Energy’s plans to address unmet customer demand for U.S. solar cells and modules and unlock the United States’ energy resources; T1 Energy’s vision and ability to bring American advanced manufacturing to the heart of Texas and to invigorate the United States’ economy with abundant energy, and bring sustainable growth and opportunity to Milam County; and finalizing the commercial terms of engagement with Yates. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual future events, results, or achievements to be materially different from the Company’s expectations and projections expressed or implied by the forward-looking statements. Important factors include, but are not limited to, those discussed under the caption “Risk Factors” in (i) T1’s annual report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (the “SEC”) on March 31, 2025, as amended and supplemented by Amendment No. 1 on Form 10-K/A filed with the SEC on April 30, 2025, and T1’s quarterly report on Form 10-Q for the quarterly period ended March 31, 2025 filed with the SEC on May 15, 2025, (ii) T1’s post-effective Amendment No. 1 to the Registration Statement on Form S-3 filed with the SEC on January 4, 2024, and (iii) T1’s Registration Statement on Form S-4 filed with the SEC on September 8, 2023 and subsequent amendments thereto filed on October 13, 2023, October 19, 2023 and October 31, 2023. All of the above referenced filings are available on the SEC’s website at www.sec.gov. Forward-looking statements speak only as of the date of this press release and are based on information available to the Company as of the date of this press release, and the Company assumes no obligation to update such forward-looking statements, all of which are expressly qualified by the statements in this section, whether as a result of new information, future events or otherwise, except as required by law.

    T1 intends to use its website as a channel of distribution to disclose information which may be of interest or material to investors and to communicate with investors and the public. Such disclosures will be included on T1’s website in the ‘Investor Relations’ section. T1, and its CEO and Chairman of the Board, Daniel Barcelo, also intend to use certain social media channels, including, but not limited to, X, LinkedIn and Instagram, as means of communicating with the public and investors about T1, its progress, products, and other matters. While not all the information that T1 or Daniel Barcelo post to their respective digital platforms may be deemed to be of a material nature, some information may be. As a result, T1 encourages investors and others interested to review the information that it and Daniel Barcelo posts and to monitor such portions of T1’s website and social media channels on a regular basis, in addition to following T1’s press releases, SEC filings, and public conference calls and webcasts. The contents of T1’s website and its and Daniel Barcelo’s social media channels shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

    The MIL Network –

  • MIL-OSI: T1 Energy Advances $850 Million Planned 5 GW Solar Cell Plant

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas and NEW YORK, June 16, 2025 (GLOBE NEWSWIRE) — T1 Energy Inc. (NYSE: TE) (“T1,” “T1 Energy,” or the “Company”) announced the selection of Yates Construction as contractor for preconstruction services and site preparations for its planned $850 million, G2_Austin 5 GW Solar Cell Facility. The project is enabled by the Trump Administration’s tariffs and other policies supporting American advanced manufacturing, jobs and energy dominance.

    The commissioners of Milam County, Texas, also unanimously voted to provide T1 Energy with a long-term tax abatement package, subject to the Company meeting or exceeding employment and investment thresholds at the facility. The facility is expected to begin producing cells by the end of 2026, and create up to 1,800 full-time jobs.

    G2_Austin is a key part of T1’s strategy to build a domestic solar and battery supply chain to provide America with scalable, reliable and low-cost energy. In combination with the Company’s fully operational G1_Dallas 5 GW Solar Module Facility, T1 plans to address unmet customer demand for U.S. solar cells and modules using TOPCon technology.

    “Solar energy is a foundational part of American power grids. Our facilities will manufacture solar cells and modules to invigorate our economy with abundant energy. We’re excited to work with Yates and Milam County to bring American advanced manufacturing to the heart of Texas and to unlock our most scalable energy resources,” said T1 Chairman of the Board and Chief Executive Officer Daniel Barcelo.

    “We look forward to working with T1 Energy and leveraging our extensive experience in advanced manufacturing facility construction,” said William G. Yates III, President and CEO of Yates Construction. “This is an exciting project, and Yates Construction is committed to being a collaborative partner throughout the execution of the project.” Yates Construction is part of The Yates Companies, Inc., one of the country’s top builders of complex construction projects.

    “We’re thrilled to welcome T1 Energy to Milam County—this partnership brings not just innovation, but the kind of high-quality, good-paying jobs that empower our local families and strengthen our community. It’s a powerful step toward a future of sustainable growth and opportunity, right here at home,” said Milam County Judge Bill Whitmire.

    T1 Energy has engaged Yates to provide preconstruction services for G2_Austin and anticipates finalizing commercial terms with the company as General Contractor. Yates joins SSOE Group which has been providing project engineering for G2_Austin since December 2024.

    About T1 Energy

    T1 Energy Inc. (NYSE: TE) is an energy solutions provider building an integrated U.S. supply chain for solar and batteries. In December 2024, T1 completed a transformative transaction, positioning the Company as one of the leading solar manufacturing companies in the United States, with a complementary solar and battery storage strategy. Based in the United States with plans to expand its operations in America, the Company is also exploring value optimization opportunities across its portfolio of assets in Europe.

    To learn more about T1, please visit www.T1energy.com and follow us on social media.

    Investor contact:

    Jeffrey Spittel
    EVP, Investor Relations and Corporate Development
    jeffrey.spittel@T1energy.com
    Tel: +1 409 599 5706

    Media contact:

    Russell Gold
    EVP, Strategic Communications
    russell.gold@T1energy.com
    Tel: +1 214 616 9715

    Cautionary Statement Concerning Forward-Looking Statements:

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation with respect to: the success and timeline of the construction of G2_Austin and T1’s ability to manufacture solar cells and modules; any anticipated benefits of the Trump Administration’s tariffs and other policies; the ability of T1 Energy to meet the required threshold for the long-term tax abatement from Milam County, Texas; the timeline for commencement of cell production at G2_Austin and the creation of jobs in connection therewith; T1 Energy’s strategy to build a domestic solar and battery supply chain to provide America with energy; T1 Energy’s plans to address unmet customer demand for U.S. solar cells and modules and unlock the United States’ energy resources; T1 Energy’s vision and ability to bring American advanced manufacturing to the heart of Texas and to invigorate the United States’ economy with abundant energy, and bring sustainable growth and opportunity to Milam County; and finalizing the commercial terms of engagement with Yates. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual future events, results, or achievements to be materially different from the Company’s expectations and projections expressed or implied by the forward-looking statements. Important factors include, but are not limited to, those discussed under the caption “Risk Factors” in (i) T1’s annual report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (the “SEC”) on March 31, 2025, as amended and supplemented by Amendment No. 1 on Form 10-K/A filed with the SEC on April 30, 2025, and T1’s quarterly report on Form 10-Q for the quarterly period ended March 31, 2025 filed with the SEC on May 15, 2025, (ii) T1’s post-effective Amendment No. 1 to the Registration Statement on Form S-3 filed with the SEC on January 4, 2024, and (iii) T1’s Registration Statement on Form S-4 filed with the SEC on September 8, 2023 and subsequent amendments thereto filed on October 13, 2023, October 19, 2023 and October 31, 2023. All of the above referenced filings are available on the SEC’s website at www.sec.gov. Forward-looking statements speak only as of the date of this press release and are based on information available to the Company as of the date of this press release, and the Company assumes no obligation to update such forward-looking statements, all of which are expressly qualified by the statements in this section, whether as a result of new information, future events or otherwise, except as required by law.

    T1 intends to use its website as a channel of distribution to disclose information which may be of interest or material to investors and to communicate with investors and the public. Such disclosures will be included on T1’s website in the ‘Investor Relations’ section. T1, and its CEO and Chairman of the Board, Daniel Barcelo, also intend to use certain social media channels, including, but not limited to, X, LinkedIn and Instagram, as means of communicating with the public and investors about T1, its progress, products, and other matters. While not all the information that T1 or Daniel Barcelo post to their respective digital platforms may be deemed to be of a material nature, some information may be. As a result, T1 encourages investors and others interested to review the information that it and Daniel Barcelo posts and to monitor such portions of T1’s website and social media channels on a regular basis, in addition to following T1’s press releases, SEC filings, and public conference calls and webcasts. The contents of T1’s website and its and Daniel Barcelo’s social media channels shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

    The MIL Network –

  • TN fishing ban ends, boats remain docked as IMD issues alerts

    Source: Government of India

    Source: Government of India (4)

    Even though the annual fishing ban period officially ended on June 14, mechanised fishing vessels along the South Tamil Nadu coast are yet to resume operations due to adverse weather conditions.

    The India Meteorological Department (IMD) has issued a warning of squally winds with speeds ranging from 45 to 55 kmph, gusting up to 65 kmph, expected to persist over the South Tamil Nadu coast, Gulf of Mannar, and the adjoining Comorin region for five days starting from June 14.

    In response to the alert, the Tamil Nadu Fisheries Department has temporarily suspended the issuance of sailing tokens for mechanised fishing vessels. These tokens are mandatory for vessels to set sail, and without them, fishermen have no option but to remain ashore.

    The continued grounding of fishing boats has left the fishing communities in distress, particularly after enduring the 61-day ban period aimed at marine conservation during the breeding season.

    Fishermen say they are financially strained and struggling to make ends meet, as the prolonged break has dried up their savings and pushed many into debt. “We’ve already been idle for two months due to the fishing ban. Now, just when we were preparing to resume, the weather has turned hostile,” said Antony John, a fisherman leader from Mattakadai.

    “Many of us have borrowed money for household expenses and school fees. Unless we start fishing soon, we won’t be able to repay our loans,” he said.

    A senior fisheries department official confirmed that no vessels would be allowed to sail until conditions improve. “Fishermen have been advised to stay on shore due to safety concerns. The IMD has predicted wind speeds that exceed safe operational limits. Once the conditions are deemed safe, sailing tokens will be issued immediately,” the official said.

    A recent survey revealed that 550 mechanised fishing vessels – comprising 35 bottom trawlers from Vembar, 250 bottom trawlers from Thoothukudi, and 265 gill netters – were registered and compliant under the Tamil Nadu Marine Fishing Regulation Act, 1983. However, 66 vessels were found unregistered due to violations related to boat length and engine capacity.

    Meanwhile, the extended halt in fishing activities has led to a noticeable shortage of fresh fish in local markets, causing prices to spike and affecting consumers across coastal districts. Traders warn that unless boats resume operations soon, the shortfall will worsen in the coming days.

    (With inputs from IANS)

  • TN fishing ban ends, boats remain docked as IMD issues alerts

    Source: Government of India

    Source: Government of India (4)

    Even though the annual fishing ban period officially ended on June 14, mechanised fishing vessels along the South Tamil Nadu coast are yet to resume operations due to adverse weather conditions.

    The India Meteorological Department (IMD) has issued a warning of squally winds with speeds ranging from 45 to 55 kmph, gusting up to 65 kmph, expected to persist over the South Tamil Nadu coast, Gulf of Mannar, and the adjoining Comorin region for five days starting from June 14.

    In response to the alert, the Tamil Nadu Fisheries Department has temporarily suspended the issuance of sailing tokens for mechanised fishing vessels. These tokens are mandatory for vessels to set sail, and without them, fishermen have no option but to remain ashore.

    The continued grounding of fishing boats has left the fishing communities in distress, particularly after enduring the 61-day ban period aimed at marine conservation during the breeding season.

    Fishermen say they are financially strained and struggling to make ends meet, as the prolonged break has dried up their savings and pushed many into debt. “We’ve already been idle for two months due to the fishing ban. Now, just when we were preparing to resume, the weather has turned hostile,” said Antony John, a fisherman leader from Mattakadai.

    “Many of us have borrowed money for household expenses and school fees. Unless we start fishing soon, we won’t be able to repay our loans,” he said.

    A senior fisheries department official confirmed that no vessels would be allowed to sail until conditions improve. “Fishermen have been advised to stay on shore due to safety concerns. The IMD has predicted wind speeds that exceed safe operational limits. Once the conditions are deemed safe, sailing tokens will be issued immediately,” the official said.

    A recent survey revealed that 550 mechanised fishing vessels – comprising 35 bottom trawlers from Vembar, 250 bottom trawlers from Thoothukudi, and 265 gill netters – were registered and compliant under the Tamil Nadu Marine Fishing Regulation Act, 1983. However, 66 vessels were found unregistered due to violations related to boat length and engine capacity.

    Meanwhile, the extended halt in fishing activities has led to a noticeable shortage of fresh fish in local markets, causing prices to spike and affecting consumers across coastal districts. Traders warn that unless boats resume operations soon, the shortfall will worsen in the coming days.

    (With inputs from IANS)

  • MIL-OSI Asia-Pac: Hong Kong Economic and Trade Office in Guangdong reminds public to remain vigilant against phone scams

    Source: Hong Kong Government special administrative region

         The Hong Kong Economic and Trade Office in Guangdong (GDETO) of the Government of the Hong Kong Special Administrative Region today (June 16) reminds the public to remain vigilant against phone scams.

         It has come to the GDETO’s attention that fraudsters have recently used a fake caller number display to impersonate GDETO officers to make calls to members of the public.

         Members of the public must at all times remain vigilant and cautious when receiving calls. Instead of simply relying on the incoming caller number display to identify callers, believing callers hastily, or disclosing personal information arbitrarily, members of the public are advised to take the initiative to verify the identities of callers, such as seeking confirmation from the GDETO by phone or email.

         If in doubt, please contact the GDETO at (86 20) 3891 1220 or send an email to the GDETO at general@gdeto.gov.hk.

         Members of the public can also make enquiries and seek assistance from Mainland China’s National Anti-Fraud Center at (86) 96110, or Hong Kong Police officers of the Anti-Deception Coordination Centre by calling the 24-hour police enquiry hotline, Anti-Scam Helpline 18222.

         Anyone suspecting a phone scam should immediately report it to the Police.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: President Lai meets delegation led by Representative Bera, co-chair of US Congressional Taiwan Caucus

    Source: Republic of China Taiwan

    Details
    2025-06-13
    President Lai meets delegation led by French National Assembly Taiwan Friendship Group Chair Marie-Noëlle Battistel
    On the morning of June 12, President Lai Ching-te met a delegation led by Marie-Noëlle Battistel, chair of the French National Assembly’s Taiwan Friendship Group. In remarks, President Lai thanked the National Assembly for its long-term support for Taiwan’s international participation and for upholding security in the Taiwan Strait, helping make France the first major country in the world to enact legislation to uphold freedom of navigation in the Taiwan Strait. The president also said that exchanges and cooperation between Taiwan and France are becoming more frequent, and that he hopes this visit by the Taiwan Friendship Group will inject new momentum into Taiwan-France relations and help build closer partnerships in the economy, trade, energy, and digital security.  A translation of President Lai’s remarks follows: First, I would like to welcome Chair Battistel, who is once again leading a visiting delegation. Last year, Chair Battistel co-led a delegation to attend the inauguration ceremony for myself and Vice President Bi-khim Hsiao. This is her fourth visit, and first as chair of the Taiwan Friendship Group, which makes it especially meaningful. This delegation’s visit demonstrates strong support for Taiwan, and on behalf of the people of Taiwan, I want to express my sincerest welcome and thanks. France is a pioneer in promoting free and democratic values. These are values that Taiwan cherishes and is working hard to defend. I want to express gratitude to the French Parliament for their long-term support for Taiwan’s international participation, and for upholding security in the Taiwan Strait. The French Parliament’s two chambers have continued to strongly support Taiwan, with the passage of a resolution supporting Taiwan’s participation in international organizations in 2021, as well as the passage of the seven-year Military Programming Law in 2023. This has made France the first major country in the world to enact legislation to uphold freedom of navigation in the Taiwan Strait. Through it all, the Taiwan Friendship Group has played a key role, and I want to thank all of our distinguished guests for their efforts. Over the past few years, Taiwan and France have continued to deepen cooperation in areas including the economy, technology, culture, and sports. At the Choose France summit held in Paris last month, Taiwanese and French enterprises also announced they will launch cooperation in the semiconductor and satellite fields. The VivaTech startup exhibition, now being held in France, also has many Taiwanese vendors participating. Exchanges and cooperation between Taiwan and France, whether official or people-to-people, are becoming more and more frequent. I hope that this visit by the Taiwan Friendship Group will inject new momentum into Taiwan-France relations, building closer partnerships in the economy, trade, energy, and digital security.  To address current geopolitical and economic challenges, Taiwan will continue to join forces with France and other like-minded countries to jointly safeguard peace and stability in the Indo-Pacific region, and contribute our concerted efforts to global prosperity and development. Once again, I want to welcome our visitors to Taiwan. I hope to continue our joint efforts to create a more prosperous future for both Taiwan and France.   Chair Battistel then delivered remarks, thanking President Lai for extending this invitation. Last year on May 20, she said, she and her delegation attended the presidential inauguration ceremony, so she was delighted to visit Taiwan once again with the French National Assembly’s Taiwan Friendship Group and bear witness to their friendship with Taiwan. Chair Battistel noted that this visit has given them an opportunity to strengthen Taiwan-France relations in areas including the economy, culture, the humanities, and diplomacy, and conduct exchanges with numerous heads of government agencies and research institutes. It has also been an opportunity, she said, to witness the importance of exchanges and cooperation with Taiwan in areas including energy, semiconductors, youth, and culture, and the impact created by important issues of mutual concern, including AI and disinformation, on the security of many countries. Chair Battistel praised Taiwan for its youth development efforts, and said that under the Taiwan Global Pathfinders Initiative, 30 Taiwanese young people have embarked on a visit to France, with itineraries including the United Nations Ocean Conference and the VivaTech exhibition, as well as the city of Toulouse, which is strategically important for the aerospace industry. Members of the group are also conducting exchanges at the French National Assembly, she said.  Chair Battistel stated that the Taiwan-France partnership is growing closer, and that she hopes to continue to strengthen bilateral exchanges and cooperation, as supporting peace for Taiwan supports peace around the world.  The delegation also included Taiwan Friendship Group Vice Chair Éric Martineau, as well as National Assembly Committee on Foreign Affairs Vice Chair Laetitia Saint-Paul and Deputies Marie-José Allemand and Claudia Rouaux. The delegation was accompanied to the Presidential Office by French Office in Taipei Deputy Director Cléa Le Cardeur.

    Details
    2025-06-05
    President Lai hosts state banquet for President Bernardo Arévalo of Republic of Guatemala  
    At noon on June 5, President Lai Ching-te hosted a state banquet at the Presidential Office for President Bernardo Arévalo of the Republic of Guatemala and his wife. In his remarks, President Lai noted that Taiwan and Guatemala have both undergone an arduous democratization process, and therefore, in face of the continuous expansion of authoritarian influence, must join hands in brotherhood and come together in solidarity to safeguard our hard-earned freedom and democracy. President Lai also expressed hope that both countries will work together and continue to deepen various exchanges and cooperation, taking a friendship that has lasted over 90 years to new heights. A translation of President Lai’s remarks follows: Once again, I would like to offer a warm welcome to President Arévalo and First Lady Lucrecia Peinado, who are leading this delegation to Taiwan. President Arévalo’s previous visit to Taiwan was 31 years ago. Back then, Taiwan did not have direct presidential elections, and the nation was continuing to make progress toward democratization. Today, 31 years later, Taiwan has conducted direct presidential elections eight times, with three transfers of power between political parties. On this visit, I am sure that President Arévalo will gain a deep appreciation for Taiwan’s free and democratic atmosphere.  Taiwan and Guatemala have both undergone an arduous democratization process. A little over 200 years ago, the people of Guatemala took a stand against colonial oppression, seeking national dignity and the freedom of its people. Eighty-one years ago, President Arévalo’s father, Juan José Arévalo, became Guatemala’s first democratically elected president, establishing an important foundation for subsequent democratic development.  Our two peoples have democracy in their blood. Both know the value of freedom and democracy and are willing to take a stand for those values. Therefore, in face of the continuous expansion of authoritarian influence, our two countries must join hands in brotherhood to respond to threats and challenges, and come together in solidarity to safeguard our hard-earned freedom and democracy. I hope that both countries will work together to continue to deepen various exchanges and cooperation, taking a friendship that has lasted over 90 years to new heights. I hope that on this visit, in addition to gaining a deeper understanding of Taiwan’s political, economic, and social development, President Arévalo can also reacquaint himself with the democratic vitality and cultural diversity of Taiwan by sampling various gourmet delicacies and once again experiencing the beauty of our scenery and warmth of our people. Guatemala is a very beautiful country. In the future, I hope to have a chance to personally experience that beauty, explore Mayan civilization, and savor local Guatemalan coffee. In closing, I wish the visiting delegation a smooth and successful trip, and beautiful, unforgettable memories. May President Arévalo enjoy the best of health, and may the diplomatic friendship between our two countries endure. President Arévalo then delivered remarks, stating that at different times and by different means, the people of Taiwan and Guatemala have relentlessly sought to defend freedom and democracy. We share the same expectations, he said, and are walking the right path amid today’s complex international circumstances.  President Arévalo stated that Taiwan and Guatemala are true democratic nations, where the government’s goal is to serve all the people. He noted that this is far from easy under current circumstances, as many authoritarian regimes use their long-term hold on power to safeguard the interests of select groups and neglect the wellbeing of the population as a whole. President Arévalo said that last week Guatemala commemorated the 40th anniversary of its constitution, which was enacted in 1985 and is Guatemala’s ultimate guide, setting the foundation for democracy and clearly outlining the path ahead. He said that over the past 40 years, Guatemala has continued to follow the democratic blueprint established by the constitution and end the civil war so that the nation could make the transition to real democracy. Although more than a few ambitious people have attempted to destroy that process from within, he noted, the people of Guatemala have never given up the pursuit of democracy as an ideal. President Arévalo stated that our two sides’ coming together here is due to such shared values as freedom and democracy as well as the idea of serving all the people. He underlined that the governments of both countries will continue to work hard and provide mutual support to smooth out each other’s path of democracy, freedom, and justice. President Arévalo emphasized that the government of Guatemala will always be Taiwan’s ally, and that he firmly believes Taiwan is Guatemala’s most reliable partner on the path of democracy and economic prosperity and development. The president said he hopes this visit will be the first step towards setting a new course for the governments and peoples of both countries. Also in attendance at the banquet were Guatemala Minister of Foreign Affairs Carlos Ramiro Martínez, Minister of the Economy Gabriela García, and Guatemala Ambassador Luis Raúl Estévez López.  

    Details
    2025-06-05
    President Lai welcomes President Bernardo Arévalo of Republic of Guatemala with military honors  
    On the morning of June 5, President Lai Ching-te welcomed with full military honors President Bernardo Arévalo of the Republic of Guatemala and his wife, who are leading a delegation of cabinet members visiting Taiwan for the first time, demonstrating the deep and enduring alliance between our nations. In remarks, President Lai noted that over the past few years, bilateral cooperation between Taiwan and Guatemala has grown closer and more diverse, and said that moving forward, based on a foundation of mutual assistance for mutual benefit, we will continue to promote programs in line with international trends, spurring prosperity and development in both our nations. The military honors ceremony began at 10:30 a.m. in the Entrance Hall of the Presidential Office. After a 21-gun salute and the playing of the two countries’ national anthems, President Lai and President Arévalo each delivered remarks. A translation of President Lai’s remarks follows: Today, President Arévalo and First Lady Lucrecia Peinado are leading a delegation of cabinet members visiting Taiwan for the first time, demonstrating the deep and enduring alliance between our nations. On behalf of the people and government of the Republic of China (Taiwan), I want to extend my sincerest welcome. Last year, our two countries celebrated the 90th anniversary of diplomatic ties, providing mutual support all along the way. Especially over the past few years, bilateral cooperation has grown closer and more diverse. We have a long record of remarkable results, whether in terms of medicine and public health, education and culture, technological cooperation, or economic and trade exchanges. Moving forward, based on a foundation of mutual assistance for mutual benefit, Taiwan and Guatemala will continue to promote programs in line with international trends. We will continue to strengthen exchange and cooperation for young people, as well as scholarship programs, and actively cultivate high-tech and information and communications technology industry talent, spurring prosperity and development in both our nations. Although separated by a great distance, the peoples of both countries are closely connected by their ideals and values. I am confident that with President Arévalo’s support, bilateral exchanges and cooperation will become closer and more diverse, beginning a very promising new chapter. I wish the visiting delegation a smooth and successful trip. President Arévalo then delivered remarks, saying that on behalf of the government and people of Guatemala, he is honored to visit the Republic of China (Taiwan), this beautiful nation, and to receive full military honors, which reflects the mutual respect between our two nations as well as our solid friendship. Especially as this state visit comes as we celebrate 90 years of formal diplomatic ties, he said, he has brought the foreign minister, economics minister, private secretary to the president, and social communication secretary as members of his delegation, in the hope of our ties embarking on a new chapter. President Arévalo said that Guatemala-Taiwan ties have in recent years been growing steadily on a foundation of mutual understanding and cooperation, making significant progress, and that our peoples have also cultivated sincere friendships and cooperative relationships across many fields. Our nations are especially promoting public health, education, agricultural technology, and infrastructure, he said, key fields which are conducive to economic and social development. He expressed his hope that on such good foundations of the past, we can further strengthen our bilateral ties for the future. President Arévalo stated that through this state visit they not only want to reaffirm the good bilateral ties between our nations, but that they also hope to define a trajectory for the future of our cooperation in the direction of expanding economic cooperation, building economic and trade alliances, and facilitating investment to foster a Taiwan-Guatemala relationship that benefits both peoples. He then expressed gratitude to the people of Taiwan for helping Guatemala over the past 90 years and reaffirmed the unwavering support of Guatemala for the Republic of China (Taiwan). On the occasion of this visit, he said, he hopes to extend a friendly hand to the people of Taiwan, adding that he looks forward to our nations continuing to take major steps forward on the road of mutual assistance and prosperity. Also in attendance at the welcome ceremony were Dean of the Diplomatic Corps and Saint Vincent and the Grenadines Ambassador Andrea Clare Bowman, and members of the foreign diplomatic corps in Taiwan.  

    Details
    2025-06-03
    President Lai confers decoration on President Hilda C. Heine of Republic of the Marshall Islands, hosts state banquet  
    At noon on June 3, President Lai Ching-te, accompanied by Vice President Bi-khim Hsiao, conferred a decoration upon President Hilda C. Heine of the Republic of the Marshall Islands, and hosted a state banquet for President Heine and her husband at the Presidential Office. In remarks, President Lai thanked President Heine for her commitment to deepening the diplomatic partnership between our nations and speaking up for Taiwan in the international arena. He also expressed hope for Taiwan and the Marshall Islands to work together to address various challenges through an even greater diversity of exchanges, and that together, we can contribute even more to peace, stability, and development throughout the Pacific region. At the decoration ceremony, President Lai personally conferred the Order of Brilliant Jade with Grand Cordon on President Heine before delivering remarks, a translation of which follows:  The Marshall Islands was the first Pacific ally that I visited after taking office as president. When I arrived there, I was immediately drawn to its beautiful scenery. And I received a very warm welcome from the local people. This gesture showed the profound friendship between our two nations. I was truly touched. I also remember trying your nation’s special Bob Whisky for the first time. The flavor was as unique and impressive as the landscape of the Marshall Islands.  In addition to welcoming our distinguished guests today, we also presented President Heine with the Order of Brilliant Jade with Grand Cordon. On behalf of the people of Taiwan, I want to thank President Heine for her commitment to deepening the diplomatic partnership between our nations, and for staunchly speaking up for Taiwan in the international arena. Both I and the people of Taiwan are profoundly grateful to President Heine for her friendship and support. Over the past few years, cooperation between Taiwan and the Marshall Islands has grown ever closer. And this visit by our distinguished guests will allow our two countries to further expand areas of bilateral exchange. I have always believed that only through mutual assistance and trust can two countries build a longstanding and steadfast partnership. I once again convey my sincere aspiration that Taiwan and the Marshall Islands work together to address various challenges through an even greater diversity of exchanges. Together, we can contribute even more to peace, stability, and development throughout the Pacific region. In closing, I want to thank President Heine and First Gentleman Thomas Kijiner, Jr. for leading this delegation to Taiwan, which deepens the foundations of our bilateral relationship. May our two nations enjoy a long and enduring friendship. President Heine then delivered remarks, stating that she felt especially privileged to receive the Order of Brilliant Jade with Grand Cordon of the Republic of China (Taiwan), and humbly accepted the honor with the utmost gratitude, humility, and deep responsibility. This is a deep responsibility, she said, because she understands that since its inception in 1933, this order has been bestowed upon a select few. She then thanked President Lai for this great honor. President Heine stated that the banquet was not just a celebration of our bilateral friendship, but a true reflection of the generosity of the Taiwan spirit and a testament to the enduring ties between our nations, founded on shared values and aspirations, including a respect for the rule of law, the preservation of human dignity, and a deep commitment to democracy. President Heine stated that the Taiwan-Marshall Islands partnership continues to evolve through practical cooperation and mutual support. In recent years, she said, our countries have worked hand in hand across a range of vital sectors, including the recent opening of the Majuro Hospital AI and Telehealth Center and the ongoing and successful Taiwan Health Center, various technical training and scholarship programs, and various climate change adaptation projects in renewable energy, coastal resilience, and sustainable agriculture.   President Heine emphasized that the Marshall Islands continues to be a proud and vocal supporter of Taiwan’s meaningful participation in the United Nations system and other international organizations. Taiwan’s exclusion from these platforms, she said, is not only unjust, but is bad for the world, and the global community needs Taiwan’s voice and expertise.  President Heine also expressed sincere appreciation to all of the Taiwanese friends who have contributed their efforts to deepening bilateral relations, including government officials, healthcare workers, teachers, engineers, and volunteers. The people of the Marshall Islands, she said, deeply appreciate and value everyone’s efforts and service. President Heine said that as we celebrate our partnership, let us look to the future with hope and determination, continue to work together, learn from one another, and support one another to champion a world where all nations can chart their own course based on peace and international law. Also attending the state banquet were Marshall Islands Council of Iroij Chairman Lanny Kabua, Minister of Foreign Affairs and Trade Kalani R. Kaneko, Minister of Finance David Paul, Nitijela Standing Committee on Foreign Affairs and Trade Chairperson Joe Bejang, and Charge d’Affaires a.i. Anjanette Davis-Anjel of the Embassy of the Republic of the Marshall Islands.  

    Details
    2025-06-03
    President Lai and President Hilda C. Heine of Marshall Islands hold bilateral talks and witness signing of agreements
    On the morning of June 3, President Lai Ching-te, accompanied by Vice President Bi-khim Hsiao, held bilateral talks with President Hilda C. Heine of the Republic of the Marshall Islands at the Presidential Office following a welcome ceremony with military honors for her and her husband. The leaders also jointly witnessed the signing of a letter of intent for sports exchanges and a memorandum of understanding regarding the Presidents’ Scholarship Fund. President Lai then presided over a launch ceremony for a loan program to purchase aircraft. In remarks, President Lai thanked the government and the Nitijela (parliament) of the Marshall Islands for their longstanding support for Taiwan’s international participation and for voicing staunch support for Taiwan at numerous international venues. President Lai said that Taiwan looks forward to continuing to deepen its diplomatic partnership with the Marshall Islands and build an even closer cooperative relationship across a range of fields, engaging in mutual assistance for mutual benefits and helping each other achieve joint and prosperous development to yield even greater well-being for our peoples. A translation of President Lai’s remarks follows: I once again warmly welcome President Heine, First Gentleman Thomas Kijiner, Jr., and our guests to Taiwan. During my visit to the Marshall Islands last year, I said that Taiwan and the Marshall Islands are truly a family. When Vice President Hsiao and I took office last year, President Heine led a delegation to Taiwan. It is now one year since our inauguration, and I am delighted to see President Heine once again, just as if I were seeing family arrive from afar. Through my visit to the Marshall Islands, I gained a profound sense of the friendship between the peoples of our two nations, well-demonstrated by bilateral exchanges in such areas as healthcare, agriculture, and education. And it is thanks to President Heine’s longstanding support for Taiwan that our countries have been able to further advance collaboration on even more issues, including women’s empowerment and climate change. In recent years, the geopolitical and economic landscape has changed rapidly. We look forward to Taiwan and the Marshall Islands continuing to deepen our partnership and build an even closer cooperative relationship. In just a few moments, President Heine and I will witness the signing of several documents, including a memorandum of understanding and a letter of intent, to expand bilateral cooperation in such fields as sports, education, and transportation. Taiwan will take concrete action to work with the Marshall Islands and advance mutual prosperity and development, writing a new chapter in our diplomatic partnership. I would also like to take this opportunity to express gratitude to the government and Nitijela of the Marshall Islands. In recent years, the Nitijela has passed annual resolutions backing Taiwan’s international participation, and President Heine and Marshallese cabinet members have been some of the strongest advocates for Taiwan’s international participation, voicing staunch support for Taiwan at numerous international venues. Building on the pillars of democracy, peace, and prosperity, Taiwan will continue to work with the Marshall Islands and other like-minded countries to deepen our partnerships, engage in mutual assistance for mutual benefits, and help one another achieve joint and prosperous development. I have every confidence that the combined efforts of our two nations will yield even greater well-being for our peoples and see us make even more contributions to the world. President Heine then delivered remarks, and began by conveying warm greetings of iokwe from the people and government of the Republic of the Marshall Islands to the people and government of the Republic of China (Taiwan). She said she was deeply honored to be in Taiwan for an official visit, and extended appreciation to President Lai and his government for their gracious invitation and warm welcome. President Heine stated that this year marks 27 years of diplomatic ties between our two nations, and that they are proud of this enduring friendship. This special and enduring relationship, she said, is grounded in our shared Austronesian heritage, and strengthened by mutual respect for each other’s democratic systems and our steadfast commitment to the core values of freedom, justice, and the rule of law. President Heine stated that Taiwan’s continued support has been invaluable to the people and national development of the Marshall Islands, particularly in the areas of health, education, agriculture, and climate change. She also expressed deep appreciation to Taiwan for providing Marshallese students with opportunities to study in Taiwan, and for the care extended to Marshallese who travel here for medical treatment. President Heine also announced that she would be presenting a copy of a resolution by the people and government of the Republic of the Marshall Islands reiterating their appreciation for the support provided by the people and government of the Republic of China (Taiwan), and calling on the United Nations to take immediate action to resolve the inappropriate exclusion of Taiwan’s 23 million people from the UN system. She added that she looked forward to the bilateral discussions later that day, and to continuing the important work that both countries carry out together. After the bilateral talks, President Lai and President Heine witnessed the signing of a letter of intent regarding sports exchanges and a memorandum of understanding regarding the Presidents’ Scholarship Fund by Minister of Foreign Affairs Lin Chia-lung (林佳龍) and Marshallese Minister of Foreign Affairs and Trade Kalani R. Kaneko. President Lai then presided over a launch ceremony for a loan program to purchase aircraft, marking the formal beginning of Taiwan-Marshall Islands air transport cooperation. The visiting delegation also included Council of Iroij Chairman Lanny Kabua, Minister of Finance David Paul, and Nitijela Standing Committee on Foreign Affairs and Trade Chair Joe Bejang. They were accompanied to the Presidential Office by Charge d’Affaires a.i. Anjanette Davis-Anjel of the Embassy of the Republic of the Marshall Islands.

    Details
    2025-05-20
    President Lai interviewed by Nippon Television and Yomiuri TV
    In a recent interview on Nippon Television’s news zero program, President Lai Ching-te responded to questions from host Mr. Sakurai Sho and Yomiuri TV Shanghai Bureau Chief Watanabe Masayo on topics including reflections on his first year in office, cross-strait relations, China’s military threats, Taiwan-United States relations, and Taiwan-Japan relations. The interview was broadcast on the evening of May 19. During the interview, President Lai stated that China intends to change the world’s rules-based international order, and that if Taiwan were invaded, global supply chains would be disrupted. Therefore, he said, Taiwan will strengthen its national defense, prevent war by preparing for war, and achieve the goal of peace. The president also noted that Taiwan’s purpose for developing drones is based on national security and industrial needs, and that Taiwan hopes to collaborate with Japan. He then reiterated that China’s threats are an international problem, and expressed hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war. Following is the text of the questions and the president’s responses: Q: How do you feel as you are about to round out your first year in office? President Lai: When I was young, I was determined to practice medicine and save lives. When I left medicine to go into politics, I was determined to transform Taiwan. And when I was sworn in as president on May 20 last year, I was determined to strengthen the nation. Time flies, and it has already been a year. Although the process has been very challenging, I am deeply honored to be a part of it. I am also profoundly grateful to our citizens for allowing me the opportunity to give back to our country. The future will certainly be full of more challenges, but I will do everything I can to unite the people and continue strengthening the nation. That is how I am feeling now. Q: We are now coming up on the 80th anniversary of the end of World War II, and over this period, we have often heard that conflict between Taiwan and the mainland is imminent. Do you personally believe that a cross-strait conflict could happen? President Lai: The international community is very much aware that China intends to replace the US and change the world’s rules-based international order, and annexing Taiwan is just the first step. So, as China’s military power grows stronger, some members of the international community are naturally on edge about whether a cross-strait conflict will break out. The international community must certainly do everything in its power to avoid a conflict in the Taiwan Strait; there is too great a cost. Besides causing direct disasters to both Taiwan and China, the impact on the global economy would be even greater, with estimated losses of US$10 trillion from war alone – that is roughly 10 percent of the global GDP. Additionally, 20 percent of global shipping passes through the Taiwan Strait and surrounding waters, so if a conflict breaks out in the strait, other countries including Japan and Korea would suffer a grave impact. For Japan and Korea, a quarter of external transit passes through the Taiwan Strait and surrounding waters, and a third of the various energy resources and minerals shipped back from other countries pass through said areas. If Taiwan were invaded, global supply chains would be disrupted, and therefore conflict in the Taiwan Strait must be avoided. Such a conflict is indeed avoidable. I am very thankful to Prime Minister of Japan Ishiba Shigeru and former Prime Ministers Abe Shinzo, Suga Yoshihide, and Kishida Fumio, as well as US President Donald Trump and former President Joe Biden, and the other G7 leaders, for continuing to emphasize at international venues that peace and stability across the Taiwan Strait are essential components for global security and prosperity. When everyone in the global democratic community works together, stacking up enough strength to make China’s objectives unattainable or to make the cost of invading Taiwan too high for it to bear, a conflict in the strait can naturally be avoided. Q: As you said, President Lai, maintaining peace and stability across the Taiwan Strait is also very important for other countries. How can war be avoided? What sort of countermeasures is Taiwan prepared to take to prevent war? President Lai: As Mr. Sakurai mentioned earlier, we are coming up on the 80th anniversary of the end of WWII. There are many lessons we can take from that war. First is that peace is priceless, and war has no winners. From the tragedies of WWII, there are lessons that humanity should learn. We must pursue peace, and not start wars blindly, as that would be a major disaster for humanity. In other words, we must be determined to safeguard peace. The second lesson is that we cannot be complacent toward authoritarian powers. If you give them an inch, they will take a mile. They will keep growing, and eventually, not only will peace be unattainable, but war will be inevitable. The third lesson is why WWII ended: It ended because different groups joined together in solidarity. Taiwan, Japan, and the Indo-Pacific region are all directly subjected to China’s threats, so we hope to be able to join together in cooperation. This is why we proposed the Four Pillars of Peace action plan. First, we will strengthen our national defense. Second, we will strengthen economic resilience. Third is standing shoulder to shoulder with the democratic community to demonstrate the strength of deterrence. Fourth is that as long as China treats Taiwan with parity and dignity, Taiwan is willing to conduct exchanges and cooperate with China, and seek peace and mutual prosperity. These four pillars can help us avoid war and achieve peace. That is to say, Taiwan hopes to achieve peace through strength, prevent war by preparing for war, keeping war from happening and pursuing the goal of peace. Q: Regarding drones, everyone knows that recently, Taiwan has been actively researching, developing, and introducing drones. Why do you need to actively research, develop, and introduce new drones at this time? President Lai: This is for two purposes. The first is to meet national security needs. The second is to meet industrial development needs. Because Taiwan, Japan, and the Philippines are all part of the first island chain, and we are all democratic nations, we cannot be like an authoritarian country like China, which has an unlimited national defense budget. In this kind of situation, island nations such as Taiwan, Japan, and the Philippines should leverage their own technologies to develop national defense methods that are asymmetric and utilize unmanned vehicles. In particular, from the Russo-Ukrainian War, we see that Ukraine has successfully utilized unmanned vehicles to protect itself and prevent Russia from unlimited invasion. In other words, the Russo-Ukrainian War has already proven the importance of drones. Therefore, the first purpose of developing drones is based on national security needs. Second, the world has already entered the era of smart technology. Whether generative, agentic, or physical, AI will continue to develop. In the future, cars and ships will also evolve into unmanned vehicles and unmanned boats, and there will be unmanned factories. Drones will even be able to assist with postal deliveries, or services like Uber, Uber Eats, and foodpanda, or agricultural irrigation and pesticide spraying. Therefore, in the future era of comprehensive smart technology, developing unmanned vehicles is a necessity. Taiwan, based on industrial needs, is actively planning the development of drones and unmanned vehicles. I would like to take this opportunity to express Taiwan’s hope to collaborate with Japan in the unmanned vehicle industry. Just as we do in the semiconductor industry, where Japan has raw materials, equipment, and technology, and Taiwan has wafer manufacturing, our two countries can cooperate. Japan is a technological power, and Taiwan also has significant technological strengths. If Taiwan and Japan work together, we will not only be able to safeguard peace and stability in the Taiwan Strait and security in the Indo-Pacific region, but it will also be very helpful for the industrial development of both countries. Q: The drones you just described probably include examples from the Russo-Ukrainian War. Taiwan and China are separated by the Taiwan Strait. Do our drones need to have cross-sea flight capabilities? President Lai: Taiwan does not intend to counterattack the mainland, and does not intend to invade any country. Taiwan’s drones are meant to protect our own nation and territory. Q: Former President Biden previously stated that US forces would assist Taiwan’s defense in the event of an attack. President Trump, however, has yet to clearly state that the US would help defend Taiwan. Do you think that in such an event, the US would help defend Taiwan? Or is Taiwan now trying to persuade the US? President Lai: Former President Biden and President Trump have answered questions from reporters. Although their responses were different, strong cooperation with Taiwan under the Biden administration has continued under the Trump administration; there has been no change. During President Trump’s first term, cooperation with Taiwan was broader and deeper compared to former President Barack Obama’s terms. After former President Biden took office, cooperation with Taiwan increased compared to President Trump’s first term. Now, during President Trump’s second term, cooperation with Taiwan is even greater than under former President Biden. Taiwan-US cooperation continues to grow stronger, and has not changed just because President Trump and former President Biden gave different responses to reporters. Furthermore, the Trump administration publicly stated that in the future, the US will shift its strategic focus from Europe to the Indo-Pacific. The US secretary of defense even publicly stated that the primary mission of the US is to prevent China from invading Taiwan, maintain stability in the Indo-Pacific, and thus maintain world peace. There is a saying in Taiwan that goes, “Help comes most to those who help themselves.” Before asking friends and allies for assistance in facing threats from China, Taiwan must first be determined and prepared to defend itself. This is Taiwan’s principle, and we are working in this direction, making all the necessary preparations to safeguard the nation. Q: I would like to ask you a question about Taiwan-Japan relations. After the Great East Japan Earthquake in 2011, you made an appeal to give Japan a great deal of assistance and care. In particular, you visited Sendai to offer condolences. Later, you also expressed condolences and concern after the earthquakes in Aomori and Kumamoto. What are your expectations for future Taiwan-Japan exchanges and development? President Lai: I come from Tainan, and my constituency is in Tainan. Tainan has very deep ties with Japan, and of course, Taiwan also has deep ties with Japan. However, among Taiwan’s 22 counties and cities, Tainan has the deepest relationship with Japan. I sincerely hope that both of you and your teams will have an opportunity to visit Tainan. I will introduce Tainan’s scenery, including architecture from the era of Japanese rule, Tainan’s cuisine, and unique aspects of Tainan society, and you can also see lifestyles and culture from the Showa era.  The Wushantou Reservoir in Tainan was completed by engineer Mr. Hatta Yoichi from Kanazawa, Japan and the team he led to Tainan after he graduated from then-Tokyo Imperial University. It has nearly a century of history and is still in use today. This reservoir, along with the 16,000-km-long Chianan Canal, transformed the 150,000-hectare Chianan Plain into Taiwan’s premier rice-growing area. It was that foundation in agriculture that enabled Taiwan to develop industry and the technology sector of today. The reservoir continues to supply water to Tainan Science Park. It is used by residents of Tainan, the agricultural sector, and industry, and even the technology sector in Xinshi Industrial Park, as well as Taiwan Semiconductor Manufacturing Company. Because of this, the people of Tainan are deeply grateful for Mr. Hatta and very friendly toward the people of Japan. A major earthquake, the largest in 50 years, struck Tainan on February 6, 2016, resulting in significant casualties. As mayor of Tainan at the time, I was extremely grateful to then-Prime Minister Abe, who sent five Japanese officials to the disaster site in Tainan the day after the earthquake. They were very thoughtful and asked what kind of assistance we needed from the Japanese government. They offered to provide help based on what we needed. I was deeply moved, as former Prime Minister Abe showed such care, going beyond the formality of just sending supplies that we may or may not have actually needed. Instead, the officials asked what we needed and then provided assistance based on those needs, which really moved me. Similarly, when the Great East Japan Earthquake of 2011 or the later Kumamoto earthquakes struck, the people of Tainan, under my leadership, naturally and dutifully expressed their support. Even earlier, when central Taiwan was hit by a major earthquake in 1999, Japan was the first country to deploy a rescue team to the disaster area. On February 6, 2018, after a major earthquake in Hualien, former Prime Minister Abe appeared in a video holding up a message of encouragement he had written in calligraphy saying “Remain strong, Taiwan.” All of Taiwan was deeply moved. Over the years, Taiwan and Japan have supported each other when earthquakes struck, and have forged bonds that are family-like, not just neighborly. This is truly valuable. In the future, I hope Taiwan and Japan can be like brothers, and that the peoples of Taiwan and Japan can treat one another like family. If Taiwan has a problem, then Japan has a problem; if Japan has a problem, then Taiwan has a problem. By caring for and helping each other, we can face various challenges and difficulties, and pursue a brighter future. Q: President Lai, you just used the phrase “If Taiwan has a problem, then Japan has a problem.” In the event that China attempts to invade Taiwan by force, what kind of response measures would you hope the US military and Japan’s Self-Defense Forces take? President Lai: As I just mentioned, annexing Taiwan is only China’s first step. Its ultimate objective is to change the rules-based international order. That being the case, China’s threats are an international problem. So, I would very much hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war – prevention, after all, is more important than cure.

    MIL OSI Asia Pacific News –

  • MIL-OSI Banking: Joint Press Release of the 32nd ASEAN-EU Joint Cooperation Committee (JCC) Meeting

    Source: ASEAN

    The Association of Southeast Asian Nations (ASEAN) and the European Union (EU) held their 32nd Joint Cooperation Committee (JCC) Meeting on Monday, 16 June 2025 in Jakarta, Republic of Indonesia.
     
    The two sides reviewed recent developments in their respective regions since the last JCC Meeting held on 8 May 2024, including the challenging global geopolitical context. The two sides reaffirmed their shared commitment to strengthening the rules-based multilateral system through the promotion of effective multilateralism, as well as to respecting and promoting international law and international norms and standards. They reiterated their shared commitment to support ASEAN Centrality and ASEAN-led mechanisms. They confirmed their shared determination to promote peace, security, and stability and prosperity, including through the four priority areas of the ASEAN Outlook on the Indo-Pacific (AOIP) and the seven priority areas of the EU Strategy for Cooperation in the Indo-Pacific, and the protection of human rights and fundamental freedoms.
     
    ASEAN and the EU took stock of their extensive cooperation and explored ways to reinforce their strategic partnership, with a view to improving the security and the quality of life of their citizens, increase connectivity between the two regions, and respond to global challenges. The two sides reviewed the implementation of the Plan of Action to Implement the ASEAN-EU Strategic Partnership (2023-2027), welcoming the progress achieved since their previous meeting, with 61% percent of action lines addressed.
     
    The two sides welcomed the ongoing roll-out of the EU’s Global Gateway, including the implementation of Sustainable Connectivity and the Green Team Europe Initiatives. They expressed their pleasure that all projects under the EU-ASEAN Sustainable Connectivity Package (SCOPE) were now operational, spanning trade, people-to-people connectivity, transport, energy, and digital connectivity. The EU expressed its intention to scale up support for the ASEAN Power Grid, drawing on its experience with energy market integration within the EU. ASEAN also encouraged the EU to actively support the ASEAN Connectivity Strategic Plan (ACSP).
     
    ASEAN and the EU discussed their cooperation in the field of peace and security, including through the ASEAN Regional Forum (ARF). They underscored the importance of strengthening their cooperation in cybersecurity and on maritime security, including through the ASEAN-EU High-Level Dialogue on Maritime Security Cooperation.
     
    The two sides discussed their cooperation on trade and economic issues, focusing in the short and medium term on areas of mutual interest including the digital economy, green technologies and green services, and supply chain resilience, while also reaffirming their intention to pursue more concrete sectoral cooperation in areas of mutual interest as building blocks toward an eventual ASEAN-EU Free Trade Agreement (FTA). They welcomed the ongoing work of the ASEAN-EU Joint Working Group for Trade and Investment, and looked forward to the 21st ASEAN Economic Ministers-EU Trade Commissioner Consultation in September 2025, as well as the launch of the SCOPE Trade project in the coming months. They also recognised the importance of a predictable, transparent, free, fair, inclusive, sustainable and rules-based multilateral trading system, with the World Trade Organisation (WTO) at its core.
     
    They looked forward to the convening of the Fourth Joint Working Group on Palm Oil between the European Union and Relevant ASEAN Member States to continue promoting mutual understanding on the sustainable production of vegetable oils and addressing the challenges in this sector in a holistic, transparent, and non-discriminatory manner.
     
    ASEAN and the EU discussed their cooperation on socio-cultural issues, reiterating their commitment to promoting sustainable development and addressing the global challenges of climate change, biodiversity loss and environmental protection. They also underlined their shared interest in further engagement in the field of Disaster Management and Emergency Response, notably between the ASEAN Coordinating Centre for Humanitarian Assistance on Disaster Management (AHA Centre) and the EU’s Emergency Response Coordination Centre (ERCC).
     
    ASEAN welcomed the EU’s contributions towards ASEAN Community-building and regional integration efforts, and called on the EU to continue its support for the implementation of the ASEAN 2045: Our Shared Future, as well as ASEAN’s efforts to narrow the development gap through the Initiative for ASEAN Integration (IAI).
     
    The meeting was co-chaired by Ambassador Latifah Zaini, Permanent Representative of Brunei Darussalam to ASEAN, and by Ms. Leila Fernández Stembridge, Head of the South-East Asia Division of the European External Action Service, together with Mr. Mario Ronconi, Head of Unit for South and South-East Asia, European Commission Directorate-General for International Partnerships. It was attended by members of the Committee of Permanent Representatives to ASEAN and officials from the EU institutions, as well as officials from the ASEAN Secretariat. EU Member States, Timor-Leste, and the European Investment Bank also attended the meeting as observers.

     
    ###

    MIL OSI Global Banks –

  • MIL-OSI: Toobit Enhances Spot Trading Experience with New Price Precision Adjustment Feature

    Source: GlobeNewswire (MIL-OSI)

    GEORGE TOWN, Cayman Islands, June 16, 2025 (GLOBE NEWSWIRE) — Toobit, an award-winning global cryptocurrency exchange, today rolls out a new enhanced price precision feature in its mobile app, designed to deliver a more accurate and transparent trading experience for spot traders.

    This improvement optimizes how prices are displayed, enabling users to view the most precise trading values in a market where every digit counts. For assets like PEPE/USDT, which regularly command a market capitalization of over $6 billion and see massive daily trading volumes, the ability to track micro-decimal price movements is critical. With this update, users can long-press the price field to reveal the fully expanded format for maximum clarity.

    Toobit now displays ultra-accurate prices using {N} to represent consecutive zeros. Long press to see the full value.

    “The enhanced price display allows users to view prices and matched orders with greater clarity and minimal rounding,” said Mike Williams, Chief Communication Officer at Toobit. “While prices have always been updated in real time, this update presents those values with the smallest possible increments. In a market where traders cite price precision as a critical factor for profitability, especially for high-volume assets, this feature ensures our users have a competitive edge.”

    Key benefits of this new feature include:

    • Higher accuracy: With tens of thousands of new tokens launching daily on blockchains like Solana, the market is flooded with low-priced assets. Improved decimal precision helps traders catch micro-movements and optimize their entries in this crowded field.
    • More transparency: Traders can view the exact executed price and quantity without the ambiguity of rounding, preventing potential slippage.
    • Better user experience: A clearer, more intuitive interface for the assets that constitute a significant and growing share of daily spot trading volume.

    This feature is now live on the Toobit mobile app and currently supports spot trading pairs. More trading products will be integrated with this enhanced precision display in future updates.

    With the meme coin market alone surpassing a $100 billion valuation in 2024 and projected to see continued significant growth, Toobit’s update is designed to deliver a more accurate and transparent trading experience for spot traders in this booming sector.

    About Toobit

    Toobit is where the future of crypto trading unfolds—an award-winning cryptocurrency derivatives exchange built for those who thrive exploring new frontiers. With deep liquidity and cutting-edge technology, Toobit empowers traders worldwide to navigate the digital asset markets with confidence. We offer a fair, secure, seamless, and transparent trading experience, ensuring every trade is an opportunity to discover what’s next.

    For more information about Toobit, visit: Website | X | Telegram | LinkedIn | Discord | Instagram

    Contact: Davin C.

    Email: market@toobit.com

    Website: www.toobit.com

    Disclaimer: This content is provided by Toobit. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    Photos accompanying this announcement are available at:

    https://www.globenewswire.com/NewsRoom/AttachmentNg/526db66c-9a95-458b-b2ca-48d80d0457f4

    https://www.globenewswire.com/NewsRoom/AttachmentNg/8d4a46a9-1b37-4fb8-8427-735057aa54ef

    The MIL Network –

  • MIL-OSI Economics: Global Cross-Border Payments: A Quadrillion Evolving Market?

    Source: International Monetary Fund

    Summary

    Cross-border payments are essential to the global financial system, facilitating trade and investment. The global cross-border traditional and crypto payment market approached a value of about one quadrillion dollars in 2024, with crypto payments representing only a small fraction despite their recent surge. Focusing on data from Swift—the largest traditional cross-border financial messaging network—we study the characteristics and evolving patterns of these payments over 2021-24. Notably, payments are predominantly concentrated in advanced economies, and are driven by financial institutions and large transactions. While currency usage remains stable—with the U.S. dollar maintaining the largest share—the Chinese renminbi demonstrates signs of increasing global integration, albeit from a low base. Gravity model estimates confirm that traditional economic linkages, via trade, portfolio investment, and FDI, shape cross-border payments. However, aggregate dynamics mask substantial heterogeneity across message types (customer vs. financial related payments), currencies, and transaction sizes, with information asymmetries playing a diminished role in larger payments.

    Subject: Balance of payments, Currencies, Foreign direct investment, Money

    Keywords: Cross-Border Payments, Currencies, FDI, Foreign direct investment, Global, Networks, Portfolio Investment, Trade

    MIL OSI Economics –

  • An overview of Iran’s main gas field and oil infrastructure

    Source: Government of India

    Source: Government of India (4)

    Israel struck an installation at Iran’s South Pars gas field on Saturday, the first attack on Iran’s oil and gas sector as part of what the Israeli government had warned would be a prolonged operation to prevent Tehran from building an atomic weapon.

    Iran has partially suspended gas production from the South Pars field, Iran’s portion of the world’s largest natural gas reserve, which lies beneath the Gulf and is shared with major gas exporter Qatar.

    Israel also struck a Tehran fuel depot and an oil refinery near the capital on Saturday, Iran said, but authorities said the situation was under control.

    Following are some facts on the country’s energy industry, exports, and the impact of previous Western sanctions.

    WORLD’S LARGEST GAS RESERVE

    Iran produces natural gas from the offshore South Pars gas field, which makes up around a third of the world’s largest reservoir of natural gas.

    Iran shares the reservoir with major gas exporter Qatar, which calls its field the North Dome.

    Sanctions and technical constraints have meant most gas Tehran produces from the South Pars field is for domestic use in Iran.

    Iran’s total natural gas production totalled 266.25 billion cubic meters in 2023, with domestic consumption accounting for 255.5 bcm, according to data by the Gas Exporting Countries Forum, a grouping of gas exporter nations.

    About 15.8 bcm of natural gas were exported, the Forum said.

    Saturday’s attack struck four units of Phase 14 of South Pars, around 200 kilometres from Qatar’s gas installations, many of which are joint ventures with major international energy firms, including U.S. giants ExxonMobil and ConocoPhilips.

    Doha has made hundreds of billions of dollars exporting liquefied natural gas to global markets for nearly three decades.

    The entire reservoir contains an estimated 1,800 trillion cubic feet of usable gas – enough to supply the entire world’s needs for 13 years, or to generate enough electricity to supply the U.S. for more than 35 years.

    SANCTIONS AND OPEC

    Iran’s oil production was at its peak in the 1970s, with record output of 6 million bpd in 1974, according to OPEC data. That amounted to more than 10% of world output at the time.

    In 1979, the U.S. imposed the first wave of sanctions on Tehran. Since then the country has been the target of several waves of U.S. and European Union sanctions.

    The U.S. tightened sanctions in 2018 after Trump exited a nuclear accord during his first presidential term. Iran’s oil exports fell to nearly zero during some months.

    Exports rose steadily under Trump’s successor President Joe Biden’s administration, with analysts saying sanctions were less rigorously enforced and Iran had succeeded in evading them.

    Iran is exempt from OPEC+ output restrictions.

    WHO IS THE MAIN BUYER OF IRANIAN OIL?

    Iran’s crude exports have risen to a multi-year high of 1.8 million bpd in recent months, the highest since 2018, driven by strong Chinese demand.

    China says it does not recognise sanctions against its trade partners. The main buyers of Iranian oil are Chinese private refiners, some of whom have recently been placed on the U.S. Treasury sanctions list. There is little evidence, however, that this has impacted flows from Iran to China significantly.

    Iran has for years evaded sanctions through ship-to-ship transfers and hiding ships’ satellite positions.

    PRODUCTION AND INFRASTRUCTURE

    Iran, the third largest producer in the Organization of the Petroleum Exporting Countries, extracts about 3.3 million barrels per day of crude oil, and another 1.3 million bpd of condensate and other liquids, totalling about 4.5% of global supplies.

    It exported about 1.8 million bpd of crude and condensate in May, close to a 2018 peak, according to Kpler, processing the remainder of its production in its domestic refineries with a total capacity of 2.6 million bpd, according to consultancy FGE.

    It exported nearly 750,000 bpd of oil products, including LPG, in May, according to Kpler.

    The country also produces 34 billion cubic feet of gas per day, according to FGE, accounting for 7% of global production. All gas is consumed domestically.

    Iran’s hydrocarbon production facilities are primarily concentrated in the southwest, in the Khuzestan province for oil and in the Bushehr province for gas and condensate from the giant South Pars field.

    It exports 90% of its crude via Kharg Island.

    Analysts say Saudi Arabia and other OPEC members could compensate for the drop of Iranian supply by using their spare capacity to pump more. However, with a number of producers in the group currently in the process of raising output targets, their spare capacity is becoming more strained.

    (Reuters)

  • MIL-OSI Russia: From Economy to Culture, China and Central Asia’s Multifaceted Partnership Grows Stronger

    Translation. Region: Russian Federal

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

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

    BEIJING, June 16 (Xinhua) — Since the first China-Central Asia Summit was held in Xi’an, northwest China’s Shaanxi Province, in May 2023, fruitful results have been achieved in various areas of cooperation between China and Central Asian countries, and a community with a shared future between China and Central Asia has begun to take shape at an accelerated pace.

    TRADE AND ECONOMIC COOPERATION FOR THE SAKE OF COMMON PROSPERITY

    Kazakh flour and biscuits, Kyrgyz honey, Turkmen candies… In the store of Xi’an Aiju Grain and Oilseeds Company, a variety of goods from Central Asia attract the attention of customers.

    “Most of these food products from Central Asia ‘arrived’ here on China-Europe freight trains. These products account for more than 40 percent of our company’s sales,” said Liu Dongmeng, deputy general manager of Aiju.

    Today, the city of Xi’an has long been not only the starting point of the ancient Silk Road, but also one of the busiest transport hubs for modern “steel camel caravans.”

    According to data from the Changba International Dry Port in Xi’an, by the end of 2024, more than 76 thousand standard containers (20-foot equivalent, TEU) were shipped from Xi’an to Central Asia as part of China-Europe international railway freight transportation, which is 47.6 percent more than a year earlier.

    “In 2015, our company began to establish a base for processing agricultural products in Kazakhstan, and began to deliver goods from Central Asia to China using China-Europe trains,” Liu Dongmeng said, adding that after the 1st China-Central Asia Summit, the level of awareness of Central Asian countries among Xi’an residents has increased significantly, which has contributed to the sales of high-quality goods from the Central Asian region.

    According to the General Administration of Customs of the People’s Republic of China, in 2024, trade turnover between China and Central Asian countries amounted to USD 94.8 billion, which is USD 5.4 billion more than the previous year.

    “China is the most important investment and trade partner of the Central Asian countries,” said Sun Weidong, Secretary General of the China-Central Asia format.

    According to him, within the framework of the joint construction of the Belt and Road, China and the Central Asian countries, by strengthening the alignment of their development strategies, carry out comprehensive cooperation based on the principle of mutual benefit, while cooperation in such areas as digital trade and cross-border transportation is developing dynamically.

    As one of the important achievements of the China-Central Asia Summit, Kazakhstan’s logistics center in Xi’an was officially put into operation in February 2024. By the end of May this year, it had already processed more than 180 thousand tons of cargo.

    This center with a total area of about 6.67 hectares and a design capacity of more than 655 thousand standard containers per year significantly increases the efficiency of sending trains from Xi’an to Central Asia. Currently, the center serves as a trade and logistics collection and distribution center for Kazakhstan in China.

    “Thanks to this center, goods from Kazakhstan, after consolidation in Xi’an, can directly go to the Guangxi Zhuang Autonomous Region /South China/, and then end up in the markets of Southeast Asian countries, which has opened an important international trade corridor for Central Asian countries,” said Darkhan Yesengulov, deputy sales manager at China-Kazakhstan (Xi’an) Trade and Logistics Co., Ltd.

    SCIENTIFIC AND TECHNICAL COOPERATION IN THE COURSE OF “GREEN DEVELOPMENT”

    In recent years, as practical cooperation between China and Central Asia deepens, high-level planning for bilateral green and low-carbon cooperation has been improved.

    Following the first China-Central Asia summit, a list of agreements and initiatives was published. Among them is “Carrying out China-Central Asia green and low-carbon development activities to deepen cooperation in green development and combating climate change.”

    The Turgusun hydroelectric power station, which was put into operation in July 2021, is the first key hydropower project implemented under the joint construction of the Belt and Road Initiative between Kazakhstan and China. After its completion, it was able to compensate for half of the electricity deficit in the Altay region of East Kazakhstan, thereby effectively alleviating the power shortage in the region.

    “During the construction of the hydroelectric power station, more than 200 jobs were created for local residents. This hydroelectric power station showed the world that through technical cooperation and exchange of experience, we can achieve mutually beneficial results in the economy, society and ecology,” said Asset Maksut, director of Turgusun-1 and Turgusun-2 LLP.

    The prospects for cooperation between China and Central Asia in the field of electric vehicles are also very broad. Chinese electric vehicle manufacturers operate in Uzbekistan and Tajikistan.

    “Electric cars from China are more popular in Central Asian countries. Alternative energy is a new area of cooperation between China and Central Asian countries,” said Ma Bin, a research fellow at the Center for Russian and Central Asian Studies at Fudan University.

    According to him, China and Central Asian countries jointly advocate the concept of green, low-carbon, circular and sustainable development. These concepts determine the direction of countries’ efforts in the energy and technology sectors, and also lay the foundation for further cooperation.

    Ecologist, board member of the Green Alliance of Kyrgyzstan Anara Sultangazieva believes that in the context of global environmental problems and climate change, countries share a common concept of “green development” in order to mitigate their consequences. “Especially in the area of agricultural development in order to ensure food security in the context of water shortages in Central Asian countries.”

    HUMANITARIAN EXCHANGES FOR SUSTAINABLE DEVELOPMENT

    China and Central Asian countries are actively developing cooperation in tourism, joint archaeological research, educational exchanges, etc., which strengthens the social foundations and popular support base for cooperation.

    China has now become one of the main study destinations for students from Central Asian countries. With its rich educational and scientific resources, Xi’an has become one of the popular cities for students from this region.

    According to the data, the Xi’an government has established a program to train students from five Central Asian countries, and has successfully enrolled 450 students from these countries by 2024.

    “Chinese culture has a deep influence on the Central Asian region, and the unique charm of Central Asian cultures also greatly attracts Chinese people,” said Nurmammedov Dovraniz from Turkmenistan, who is studying archaeology at Northwest University of China.

    According to the young man, mutual cultural attraction is a solid foundation for building a community of shared destiny between China and Central Asia.

    “China’s cooperation with Central Asian countries in all areas is rapidly deepening and developing. The youth of our countries are living in a “golden age”, they have bright prospects and broad opportunities for development,” Sun Weidong noted.

    Vice-Rector for International Relations of the Tajik Technical University named after Academician M. Osimi Rauf Jurakhonzoda noted that in recent years there has been a positive trend in cultural and humanitarian exchanges between China and Tajikistan.

    A striking example of this, according to him, is the launch in Tajikistan of the first “Luban Workshop” in Central Asia, aimed at training engineering personnel for the industrialization and modernization of the country.

    “We plan to introduce new formats of cooperation with Chinese universities. This is not only a contribution to the development of education, but also strengthening the friendship between our peoples,” added R. Jurakhonzoda.

    On June 7, the first China-Central Asia international tourist train returned to Xi’an. The train with more than 200 passengers departed from Xi’an on May 29 for Almaty, Kazakhstan. It left China via the Khorgos railway checkpoint in the Xinjiang Uygur Autonomous Region /Northwest China/.

    Let us recall that in May 2023, China and Kazakhstan signed an intergovernmental agreement on mutual exemption from visa requirements, which officially entered into force in November of the same year. 2024 was the Year of Kazakhstan Tourism in China, and 2025 has been declared the Year of China Tourism in Kazakhstan.

    According to Li Jiang, deputy head of Horgos Customs, the launch of the above-mentioned international tourist train has laid a new foundation for deepening connectivity and promoting people-to-people exchanges between China and Central Asian countries.

    In addition, on June 1, 2025, the Agreement between the Government of the People’s Republic of China and the Government of the Republic of Uzbekistan on mutual exemption from visa requirements entered into force.

    “Undoubtedly, this will contribute to the development of the tourism sector and increase the tourist flow,” said the Minister-Counselor of the Embassy of Uzbekistan in China Saidkamol Agzamkhodjaev, adding that Uzbekistan intends to increase the number of Chinese tourists visiting Uzbekistan annually to 1 million people.

    “As a ‘lubricant’ for the development of China’s relations with Central Asian countries, humanitarian exchanges contribute to their sustainable and healthy development,” Ma Bin emphasized.

    Sun Weidong noted that China’s relations with Central Asian countries will develop to a higher level, and their cooperation will expand to broader areas, which will contribute to the deep and thorough advancement of building a community with a shared future for China and Central Asia.

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: Volume and price statistics of external merchandise trade in April 2025

    Source: Hong Kong Government special administrative region

    Volume and price statistics of external merchandise trade in April 2025 
         In April 2025, the volume of Hong Kong’s total exports of goods and imports of goods increased by 12.3% and 13.4% respectively over April 2024.
     
         Comparing the first four months of 2025 with the same period in 2024, the volume of Hong Kong’s total exports of goods and imports of goods increased by 9.6% and 8.9% respectively.
     
         Comparing the three-month period ending April 2025 with the preceding three months on a seasonally adjusted basis, the volume of total exports of goods and imports of goods increased by 10.4% and 10.3% respectively.
     
         Changes in volume of external merchandise trade are derived from changes in external merchandise trade value with the effect of price changes discounted.
     
         Comparing April 2025 with April 2024, the prices of total exports of goods and imports of goods increased by 2.2% and 2.1% respectively.
     
         As regards price changes in the first four months of 2025 over the same period in 2024, the prices of total exports of goods and imports of goods both increased by 2.0%.
     
         Price changes in external merchandise trade are reflected by changes in unit value indices of external merchandise trade, which are compiled based on average unit values or, for certain commodities, specific price data.
     
         The terms of trade index is derived from the ratio of price index of total exports of goods to that of imports of goods. Compared with the same periods in 2024, the index increased by 0.1% in April 2025, whereas it remained virtually unchanged in the first four months of 2025.
     
         Changes in the unit value and volume of total exports of goods by main destination are shown in Table 1.
     
         Comparing April 2025 with April 2024, increases were recorded for the total export volume to all main destinations: Vietnam (45.3%), India (23.2%), the mainland of China (the Mainland) (20.2%), Taiwan (18.2%) and the USA (0.3%).
     
         Over the same period of comparison, the total export prices to Taiwan (4.8%), the Mainland (2.3%), Vietnam (2.0%) and the USA (0.9%) increased. On the other hand, the total export prices to India decreased by 1.2%.
     
         Changes in the unit value and volume of imports of goods by main supplier are shown in Table 2.
     
         Comparing April 2025 with April 2024, increases were recorded for the import volume from Vietnam (93.6%), Taiwan (41.8%), the Mainland (14.5%) and Singapore (5.0%). On the other hand, the import volume from Korea decreased by 25.8%.
     
         Over the same period of comparison, the import prices from all main suppliers increased: Korea (5.3%), Taiwan (5.2%), Singapore (2.4%), Vietnam (0.7%) and the Mainland (0.6%).
     
    Further information
     
         Details of the above statistics are published in the April 2025 issue of “Hong Kong Merchandise Trade Index Numbers”. Users can browse and download the report at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1020006&scode=230 
         Enquiries on merchandise trade indices may be directed to the Trade Analysis Section of the C&SD (Tel: 2582 4918).
    Issued at HKT 16:30

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Africa: Banque de Développement des États de l’Afrique Centrale (BDEAC) secures EUR 100-million trade finance facility from Afreximbank

    African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has signed an agreement to provide the Banque de Développement des États de l’Afrique Centrale (BDEAC) with EUR 100-million trade finance facility to support critical regional integration projects in the Central African Economic and Monetary Community (CEMAC). The facility would also support the upgrading of trade-enabling infrastructure in the CEMAC region.

    The agreement was signed in Abuja, Nigeria, on June 5, 2025 on the sidelines of the official launch of the African Medical Centre of Excellence (AMCE). Prof. Benedict Oramah, Afreximbank’s President and Chairman of the Board of Directors, signed for the Bank, while Dieudonné Evou Mekou, President of BDEAC, signed for his organization.

    Speaking after the signing, Prof. Oramah highlighted the significance of the facility in strengthening regional integration, saying, “This facility marks another significant milestone in Afreximbank’s efforts to deepen trade and investment, as well as close the trade-enabling infrastructure gap in the CEMAC region. With this line of credit, Afreximbank and BDEAC are sending a strong message to our people that it is through strong partnerships and by pooling our resources that we can collectively transform the economic fortunes of our people.”

    On his part, BDEAC President, Dieudonné Evou Mekou welcomed the signing of the new facility, noting that: “It confirms the excellent quality of the partnership between BDEAC and Afreximbank – two institutions at the forefront of financing African economies.  The establishment of this credit line will enable BDEAC to strengthen and diversify its interventions in the CEMAC zone, thereby contributing more significantly to regional economic integration, sustainable development, and the improvement of living conditions for the populations, in accordance with Strategic Orientation N°1 of the AZOBE 2023-2027 Strategic Plan.”

    The advent of this new facility confirms the excellent quality of the partnership relations that exist between the two financial institutions dedicated to African economies.”

    BDEAC is the regional development finance institution for the CEMAC regional block and has had a long-standing partnership with Afreximbank.

    Distributed by APO Group on behalf of Afreximbank.

    Media Contact:
    Vincent Musumba
    Communications and Events Manager (Media Relations)
    Email: press@afreximbank.com

    Follow us on:
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    About Afreximbank:
    African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank’s total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB-). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, “the Group”). The Bank is headquartered in Cairo, Egypt.

    For more information, visit: www.Afreximbank.com

    MIL OSI Africa –

  • MIL-OSI Banking: BSTDB Hosts the Heads of Internal Audit Annual Meeting

    Source: Black Sea Trade and Development Bank

    Press Release | 16-Jun-2025

    Internal Audit Leaders Convene in Thessaloniki to Discuss ESG, AI, and Evolving Governance Standards

    The Black Sea Trade and Development Bank (BSTDB) hosted the Annual Meeting of the Heads of Internal Audit (HOIA) on 12–13 June 2025. The two-day event, held under the theme “Empowering Accountability and Resilience,” brought together internal audit leaders from over 40 international financial institutions, United Nations agencies, European bodies, and global alliances.

    Participants addressed a wide range of critical topics shaping the future of the profession—from ESG integration and fraud risk management to artificial intelligence, generative technologies, and internal audit quality standards.

    In his opening statement, BSTDB President Dr. Serhat Köksal underlined that “the role of internal audit is one of the critical functions, given the current challenging international setting, including geopolitical tensions, economic volatility, technological disruption, and urgent climate imperatives.”  He stressed that International Financial Institutions (IFIs) have an increased responsibility to drive in these factors into their governance frameworks because of their wide-reaching impact on communities, the environment, and global development.

    Delivering the keynote,  Anthony J. Pugliese, President and CEO of the Institute of Internal Auditors, emphasized the systemic, fast-evolving and interconnected nature of today’s risk landscape. Emphasis was placed on the expanding role of internal audit- transforming from traditional oversight to providing strategic guidance in enterprise risk management. He highlighted the dual impact of technology as both a disruptive and an enabler and introduced the principles of responsible AI governance. He concluded by outlining key priorities for strengthening the future of the profession, emphasizing culture, synergies and resilience as the foundations for long term sustainability.

    Pavlos Pavlides, Director of Internal Audit at BSTDB and host of the Meeting, stressed the importance of sound governance, vigilance, and integrity in delivering on institutional mandates. He called for strengthening collaboration among internal audit functions across international organisations to increase collective impact, knowledge-sharing, and professional development.

    The Meeting concluded with a shared commitment to advancing the internal audit profession as a cornerstone of good governance, resilience, and institutional excellence.

     

    The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. For information on BSTDB, visit www.bstdb.org.

     

    Contact: Haroula Christodoulou

    : @BSTDB

    MIL OSI Global Banks –

  • MIL-OSI Europe: Luis de Guindos: Interview with Reuters

    Source: European Central Bank

    Interview with Luis de Guindos, Vice-President of the ECB, conducted by Balázs Korányi and Francesco Cánepa on 12 June 2025

    16 June 2025

    President Lagarde said the ECB was in a good place now. Investors and ECB watchers took that to mean a pause in rate cuts is appropriate. Was that the correct interpretation?

    The projections provide the key to understanding our policy decision. It’s almost a cliché now but the level of uncertainty is huge. So much so, we published alternative scenarios. The key differences in the scenarios relate to trade policy. In the baseline, we assume no retaliation and a 10% tariff. In the adverse scenario, we assume higher tariffs and retaliation.

    The final outcome in trade negotiations is by far the most relevant factor of uncertainty that we considered in our projections, which are the basis for our monetary policy decisions. Nobody knows the final outcome of the trade negotiations and the impact it may have on the outlook for growth and inflation.

    Having said that, markets have understood perfectly well what the President said about being in a good position. Even in this context of huge uncertainty, I think that markets believe and discount that we are very close to our target of sustainable 2% inflation over the medium term.

    Your projections incorporate interest rate futures, which still price in one more rate cut. So, if the baseline materialises, we can still expect a cut?

    We incorporate market expectations for interest rates into the underlying assumptions of our projection framework. But I think that, in this case, this assumption is not important compared with the consideration we give to trade issues in the June exercise. Trade has a greater magnitude of relevance in influencing our projections.

    Would you say that risks to the inflation outlook are to the upside or the downside?

    This is quite an important question. A tariff is a tax on imported goods. So the first impact is inflationary. But tariffs simultaneously depress demand, which can more than compensate for the initial inflationary impact. So, in the medium term, tariffs reduce both growth and inflation.

    But there is another factor that is more difficult to calibrate. A fully fledged trade war could give rise to fragmentation in the global economy and distortions in the global supply chain. And that would be inflationary in the longer term.

    So, with all these nuances, over the next two years tariffs would reduce both growth and inflation. But, if you look further out, you have to consider the potential impact that fragmentation could have. That goes beyond our projection horizon, but it is something that we will have to take into consideration in the future.

    You now project inflation dipping below target and then coming back to 2%. We’ve seen such a scenario before, when the longer-term projection always points to 2%, partly because of mean reversion. So, how much weight do you attach to the 2027 projection? And do you give a lot of thought to this notion of mean reversion as a feature at the back of the projection?

    When it comes to 2026, there are two key issues: the appreciation of the euro and the evolution of prices of raw materials, particularly energy. For 2027 a similar appreciation of the currency and a fall in energy prices is not expected to take place, and that is the reason why we expect inflation to come back up to 2%. But, of course, the level of uncertainty is huge. So, even though we are convinced that inflation will converge to our target, we need to stay data-dependent and decide meeting by meeting. Also, bear in mind that we have already reduced interest rates by 200 basis points – from 4% to 2%.

    The risk of undershooting in any year is that it influences wage-setting and could perpetuate low inflation. In the first quarter of next year, you see inflation at 1.4%. Do you consider undershooting a significant risk?

    I think inflation is going in the right direction. There is a clear deceleration, also confirmed by the latest data. But I don’t think that inflation hovering around 1.4% in the first quarter of 2026 is going to be enough to unanchor inflation expectations and modify the wage bargaining process. We clearly see that wage dynamics are cooling. But, even when you take all these factors into consideration, compensation per employee will be around 3% over time. So, the risk of undershooting is very limited in my view.

    Our assessment is that risks for inflation are balanced. Clearly, 1.4% is below target. But we look at the medium term, and in the medium term there are other factors that can compensate for the short-term elements that can temporarily bring inflation down.

    Europe is expected to spend more on defence. Do you think that greater military expenditure should come at the expense of other spending, or should it be financed from debt?

    A lot of uncertainty still surrounds our fiscal policy assumptions and projections. Trade is prominently in the news, but fiscal policy is often overlooked.

    First of all, fiscal policy in the United States is important. The new tax bill is going to increase the deficit, and the US fiscal position is already challenging. The debt ratio is over 100% and the fiscal deficit between 6% and 7%. So, markets are likely to start paying more attention to fiscal policy in the United States, which could give rise to increasing yields. I think this will catch the eye of markets more and more in the future.

    In the case of Europe, we have seen a degree of decoupling in terms of yields with respect to the United States. But developments have been much more moderate.

    Nevertheless, fiscal policy is relevant because there is an additional need to increase spending on defence, which is going to demand more resources. The starting point for some EU countries is not good. The EU does not have much fiscal space, so we have to look for social and political space in order to expand it.

    We will need to have more support from the people of Europe, and governments will have to explain clearly the necessity for higher spending on defence, because it’s a question of independence and autonomy.

    This extra spending may take some time to ramp up. Do you think ECB watchers or the ECB’s own projections overestimate how much fiscal support is coming?

    There are different fiscal multipliers, and much will depend on the kind of fiscal spending that countries are going to pursue. This kind of expenditure takes time to be implemented, so the impact on inflation and growth is not going to be material in the short term.

    Do you think the ECB can play a role in helping that defence spending, like with the targeted QE, targeted TLTRO, or some other tool?

    I can assure you that this is something that we have not discussed.

    We saw in the minutes of the Federal Reserve System’s May meeting that it had extended the swap line with the ECB. Nevertheless, given the political turmoil in the United States, do you think it would be a good exercise to look at scenarios in which US dollar funding dries up? Should the ECB be preparing the financial sector for such a scenario?

    We believe that swap lines with the Federal Reserve are a good instrument in terms of financial stability for both the euro area and the United States. We are fully convinced that the swap lines will be maintained over time because they are positive for both sides and for global financial stability.

    But markets are starting to openly doubt the status of the US dollar as the world’s leading reserve currency. And some central banks are even building up reserves in gold. Do you think it would be prudent for the ECB, and the Eurosystem more generally, also to start building up more gold reserves or reserves in assets other than US dollar-denominated assets?

    The weight of gold in our reserves has been on the increase clearly because of rising gold prices. Central banks use gold as an instrument to diversify in moments of geopolitical risk, and that is understandable. Some are even looking at silver or platinum to diversify.

    But the role of the US dollar as a reserve currency in the short term is not going to be challenged, in my opinion.

    The role of the euro as a reserve currency in the global arena will depend on actions taken in Europe. If we can achieve a much more integrated goods and services market, then the capital markets union and the banking union will come about much more easily. It’s very difficult to make progress in the capital markets union or the banking union if you do not advance in the integration of the goods and services market.

    You put out a report on the role of the euro last week, which covers basically to the end of last year. Can you provide us with a bit of insight on what’s been happening since 2 April. There’s been a lot of movement on financial markets. Have euro assets really benefited from capital leaving the US dollar, or is it mostly gold that has benefited?

    If you look at market developments, we had a big decline and a risk-off movement at the beginning of April. And now market valuations have fully recovered – apart from the US dollar and commodity prices.

    The policies of the new US Administration cover not only tariffs, but also fiscal policy and the regulatory frameworks for banks – in terms of the implementation of Basel III – and non-banks, and even for crypto assets. At the end of the day, this is a sort of change of paradigm. There have even been some doubts about how engaged the new US Administration is going to be with multilateral institutions.

    Even though markets have recovered, setting aside the US dollar and commodities, there is something that is quite obvious. The correlation of asset prices has changed quite a lot since April. If you look at developments in stock and bond prices, the correlation has been different from the ones we had in the past.

    Even in the case of yields on US Treasuries, we have seen ups and downs. But I think that the main element that indicates some doubts about the new US policies is the evolution of the US dollar. That’s quite clear.

    The flipside of that is that the euro has become stronger. Is it becoming an issue for growth and for exporters? Can the euro zone even afford reserve currency status given the currency strength that comes with it?

    I think that, at USD 1.15, the euro’s exchange rate is not going to be a big obstacle. And the question of the reserve status of the euro in the global arena is not going to have a significant impact in the short term.

    In the short term, the status of the US dollar is not going to be challenged. In the medium term, the factor that is going to be key is the kind of policy that we implement in Europe. If we are able to become more independent, more autonomous in defence, and we start to do what we have to do for the integration of markets… gradually, over the medium to long term, the euro will gain market share. But, in the short term, a big jump in market share is out of the question.

    So you don’t seem to be terribly concerned about USD 1.15 for the real economy. Accepting that you have no exchange rate target, what is the point where you become concerned that the exchange rate has a detrimental impact on the real economy?

    Much more than a specific level, I think that we have to look at the speed of developments, how rapid the appreciation or depreciation is. And if there is a clear overshooting of the exchange rate, that is something we should analyse.

    So far, the evolution has been quite controlled. Perhaps the surprise has been that, at the beginning of the year, most market participants believed that we could go to parity. And instead we have gone to the current level. I would not say that the exchange rate has been extremely volatile so far, or that we have seen a very rapid appreciation .

    We take the exchange rate into consideration in our projections. The perception of the ECB is that the appreciation of the euro has so far been positive in terms of achieving our target for inflation. That’s one of the reasons why we have revised our inflation projections down for 2026.

    A recent paper by Blanchard and Ubide has relaunched the idea of a European safe asset. You were on the other side of the fence when you were once a finance minister. Do you see growing chances of more joint issuance happening?

    Ideas coming from the academic sphere are very good. The one you mentioned is a very interesting proposal for a EU safe asset in a very liquid and deep market. That is something we have to take into consideration.

    But I think we have to do a lot of things before that. We need a much more integrated single market, and to make much more progress towards the capital markets union and the completion of the banking union. Simultaneously – and I feel we have made some progress here – we need the fiscal positions of euro area countries to be closer and disparities to be reduced.

    So it’s an interesting proposal from an academic standpoint. But I think that, from a practical viewpoint, there are other necessary conditions before we get there and these are not yet in place.

    Do you think it could be prudent for the ECB and the Eurosystem’s national central banks to bring back some of the gold reserves they store in New York?

    There is no doubt in my mind that they are totally safe.

    Even when a new Federal Reserve Chair will be appointed next year?

    Well, I don’t know who the next Chair is going to be, but I expect it will be a competent and sensible person.

    Fair enough. But has there been a discussion about this or didn’t it even come up?

    Even the possibility of it didn’t come up.

    Over the past few years, the ECB has learned some lessons, such as that you also have to react forcefully to inflation when it’s too high. This didn’t seem to be a problem a few years ago, yet all of a sudden it was. So, with that in mind, how would you like the new strategy document to reflect that?

    As you have said, the framework for inflation was totally different five years ago. And now we have had a period of high inflation, which was an important change.

    This is going to be a reassessment of our strategy review. In my view, we are not going to see modications in the definition of price stability. With respect to the toolkit, I think that all the instruments are going to remain available for use in the future.

    Simultaneously, we have learned much more about side effects, and we are going to pay more attention to financial stability considerations. QE, for instance, was a new instrument added to the toolkit in 2015. What is important is that when you use an instrument, you can gauge its real impact. Sometimes it’s much easier to start using the instrument than to withdraw it — that’s something we have learned as well. And finally, the framework of the global economy is going to be very different from the one we had in 2021. In one sense, I think we are going to have a much more fragmented world.

    In 2021, we didn’t have any discussions about trade. Deflation, or low inflation, was the main point of our review, and how close we were to the lower bound. At the same time, some academics raised the issue of the natural interest rate. This is interesting from a conceptual and an academic standpoint, but not for actual monetary policy decision-making.

    What should we expect from the new strategy statement?

    I would not expect big surprises. This is about evolution, not revolution. It is just a reassessment. It will be much more focused on how the framework for central banks and for the ECB has changed over the last five years.

    In a multipolar world, what role can China play for the ECB as a partner, and the People’s of Bank of China particularly?

    China is an important player. It’s the world’s second largest economy. We have some monetary arrangements with the central bank, like our swap lines.

    Sometimes when we talk about trade policies, we look only at bilateral tariffs. But we need to have a holistic approach. In the case, for instance, of the negotiations between the United States and Europe, what is going to be key is not only the final outcome in terms of bilateral tariffs, but the potential impact of trade diversion. You need to be holistic with respect to trade, because otherwise, perhaps, you are missing the real impact that these trade negotiations are going to have.

    Do you see that as a big risk, trade diversion? Your colleague Isabel Schnabel seemed to suggest this was not a major risk.

    Well, I don’t know whether it’s going to be a big risk, but undoubtedly this is something that we have to monitor and take into consideration.

    Could the ECB work with the People’s Bank of China, for example in the field of payments? China has its own digital currency.

    We are fully behind a digital euro. We believe that it’s something that is going to be very important in Europe.

    There will be new legislation in the United States about stablecoins. They are going to become a means of payment and most projects are going to come from the United States. My reading of the digital euro project is digital public money: it will be a means of payment, it’s not going to pay an interest rate, and it will not replace cash. We are going to take financial stability implications into consideration too.

    People, at the end of the day, both in the analogue and digital context, always want to have public money. For them, that’s real money. And if people doubt whether they can transform their current account balance into banknotes, then a bank run can take place. The digital euro is going to play a similar role in a digital world.

    If the case for a digital euro is so clear, why does the legislator not see it? Brussels has been dragging its feet. Why is that, and do you expect a change?

    I hope that we will be able to convince the legislators, but you have to ask them why they have so many doubts. From our standpoint, it’s quite clear that a digital euro is something that is extremely relevant and useful in the payment context in Europe. And I think that eventually, they will be convinced of the clear advantages of a digital euro.

    MIL OSI Europe News –

  • MIL-OSI Africa: Afreximbank acts as global coordinator and mandated lead arranger for $1.6bn facility for Suriname’s Staatsolie


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    African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has acted as global coordinator and joint mandated lead arranger for a senior secured term loan facility amounting to US$1.6 billion, in favour of Staatsolie Maatschappij Suriname N.V. (Staatsolie), Suriname’s state-owned energy company, in a major boost to the country’s GranMorgu upstream offshore oil project.

    Afreximbank, Banco Latinoamericano de Comercio Exterior, S.A. (Bladex), along with another major international bank and Staatsolie signed the agreement on the 14th of May 2025. Perella Weinberg acted as an advisor to Staatsolie on the transaction.

    According to the terms of the agreement, the proceeds of the facility will support Staatsolie in partially refinancing existing debt and funding its 20 per cent working interest in the GranMorgu upstream offshore oil project.

    The transaction, the first syndicated loan for which Afreximbank has been mandated on in the Caribbean region, also represents the largest project financing transaction in Suriname’s history and paves the way for the country’s initial offshore oil production by mid-2028.

    Capital investments in the project are expected to exceed US$12 billion, with Staatsolie contributing 20 per cent, or US$2.4 billion. The expected revenue generation, depending on oil price, is projected at over US$26 billion for Staatsolie and the Government of Suriname over the operational life, significantly boosting economic development.

    The project, which stands out for its low-carbon design, featuring a fully electric floating production, storage, and offloading unit with a production capacity of 220,000 barrels per day, will more than double Staatsolie´s production, providing Suriname with royalties and dividends.

    Commenting on the transaction, Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, said that it will significantly transform the Surinamese economy. “Afreximbank is most pleased to have played a pivotal role in arranging this financing for Suriname’s Staatsolie. It marks a significant milestone in the Bank’s interventions in the Caribbean and a firm statement of intent by the Bank to support investments in strategic programmes/projects that are consequential to the transformation of the Surinamese economy. Beyond this investment, the Bank is supporting initiatives that will catalyse local participation in the country’s oil and gas sector with the aim of ensuring maximum benefits from the natural resource accrue to the indigenes of Suriname and the larger Caribbean.”

    Staatsolie is engaged in exploration, production, refining, retail fuel distribution and power generation. Staatsolie also has a working interest in two gold projects in Suriname. It seeks to develop energy resources to maximise the long-term value for Staatsolie and Suriname, energizing a bright future for Suriname

    Annand Jagesar, Managing Director of Staatsolie said: “We have built a solid foundation for Staatsolie to participate in GranMorgu and possible future projects and are embarking on a new phase of transformational growth for the company and the country.”

    BLADEX, a multinational bank founded in 1979, provides financial solutions to companies and investors doing business in Latin America. It is headquartered in Panama City and has five offices in Latin America and the United States.

    Distributed by APO Group on behalf of Afreximbank.

    Media Contact:
    Vincent Musumba
    Communications and Events Manager (Media Relations)
    Email: press@afreximbank.com

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    About Afreximbank:
    African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank’s total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, “the Group”). The Bank is headquartered in Cairo, Egypt.

    For more information, visit: www.Afreximbank.com

    MIL OSI Africa –

  • India positioned to become world’s third-largest economy, says PM Modi in Cyprus

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi and the President of Cyprus, Nikos Christodoulides, held a high-level roundtable interaction with business leaders from both India and Cyprus in Limassol on Sunday. The engagement brought together stakeholders from a wide range of sectors including banking, financial institutions, manufacturing, defence, logistics, maritime, shipping, technology, digital innovation, artificial intelligence, IT services, tourism and mobility.

    During the interaction, Prime Minister Modi highlighted India’s robust economic transformation over the last eleven years, noting the country’s consistent growth driven by major reforms, policy stability, and improvements in the Ease of Doing Business.

    “India’s focus on innovation, digital revolution, start-up culture and future-ready infrastructure is positioning it firmly on the path to becoming the world’s third-largest economy,” the Prime Minister said. He noted that sectors such as civil aviation, port and shipbuilding, digital payments, and green development offer promising avenues for cooperation with Cyprus-based enterprises.

    The Prime Minister further pointed to the expansion of sectors such as civil aviation, shipbuilding, digital payments, and green development as avenues of cooperation for Cypriot businesses. He also underlined India’s growing capabilities in new-age industries like AI, Quantum technology, Semiconductors, and Critical Minerals.

    Describing Cyprus as an “important economic partner,” Prime Minister Modi welcomed the island nation’s interest in increasing investments into India, particularly in the Foreign Direct Investment (FDI) domain.

    The interaction also witnessed the announcement of several collaborative initiatives. A Memorandum of Understanding (MoU) was signed between the NSE International Exchange at GIFT City, Gujarat, and the Cyprus Stock Exchange to deepen cooperation in financial markets. In a key development for digital payments, NIPL (NPCI International Payments Limited) and Eurobank Cyprus reached an understanding to introduce Unified Payments Interface (UPI) for cross-border transactions. The move is expected to benefit both tourists and businesses by simplifying payments.

    Prime Minister Modi also welcomed the launch of the India–Greece–Cyprus (IGC) Business and Investment Council. The council is expected to strengthen trilateral cooperation in key sectors such as shipping, logistics, renewable energy, civil aviation and digital services.

    “Indian companies increasingly view Cyprus as a gateway to Europe and a hub for IT services, financial management, and tourism,” said the Prime Minister.

    As Cyprus prepares to assume the Presidency of the European Union Council next year, both leaders reaffirmed their commitment to strengthening the India-EU Strategic Partnership. They expressed optimism about concluding the long-pending India-EU Free Trade Agreement by the end of the year, which would provide a fresh impetus to trade and investment.

    Reflecting on the outcomes of the roundtable, Prime Minister Modi said, “The practical suggestions emerging from today’s discussion will help chart a structured roadmap for deepening cooperation in trade, innovation, and strategic sectors.”

  • India positioned to become world’s third-largest economy, says PM Modi in Cyprus

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi and the President of Cyprus, Nikos Christodoulides, held a high-level roundtable interaction with business leaders from both India and Cyprus in Limassol on Sunday. The engagement brought together stakeholders from a wide range of sectors including banking, financial institutions, manufacturing, defence, logistics, maritime, shipping, technology, digital innovation, artificial intelligence, IT services, tourism and mobility.

    During the interaction, Prime Minister Modi highlighted India’s robust economic transformation over the last eleven years, noting the country’s consistent growth driven by major reforms, policy stability, and improvements in the Ease of Doing Business.

    “India’s focus on innovation, digital revolution, start-up culture and future-ready infrastructure is positioning it firmly on the path to becoming the world’s third-largest economy,” the Prime Minister said. He noted that sectors such as civil aviation, port and shipbuilding, digital payments, and green development offer promising avenues for cooperation with Cyprus-based enterprises.

    The Prime Minister further pointed to the expansion of sectors such as civil aviation, shipbuilding, digital payments, and green development as avenues of cooperation for Cypriot businesses. He also underlined India’s growing capabilities in new-age industries like AI, Quantum technology, Semiconductors, and Critical Minerals.

    Describing Cyprus as an “important economic partner,” Prime Minister Modi welcomed the island nation’s interest in increasing investments into India, particularly in the Foreign Direct Investment (FDI) domain.

    The interaction also witnessed the announcement of several collaborative initiatives. A Memorandum of Understanding (MoU) was signed between the NSE International Exchange at GIFT City, Gujarat, and the Cyprus Stock Exchange to deepen cooperation in financial markets. In a key development for digital payments, NIPL (NPCI International Payments Limited) and Eurobank Cyprus reached an understanding to introduce Unified Payments Interface (UPI) for cross-border transactions. The move is expected to benefit both tourists and businesses by simplifying payments.

    Prime Minister Modi also welcomed the launch of the India–Greece–Cyprus (IGC) Business and Investment Council. The council is expected to strengthen trilateral cooperation in key sectors such as shipping, logistics, renewable energy, civil aviation and digital services.

    “Indian companies increasingly view Cyprus as a gateway to Europe and a hub for IT services, financial management, and tourism,” said the Prime Minister.

    As Cyprus prepares to assume the Presidency of the European Union Council next year, both leaders reaffirmed their commitment to strengthening the India-EU Strategic Partnership. They expressed optimism about concluding the long-pending India-EU Free Trade Agreement by the end of the year, which would provide a fresh impetus to trade and investment.

    Reflecting on the outcomes of the roundtable, Prime Minister Modi said, “The practical suggestions emerging from today’s discussion will help chart a structured roadmap for deepening cooperation in trade, innovation, and strategic sectors.”

  • MIL-OSI New Zealand: Erosion of Safety Protections – Government turns its back on workers’ safety – CTU

    Source: New Zealand Council of Trade Unions Te Kauae Kaimahi

    The New Zealand Council of Trade Unions Te Kauae Kaimahi is dismayed by the Government’s decision to abstain from the new International Labour Organization (ILO) Convention on biological hazards that would strengthen worker protections.

    “This Convention provides a comprehensive framework for preventing and managing biological workplace health and safety issues,” said NZCTU President Richard Wagstaff.

    “Representatives of Government, employers’ and workers’ organizations at the 113th International Labour Conference have resoundingly voted for the adoption this new Convention and accompanying Recommendation on protection against biological hazards in the working environment.

    “There is strong international support for this Convention which has been ratified by more than 95% of representatives from the 187 ILO member states. The New Zealand workers’ delegation voted in favour of this convention which embeds the importance of healthy and safe work as a fundamental aspect of good work for everyone.

    “Unfortunately, the New Zealand Government has joined Bangladesh, Djibouti, Panama, Algeria, Guatemala, and India as the only Governments to vote against or abstain in the vote for the Convention. New Zealand Business representatives did not vote at all.

    “The failure of the Government to support this convention reflects its total disregard and disinterest in workers’ safety and health and shows how isolated New Zealand has become from global efforts to improve safeguards at work,” said Wagstaff.

    James Ritchie, the Spokesperson for the biological hazards Convention stated:

    “This is the first international instrument that specifically addresses biological hazards in the working environment at the global level. It follows the Covid pandemic, and the 2022 decision to include a safe and healthy working environment in the ILO’s framework of fundamental principles and rights at work.

    “The New Zealand Government rejection of this historic convention is not a theoretical exercise, implementing its provisions would save lives now and during future outbreaks of infectious diseases,” said Ritchie.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Government turns its back on workers’ safety

    Source: NZCTU

    The New Zealand Council of Trade Unions Te Kauae Kaimahi is dismayed by the Government’s decision to abstain from the new International Labour Organization (ILO) Convention on biological hazards that would strengthen worker protections.

    “This Convention provides a comprehensive framework for preventing and managing biological workplace health and safety issues,” said NZCTU President Richard Wagstaff.

    “Representatives of Government, employers’ and workers’ organizations at the 113th International Labour Conference have resoundingly voted for the adoption this new Convention and accompanying Recommendation on protection against biological hazards in the working environment.

    “There is strong international support for this Convention which has been ratified by more than 95% of representatives from the 187 ILO member states. The New Zealand workers’ delegation voted in favour of this convention which embeds the importance of healthy and safe work as a fundamental aspect of good work for everyone.

    “Unfortunately, the New Zealand Government has joined Bangladesh, Djibouti, Panama, Algeria, Guatemala, and India as the only Governments to vote against or abstain in the vote for the Convention. New Zealand Business representatives did not vote at all.

    “The failure of the Government to support this convention reflects its total disregard and disinterest in workers’ safety and health and shows how isolated New Zealand has become from global efforts to improve safeguards at work,” said Wagstaff.

    James Ritchie, the Spokesperson for the biological hazards Convention stated:

    “This is the first international instrument that specifically addresses biological hazards in the working environment at the global level. It follows the Covid pandemic, and the 2022 decision to include a safe and healthy working environment in the ILO’s framework of fundamental principles and rights at work. 

    “The New Zealand Government rejection of this historic convention is not a theoretical exercise, implementing its provisions would save lives now and during future outbreaks of infectious diseases,” said Ritchie.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: New halal agreement unlocks opportunity in Indonesia

    Source: New Zealand Government

    The Government has signed a new halal cooperation arrangement in Jakarta over the weekend to strengthen trade access to Indonesia and create new opportunities for New Zealand’s red meat and dairy exporters, Agriculture and Trade Minister, Todd McClay announced today.

    “Indonesia is an important growth market for dairy and meat products – worth over $1.1 billion in exports last year. With a population of 280 million and a large middle-class Indonesia is a focus market for the Government,” Mr McClay says.

    The Halal Cooperation Arrangement (HCA) supports ongoing collaboration between New Zealand and Indonesia on halal standards, certification, and product assurance – helping exporters meet requirements and streamline trade.

    “There’s huge potential for our premium products, and this agreement will give exporters confidence in maximising that opportunity.”

    “Importantly, the HCA was developed with close input from our dairy and red meat sectors —delivering value for our world best producers,” Mr McClay says.

    “This is another step in our plan to grow the economy by boosting exports and delivering stronger returns for Kiwi farmers and processors.”

    “When rural New Zealand does well, all New Zealanders do well.”

    MIL OSI New Zealand News –

  • MIL-OSI China: China-Africa expo showcases vitality of economic, trade cooperation

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

    This photo taken on June 12, 2025 shows guests talking prior to the opening ceremony of the fourth China-Africa Economic and Trade Expo in Changsha, central China’s Hunan Province. [Photo/Xinhua]

    The fourth China-Africa Economic and Trade Expo, themed “China and Africa: Together Toward Modernization,” opened on Thursday in Changsha, capital of central China’s Hunan Province.

    The expo takes place half a year after China granted zero-tariff treatment on 100 percent of product categories to all least developed countries (LDCs) with which it has diplomatic relations, including 33 African countries, starting from Dec. 1, 2024.

    Following the implementation of the zero-tariff policy, bilateral economic ties have gone from strength to strength, as vividly demonstrated in the dynamic economic and trade cooperation at the expo.

    Expo of cooperation 

    According to statistics, 83 percent of signed projects during the first three versions of the China-Africa Economic and Trade Expo had been implemented since its launch in 2019.

    Nearly 4,700 Chinese and African companies as well as over 30,000 participants are attending this year’s expo. During the event, 176 cooperation projects worth 11.39 billion U.S. dollars were signed, covering diverse sectors including construction and manufacturing, power and energy, transportation, information services, as well as culture and healthcare.

    At the four-day event, more than 800 African products, ranging from Kenyan black tea to Congolese framed artwork, either debuted or expanded their presence in the Chinese market, a stable and promising destination supported by favorable policies and platforms.

    In recent years, many African countries have actively embarked on expanding trade with China, especially in the wake of the zero-tariff policy.

    Gambian Ambassador to China Masanneh Nyuku Kinteh highly valued China’s implementation of the zero-tariff treatment, expressing the belief that it presents a significant opportunity for Africa by turning China’s vast market into a shared platform for development.

    At present, some Gambian seafood products have been exported to China, he said, adding that many more Gambian goods will be available in the coming years.

    From December to March, China’s imports from African LDCs rose 15.2 percent year on year, reaching 21.42 billion dollars, said an official from China’s Ministry of Commerce recently. In the first quarter of 2025, Chinese imports of African coffee surged by 70.4 percent, while cocoa bean imports rose by 56.8 percent.

    Calling the zero-tariff policy “extremely good,” Dr. Isaac Shinyekwa, head of Trade and Regional Integration Department at the Economic Policy Research Centre of Makerere University of Uganda, noted that with the preferential zero-tariff treatment now in place, African countries need to “develop the products and the standards.”

    Cheikh Tidiane Ndiaye, former editor-in-chief of the Senegalese News Agency, said in an interview that in recent years, China-Africa economic and trade cooperation — particularly between China and Senegal — has seen remarkable growth in several strategic sectors such as infrastructure, agriculture, fisheries and digital services.

    China’s zero-tariff policy for products from African LDCs with diplomatic relations to China serves as a tangible boost for exporting higher value-added African products, which gives African producers easier access to the vast Chinese market, he said.

    Visitors learn about an agricultural machine during the fourth China-Africa Economic and Trade Expo at Changsha International Convention and Exhibition Center in Changsha, central China’s Hunan Province, June 14, 2025. [Photo/Xinhua]

    Why China 

    According to data released by the General Administration of Customs of China, China has maintained its position as Africa’s largest trading partner for 16 consecutive years, with bilateral trade volume surpassing 2 trillion yuan for the first time in 2024 to reach 2.1 trillion yuan (about 292.7 billion dollars).

    From January to May 2025, China-Africa trade totaled 963.21 billion yuan (about 134.27 billion dollars), marking a 12.4 percent year-on-year increase and hitting a record high for the period.

    Despite global economic uncertainties, Ndiaye, the former editor-in-chief, noted that China-Africa trade has shown strong resilience, driven by several key factors.

    The structural complementarity between the two sides creates a strong foundation, and cooperation mechanisms like the FOCAC ensure continuous and pragmatic coordination between the two sides, he said.

    Most important of all, China’s engagement with Africa is grounded in mutual respect and equality, said Ndiaye, adding that China’s policy is more inclusive, stable, non-political, and aligns with the development priorities of African nations.

    Africa will continue to shift its focus toward Asia, particularly China, said Carlos Lopes, former executive secretary of the United Nations Economic Commission for Africa and currently an honorary professor at the Mandela School of Public Governance at the University of Cape Town.

    “The engagements (with China) are often more pragmatic, less moralizing, and increasingly strategic,” said Lopes. 

    MIL OSI China News –

  • MIL-OSI China: China-Africa expo closes with bumper deals signed

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

    CHANGSHA, June 15 — The fourth China-Africa Economic and Trade Expo concluded on Sunday, with bumper deals signed as China and Africa seek to deepen economic cooperation.

    A total of 176 projects worth 11.39 billion U.S. dollars were signed at the expo, the organizing committee announced. The two figures were up 45.8 percent and 10.6 percent from the last session in 2023.

    By noon on Sunday, more than 200,000 people had visited the expo’s main venue in Changsha, the capital of central China’s Hunan Province, doubling the turnout from the last session. Finalized or tentative deals made at the main site were estimated to total 2.5 billion yuan (about 348 million U.S. dollars).

    Tentative deals worth 200 million yuan were signed at a parallel expo on heavy machinery held in the neighboring city of Xiangtan.

    For the first time, the expo included dedicated exhibitions on renowned China-Africa cooperation brands, quality African goods, and China-Africa fashion industries.

    Nearly 2,100 companies, including 764 from 43 African countries, attended the exhibitions. Chinese and international purchasers totaled 12,000 in number.

    During the four-day expo, more than 200 types of African agricultural products were sold online and in supermarkets. Fourteen African countries hosted dedicated economic and trade promotion activities.

    The event was co-hosted by the Hunan provincial government and China’s Ministry of Commerce, drawing over 4,700 Chinese and African companies, as well as 30,000 participants, to take part in exhibitions and meetings.

    China had been Africa’s largest trading partner for 16 consecutive years by 2024, and the growth of bilateral trade has continued to accelerate in 2025.

    MIL OSI China News –

  • MIL-OSI: Share issue to personnel – 14 June 2025

    Source: GlobeNewswire (MIL-OSI)

    The board of directors of IDEX Biometrics ASA has resolved to issue 299,381,600 new shares at NOK 0.01 per share to employees, contractors and directors in the IDEX group (“Personnel Placement”). The purpose of the Personnel Placement is to incentivise the personnel in the implementation of the amended business plan and commercialisation of the company’s products.

    The Personnel Placement is according to the resolution by the extraordinary general meeting of IDEX Biometrics ASA held on 11 April 2025, where the board was authorised to issue shares on terms equivalent to the terms in the debt conversion that was approved at the same meeting.

    The shares are restricted for 18 months from the date of issuance and may not be sold or otherwise transferred during the restriction period. 1/3 of the shares are released from the restriction after 6 months and another 1/3 are released after 12 months. In the event a holder resigns or is terminated from employment or service, the company has the right to repurchase the holder’s restricted shares at certain terms.

    The Board has considered the issue to the Personnel in light of the equal treatment obligations under the PLCA, the Norwegian Securities Trading Act, the rules on equal treatment under Oslo Rule Book II for companies listed on the Oslo Stock Exchange and the Oslo Stock Exchange’s Guidelines on the rule of equal treatment and deems that the proposed Personnel Placement is in compliance with these requirements. The Board holds the view that it will be in the common interest of the Company and its shareholders to incentivize the Company’s Personnel by issuance of the Offer Shares, both in the short term and in the long term. The number of Offer Shares represents approximately 6,7 % of the total number of outstanding shares in the Company, and the dilutive effect for the Company’s shareholders is limited. The subscription price for the Offer Shares, which was presented to the EGM as the intended issue price, is NOK 0.01, and the subscription price, before taking into account the lock up, consequently represents a 78 % discount to the closing price of the Company’s shares on Oslo Børs on 13 June 2025. Taking into account the lock up period and the volatility of the shares, the discount will vary from no discount at all to approx. 25 %. While the discount can be deemed significant, the Company is of the view that the number of Offer Shares issued, the fact that the issuance is made to the Personnel only, the EGM has specifically approved the framework for this equity issue, the Offer Shares will be subject to sales restrictions by way of a reverse vesting schedule with trading and transfer restrictions over 18 months, including with an option for the Company to repurchase the Offer Shares upon termination or resignation prior to the end of the 18-month period, collectively ensure that the Company is in compliance with its equal treatment obligations.

    Following registration of the share capital increase, the company’s share capital will be NOK 47,310,125.99, divided into 4,731,012,599 shares each with a nominal value of NOK 0.01.

    Contact person
    Kristian Flaten, CFO, Tel.: +47 950 92322
    E-mail: ir@idexbiometrics.com

    About IDEX Biometrics
    IDEX Biometrics ASA (IDEX) is a global technology leader in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity. Our solutions bring convenience, security, peace of mind and seamless user experiences to the world. Built on patented and proprietary sensor technologies, integrated circuit designs, and software, our biometric solutions target card-based applications for payments and digital authentication. As an industry-enabler we partner with leading card manufacturers and technology companies to bring our solutions to market.

    For more information, visit www.idexbiometrics.com

    About this notice
    This notice was issued by Erling Svela, VP of finance, on 10 June 2025 at 23:50 CET on behalf of IDEX Biometrics ASA. The shall be disclosed according to section 5-8 of the Norwegian  Securities Trading Act (STA) and published in accordance with section 5-12 of the STA.

    The MIL Network –