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  • MIL-OSI Europe: Philip R. Lane: The euro area bond market

    Source: European Central Bank

    Keynote speech by Philip R. Lane, Member of the Executive Board of the ECB, at the Government Borrowers Forum 2025

    Dublin, 11 June 2025

    I am grateful for the invitation to contribute to the Government Borrowers Forum. I will use my time to cover three topics.[1] First, I will briefly discuss last week’s monetary policy decision.[2] Second, I will describe some current features of the euro area bond market.[3] Third, I will outline some innovations that might expand the scope for euro-denominated bonds to serve as safe assets in global portfolios.

    Monetary policy

    At last week’s meeting, the Governing Council decided to lower the deposit facility rate (DFR) to two per cent. The baseline of the latest Eurosystem staff projections foresees inflation at 2.0 per cent in 2025, 1.6 per cent in 2026 and 2.0 per cent in 2027; output growth is foreseen at 0.9 per cent for 2025, 1.2 per cent in 2026 and 1.3 per cent in 2027. The lower inflation path in the June projections compared to the March projections reflects the significant movements in energy prices and the exchange rate in recent months. These relative price movements both have a direct impact on inflation but also an indirect impact via the impact of lower input costs and a lower cost of living on the dynamics of core inflation and wage inflation.

    The June projections were conditioned on a rate path that included a quarter-point reduction of the DFR in June: model-based optimal policy simulations and an array of monetary policy feedback rules indicated a cut was appropriate under the baseline and also constituted a robust decision, remaining appropriate across a range of alternative future paths for inflation and the economy. By supporting the pricing pressure needed to generate target-consistent inflation in the medium-term, this cut helps ensure that the projected negative inflation deviation over the next eighteen months remains temporary and does not convert into a longer-term deviation of inflation from the target. This cut also guards against any uncertainty about our reaction function by demonstrating that we are determined to make sure that inflation returns to target in the medium term. This helps to underpin inflation expectations and avoid an unwarranted tightening in financial conditions.

    The robustness of the decision is also indicated by a set of model-based optimal policy simulations conducted on various combinations of the scenarios discussed in the Eurosystem staff projections report, even when also factoring in upside scenarios for fiscal expenditure. A cut is also indicated by a broad range of monetary policy feedback rules. By contrast, leaving the DFR on hold at 2.25 per cent could have triggered an adverse repricing of the forward curve and a revision in inflation expectations that would risk generating a more pronounced and longer-lasting undershoot of the inflation target. In turn, if this risk materialised, a stronger monetary reaction would ultimately be required.

    Especially under current conditions of high uncertainty, it is essential to remain data dependent and take a meeting-by-meeting approach in making monetary policy decisions. Accordingly, the Governing Council does not pre-commit to any particular future rate path.

    The euro area bond market

    Chart 1

    Ten-year nominal OIS rate and GDP-weighted sovereign yield for the euro area

    (percentages per annum)

    Sources: LSEG and ECB calculations.

    Notes: The latest observations are for 10 June 2025.

    Let me now turn to a longer-run perspective by inspecting developments in the bond market. In the first two decades of the euro, nominal long-term interest rates in the euro area were, by and large, on a declining trend from the start of the currency bloc until the outbreak of the pandemic (Chart 1). The ten-year overnight index swap (OIS) rate, considered as the ten-year risk-free rate in the euro area, declined from 6 percent in early 2000 to -50 basis points in 2020, a trend matched by the 10-year GDP-weighted sovereign bond yield.[4] The economic recovery from the pandemic and the soaring energy prices in response to the Russian invasion in Ukraine caused surges in inflation which led to an increase of interest rates. The recent stability of these long-term rates suggests that markets have seen the euro area economy gradually moving towards a new long-term equilibrium following the peak of annual headline inflation in October 2022, as past shocks have faded.

    Chart 2

    Decomposition of the ten-year spot euro area OIS rate into term premium and expected rates

    (percentages per annum)

    Sources: LSEG and ECB calculations.

    Notes: The decomposition of the OIS rate into expected rates and term premia is based on two affine term structure models, with and without survey information on rate expectations[5], and a lower bound term structure model[6] incorporating survey information on rate expectations. The latest observations are for 10 June 2025.

    A term structure model makes it possible to decompose OIS rates into a term premium component and an expectations component. For the ten-year OIS rate, the expectations component reflects the expected average ECB policy rate over the next ten years and is affected by ECB’s policy decisions on interest rates and communication about the future policy path (e.g., in the form of explicit or implicit forward guidance). The term premium is a measure of the estimated compensation investors demand for being exposed to interest rate risk: the risk that the realised policy rate can be different from the expected rate.

    Chart 3

    Ten-year euro area OIS rate expectations and term premium component

    (percentages per annum)

    Sources: LSEG and ECB calculations.

    Notes: The decomposition of the OIS rate into expected rates and term premia is based on two affine term structure models, with and without survey information on rate expectations4, and a lower bound term structure model5 incorporating survey information on rate expectations. The latest observations are for 10 June 2025.

    The decline of long-term rates in the first two decades of the euro and the rapid increase in 2022 were driven by both the expectations component and the term premium (Charts 2 and 3). The premium was estimated to be largely positive in the early 2000s, understood as a sign that the euro area economy was mostly confronted with supply-side shocks. Starting with the European sovereign debt crisis, the euro area was more and more characterised as a demand-shock dominated economy, in which nominal bonds act as a hedge against future crises and thus investors started requiring a lower or even negative term premium as compensation to hold these assets.[7] The large-scale asset purchases of the ECB under the APP reinforced the downward pressure on the term premium. By buying sovereign bonds (and other assets), the ECB reduced the overall amount of duration risk that had to be borne by private investors, reducing the compensation for risk.[8] With demand and supply shocks becoming more balanced again and central banks around the world normalising their balance sheet holdings of sovereign bonds in recent years, the term premium estimate turned positive again in early 2022 and continued to inch up through the first half of 2023. As it became clear in the second half of 2023 that upside risk scenarios for inflation were less likely, the term premium fell back to some extent and has been fairly stable since.

    Different to the ten-year maturity, very long-term sovereign spreads did not experience the same pronounced negative trend. From the inception of the euro until 2014, the thirty-year euro area GDP-weighted sovereign yield fluctuated around 3 percent. The decline to levels below 2 percent after 2014 and around 0.5 percent in 2020 reflect declining nominal risk-free rates more generally but also coincide with the announcements of large-scale asset purchases (PSPP and PEPP). Likewise, the upward shift back to above 3 percent during 2022 occurred on the back of rising policy rates and normalising central bank balance sheets.

    Chart 4

    Ten-year sovereign bond spreads vs Germany

    (percentages per annum)

    Sources: LSEG and ECB calculations.

    Notes: The spread is the difference between individual countries’ 10-year sovereign yields and the 10-year yield on German Bunds. The latest observations are for 10 June 2025.

    In the run-up to the global financial crisis, sovereign yields in the euro area were very much aligned between countries and also with risk-free rates (Chart 4). With the onset of the global financial crisis and later the European sovereign debt crisis, sovereign spreads for more vulnerable countries soared as investors started to discriminate between euro area countries according to their perceived creditworthiness.

    On top of the efforts of European sovereigns to consolidate their public finances, President Draghi’s 2012 “whatever it takes” speech and the subsequent announcement of Outright Monetary Transaction (OMTs) marked a turning point in the euro area sovereign debt crisis. Sovereign spreads came down from their peaks but have kept some variation across countries ever since.

    The large-scale asset purchases under the APP and PEPP further compressed sovereign spreads. During the pandemic and the subsequent monetary policy tightening, the flexibility in PEPP and the creation of the Transmission Protection Instrument (TPI) supported avoiding fragmentation risks in sovereign bond markets. The extraordinary demand for sovereign bonds as collateral at the beginning of the hiking cycle, at a time when central bank holdings of these bonds were still high, resulted in the yields of German bonds, which are the most-preferred assets when it comes to collateral, declining far below the risk-free OIS rate in the course of 2022. These tensions eased as collateral scarcity reversed.[9]

    This year, bond yields and bond spreads in the euro area have been relatively stable, despite significant movements in some other bond markets. This can be interpreted as reflecting a balancing between two opposing forces: in essence, the typical positive spillover across bond markets has been offset by an international portfolio preference shift towards the euro and euro-denominated securities. This international portfolio preference shift is likely not uniform and is some mix of a pull back by European investors towards the domestic market and some rebalancing by global investors away from the dollar and towards the euro. More deeply, the stability of the euro bond market reflects a high conviction that euro area inflation is strongly anchored at the two per cent target and that the euro area business cycle should be relatively stable, such that the likely scale of cyclical interest rate movements is contained. It also reflects growing confidence that the scope for the materialisation of national or area-wide fiscal risks is quite contained, in view of the shared commitment to fiscal stability among the member countries and the demonstrated capacity to react jointly to fiscal tail events.[10]

    Chart 5

    Holdings of “Big-4” euro area government debt

    (percentage of total amounts outstanding)

    Sources: ECB Securities Holding Statistics and ECB calculations.

    Notes: The chart is based on all general government plus public agency debt in nominal terms. The breakdown is shown for euro area holding sectors, while all non-euro area holders are aggregated in the orange category in lack of more detailed information. ICPF stands for insurance corporations and pension funds. The “Big-4” countries include DE, FR, IT, ES. 2014 Q4 reflects the holdings before the onset of quantitative easing. 2022 Q4 reflects the peak of Eurosystem holdings at the end of net asset purchases.

    Latest observation: Q1 2025

    In understanding the dynamics of the bond market, it is also useful to examine the distribution of bond holdings across sectors. The largest euro-area holder sectors are banks, insurance corporations and pension funds (ICPF) and investment funds, while non-euro area foreign investors also are significant holders (Chart 5). The relative importance of the sectors differs between countries. Domestic banks and insurance corporations play a relatively larger role in countries like Italy and Spain, while non-euro area international investors hold relatively larger shares of debt issued by France or Germany.

    Since the start of the APP in early 2015, the Eurosystem increased its market share in euro area sovereign bonds from about 5 per cent of total outstanding debt to a peak of 33 per cent in late 2022. Net asset purchases by the Eurosystem were stopped in July 2022, while the full reinvestment of redemptions ceased at the end of that year: by Q1 2025, the Eurosystem share had declined to 25 per cent. The increase in Eurosystem holdings during the QE period was mirrored by falling holdings of banks and non-euro area foreign investors. The holding share of banks declined from 22 per cent in 2014 to 14 per cent at the end of 2022, while the share held by foreign investors fell from 35 per cent to 25 per cent over the same period.

    ICPFs have consistently held a significant share of the outstanding debt, especially at the long-end of the yield curve. Since 2022, following the end of full reinvestments under the APP, more price-sensitive sectors, such as banks, investment funds and private foreign investors, have regained some market share. Holdings by households have also shown some noticeable growth in sovereign bond holdings, driven primarily by Italian households.[11] In summary, the holdings statistics show that the bond market has smoothly adjusted to the end of quantitative easing. In particular, the rise in bond yields in 2022 was sufficient to attract a wide range of domestic and global investors to expand their holdings of euro-denominated bonds.[12]

    To gain further insight into the recent dynamics of the euro area bond market, it is helpful to look at recent portfolio flow data and bond issuance data. Market data on portfolio flows[13] highlights a repatriation of investment funds in bonds by domestic investors during March, April, and May, contrasting sharply with 2024 trends, while foreign fund inflows into euro area bonds during the same period surpassed the 2024 average (Chart 6). Simultaneously, EUR-denominated bond issuance by non-euro area corporations has surged in 2025, reaching nearly EUR 100 billion year-to-date compared to an average of EUR 32 billion over the same period in the past five years (Chart 7).

    Expanding the pool of safe assets

    These developments (stable bond yields, increased foreign holdings of euro-denominated bonds) have naturally led to renewed interest in the international role of the euro.[14]

    The euro ranks as the second largest reserve currency after the dollar. However, the current design of the euro area financial architecture results in an under-supply of the safe assets that play a special role in investor portfolios.[15] In particular, a safe asset should rise in relative value during stress episodes, thereby providing essential hedging services.

    Since the bund is the highest-rated large-country national bond in the euro area, it serves as the main de facto safe asset but the stock of bunds is too small relative to the size of the euro area or the global financial system to satiate the demand for euro-denominated safe assets. Especially in the context of much smaller and less volatile spreads (as shown in Chart 4), other national bonds also directionally contribute to the stock of safe assets. However, the remaining scope for relative price movements across these bonds means that the overall stock of national bonds does not sufficiently provide safe asset services.

    In principle, common bonds backed by the combined fiscal capacity of the EU member states are capable of providing safe-asset services. However, the current stock of such bonds is simply too small to foster the necessary liquidity and risk management services (derivative markets; repo markets) that are part and parcel of serving as a safe asset.[16]

    There are several ways to expand the stock of common bonds. Just as the Next Generation EU (NGEU) programme was financed by the issuance of common bonds jointly backed by the member states, the member countries could decide to finance investment European-wide public goods through more common debt.[17] From a public finance perspective, it is natural to match European-wide public goods with common debt, in order to align the financing with the area-wide benefits of such public goods. If a multi-year investment programme were announced, the global investor community would recognise that the stock of euro common bonds would climb incrementally over time.

    In addition, in order to meet more quickly and more decisively the rising global demand for euro-denominated safe assets, there are a number of options in generating a larger stock of safe assets from the current stock of national bonds. Recently, Olivier Blanchard and Ángel Ubide have proposed that the “blue bond/red bond” reform be re-examined.[18] Under this approach, each member country would ring fence a dedicated revenue stream (say a certain amount of indirect tax revenues) that could be used to service commonly-issued bonds. In turn, the proceeds of issuing blue bonds would be deployed to purchase a given amount of the national bonds of each participating member state. This mechanism would result in a larger stock of common bonds (blue bonds) and a lower stock of national bonds (red bonds).

    While this type of financial reform was originally proposed during the euro area sovereign debt crisis, the conditions today are far more favourable, especially if the scale of blue bond issuance were to be calibrated in a prudent manner in order to mitigate some of the identified concerns. In particular, the euro area financial architecture is now far more resilient, thanks to the significant institutional reforms that were introduced in the wake of the euro area crisis and the demonstrated track record of financial stability that has characterised Europe over the last decade. The list of reforms include: an increase in the capitalisation of the European banking system; the joint supervision of the banking system through the Single Supervisory Mechanism; the adoption of a comprehensive set of macroprudential measures at national and European levels; the implementation of the Single Resolution Mechanism; the narrowing of fiscal, financial and external imbalances; the fiscal backstops provided by the European Stability Mechanism; the common solidarity shown during the pandemic through the innovative NGEU programme; the demonstrated track record of the ECB in supplying liquidity in the event of market stress; and the expansion of the ECB policy toolkit (TPI, OMT) to address a range of liquidity tail risks. [19] In the context of the sovereign bond market, these reforms have contributed to less volatile and less dispersed bond returns.

    As emphasised in the Blanchard-Ubide proposal, there is an inherent trade off in the issuance of blue bonds. In one direction, a larger stock of blue bonds boosts liquidity and, if a critical mass is attained, also would trigger the fixed-cost investments need to build out ancillary financial products such as derivatives and repos. In the other direction, too-large a stock of blue bonds would require the ringfencing of national tax revenues at a scale that would be excessive in the context of the current European political configuration in which fiscal resources and political decision-making primarily remains at the national level. As emphasised in the Blanchard-Ubide proposal, this trade-off is best navigated by calibrating the stock of blue bonds at an appropriate level.

    In particular, the Blanchard-Ubide proposal gives the example of a stock of blue bonds corresponding to 25 per cent of GDP. Just to illustrate the scale of the required fiscal resources to back this level of issuance: if bond yields were on average in the range of two to four per cent, the servicing of blue bond debt would require ringfenced tax revenues in the range of a half per cent to one per cent of GDP. While this would constitute a significant shift in the current allocation of tax revenues between national and EU levels, this would still leave tax revenues predominantly at the national level (the ratio of tax revenues to GDP in the euro area ranges from around 20 to 40 per cent). The shared payoff would be the reduction in debt servicing costs generated by the safe asset services provided by an expanded stock of common debt.

    An alternative, possibly complementary, approach that could also deliver a larger stock of safe assets from the pool of national bonds is provided by the sovereign bond backed securities (SBBS) proposal.[20] The SBBS proposal envisages that financial intermediaries (whether public or private) could bundle a portfolio of national bonds and issue tranched securities, with the senior slice constituting a highly-safe asset. The SBBS proposal has been extensively studied (I chaired a 2017 ESRB report) and draft enabling legislation has been prepared by the European Commission.[21] Just as with the blue/red bond proposal, sufficient issuance scale would be needed in order to foster the market liquidity needed for the senior bonds to act as highly liquid safe assets.

    In summary, such structural changes in the design of the euro area bond market would foster stronger global demand for euro-denominated safe assets. A comprehensive strategy to expand the international role of the euro and underpin a European savings and investment union should include making progress on this front.

    MIL OSI Europe News –

  • MIL-OSI Africa: Agriculture Minister proposes biosecurity compact to safeguard SA’s food systems

    Source: South Africa News Agency

    Agriculture Minister, John Steenhuisen, has proposed the development of a National Biosecurity Compact – shared commitment between government, industry, academia, and civil society to strengthen South Africa’s preparedness and resilience against biological threats.

    Speaking at the National Biosecurity Summit 2025, held at the University of Pretoria’s Hatfield Campus on Tuesday, Steenhuisen outlined the objectives of the proposed compact, which aims to coordinate national responses to animal and plant health risks.

    “This compact will define baseline vaccine stock levels; clarify roles and responsibilities during outbreaks; embed data-sharing mechanisms and institutional partnerships like the Biosecurity Hub; and provide a framework for coordinated, credible, and timely responses,” Steenhuisen said.

    Steenhuisen argued that the initiative is not only about defending against risk, but “it is about enabling growth.”

    He said export markets require sanitary and phytosanitary compliance, and they demand evidence of control, traceability, and institutional readiness.

    “Strengthening our biosecurity systems opens the door to new trade opportunities, safeguards jobs, and boosts investor confidence in South African agriculture. Biosecurity is not a “nice-to-have”, [but] it is as fundamental to national stability as clean water, reliable electricity, or functioning roads.

    “When it works, farmers prosper, food remains affordable, and our exports flourish. When it fails, the consequences are steep—economically, socially, and politically. We have the tools [and] the institutions, and now, we have the momentum,” the Minister said.

    The Minister also noted one of the country’s most significant structural weaknesses, vaccine production, highlighting operational backlogs and infrastructure limitations at Onderstepoort Biological Products (OBP) – the country’s primary vaccine producer.

    “We cannot afford to repeat the failures of the past. Vaccines are not a luxury – they are the first line of defence in any biosecurity system, and we will hold OBP accountable.”

    To address these challenges, the Minister announced that his office has implemented quarterly performance reviews, brought independent oversight, and is actively investigating diversification options to reduce dependence on a single supplier.

    Addressing veterinarian shortage

    The Minister also raised concerns about the critical shortage of veterinarians, particularly in the poultry industry and rural areas.
    “Nationally, we require 400 veterinarians. We currently have around 70 in the public system,” the Minister said.

    To close this gap, he said the department is expanding vet training posts, creating rural internships opportunities, and building regional partnerships.

    “Through the Biosecurity Hub, we are also mapping career pathways to attract a new generation of animal health professionals.”

    Biosecurity Hub at Innovation Africa

    Launched in October 2022, the Biosecurity Hub is a joint initiative between the Department of Agriculture, then Department of Agriculture, Land Reform and Rural Development (DALRRD), and Department of Science Technology and Innovation.

    The hub is an innovative platform designed to foster collaboration, enhance information sharing, and strengthen our collective capacity to respond to biological threats, not only for South Africa, but potentially across the continent.

    It is a strategic outcome aligned with the overarching objectives of the Agricultural Agro-Processing Masterplan (AAPM) and the Decadal Plan. Both these national frameworks emphasise the importance of safeguarding agricultural value chains, promoting sustainable, trade, agro-processing, and ensuring food security utilising also biotechnologically advanced practices. – SAnews.gov.za
     

    MIL OSI Africa –

  • MIL-OSI Africa: Condolences for families who lost loved ones in cold snap

    Source: South Africa News Agency

    President Cyril Ramaphosa has expressed his condolences to the families of the six people who died as a result of severe weather and flooding in the Eastern Cape.

    The province has experienced flooding, windy conditions and snow recently. 

    The President implored communities to take caution as the severe winter conditions persists. 

    “While government discharges its responsibilities and services to citizens, we welcome the support we see at times such as this from businesses, community- and faith-based organisations, charities and organisations such as the National Sea Rescue Institute. I thank everyone from all walks of life who are working to keep all of us safe and comfortable this winter.

    “This is a time where we need to take care of ourselves in our homes and reach out to neighbours and friends who need help of any kind.

    “We also need to exercise caution on our roads when travelling for work or leisure, or as we get out in nature where we may want to see such sights as snowfalls or flooded rivers. We must observe by-laws and regulations that exist to protect us in these conditions,” the President said in his statement on Wednesday.

    Furthermore, the President urged communities to stand together during this time.

    “We must pull together where disaster strikes and while none of us should evade accountability, we must put problem-solving and collaboration ahead of blame and conflict.

    “Our beautiful country is a safe, comfortable, and enjoyable place for all of us for most of the year, but we cannot escape winter’s intensity and our own vulnerability. Let’s show our care for each other this winter and let ubuntu see us through to spring,” President Ramaphosa said. 

    This as the South African Weather Service (SAWS) issued a Level 9 warning for heavy rain and thunderstorms over the eastern half of the Eastern Cape with possible flooding over the OR Tambo District Municipality.

    This as the cut-off low system persists over the interior of the country.

    READ | Eastern Cape residents urged to postpone travel amid warning of heavy rain

    Meanwhile, adverse weather has also affected other parts of the country with the N2 around Kokstad and Port Shepstone having been closed due to snowfall.

    “To save lives, we have decided to close completely the road between Kokstad and Pietermaritzburg as well as the R603 – Tacoma to Reit. Our message to motorists and snow chasers is that prevention is better than cure,” said KwaZulu-Natal MEC for Transport and Human Settlements, Siboniso Duma.

    READ | N2 in KZN closed due to snowfall

    In addition, the Road Traffic Management Corporation (RTMC) has called on motorists to take extra caution when driving on the roads as icy cold weather conditions have gripped the Eastern Cape and KwaZulu-Natal.

    The North West Provincial Government ( NWPG) has urged communities to stay vigilant amid severe weather and strong, fire-spreading winds.

    “Freezing weather is upon us and an increasing dependence on indoor heating techniques like paraffin stoves, heaters and open fires are likely to be the order of the day,” the North West Provincial Government (NWPG) said in a statement.

    READ | Call for caution as severe winter weather increases risk of domestic and veld fires

    Ahead of the start of the icy weather, the Minister of Cooperative Governance and Traditional Affairs (CoGTA), Velenkosini Hlabisa, also called for increased vigilance.

    “This intense cold front is expected to begin over the weekend and affect large parts of the country,” he said in a statement on Friday.

    – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI Africa: Condolences pour in for judicial stalwart, Justice Sangoni

    Source: South Africa News Agency

    Wednesday, June 11, 2025

    Minister of Justice and Constitutional Development, Mmamoloko Kubayi, has hailed former Judge President of the Eastern Cape Division of the High Court, Justice Clement Temba Sangoni’s contribution to the law fraternity following his passing.

    He passed away on Tuesday at the age of 78, following a short illness.

    Sangoni also served as a senior traditional leader of the Qokolweni-Zimbane Traditional Council in Mthatha, in the Eastern Cape.

    “His passing is a profound loss, not only to the justice system, but also to the nation, especially to the people under the Qokolweni-Zimbane Traditional Council, whom he served with distinction and dedication, and who will remember him for his unwavering commitment to justice and community leadership.

    “The passing of Justice Sangoni leaves a vacuum in the justice fraternity that can never be filled. His contributions to the judiciary and the country at large will forever be remembered and cherished,” Kubayi said.

    Sangoni’s legal career spanned some 40 years and culminated in his appointment as Judge President in the Eastern Cape High Court in 2010 – a position he held until his retirement in 2017.

    “Justice Sangoni passes away at a critical time as South Africa is seized with efforts to expand access to justice. His passing comes as the department intensifies its work on developing Traditional Courts Regulations aimed at transforming existing Traditional Courts to align them with the values and principles of the Constitution. 

    “Justice Sangoni, whose life and career bridged both the judicial and traditional leadership spheres, would have made a profound contribution to this important work,” Kubayi said. – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI Africa: Mop-up operations underway in KwaZulu-Natal after heavy snowfall

    Source: South Africa News Agency

    Mop-up operations are underway in KwaZulu-Natal following severe snowfall, which caused disruptions to major routes and damaged infrastructure.

    Giving an update on the snowfall response measures, following the closure of the N2 highway around Kokstad and Port Shepstone on Tuesday, KwaZulu-Natal Transport and Human Settlements MEC, Siboniso Duma, commended the coordinated efforts of motor grader operators and the Road Traffic Inspectorate (RTI), who worked around the clock to ensure the free traffic flow.

    Duma said the department on Tuesday set a target to remove the snow that blanketed the N2 (R56) along the route from Port Shepstone, Kokstad and Eastern Cape.

    “Importantly, I gave the team from the Pietermaritzburg Region a mandate to remove the snow before it could accumulate to above 30 cm. They have done exactly that and in record time. This is a historic achievement that inspires us to do more for the people of KwaZulu-Natal,” Duma said.

    Snowfall response measures

    In anticipation of severe weather, the province activated its comprehensive snowfall response plan following alerts from the South African Weather Service (SAWS). 

    Measures included:

    •    The Road Safety and Traffic Inspectorate involved in the coordination of possible road closures and observation of major routes in consultation with N3 Toll Concession. The focus is on N2, Kokstad and Port Shepstone, N3 between Harrismith, Tugela Toll, R617 between Kokstad and Underberg, Ingeli and N3 Mooi-River, and others.
    •    Drivers of motor graders sharpened to respond with speed and a sense of urgency to remove any snow before it accumulates to more than 30cm in depth on the road. More than 10 graders to be stationed on identified routes to ensure that the response is faster.
    •    The provincial government interacted with the South African Weather Service to ensure that the response is based on authentic information.

    Duma said t the province has applied lessons learned during last year’s snowfall that was triggered by the cut-off low-pressure system.

    However, despite these efforts, he said several motorists, including trucks and luxury buses, became stuck along the N2 in the early hours of Tuesday morning.

    “We continue to plead with members of the public to heed the warning from the SA Weather Service. If you are asked to delay your trips, please do so in order to save your life. Prevention is better than cure,” Duma said.

    District municipalities road conditions

    The Department of Transport also provided an update on the status of roads across various district municipalities:
    •    eThekwini Metropolitan Municipality: All roads are open. No effect from adverse weather. Experiencing heavy wind on the coastal area.
    •    Ilembe District Municipality: All roads are open. No effect from adverse weather. Experiencing heavy wind on coastal area at this time.
    •    uMgungundlovu District Municipality: All roads are open. No effect from adverse weather. Experiencing heavy Berg winds currently.
    •    Umkhanyakude District Municipality: All roads are open. Experiencing windy conditions. The main concern is a fallen tree on the road at R22, Section 2, which was reported last night. Our standby team responded promptly and removed the tree. The rehabilitation contracts are proceeding smoothly with only day closures currently in place. 
    •    Zululand District Municipality: No issues have been reported, and the patrol teams are actively monitoring the route.
    •    King Cetshwayo District Municipality: All seems to be in order for now. The patrol teams are inspecting the route.
    •    N2 Ugu District Municipality: Rain with strong winds. Fallen trees are being attended by Routine Road Management (RRM). No major issues to report on the N2 towards Port Edward and N2 towards Harding.
    •    Harry Gwala District Municipality: The N2 from Ingeli towards Kokstad triangle is closed due to the snow. N2 from Kokstad triangle (Kokstad Bridge project) towards Brooksnek is also closed due to snow.
    •    Amajuba District Municipality: N11-3 and 4 is clear. Just very high, icy winds prevailing.
    •    Uthukela District Municipality: N11-1 and 2 are clear. Just very high, icy winds prevailing. Snow on the Drakensberg but not effecting any roads.
    •    Umzinyathi District Municipality: N11-3 clear. Just very high, icy winds prevailing.

    “There is rain and strong winds in Umzimkhulu and Ixopo. uMzimkhulu RTI and RRM closed the road on the N2 Stafford Post (Umzimkhulu area) because motorists are not heeding snow warnings and trying to go through despite the snow in Beesterkraal,” Duma said. – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI Europe: Youth crime prevention and financial literacy focus during summer school visit to OSCE

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

    Headline: Youth crime prevention and financial literacy focus during summer school visit to OSCE

    Sixty students got an in-depth look at the OSCE’s comprehensive work on organized crime during a visit to the OSCE in Vienna, Austria on 10 June. Each year a group of students visit the Organization as part of the European Consortium for Political Research’s summer school on transnational organized crime.
    “Young people are both the most vulnerable to organized crime and the most powerful agents of change. Through initiatives like the summer school visit, we equip future leaders with the knowledge and tools — such as financial literacy and inclusive prevention strategies — to drive effective and sustainable solutions in their respective communities,” said Umberto Severini, Head of the Strategic Police Matters Unit in the OSCE’s Transnational Threats Department.
    This year’s visit focused on emerging trends in youth recruitment into organized crime, particularly in the areas of drug distribution and exploitation. It was also an opportunity for participants to examine key risk factors contributing to youth vulnerability and explore effective prevention strategies.
    Special attention was given to a newly released OSCE publication on financial literacy, which highlights how a lack of financial awareness can increase susceptibility to criminal recruitment, as well as showcases good practices in prevention.
    During hands-on exericses, participants analysed practical tools and approaches that participating States can adopt to counter youth involvement in criminal networks, including through early education and targeted community initiatives. A group activity challenged students to design a youth-focused, financially informed prevention strategy, combining theoretical insights with real-world application.
    The students also had a chance to network with each other and OSCE experts, helping them to consider various career paths and share perspectives across diverse academic and cultural backgrounds.
    “Today’s focus on fostering a culture of the rule of law, strengthening anti-corruption literacy, and building youth resilience to criminal recruitment illustrates the critical synergy between education and policy. I am deeply grateful to the OSCE Secretariat — particularly the Transnational Threats Department and the Office of the Special Representative and Co-ordinator for Combating Trafficking in Human Beings — for creating such an enriching, hands-on learning experience that equips our students with the knowledge, skills, and inspiration to become agents of change”, said Dr. Yuliya Zabyelina, Associate Professor at the University of Alabama, USA, and Director of the Summer School on Transnational Organized Crime.
    “Participating in this summer school and visiting the OSCE Secretariat was a truly eye-opening experience,” said Maral Jumadurdyyeva, a Master of Arts student in Politics and Security at the OSCE Academy in Bishkek. “The sessions on youth recruitment into organized crime and trafficking deepened my understanding of the complex vulnerabilities youth face today, and how preventive strategies – especially those grounded in financial literacy – can make a tangible difference.”

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: Plymouth champions positive ageing

    Source: City of Plymouth

    Plymouth City Council is proud to support Age Without Limits Day (11 June) as part of its ongoing Ageing Well programme, a city-wide initiative that celebrates the value of older people and aims to make Plymouth a place where older people are empowered to live life to the fullest.

    This year’s Age Without Limits Day theme is ‘Celebrate Ageing. Challenge Ageism.’ It highlights the need to recognise the diverse experiences of growing older and to confront the everyday ageism that too often goes unnoticed, from patronising language to assumptions about capability.

    More than a third of Plymouth’s population is aged 50 and over. The city’s Ageing Well programme envisions Plymouth as one of Europe’s most vibrant waterfront cities, where everyone is supported and age should not be a barrier to living a full and active life.

    Councillor Mary Aspinall, Cabinet Member for Health and Adult Social Care, said: “Ageing is something we all experience, so it’s in everyone’s interest to ensure our city supports people to thrive at every stage of life.

    “Older people make enormous contributions to our communities as employees, volunteers, carers and neighbours. Age Without Limits Day is an important reminder that ageing is something to be celebrated, not feared. Let’s challenge the stereotypes and build a city where everyone, regardless of age, feels valued and included.”

    Plymouth is already home to a wealth of opportunities that support healthy and active ageing. Residents are encouraged to visit the Council’s online Ageing Well Hub for more information about:

    • Age Friendly places and spaces
    • Help and advice
    • Employment, skills and volunteering opportunities
    • Travel
    • Health and wellbeing.

    Visit the Ageing Well Hub at: www.plymouth.gov.uk/ageing-well-hub.

    For more information about Age Without Limits, visit: https://www.agewithoutlimits.org.

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Scientists of the State University of Management are expanding their partnerships: meetings were held with the management of the Leningrad Region Committee for Transport and the Belarusian State Technical University “VOENMEKH”

    Translation. Region: Russian Federal

    Source: State University of Management – Official website of the State –

    On June 10, 2025, as part of expanding opportunities for solving strategic tasks to achieve technological leadership of the Russian Federation and in accordance with existing competencies, scientists and specialists of the State University of Management visited the Leningrad Region Committee for Transport and the BSTU “VOENMEKH” named after D.F. Ustinov.

    The Committee is a sectoral body of the executive power of the Leningrad Region and a structural element of the Administration of the Leningrad Region. Among the tasks of the Committee’s work is the implementation of powers to organize transport services for the population of the region, as well as the formation of a strategy for the development of the transport complex, the development of forms and methods for its implementation based on forecasting, planning and program-target management, coordination and methodological guidance of work on the implementation of the strategy at the municipal level.

    The delegation of the State University of Management included: Vice-Rector Maria Karelina, Chief Researcher of the Scientific Research Coordination Department Aleksey Terentyev and Head of the Department Maxim Pletnev.

    The Chairman of the Committee Mikhail Prisyazhnyuk spoke about the main goals and objectives of the organization. Particular attention was paid to infrastructure projects and the formation of the digital contour of the Leningrad Region. The parties discussed the main areas of interaction and agreed to sign a framework agreement on cooperation. As part of the training of highly qualified personnel, it is planned to develop a network-based postgraduate program in the direction of “Logistics Transport Systems”. The Transport Committee has an extensive practical base, which will allow dissertation research to be carried out in close connection with the needs of the transport industry of the Leningrad Region. The Head of the Committee accepted the offer to participate in the educational process of the State University of Management in the programs “Transport Systems Management”, “Transport and Logistics”.

    Another direction for expanding the scope of scientific projects was worked out with the BSTU “VOENMEKH” named after D.F. Ustinov. The university is one of the leading defense and technical universities in the country and trains specialists for enterprises of the defense-industrial complex in the field of aircraft manufacturing and astronautics, radio engineering, energy, mechatronics and robotics, IT technologies.

    The meeting was attended by the Vice-Rector of the State University of Management Maria Karelina, the Director of the Engineering Project Management Center Vladimir Filatov, the Researcher of the Center Dmitry Rybakov, the Junior Researcher of the Reverse Engineering Laboratory Nikita Akinshin. From BSTU “VOENMEKH” the negotiations were attended by the Acting Vice-Rector for Research and Innovative Development Vladimir Voronov and the Head of the Rocketry Department Vyacheslav Borodavkin.

    The parties exchanged achievements in the field of scientific research, experience in implementing projects and discussed prospects for joint work on R & D. A representative of the real sector of the economy, Mikhail Petrov, Director of Development of the Petersburg Machine-Building Plant, took part in the meeting. The plant specializes in the production of tractors and agricultural machinery. The meeting participants discussed a joint project to develop a new type of equipment.

    Representatives of BSTU “VOENMEKH” and the Petersburg Machine-Building Plant were invited to the State University of Management to sign a cooperation agreement, get acquainted with the Student Design Bureau at the university and the results of the work on the Large Scientific Project. Colleagues from BSTU “VOENMEKH” were also interested in the competencies of the State University of Management specialists in the field of machine vision.

    Within the framework of the agreement, it is planned to implement network programs in the field of scientific projects – the State University of Management has serious competencies in the field of project management, including scientific projects.

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

    MIL OSI Russia News –

  • MIL-OSI United Nations: IOM Mobilizes Urgent Aid After Tragic Incident Off Djibouti Coast

    Source: International Organization for Migration (IOM)

    Djibouti/Geneva, 11 June 2025 – The International Organization for Migration (IOM), in close coordination with Djiboutian authorities, is scaling up its humanitarian response following a tragic incident off the coast of Djibouti that left at least eight migrants dead and 22 others missing. 

    According to testimonies from survivors, the boat – carrying around 150 people – was stopped at sea on June 5 by smugglers who forced the passengers to disembark far from the coast. The passengers were left to swim for their lives in open water.

    “Every life lost at sea is a tragedy that should never happen,” said Celestine Frantz, IOM Regional Director for the East, Horn and Southern Africa. “These young people were forced into impossible choices by smugglers who show no regard for human life. We are doing everything we can to support the survivors and prevent further loss along this deadly route.”

    So far, search and rescue operations, supported by IOM and Djiboutian authorities, have recovered five bodies from the sea near Moulhoulé. The confirmed death toll stands at eight, though more are feared as search efforts continue.

    IOM teams are on the ground assisting in search and rescue operations and delivering life-saving assistance to survivors, in coordination with national authorities. In the days following the incident, many of those rescued were found in the desert by IOM’s mobile patrols and are currently receiving urgent medical care at a local hospital and psychosocial support at the IOM-run Migrant Response Center in Obock.

    Each year, thousands of migrants from the Horn of Africa risk their lives along this perilous route in hopes of reaching the Gulf States. This latest tragedy is part of a series of fatal maritime incidents off the coast of Djibouti, underscoring the urgent need for stronger protection mechanisms for migrants along the migration route between the Horn of Africa and Yemen.

    In response to this growing crisis, IOM is calling for increased international support to strengthen search and rescue operations and expand access to safe migration pathways.

    For more information, please contact IOM Media Centre.

    MIL OSI United Nations News –

  • MIL-OSI: Bitcoin Solaris Enters Phase 7 of Presale With 233% Launch Price Confirmed

    Source: GlobeNewswire (MIL-OSI)

    TALLINN, Estonia, June 11, 2025 (GLOBE NEWSWIRE) — Bitcoin Solaris (BTC-S), the high-speed, dual-consensus blockchain project, has officially entered Phase 7 of its presale. The token is now available for $7, with the next price increase to $8 just around the corner. With a confirmed launch price of $20 on major exchanges, early buyers are already positioned for a 233% return before market trading even begins.

    Why Bitcoin Solaris Is Getting All the Buzz

    Bitcoin Solaris isn’t trying to replace Bitcoin—it’s designed to evolve it. Instead of just replicating what came before, BTC-S uses a cutting-edge dual-consensus architecture that combines Bitcoin’s Proof-of-Work (PoW) security with the lightning-fast speed and efficiency of Delegated Proof-of-Stake (DPoS). This structure allows Bitcoin Solaris to achieve over 100,000 transactions per second (TPS) with 2-second finality, making it one of the fastest and most scalable blockchains to date.

    From secure payments to enterprise integrations, from smart contracts to tokenized real estate, this ecosystem is engineered to deliver massive real-world value while keeping fees low and accessibility high.

    Deep Tech for a Modern Crypto Economy

    The reason BTC-S isn’t just hype is its tech.

    • Smart contracts are written in Rust and offer full compatibility with Solana tooling.
    • Validator rotation happens every 24 hours with strict performance rules and slashing penalties for bad actors.
    • Security includes resistance to 51% attacks, Byzantine fault tolerance, and optional zero-knowledge proofs (ZKPs) for privacy.

    And most importantly, all smart contracts have been fully audited by Cyberscope and Freshcoins, giving investors peace of mind.

    The Presale Phase That’s Turning Heads

    Bitcoin Solaris is now in Phase 7 of its presale, with the token priced at $7 and set to rise to $8 in the next phase. With a confirmed launch price of $20, early buyers are already positioned for a 233% guaranteed gain, even before post-launch market momentum kicks in.

    With over $3.8 million raised and more than 11,000 unique users already joined, this is quickly becoming one of the shortest and most explosive presales in crypto history. The presale is limited to just 90 days, ending July 31, 2025, and momentum is only increasing.

    Buyers in this phase also receive a 9% bonus, making now the perfect moment to secure maximum upside before the next price jump.

    The Future of DeFi Doesn’t Run on Hype—It Runs on BTC-S

    Let’s Talk Wealth: How Bitcoin Solaris Can Make You Rich

    Bitcoin Solaris was designed to create opportunities for anyone, whether you’re a miner, a DeFi user, or just holding tokens.

    Here’s how:

    • Dual rewards from both the PoW base layer and DPoS validators mean multiple passive income streams.
    • Mobile-first architecture opens mining access to everyday users, eliminating the need for expensive rigs.
    • Token scarcity—with a cap of 21 million—mirrors Bitcoin’s model, maximizing long-term upside.
    • Staking incentives reward holders with compounding yields and governance power.

    And because you must hold BTC-S to participate in mining, the system creates a natural buy-and-hold pressure that reduces dumping and supports sustainable growth.

    Tokenomics Designed for Growth

    BTC-S is more than just deflationary—it’s intelligently structured:

    • Total supply: 21 million (same as Bitcoin)
    • 66.6% allocated to mining, making it a long-term, community-run token
    • 20% for presale, keeping early funding tight
    • 13.4% for liquidity and ecosystem growth, ensuring a healthy post-launch market.

    The design ensures there are no whales dumping tokens, no inflationary pressures, and no short-term manipulation.

    The Referral Program That Rewards Everyone

    During the presale, Bitcoin Solaris also offers a dual-sided referral program:

    • Referrers earn 5% in BTC-S for every successful invite.
    • New users receive an extra 5% bonus on their token purchase.

    Unlike other projects, this program rewards both parties equally and automatically, encouraging organic growth and deeper community engagement.

    Influencers and Experts Are Talking

    There’s been a surge of crypto influencers covering Bitcoin Solaris, and one of the most insightful breakdowns came from Ben Crypto. The review highlights BTC-S’s smart tokenomics, real-world use cases, and advanced architecture—all reasons why many believe it’s the best early-stage crypto of 2025.

    Final Thoughts

    Bitcoin Solaris is not just another altcoin trying to ride the Bitcoin name—it’s a well-engineered, heavily audited ecosystem built for modern use. With a high-speed blockchain, intelligent economic design, and true mining accessibility, it’s turning heads across the industry.

    If you missed Bitcoin’s legendary run, this is your second chance to catch the rocket before it lifts off. And with the final hours of the current presale phase ticking down, the window is closing fast.

    Get Started:

    Website: https://www.bitcoinsolaris.com/
    Telegram: https://t.me/Bitcoinsolaris
    X (formerly Twitter): https://x.com/BitcoinSolaris

    Media Contact

    Xander Levine
    press@bitcoinsolaris.com

    Press Kit: Available upon request

    Disclaimer: This is a paid post and is provided by Bitcoin Solaris. 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/ace724f3-e3ff-4f29-bbdc-934bcf1dae6e

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    The MIL Network –

  • MIL-OSI: Millions of users around the world choose ALR Miner to mine easily and make stable money every day!

    Source: GlobeNewswire (MIL-OSI)

    New York City, NY, June 11, 2025 (GLOBE NEWSWIRE) —
    In today’s era of increasing economic fluctuations and financial difficulties, more and more users are beginning to choose cloud mining, a new way of simple, safe and stable income. Among many platforms, ALR Miner, which has been operating stably for more than 7 years and has millions of users worldwide, is becoming the first choice for the public.

    No equipment, no graphics card burning, no risk, new users will receive $12 USD experience bonus when they register, and they can get stable income every day with just a few clicks!

    Why are users all over the world using ALR Miner?
    ✅ Stable operation for 7 years, the platform is legal and compliant

    ✅ Register and get $12 experience bonus, you can experience making money without investment

    ✅ Stable daily income and transparent settlement

    ✅ Support flexible investment plans, suitable for different budgets

    ✅ More than 5 million users, covering many countries around the world

    ✅ Security system encryption protection, fast and worry-free fund arrival

    ALR Miner is committed to making it easy for every user to own their own “digital mining machine”, and even if they don’t understand blockchain, they can get started without obstacles, and achieve real passive income from the first day

    Recommended mining machine projects (concise version)
    $100 / 2-day mining plan
    Investment amount: $100

    Period: 2 days

    Daily net income: $3.30

    Total income: $106.60
    Suitable for novices to try, short-term results!

    $500 / 5-day mining plan
    Investment amount: $500

    Period: 5 days

    Daily net income: $6.30

    Total income: $531.50
    High cost performance, short-term stable return!

    Suitable for users who pursue higher returns, stable returns and low risks!

    Safety and compliance, real mining, user trust first
    ALR Miner has a strict technical guarantee system, all data communications are encrypted with SSL, platform assets are independently managed, and fast withdrawals are supported. Users can view revenue records and order details at any time, truly achieving platform transparency, safe operation, and clear revenue.

    At the same time, the platform team has focused on the construction of mining field technology for many years, and the backend is equipped with real mining machines and computing power support. All revenue is paid on time without delay.

    New users will receive $12 USD when they register, and they can start making money without recharging!
    Not sure if it is real? It doesn’t matter. ALR Miner provides every new user with $12 to experience the novice project, zero threshold to participate in the mining plan, no investment, no risk to experience real revenue, and let you see the return within 24 hours.

    Conclusion: Make money easy, start with ALR Miner
    In ALR Miner, everyone can easily start mining, without worrying about equipment or market fluctuations. Just choose a suitable plan, leave the rest to the platform, and wait for the income to arrive every day.

    Sign up now, get $12 trial money, and start mining and making money 24 hours a day!
    ALR Miner, let cloud mining become your long-term and stable source of income!

     Media Contact: 
    Name: Olivia Miller 
    Email: info@alrminer.com 
    Address: Singleton Court Business Park, Wonastow Road, Monmouth, Monmouthshire, United Kingdom, NP25 5JA 
    Website: https://alrminer.com

    Attachment

    The MIL Network –

  • MIL-OSI Economics: Liquidity requirements and liquidity facilities

    Source: Bank for International Settlements

    Good morning, everyone.

    Introduction

    The events of 2023 were a stark reminder of the evolving nature of financial risks. The digitalisation of finance and the influence of social media have amplified the speed and severity of bank runs, creating new challenges for regulators and institutions alike. In response, two key avenues have emerged in the debate on improving liquidity risk management.

    First, there is the potential refinement and strengthening of liquidity requirements, particularly the Liquidity Coverage Ratio (LCR). Second, there is a renewed focus on ensuring banks’ operational readiness to access central bank liquidity support during periods of stress.

    To date, these approaches have largely been pursued independently. However, I believe that integrating these two dimensions offers a more comprehensive framework for addressing liquidity risk. In doing that, there would be more chances to improve the control of liquidity risks without introducing overly restrictive regulatory requirements that could undermine commercial banks business models. Today, I will outline how that integration could take place, the challenges it entails and a potential framework to address them.

    The limitations of current prudential regulation

    Let us begin by examining the current regulatory framework for liquidity risk. In the aftermath of the Great Financial Crisis, liquidity requirements became a key component of the new regulatory standards, Basel III. In particular, the LCR was created with the purpose of ensuring that banks maintain a sufficient stock of high-quality liquid assets (HQLA) to withstand a severe liquidity stress scenario over a 30-day period.

    The LCR has proven to be an effective tool in many respects. It asks banks to put in place a sort of self-insurance that reduces the likelihood that they will resort to drastic and potentially destabilising measures during periods of liquidity stress. It also gives banks and supervisors critical time to prepare for the orderly resolution of institutions that are no longer viable.

    However, recent events have exposed limitations in the LCR calibration. During the 2023 turmoil, actual runoff rates far exceeded the assumptions underlying the LCR. For instance, Silicon Valley Bank experienced deposit outflows in a single day that surpassed what the LCR stress scenario assumes for an entire month.

    Moreover, the definition of HQLA has come under scrutiny. Current eligibility criteria do not differentiate between instruments based on their accounting treatment. This raises questions about the practical availability of certain – theoretically liquid – assets during stress scenarios. In particular, as the sale of instruments held at amortised cost may generate solvency-weakening capital losses, the suitability of those assets to meet liquidity requirements can be questioned.

    In the light of these challenges, some have called for more stringent LCR calibration, entailing higher assumed runoff rates of certain deposits and/or constraints in the eligibility of assets that are not measured at fair value in the calibration of LCR. While this response is understandable, it is important to recognise the limits of self-insurance. Excessively stringent requirements could impair banks’ ability to perform their core intermediation function, which, by definition, typically implies assuming a fair amount of liquidity risk.

    The case of Silicon Valley Bank illustrates this dilemma. The bank faced deposit withdrawals amounting to 25% of its total deposits in a single day, with an additional 60% expected the following day. If banks were required to regularly hold sufficient liquid assets to fully cover such extreme scenarios, most would struggle to engage in any meaningful commercial activity1. At the same time, that approach would assume that banks can only resort to their own holding of liquid assets in stress situations, thereby ignoring any external source of liquidity support.

    This brings us to a second component of the current policy framework: central bank liquidity facilities.

    The role of central bank liquidity support

    Central banks play a crucial role as lenders of last resort, providing liquidity support to solvent banks during periods of stress. But it is true that the availability of this support depends on the holdings of acceptable collateral which, for most central banks, include non-tradable assets, after imposing adequate haircuts.

    For a typical commercial bank, runnable liabilities – such as uninsured deposits and short-term market funding – represent 30–50% of total unencumbered assets. This suggests that, even with significant haircuts, sound banks generally have sufficient assets that could in principle be used as collateral to secure emergency loans from central banks.

    Yet accessing central bank liquidity support is not without challenges. The process of pledging collateral involves legal, operational and valuation complexities, particularly for non-traded assets. In severe liquidity stress scenarios, when time is of the essence, these challenges can become significant obstacles.

    To address these issues, central banks must ensure that banks are operationally prepared to use their facilities. This includes requiring them to have the necessary arrangements in place to pledge collateral, along with regular testing and simulation exercises to ensure readiness.

    An additional measure is the introduction of prepositioning requirements. Prepositioning involves banks providing central banks with detailed information about their collateral assets, along with all necessary documentation to assess eligibility, transferability and valuation. While many central banks encourage prepositioning, few mandate it.

    Some proposals go further. For example, the “pawnbroker for all seasons” approach advocates that banks preposition sufficient collateral with the central bank to fully back their runnable liabilities.2 These liabilities would include all deposits and short-term market funding, with the collateral amount determined after applying conservative haircuts. In its original formulation, this proposal was presented as a possible substitute of key elements of the current regulatory, supervisory and deposit insurance frameworks. A more moderate alternative is proposed by the Group of Thirty, which recommends calibrating prepositioning requirements based on a narrower set of liabilities, excluding insured deposits.34

    A tiered framework for liquidity controls:

    As I mentioned before, the policy debate has thus far dealt with two issues in parallel: recalibrating banks’ existing liquidity requirements, and strengthening banks’ operational readiness to access central bank liquidity support during stress situations. However, these two debates should be more interconnected. Specifically, there appears to be a tension between making the stress scenario underlying the calibration of the LCR more severe while simultaneously ignoring the possibility that banks could obtain liquidity from central banks in such adverse scenarios.

    Given the complementary roles of regulatory liquidity requirements and central bank liquidity support, in a recent Financial Stability Institute (FSI) paper5 we propose a framework that integrates these two dimensions. This framework introduces a tiered approach to asset eligibility, corresponding to different levels of liquidity stress.

    In moderate stress scenarios, it seems reasonable to rely on self-insurance and require banks to hold sufficient HQLA to manage their needs without relying on central bank facilities. This is partly because using central bank liquidity support may carry a stigma.

    However, as the severity of the stress increases the “anticipatory” stigma associated with central bank support becomes a less important consideration, while large-scale asset sales by banks could become even more destabilising for markets.

    The criteria for asset eligibility under central bank liquidity facilities are generally less stringent than the HQLA requirements. For instance, non-tradable assets – such as bank loans – are often eligible as collateral for central bank lending. Central banks also tend to apply even more flexible collateral eligibility criteria for emergency liquidity assistance compared with that for their standing lending facilities.

    This suggests a framework with three tiers of asset eligibility, corresponding to different levels of liquidity stress:

    • Type 1 assets: HQLA, which banks are expected to hold to address moderate stress scenarios without relying on central bank facilities.
    • Type 2 assets: HQLA plus other assets that, after standard haircuts, could be used as collateral for central banks’ standing lending facilities.
    • Type 3 assets: HQLA plus additional assets that could be used to collateralise either standing facilities or, with more conservative haircuts, emergency liquidity support in extreme stress scenarios.

    Therefore, in order to better monitor banks’ liquidity risks, in addition to the current regulatory controls (based on the notion of self-insurance), taking into account the availability of collateral that could be used to obtain liquidity from the central bank in alternative stress scenarios with different degrees of severity could be considered.

    Arguably, the way in which central bank support could be factored in should be jurisdiction-specific, reflecting the significant variations in central banks’ operational frameworks across countries. In this context, given its flexibility, Pillar 2 emerges as a natural choice to enhance the effectiveness of banks’ liquidity risk controls. Additionally, Pillar 2 measures could take into account bank-specific characteristics, such as funding concentrations and, possibly, the extent to which banks rely on amortised cost instruments to meet HQLA requirements.

    Importantly, Pillar 2 measures based on the availability of eligible collateral should take the form of guidance or supervisory expectations and avoid being over-prescriptive. As such, they could function as complementary indicators to monitor banks’ liquidity situation. More formal and rigid requirements could be subject to disclosure obligations. This would potentially exacerbate the stigma effect that may be associated with central bank borrowing, hence reducing those Pillar 2 measures’ effectiveness.

    In this framework, the three tiers of asset eligibility could be used to define three indicators for liquidity control, which would be used either for Pillar 1 requirements or Pillar 2 supervisory guidance:

    • The first indicator would be a Pillar 1 minimum liquidity requirement consistent with the current LCR in terms of both eligible assets and the stress scenario.
    • A first supplementary liquidity ratio under Pillar 2 would be designed as a reformulation of the LCR. It would show the level of liquidity that banks hold, or are able to obtain, to cope with a stress scenario that is more severe than what the LCR assumes. This suplementary liquidity indicator would therefore include not only holdings of HQLA but also assets which would be eligible (after haircuts) as collateral of central banks’ standing facilities.
    • A second supplementary liquidity ratio under Pillar 2 would be designed to measure the bank’s ability to address extreme liquidity stress. For this ratio, eligible assets will include those that are eligible for LCR and the first suplementary ratio but will also include assets which could be acepted by the central bank (normally after severe haircuts) when providing emergency liquidty support.

    From an operational perspective, when computing the two supplementary ratios, the proposed framework would require that eligible non-tradable assets be prepositioned with the central bank to ensure their swift mobilisation in times of need. As such, if the stress scenario underpinning the second supplementary ratio were to assume a run on all uninsured deposits and short-term funding, supervisory expectations about the level of this ratio would closely align with the recommendations outlined in the Group of Thirty report.

    In keeping with the principles of Pillar 2, authorities would have the discretion to implement guidance on one or both supplementary ratios, depending on their specific needs and circumstances, including with regard to the characteristics of domestic frameworks for central bank liquidity support. They would also be responsible for calibrating the severity of the stress scenarios and for determining the range of eligible assets for each supplementary ratio.

    The simulations we have conducted at the FSI suggest that covering significantly more stringent stress scenarios than the one currently underpinning the LCR solely with HQLA would be challenging for most banks. At the same time, sound banks would generally be well positioned to comply with reasonable supervisory expectations for the supplementary ratios if they were to preposition non-HQLA, particularly in jurisdictions with broad collateral frameworks. In contrast, banks with a high volume of runnable liabilities would probably struggle to meet these expectations.

    Conclusion

    Let me conclude.

    As policymakers, regulators and industry participants, it is our collective responsibility to ensure that the lessons of 2023 translate into meaningful reforms. At the same time, we must ensure that prudential controls do not unduly challenge the sustainability of otherwise sound business models.

    The 2023 banking turmoil underscored the need for a more integrated approach for controlling banks’ liquidity risk. While the current regulatory framework provides a robust foundation, current requirements need to be complemented with an assessment of banks’ ability to cope with more severe liquidity scenarios. That assessment should factor in the availability of sufficient assets that can be expeditiously used to collateralise access to central bank liquidity facilities.

    By introducing a tiered approach to asset eligibility and incorporating central bank facilities and collateral prepositioning, we can enhance the robustness of the existing control framework for banks’ liquidity risks in the current environment. This integrated framework should help ensure that sound banks remain resilient to severe liquidity shocks without requiring a fundamental reshuffling of their balance sheets.

    Thank you.

    References

    Barr, M (2024): “Supporting market resilience and financial stability”, speech at the 2024 US Treasury Market Conference, Federal Reserve Bank of New York, New York, 26 September.

    Coelho, R and F Restoy (2025): “Rethinking liquidity requirements”, FSI Insights on policy implementation, no 25, May.

    Group of Thirty (2024): Bank failures and contagion: lender of last resort, liquidity and risk management, January.

    King, M (2023): “We need a new approach to bank regulation”, Financial Times, 12 May.

    Restoy, F (2024): “Banks’ liquidity risk: what policy could do”, speech  at the XXIII Annual Conference on Risks, Club de Gestión de Riesgos de España, Madrid, 22 November.

    Tucker, P (2014): “The lender of last resort and modern central banking: principles and reconstruction”, BIS Papers, no 79, September.

    MIL OSI Economics –

  • MIL-Evening Report: More deaths reported out of Sugapa in West Papua clashes with military

    By Caleb Fotheringham, RNZ Pacific journalist

    Further reports of civilian casualties are coming out of West Papua, while clashes between Indonesia’s military and the armed wing of the Free Papua Movement continue.

    One of the most recent military operations took place in the early morning of May 14 in Sugapa District, Intan Jaya in Central Papua.

    Military spokesperson Lieutenant-Colonel Iwan Dwi Prihartono said in a video statement translated into English that 18 members of the West Papua National Liberation Army (TPNPB) had been killed.

    He claimed the military wanted to provide health services and education to residents in villages in Intan Jaya but they were confronted by the TPNPB.

    Colonel Prihartono said the military confiscated an AK47, homemade weapons, ammunition, bows and arrows and the Morning Star flag — used as a symbol for West Papuan independence.

    But, according to the TPNPB, only three of the group’s soldiers were killed with the rest being civilians.

    The United Liberation Movement for West Papua (ULMWP) said civilians killed included a 75-year-old, two women and a child.

    Both women in shallow graves
    Both the women were allegedly found on May 23 in shallow graves.

    A spokesperson from the Indonesian Embassy in Wellington said all 18 people killed were part of the TPNPB, as declared by the military.

    “The local regent of Intan Jaya has checked for the victims at their home and hospitals; therefore, he can confirm that the 18 victims were in fact all members of the armed criminal group,” they said.

    “The difference in numbers of victim sometimes happens because the armed criminal group tried to downplay their casualties or to try to create confusion.”

    The spokesperson said the military operation was carried out because local authorities “followed up upon complaints and reports from local communities that were terrified and terrorised by the armed criminal group”.

    Jakarta-based Human Rights Watch researcher Andreas Harsono said it was part of the wider Operation Habema which started last year.

    “It is a military operation to ‘eliminate’ the Free Papua guerilla fighters, not only in Intan Jaya, but in several agencies along the central highlands,” Harsono said.

    ‘Military informers’
    He said it had been intensifying since the TPNPB killed 17 miners in April, which the armed group accused of being “military informers”.

    RNZ Pacific has been sent photos of people who have been allegedly killed or injured in the May 14 assault, while others have been shared by ULMWP.

    Harsono said despite the photos and videos it was hard to verify if civilians had been killed.

    He said Indonesia claimed civilian casualties — including of the women who were allegedly buried in shallow graves — were a result of the TPNPB.

    “The TPNPB says, ‘of course, it is a lie why should we kill an indigenous woman?’ Well, you know, it is difficult to verify which one is correct, because they’re fighting the battle [in a very remote area],” Harsono said.

    “It’s difficult to cross-check whatever information coming from there, including the fact that it is difficult to get big videos or big photos from the area with the metadata.”

    Harsono said Indonesia was now using drones to fight the TPNPB.

    “This is something new; I think it will change the security situation, the battle situation in West Papua.

    “So far the TPNPB has not used drones; they are still struggling. In fact, most of them are still using bows and arrows in the conflict with the Indonesian military.”

    This article is republished under a community partnership agreement with RNZ.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Africa: Artificial Intelligence (AI) to Bolster Oil Recovery as Africa Maximizes Production at Ageing Fields

    Africa’s mature oilfields are experiencing a renaissance and artificial intelligence (AI) is at the heart of this transformation. In an era defined by innovation and sustainability, enhanced oil recovery (EOR) technologies – powered by AI – are breathing new life into declining reservoirs. From predictive analytics to machine learning algorithms, AI is not just a tool; it is a catalyst for maximizing output, extending field life and improving operational efficiency. At the forefront of this conversation is the upcoming African Energy Week (AEW): Invest in African Energies 2025 – taking place September 29 to October 3 in Cape Town. During the event, energy leaders will converge to explore the role of digital transformation in advancing EOR across Africa.

    From Data to Big Barrels

    In 2025, the global market for AI in the oil and gas industry is estimated at $3.54 billion, set to rise to $6.4 billion by 2030. This is largely due to a rise in AI adoption by major operators. Examples include Baker Hughes and Repsol pooling resources to bring AI processes and workflows into oil and gas projects. Repsol has several developments underway in Libya, Algeria and Morocco and strives to bolster production across these markets. SLB inaugurated its Africa Performance Center in Luanda in 2025, which will support oil operations by offering access to digital solutions such as AI. SLB has supported several billion-dollar oil projects in Angola, with investments in almost every other region in Africa. 

    The power of AI in EOR comes down to predictive modeling. Traditional EOR relies heavily on limited data, with simplified reservoir models often impacting results. However, through AI, companies are able to analyze large datasets to deliver more accurate predictions of oil recovery. Another key benefit of AI in EOR is reservoir management. By analyzing geological and production data, companies can better-understand reservoir features, therefore supporting recovery techniques. Machine-learning also offers significant opportunities for EOR, specifically through its ability to recognize patterns, handle datasets and make accurate predictions. The application of machine-learning also enables reservoir performance forecasting, supporting decision-making by allowing companies to predict future production. 

    Policy Creates In-Roads for AI Deployment

    As Africa advances toward digital transformation, policy reform has become a vital enabler of AI adoption across the oil industry. By integrating digital solutions and targets into regulatory frameworks, countries can support investments in AI and machine learning while accelerating research and development. Various countries are streamlining policy to support EOR at legacy assets. Angola, for example, implemented its Incremental Production Initiative in 2024 which offers tax incentives to encourage reinvestments in mature oilfields. Energy major ExxonMobil made the first discovery – the Likembe-01 well – as part of the initiative in 2024, demonstrating the role policy plays in unlocking incremental resources. The African Union Commission also declared AI as a strategic priority for the continent in May 2025, citing the role machine-learning plays in transforming the continent’s development trajectory. The declaration is expected to create in-roads for technology companies, introducing new opportunities for oil operators to maximize recovery and efficiency.  

    AEW 2025: Where Innovation Meets Investment

    AEW: Invest in African Energies 2025 – the continent’s premier event for the energy sector – will host dedicated sessions on digital transformation, EOR and AI in exploration. A series of panel discussions and technical workshops will explore the new chapter of AI-driven oil production in Africa. AEW: Invest in African Energies 2025 will be the space where policy, capital and technology converge to define this next chapter.

    “Africa’s oil and gas assets hold immense value and AI is the key to unlocking resources efficiently and sustainably. In addition to support exploration efforts, AI will breathe new life into Africa’s ageing oilfields, extending field life, maximizing value and driving smarter, low-carbon production,” states NJ Ayuk, Executive Chairman, African Energy Chamber.

    Distributed by APO Group on behalf of African Energy Chamber.

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

    MIL OSI Africa –

  • India sees radical change in transport infrastructure over the last decade

    Source: Government of India

    Source: Government of India (2)

    ndia has witnessed an unprecedented scale of infrastructure development over the past decade, driven by the success of a holistic and integrated approach under major national initiatives like PRAGATI, PM GatiShakti, the National Logistics Policy, Bharatmala, Sagarmala, and UDAN, according to an official report released on Wednesday.

    The report encapsulates the rapid transformation that has taken place in the country’s transport infrastructure across the highways, railways, maritime and civil aviation sectors of the economy on the back of massive investments made by the Central government in the last 10 years.

    The report highlights that PM GatiShakti unified planning across 44 ministries and 36 states/UTs on a GIS-based platform. Launched in 2021, the PM GatiShakti national master plan is a comprehensive initiative to improve multimodal infrastructure connectivity across India’s economic zones. Rs 100 lakh crore is being efficiently utilised through this integrated platform. Anchored on seven key sectors — railways, roads, ports, waterways, airports, mass transport, and logistics infrastructure — it promotes synchronised development across ministries and state governments.

    The length of India’s national highways network increased by 60 per cent from 91,287 km to 1,46,204 km during the last decade, with the pace of highway construction accelerating to 34 km/day from 11.6 km/day in 2014. There is an increase of 6.4 times in the Centre’s investment in road infrastructure between 2013-14 and 2024-25. The road transport and highway budget has shot up by 570 per cent from 2014 to 2023-24.

    The budget for Indian Railways has increased by more than nine times since 2014. The higher investment is reflected in the introduction of new Vande Bharat semi-high-speed trains covering 24 states/UTs along with 333 districts. A total of 68 Vande Bharat Trains are currently operational in the country, while another 400 world-class Vande Bharat trains are planned to be manufactured.

    More than 31,000 km of new tracks have been laid since 2014, and over 45,000 km of tracks have been renewed since 2014. The pace of electrification of the track network has jumped from 5,188 route km between 2004-14 to more than 45,000 route km being electrified in 2014-25. Electrification has enabled annual savings of Rs 2,960 crore for railways (up to February 2025), ensuring greater financial efficiency, the report states.

    It further highlights that the country’s port capacity has doubled to 2,762 MMTPA in the last 10 years, with the overall turnaround time for ships improving from 93 to 49 hours. As many as 277 projects have been completed under Sagarmala in the big push to port infrastructure.

    The report also lists major projects that have been completed in the ports sector, including the Vizhinjam International Deepwater Multipurpose Seaport. Inaugurated on May 2, 2025, by Prime Minister Narendra Modi, this Rs 8,800 crore project is India’s first dedicated container transshipment port. Strategically located near international shipping routes, it can host the world’s largest cargo ships. The port significantly reduces India’s reliance on foreign ports and enhances economic activity in Kerala.

    The New Dry Dock (NDD) at Cochin Shipyard Limited has been constructed at a cost of Rs 1,800 crore, with a length of 310 meters and a depth of 13 meters. It is capable of handling aircraft carriers of up to 70,000 tons. Besides, an international Ship Repair Facility has been set up in Cochin.

    India’s Inland waterways cargo has risen by 710 per cent (from 18 MMT to 146 MMT) in the last 10 years. Approval has also been given for Rs 5,370 crore investment to augment the capacity of National Waterway-1 (Haldia to Varanasi), this major inland navigation initiative enhances cargo movement on the Ganga River, the report points out.

    The report also highlights that new routes and new airports have been added to the civil aviation landscape of the country. The number of airports operational in India has gone from 74 in 2014 to 160 in 2025. The Cabinet Committee on Economic Affairs (CCEA) has approved the revival and development of unserved and underserved airports at a total cost of Rs 4,500 crore. In addition, the Expenditure Finance Committee also approved an amount of Rs 1,000 crore for the development of 50 more airports, heliports and water aerodromes under the UDAN scheme. This flagship scheme, launched in June 2016 to create affordable, yet economically viable and profitable air travel on regional routes, has been a big success with over 1.51 crore passengers having flown on these regional flights, the report added.

    (IANS)

  • MIL-OSI China: China’s auto market maintains strong growth in January-May

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

    China’s auto production and sales logged double-digit increases in the first five months of the year, a sign of vibrant consumption in the world’s second-largest economy.

    The country’s auto output totaled 12.83 million units during the period, up 12.7 percent from a year ago, while auto sales rose 10.9 percent to 12.75 million units, the China Association of Automobile Manufacturers said Wednesday.

    In particular, new energy vehicles (NEVs) production surged 45.2 percent year on year to nearly 5.7 million units in the first five months, with sales up by 44 percent year on year to 5.61 million units.

    MIL OSI China News –

  • MIL-OSI Video: EU energy efficiency: Policies created by the people

    Source: European Commission (video statements)

    When the EU calls you to contribute to EU energy efficiency, do you pick up? Watch as one retired man from Ireland, or a Hungarian nurse, becomes a key player in shaping a greener and more energy-efficient Europe. Get inspired and see how you too can make a difference!

    When Csenge, Conall, and 148 other randomly selected EU citizens were called upon by the European Commission to discuss EU Energy Efficiency in Brussels, they took on the challenge. Over three weekends, they debated, shared ideas, and made 13 conclusive recommendations that the Commission will consider during policymaking.

    Want to see how their voices contributed to the debate?
    ▬▬ Contents of this video ▬▬▬▬▬▬▬▬▬▬

    00:00 Introduction
    00:30 Travelling to Brussels
    00:58 Joining the Citizens Panel
    02:14 Small Group Sessions
    04:23 Focusing on Railway Travel
    06:19 Presenting Ideas
    06:38 Conclusion

    In this video, we follow the journey of Connell, a retired man from Ireland, and Csenge, a young nurse from Hungary, who were invited to participate in a European Citizens’ Panel. Initially sceptical, Connell was surprised to find himself on a plane to Brussels the next day. Along with citizens from different European countries, he participated in small group sessions where they discussed energy efficiency. The group focused on the issue of railway travel and proposed ideas to make it more environmentally friendly. Their suggestions were well received by the European Commission, giving Connell a sense of pride and accomplishment.
    Csenge, on top of her contributions to the Energy Efficiency policy-making process, also formed friendships with people from different countries, highlighting the diversity and power of collaboration.
    This experience showed both of them the importance of citizen involvement in shaping the future of Europe and how even an individual can make a difference.

    Watch on the Audiovisual Portal of the European Commission: https://audiovisual.ec.europa.eu/en/video/I-264625

    Follow us on:
    -X: https://twitter.com/EU_Commission
    -Instagram: https://www.instagram.com/europeancommission/
    -Facebook: https://www.facebook.com/EuropeanCommission
    -LinkedIn: https://www.linkedin.com/company/european-commission/
    -Medium: https://medium.com/@EuropeanCommission

    Check our website: http://ec.europa.eu/

    https://www.youtube.com/watch?v=rE-7FFPAvb4

    MIL OSI Video –

  • MIL-OSI Asia-Pac: SFST’s speech at Hong Kong Association Membership Luncheon in London, United Kingdom (English only) (with photos)

    Source: Hong Kong Government special administrative region

    SFST’s speech at Hong Kong Association Membership Luncheon in London, United Kingdom (English only)  
    Lord Mayor (696th Lord Mayor of the City of London, Mr Alderman Alastair King), Sir Douglas (Committee Member of the Hong Kong Association, Chairman of Aberdeen Group, Sir Douglas Flint), distinguished guests, esteemed members of the Hong Kong Association, ladies and gentlemen,
     
         Good afternoon. It is a profound privilege to address you today at this distinguished luncheon hosted by the Hong Kong Association in London. I must say, you are a crowd too difficult to please because you know Hong Kong too well. This organisation’s mission is to champion the enduring business and trading relationship between Hong Kong and the UK which resonates deeply with the Government’s goal of fostering economic collaboration, innovation, and mutual prosperity. To further the efforts, I am here to showcase our city’s unparalleled strengths as a global financial hub and to explore the vast potential for deepening financial co-operation between Hong Kong and the UK. Our shared visions and complementary expertise position us well to forge a partnership that drives transformative growth in an increasingly challenging and also uncertain global economy.
     
         If you may recall, for those people who came two years ago for a similar occasion where I spoke, I tried to group my speech in five alphabet letters, ABCDE. A is about Asia, B is about business as usual, C is about connectivity, D is about digitalisation whereas E is about ESG (environmental, social and governance). These are the five elements at the time I drafted the speech that something Hong Kong could offer to this part of the world. So I am thinking, to this group which is very knowledgeable about Hong Kong, what should I say and how I should structure this speech? Of course I don’t want to get to the next alphabet letter after E, that is why I would stay at E and come with 3Es which are actually the pillars that define Hong Kong’s strategic vision as a premier international financial centre: 1) Extending our financial value chain across equities, fixed income, currencies, and commodities. For those in the banking or financial world, you know what I mean. It’s about EFICC; 2) Embracing new finance through fintech and green finance; and 3) Enhancing offerings for Chinese companies going global through Hong Kong and international firms accessing the Mainland market. These pillars reflect our dynamic approach to navigating global economic and geopolitical challenges, seizing emerging opportunities, and fostering collaboration with partners like the UK. Let me elaborate on each pillar, highlighting our recent achievements and the opportunities they present for strengthening Hong Kong-UK ties.
     
    Extending our financial value chain
     
         Hong Kong’s position as a global financial hub is built on its ability to offer a diversified, resilient, and innovative financial ecosystem. By extending our financial value chain across equities, fixed income, currencies, and commodities which can be grouped as EFICC, we are creating a robust platform that serves both regional and international markets, fostering opportunities for collaboration with global partners, including the UK.
     
    Equities: a vibrant and forward-looking market
     
         Hong Kong’s equity market has undergone a remarkable transformation over the past decade, driven by bold structural reforms and a commitment to capturing global economic trends. The Hang Seng Index, which is a key barometer of our market’s performance, has demonstrated resilience amid global uncertainties. By May 30, our stock market capitalisation has increased by 24 per cent year on year to over US$5.2 trillion. This growth was propelled, I must say, by a number of key moments this year, including of course the DeepSeek moment when people really recalibrate the value that Chinese investment carry and at the same time also the “victory day” moment when people are seeing the uncertainty in other parts of the world which actually present opportunities to Hong Kong and London. The average daily turnover for the first five months of this year stood at US$31 billion in our market, an increase of 1.2 times over the past year, signaling sustained investor confidence and market liquidity.
     
         Apart from the market performance, we are also trying to reform our capital market to make it more instrumental in positioning Hong Kong as a global hub for new economy and technology companies. Back in 2018, we already introduced the “weighted voting rights” regime, enabling companies with dual-class share structures to list in Hong Kong. As I know, London Stock Exchange is also contemplating something similar to reform your stock market. This reform in Hong Kong attracted technology giants and paved the way for a new era of innovation-driven listings. Simultaneously, we opened our market to pre-revenue biotech firms, transforming Hong Kong into one of the world’s leading fundraising hubs for biotechnology. As a result, the proportion of new economy companies in our stock market has surged from 1.3 per cent in 2018 to approximately 14 per cent by April 2025, with their market capitalisation share rising from 2.8 per cent to about 28 per cent.
     
         Building on this momentum, we introduced the “18C” listing regime in 2023 for specialist technology companies, followed by a dedicated technology enterprises channel launched last month. These initiatives are designed to accelerate the listing of enterprises in the “hard technology” space, enabling them to raise capital in Hong Kong and expand their international presence. These reforms have not only reshaped the structure of our stock market but also aligned it with global economic trends, positioning Hong Kong as a vital partner for UK firms seeking exposure to Asia’s innovation-driven growth.
     
         Moreover, Hong Kong’s capital markets have benefited from the return of Chinese concept stocks, driven by geopolitical developments and Mainland China’s technological advancements. This trend has elevated the weight of technology stocks in our market, further enhancing its attractiveness to global investors. For example, before I came, we welcomed the listing of CATL (Contemporary Amperex Technology Co Limited) which is a major lithium-ion battery manufacturing company serving the world for electric vehicles. For UK financial institutions, Hong Kong offers a gateway to invest in Asia’s burgeoning tech sector, leveraging our deep liquidity and robust regulatory framework.
     
    Connectivity and stability
     
         Apart from fundraising, it’s about our strengthened role as a gateway for international investors accessing Mainland China and for Mainland investors diversifying globally. Our “Connect” schemes – Stock Connect, Bond Connect, Wealth Management Connect, and Swap Connect – have facilitated seamless cross-border capital flows. These initiatives have seen significant growth in transaction volumes, product diversity, and risk management capabilities, enhancing both the “quantity” and “quality” of financial connectivity, covering the broad financial value chain across equities, fixed income and currencies.
     
         Stability is also a cornerstone of our financial system, as demonstrated by the performance of the Hong Kong dollar recently. In the first five months of 2025, the Hong Kong dollar largely traded within the strong-side convertibility undertaking range, signifying a robust demand, partly because a lot of money coming to Hong Kong to buy our IPOs (initial public offerings) which are in Hong Kong dollars, and at the same time it is now the season when the listed companies need Hong Kong dollars to give out dividends. So with this background, what we see is operations by our banking regulator where now the banking system aggregate balances rising to US$22 billion by May 30, 2025, a substantial increase from US$5.7 billion at the end of last year. Total bank deposits grew by over 4 per cent in the first four months of 2025, with Hong Kong dollar deposits rising by 4.4 per cent, reflecting strong capital inflows into our banking system. So you have been hearing a lot about capital flight from Hong Kong to others, all these numbers are testaments to how wrong those perceptions are. This stability underscores our role as a trusted financial hub, like that of London, offering a secure environment for UK investors and businesses.
     
         Amid global economic uncertainties, including trade protectionism and unilateral policies, RMB (Renminbi) is gaining prominence as a global transaction and reserve currency. Its share in global payments rose from 2 per cent in 2020 to 4 per cent by the end of 2024, ranking fourth globally, while its share in trade financing increased from 2 per cent to 6 per cent. As the world’s leading offshore RMB hub, Hong Kong is seizing this opportunity by enhancing RMB-denominated investment products and risk management tools. Our plan to integrate RMB-denominated stock trading into Southbound Stock Connect will further support RMB internationalisation in a gradual and prudent manner, creating opportunities for UK financial institutions to engage with RMB-based products and services.
     
    Commodities: pioneering a new ecosystem with LME integration
     
         In the commodities sector, Hong Kong is capitalising on the global surge in non-ferrous metals trading, driven by the transition to new energy technologies. In 2024, the London Metal Exchange (LME) recorded trading volumes of 178 million lots, a 20 per cent year-on-year increase, with significant growth in new-energy metals like nickel and cobalt. These metals are critical to industrial transformation and technological advancement, and China remains a pivotal force, with non-ferrous metals trade exceeding US$368 billion in 2024, up 11 per cent from the previous year.
     
         Recognising this potential, our Chief Executive outlined a vision in his Policy Address to create a commodity trading ecosystem in Hong Kong, encompassing warehousing, distribution, trading, testing, certification, insurance, and financial services. A landmark achievement in this regard is our integration into the LME’s global warehouse network in January this year. By bringing storage facilities closer to Mainland China’s industrial heartlands and consumption centres, we are strengthening our role as a central platform for the metals industry. Within months since January this year when we are recognised as a delivery port for the LME contracts, seven warehouses have already been approved, and their operations will commence as early as in July 2025.
     
         This initiative not only enhances Hong Kong’s commodities infrastructure but also creates significant opportunities for UK firms, given the LME’s London-based heritage. The UK’s expertise in commodities trading and Hong Kong’s proximity to Asia’s industrial markets make our partnership a natural fit. By collaborating on warehousing, trading, and related services, we can jointly tap into the growing demand for new-energy metals, supporting global industrial transformation and sustainable development.
     
         By extending our financial value chain across equities, fixed income, currencies, and commodities, Hong Kong is reinforcing its position as a diversified financial hub. We invite UK businesses to leverage our platform to access Asia’s dynamic markets, fostering mutual growth and collaboration in these critical sectors.
     
    Embracing new finance: fintech and green finance
     
         The second pillar of our strategy is embracing new finance, particularly in fintech and green finance, to position Hong Kong at the forefront of financial innovation and sustainability. These areas align closely with the UK’s developments in digital finance and sustainable investments, creating fertile ground for partnership.
     
    Fintech: pioneering digital assets and stablecoin regulation
     
         Hong Kong’s robust regulatory framework, business-friendly environment, and strategic location make it an ideal hub for fintech innovation. My bureau, FSTB (Financial Services and the Treasury Bureau), in collaboration with financial regulators and industry stakeholders, is pursuing a multipronged strategy to foster a vibrant fintech ecosystem. This includes enhancing financial infrastructures, nurturing talent, strengthening industry connections in Mainland China and overseas, and creating a conducive environment for fintech innovation.
     
         This is my second day here in London and I am hearing a lot about digital assets (DAs). Just days before I embarked on this trip, our Legislative Council has passed the Stablecoins legislation in Hong Kong and it will be enacted on August 1. After that, we will issue a second policy statement about promoting Hong Kong as the digital asset ecosystem.
     
         Looking ahead, we will continue to be a leader in adopting emerging technologies. A 2023 survey revealed that 38 per cent of Hong Kong’s financial institutions adopted generative AI, surpassing the global average of 26 per cent. In October last year, we issued a policy statement on the responsible use of AI in finance, followed by practical guidelines, sandbox schemes, and industry seminars to support institutions in adopting AI responsibly. These initiatives position Hong Kong as a hub for fintech innovation, complementing the UK’s advancements in areas like blockchain and AI-driven financial services.
     
    Green finance: driving sustainable development
     
         Moving on to green finance, Hong Kong is committed to mobilising cross-border investments to address climate and sustainability challenges, aligning with global efforts to achieve net zero. Last year, Hong Kong arranged US$43 billion in green and sustainable bonds, capturing 45 per cent of the Asian market and ranking first in the region for seven consecutive years. By March this year, our security regulator authorised around 220 ESG funds, managing US$140 billion in assets, an 80 per cent increase over three years.
     
         Last week we have just issued a new round of Government green bonds and infrastructure bonds, totally around US$3.5 billion, denominated in four currencies, namely HKD (Hong Kong dollars), RMB, USD (US dollars) and EUR (euro). The offering attracted participation from a wide spectrum of investors from more than 30 markets across Asia, Europe, Middle East, and the Americas, with total orders amounting around US$30 billion equivalent, representing an over-subscription of almost nine times. The proceeds from green bond issuance will fund local Government green works projects, and set benchmarks for the market encouraging private-sector participation.
     
         To align with global standards, we launched the Roadmap on Sustainability Disclosure in December last year, providing a clear path for large publicly accountable entities to adopt the International Financial Reporting Standards – Sustainability Disclosure Standards (ISSB Standards) by 2028. This positions Hong Kong among the first jurisdictions to align with global sustainability reporting standards, enhancing transparency and comparability. The roadmap not only reflects our commitment to the global green transition but also offers clarity and guidance to market participants.
     
         On the funding support side, the Green and Sustainable Finance Grant Scheme, which was extended to 2027, subsidises issuance costs for bonds and loans, including transition financing, encouraging industries across the Greater Bay Area and Belt and Road economies to leverage Hong Kong’s platform for low-carbon transitions. So for many of you who are working for business financial institutions or companies, do take this message home that we are subsidising for people who are issuing green bonds and loans in Hong Kong.
     
         These efforts create significant opportunities for UK firms to collaborate with Hong Kong on green finance initiatives, from ESG funds to green technology solutions, leveraging our shared commitment to sustainability and innovation. The UK’s commitment in green finance, combined with Hong Kong’s strategic position in Asia, can drive impactful partnerships in sustainable investment and technology.
     
    Enhancing offerings for global and Mainland businesses
     
         The third pillar, enhancing offerings, underscores Hong Kong’s role as a bridge for Chinese companies going global and international firms accessing Mainland China, supported by policies that facilitate cross-border mobility and business expansion.
     
    Supporting Chinese companies going global
     
         As Mainland China accelerates its economic opening, Chinese firms are intensifying their global expansion, optimising supply chains and market presence to address geopolitical risks and tap into international markets. Hong Kong is uniquely positioned to support this “going out” strategy, offering financing, supply chain management, and professional services under the “one country, two systems” framework.
     
         Hong Kong’s efforts to strengthen ties with emerging markets further enhance our appeal. In October last year, we facilitated the listing of two Hong Kong-focused exchange-traded funds on the Saudi Exchange, attracting Middle Eastern capital to our markets. The two Saudi-listed ETFs have a combined size of over US$1.9 billion. They are the two largest ETFs listed and are amongst the top traded ETFs on Saudi Stock Exchange. This initiative demonstrates our commitment to connecting traditional and emerging markets, offering UK firms a platform to diversify their investments across Asia and beyond.
     
         Hong Kong’s professional services, for example the Accounting sector, are well-positioned and experienced to meet the needs of Mainland firms going global. The Hong Kong Institute of Certified Public Accountants has earlier compiled a list of firms specialising in supporting global expansion of Chinese companies, and has recently expanded the list from 60 to over 80 firms, connecting Mainland enterprises with international markets for business expansion. Moreover, Hong Kong’s network of 52 Comprehensive Double Taxation Agreements with other tax jurisdictions, with plans for further expansion, provides tax clarity for businesses, enhancing Hong Kong’s appeal as a commercial and investment hub.
     
         UK firms can partner with Hong Kong to support Chinese companies’ international ventures, leveraging our expertise in financing, legal services, and market access. For example, UK financial institutions can collaborate with Hong Kong-based firms to provide advisory services, underwriting, and risk management solutions for Chinese enterprises expanding into Europe and beyond.
     
    Facilitating international access to the Mainland
     
         Hong Kong is equally committed to helping international talents, including those from the UK, access Mainland China’s vast market. A facilitating policy introduced in July last year allows non-Chinese Hong Kong permanent residents to obtain a card???type document with five-year validity. This card enables self-service clearance at Mainland control points without going through manual channels, eliminating the need for arrival cards and significantly enhancing clearance efficiency. This measure, implemented under the “one country, two systems” framework, facilitates business, travel, and family visits, reinforcing Hong Kong’s role as a gateway to the Mainland.
     
         Hong Kong’s professional services, with deep knowledge of Mainland business culture and international expertise, provide comprehensive support for UK firms navigating China’s market. From legal and accounting services to supply chain management, Hong Kong offers a trusted platform for UK companies to establish and grow their presence in Asia.
     
    Hong Kong-UK financial co-operation
     
         The complementary strengths between the two markets of Hong Kong and UK create a strong foundation for collaboration. The integration of Hong Kong into the LME’s warehouse network opens new avenues for UK firms to engage with Asia’s commodities markets, particularly in new-energy metals critical to the global energy transition. Our leadership in green finance aligns with the UK’s expertise in sustainable investments, creating opportunities for joint ventures in ESG funds, carbon trading, and green fintech. In fintech, Hong Kong’s progressive DA regulations complement the UK’s advancements in digital finance, paving the way for collaborative innovation in areas like blockchain, AI, and stablecoins.
     
         By leveraging Hong Kong’s strengths in extending our financial value chain, embracing new finance, and enhancing global and Mainland connectivity, we invite UK businesses to partner with us in tapping Asia’s growth opportunities. Our shared commitment to innovation, sustainability, and global connectivity positions us to build a future of mutual prosperity.
     
    Conclusion
     
         Ladies and gentlemen, Hong Kong stands at the forefront of global finance, driven by our commitment to the 3Es: Extending our financial value chain across equities, fixed income, currencies, and commodities; Embracing fintech and green finance; and Enhancing opportunities for Chinese and international businesses. Our unique position under “one country, two systems,” robust regulatory framework, and vibrant markets make Hong Kong the ideal partner for the UK in navigating Asia’s dynamic markets.
     
         I express my heartfelt gratitude to the Hong Kong Association for hosting this luncheon and for your unwavering commitment to strengthening Hong Kong-UK ties. Let us seize this opportunity to deepen our financial partnership, fostering innovation, sustainability, and prosperity for our shared future. Together, we can shape a world of opportunity, leveraging Hong Kong’s strengths and the UK’s global leadership to drive transformative growth.
     
         Thank you.
    Issued at HKT 16:31

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: SFST’s speech at business reception for signing of Memorandum of Understanding between TheCityUK and Financial Services Development Council in London, United Kingdom (English only) (with photos)

    Source: Hong Kong Government special administrative region

    SFST’s speech at business reception for signing of Memorandum of Understanding between TheCityUK and Financial Services Development Council in London, United Kingdom (English only)  
    Alderman Sir Charles (690th Lord Mayor of the City of London, Co-Chair of the UK-China Green Finance Taskforce, Mr Alderman Sir Charles Bowman), Bruce (Leadership Council Chair of TheCityUK, Mr Bruce Carnegie-Brown), John (Managing Director of TheCityUK, Mr John Godfrey), King (Executive Director of the FSDC, Dr King Au), ladies and gentlemen, distinguished guests,
     
         It is an honour to stand before you in London to celebrate the signing of this Memorandum of Understanding between TheCityUK and Hong Kong’s Financial Services Development Council. I am very delighted to witness this milestone in strengthening financial co-operation between our two leading financial centres.
     
         This MOU is a commitment to deepen collaboration, foster innovation, and drive sustainable economic growth. It reflects a shared vision to harness the strengths of Hong Kong and the UK, creating opportunities that benefit our jurisdictions and the global financial ecosystem.
     
         Hong Kong is a premier international financial centre, strategically located at the heart of Asia, serving as a gateway between Mainland China and global markets. Our robust legal framework, adherence to international standards, and business-friendly environment underpin our success. The financial services sector is a cornerstone of our economy, driving growth through our world-class stock exchange, leadership in green finance, fintech, and asset management. Hong Kong’s contributions to sustainable investment and digital innovation continue to set global benchmarks.
     
         The United Kingdom, with London as its financial hub, is a global leader in financial and professional services. TheCityUK represents an industry that contributes 12 per cent to the UK’s economic output and employs nearly 2.5 million people. Its role in supporting net zero transitions, economic growth, and essential services is remarkable. The UK’s expertise in financial innovation and regulation makes it an ideal partner for Hong Kong.
     
         This MOU outlines a forward-looking framework for co-operation in key areas: transition finance, digital assets, technological advancements, and workforce development. A few highlights this partnership are worth noting.
     
         First, the focus on transition finance is critical as the world moves toward net zero. Hong Kong is a leader in green bonds issuance and sustainable finance, with initiatives like government green bonds issuance setting a global benchmark. TheCityUK and the FSDC will share best practices to advance transition finance across the Asia-Pacific and beyond, ensuring our financial systems support a low-carbon future.
     
         Second, the emphasis on digital assets aligns with the rapid evolution of our industry. Hong Kong is advancing fintech through initiatives like our Central Bank Digital Currency pilot and digital asset regulations. The UK’s leadership in distributed ledger technology and tokenisation complements these efforts. Through this MOU, both parties will exchange insights on regulatory practices, promote interoperability, and build capacity for responsible integration of digital assets.
     
         Third, workforce development is central to our success. Technological advancements are reshaping financial services, and both Hong Kong and the UK are committed to equipping our professionals with the skills needed to thrive. Collaborative efforts will ensure our workforces are prepared for an era of innovation.
     
         The MOU also facilitates practical co-operation through market visits, stakeholder introductions, and co-hosted events. These initiatives will strengthen the ties between our financial communities and drive meaningful outcomes.
     
         The economic ties between Hong Kong and the UK provide a strong foundation for this partnership. Our shared commitment to open markets, innovation, and excellence has long underpinned our collaboration. This MOU builds on that legacy, creating new avenues for partnership at a time when global challenges like climate change and technological disruption demand collective action. Together, we can unlock opportunities for growth and prosperity.
     
         I extend my heartfelt congratulations to TheCityUK and the FSDC for their vision and leadership. My gratitude goes to all who have worked to bring this MOU to fruition. Your efforts have laid the groundwork for a stronger financial relationship between our jurisdictions.
     
         Let us seize this opportunity to deepen our collaboration, leverage our strengths, and promote Hong Kong and the UK as leading global financial centres. Together, we can shape a future defined by innovation, sustainability, and opportunity.
     
    Thank you, and I wish this partnership every success.
    Issued at HKT 16:33

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    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Rep. Craig Secures More than $1.8 Million for Head Start Programs in Scott, Dakota Counties

    Source: United States House of Representatives – Congresswoman Angie Craig (MN-02)

    WASHINGTON, DC – Today, U.S. Representative Angie Craig announced that she has secured $1,836,883 in federal grant funding for Scott, Carver and Dakota County’s Community Action Partnership (CAP) Agency to support Head Start programming.

    “Minnesota’s Head Start programs set our kids up for success, and it’s imperative that they remain fully funded,” said Rep. Craig. “I’m proud to have secured this critical federal funding to support students and families in Minnesota’s Second Congressional District and ensure that generations of Minnesotans can achieve their full potential.”

    Rep. Craig has been a fierce advocate of Minnesota’s Head Start programs, continuously speaking out about any potential cuts to Head Start programming.

    This week, she sent a letter to Department of Health and Human Services (HHS) Secretary Robert F. Kennedy, Jr. demanding answers about the Administration’s decision to close five regional Head Start offices – including the regional office that serves Minnesota. 

    Last week, she held a press conference at the CAP Agency in Rosemount, MN in response to reports that the Administration planned to reduce funding for Head Start in the Fiscal Year 2026 (FY26) federal budget. And earlier last month, she sent a letter to President Donald Trump and HHS Secretary Kennedy blasting the Administration’s proposal to eliminate critical Head Start programs that promote early childhood development and ease the burden of child care on working families.   

    Last year, in Minnesota alone, over 12,000 students attended 33 Head Start and Early Head Start Centers.

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    MIL OSI USA News –

  • MIL-OSI USA: Reps. Craig, Levin Reintroduce Legislation to Require Carbon Monoxide Detectors in Hotel Rooms and Short-Term Rentals

    Source: United States House of Representatives – Congresswoman Angie Craig (MN-02)

    WASHINGTON, DC – Today, U.S. Representative Angie Craig (MN-02) and Mike Levin (CA-49) reintroduced legislation to require that carbon monoxide detectors be installed in every hotel and motel room and short-term rental across the country.

    Rep. Craig originally introduced the Safe Stay Act in 2020 after hearing the story of Minnesotan Leslie Lienemann. While travelling for a hockey tournament, Leslie and her son were hospitalized with serious illnesses due to near-fatal carbon monoxide levels being left undetected in their hotel room.

    “We have the tools to prevent carbon monoxide poisoning and save lives – and we should be using them,” said Rep. Angie Craig (MN-02). “I first introduced this legislation to require carbon monoxide detectors be installed in every hotel and motel room after hearing tragic stories like the Lienemanns’. It’s time to get this common-sense bill signed into law before another American family has to suffer from the impacts of carbon monoxide poisoning.” 

    “Every year, too many families fall victim to the silent killer of carbon monoxide,” said Rep. Mike Levin (CA-49). “That includes John Heathco, the son of my constituents, Chuck and Jill Heathco, who lost his life to a preventable carbon monoxide leak while on vacation. Their story is a powerful reminder that we have the tools to prevent these tragedies, but we must use them. We must turn this tragedy into legislation to prevent incidents like John’s from happening again.”

    The Minnesota legislature passed similar legislation to require carbon monoxide in hotels, motels and lodges, which went into effect on August 1, 2024.

    The bill is endorsed by the National Hockey League, Consumer Federation of America, the National Carbon Monoxide Awareness Association, the Jenkins Foundation, the Lienemann Family and the John Wesley Heathco Legacy Foundation.  

    “My son and I suffer life-long physical and emotional effects of carbon monoxide poisoning because there was no carbon monoxide alarm in our hotel room. Carbon monoxide is undetectable without a CO alarm. Even as our poisoning symptoms worsened, nothing warned us to escape the dangerous level of poison gas. Luckily, we went to the emergency room before our exposure became fatal. Other families lose their loved ones needlessly,” said Leslie Lienemann. “We urge Congress to take the only effective action to prevent CO injury and death by requiring hotels to install CO detectors. Thank you, Rep. Craig, for protecting families as they travel. No family should suffer death or injury from carbon monoxide for lack of a CO alarm.”    

    “No other family should have to endure the pain we have experienced by losing Johnny,” said Jill Heathco, the mother of John Heathco. “He died from something that could have been prevented, and our family’s mission going forward is to do everything we can so no other traveler loses their life to carbon monoxide poisoning. This legislation is a critical step in that mission because it will require hotels to do the bare minimum to protect their guests and staff from this deadly gas by installing CO detectors. We appreciate that Representative Craig and Representative Levin have introduced this bill, and we urge all members of Congress to support it because it’s needed, it’s commonsense, and it will save lives.”  

    You can read the full text of the Stay Safe Act here.

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    MIL OSI USA News –

  • MIL-OSI Asia-Pac: LCQ22: Chronic Disease Co-Care Pilot Scheme

    Source: Hong Kong Government special administrative region

    LCQ22: Chronic Disease Co-Care Pilot Scheme 

    GOPC PPP(as at end-May 2025)     Patients participating in the GOPC PPP are currently required to pay the HA’s GOPC fee for each consultation (i.e. $50). Each participating patient will receive up to 10 subsidised consultations per year, including treatments for both chronic and episodic illnesses. Upon private doctor’s referral, they can also receive X-ray examinations provided by the HA, or specified laboratory tests and electrocardiography at the HA’s designated private laboratories. When the HA’s new fees (including the GOPC and Family Medicine Specialist Clinic (FMSC) services, will be unify under the name of Family Medicine Outpatient (FMOP) Services, at $150 per consultation and $5 per drug item per four-week period) come into effect on January 1, 2026, the new fees will also be applicable to GOPC PPP patients. The table below lists the consultation subsidy and quarterly drug subsidy received by each patient participating in the GOPC PPP in the past two years:
     

     (Per subsidised consultation)(Per quarter)Chronic Disease Co-Care Pilot Scheme (CDCC Pilot Scheme)

         The Government launched the CDCC Pilot Scheme in November 2023, providing subsidised DM and HT screening services in the private healthcare sector to Hong Kong residents aged 45 or above with no known medical history of DM or HT, so as to achieve the chronic disease management objectives of “early prevention, early identification and early treatment”.   

     
     Co-payment Fee(One-off subsidy) $120 or less
    (One-off)(Per subsidised consultation)Government recommendation: $150
    (Per subsidised consultation)(Per quarter) 

    Co-payment level???(Note 4)Note 5: Percentages may not add up to 100 per cent due to rounding.
    Note 6: Three FDs set co-payment fee at $0.
    Note 7: 370 FDs set co-payment fee at $150.
    Note 8: The highest co-payment fee is $800.

         The Government will strengthen the dual-track, complementary and collaborative model of public and private primary healthcare by providing chronic disease screening and management through private sector FDs and the district health network to the public on a co-payment basis. At the same time, the Government will reposition the HA’s GOPCs to provide comprehensive primary healthcare services specifically for the underprivileged group. To underscore the direction of primary healthcare development, the HA will unify its GOPC and FMSC services under the new name of FMOP Services within this year. The Government will also adopt a primary healthcare service model to gradually integrate suitable patients under the GOPC PPP into the CDCC Pilot Scheme for continued care.Issued at HKT 16:15

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    MIL OSI Asia Pacific News –

  • MIL-OSI Security: 20,000 malicious IPs and domains taken down in INTERPOL infostealer crackdown

    Source: Interpol (news and events)

    11 June 2025

    SINGAPORE – More than 20,000 malicious IP addresses or domains linked to information stealers have been taken down in an INTERPOL-coordinated operation against cybercriminal infrastructure.

    During Operation Secure (January – April 2025) law enforcement agencies from 26 countries worked to locate servers, map physical networks and execute targeted takedowns.

    Ahead of the operation, INTERPOL cooperated with private-sector partners Group-IB, Kaspersky and Trend Micro to produce Cyber Activity Reports, sharing critical intelligence with cyber teams across Asia. These coordinated efforts resulted in the takedown of 79 per cent of identified suspicious IP addresses.

    Participating countries reported the seizure of 41 servers and over 100 GB of data, as well as the arrest of 32 suspects linked to illegal cyber activities.

    What are infostealers?

    Infostealer malware is a primary tool for gaining unauthorized access to organizational networks. This type of malicious software extracts sensitive data from infected devices, often referred to as bots. The stolen information typically includes browser credentials, passwords, cookies, credit card details and cryptocurrency wallet data.

    Additionally, logs harvested by infostealers are increasingly traded on the cybercriminal underground and are frequently used as a gateway for further attacks. These logs often enable initial access for ransomware deployments, data breaches, and cyber-enabled fraud schemes such as Business Email Compromise (BEC).

    Following the operation, authorities notified over 216,000 victims and potential victims so they could take immediate action – such as changing passwords, freezing accounts, or removing unauthorized access.

    Operational highlights

    Vietnamese police arrested 18 suspects, seizing devices from their homes and workplaces. The group’s leader was found with over VND 300 million (USD 11,500) in cash, SIM cards and business registration documents, pointing to a scheme to open and sell corporate accounts.

    As part of their respective enforcement efforts under Operation Secure, house raids were carried out by authorities in Sri Lanka and Nauru. These actions led to the arrest of 14 individuals – 12 in Sri Lanka and two in Nauru – as well as the identification of 40 victims.

    The Hong Kong Police analysed over 1,700 pieces of intelligence provided by INTERPOL and identified 117 command-and-control servers hosted across 89 internet service providers. These servers were used by cybercriminals as central hubs to launch and manage malicious campaigns, including phishing, online fraud and social media scams.

    Neal Jetton, INTERPOL’s Director of Cybercrime, said:

    “INTERPOL continues to support practical, collaborative action against global cyber threats. Operation Secure has once again shown the power of intelligence sharing in disrupting malicious infrastructure and preventing large-scale harm to both individuals and businesses.”

    Notes to editors

    Operation Secure is a regional initiative organized under the Asia and South Pacific Joint Operations Against Cybercrime (ASPJOC) Project.

    Participating countries: Brunei, Cambodia, Fiji, Hong Kong (China), India, Indonesia, Japan, Kazakhstan, Kiribati, Korea (Rep of), Laos, Macau (China), Malaysia, Maldives, Nauru, Nepal, Papua New Guinea, Philippines, Samoa, Singapore, Solomon Islands, Sri Lanka, Thailand, Timor-Leste, Tonga, Vanuatu, Vietnam.
     

    MIL Security OSI –

  • MIL-OSI: Mattermost Names James Mullins as Vice President of Sales for EMEA and APAC

    Source: GlobeNewswire (MIL-OSI)

    PALO ALTO, Calif., June 11, 2025 (GLOBE NEWSWIRE) — Mattermost, Inc., the trusted leader in secure, real-time collaboration and workflow solutions for defense, intelligence, security, and critical infrastructure, today announced the appointment of James Mullins as Vice President of Sales for Europe, Middle East, Africa (EMEA) and Asia Pacific (APAC) regions. Mullins brings more than three decades of experience in technology sales leadership, with a proven track record of driving global sales growth and developing strategic market initiatives.

    “James’ extensive experience in scaling sales organizations and his deep understanding of international markets make him the ideal leader to expand our presence across EMEA and APAC,” said Dave Reardon, CRO at Mattermost. “His expertise in enterprise sales and proven ability to drive growth will be invaluable as we continue to accelerate our global expansion and help more organizations enhance their secure collaboration capabilities.”

    Prior to joining Mattermost, Mullins led the business development function at Ripjar and KYC360, where he successfully implemented sales strategies that drove company growth.

    Throughout his career, he has held senior sales leadership positions where he has built and led high-performing global sales teams from startup to scale-up phases.

    “I’m thrilled to join Mattermost at such an exciting time in the company’s journey,” said Mullins. “The demand for secure, flexible collaboration solutions continues to grow exponentially, particularly among technical teams and organizations with complex security and compliance requirements. I look forward to working with the Mattermost team to expand our global footprint and deliver exceptional value to customers across EMEA and APAC.”

    Mullins has successfully sold into multiple vertical markets including Financial Services, Insurance, Telecommunications, Government, and Oil & Gas. His expertise in driving both sales and market development strategies has consistently delivered strong business results throughout his 30-year career in technology sales.

    In his new role, Mullins will focus on accelerating Mattermost’s growth strategy across EMEA and APAC regions, expanding the company’s enterprise customer base, and strengthening strategic partnerships to enhance market presence.

    About Mattermost

    Mattermost is the Intelligent Mission Environment that delivers secure chat operations and collaborative workflows for mission-critical work in defense, government, and critical infrastructure. Trusted by the U.S. Department of Defense and Fortune 500s, our open core platform powers focused, adaptable, secure, resilient operations across the most demanding environments. The platform supports Mission Operations, DevSecOps, and Cyber Defense with secure messaging, file sharing, audio calling, screen sharing, workflow automation, and AI assistance—available in self-hosted and on-demand deployments from strategic partners. Built on an open source platform shaped by 4,000+ contributors, Mattermost is co-developed with the world’s top security experts to meet the most demanding operational needs. Learn more at mattermost.com.

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    The MIL Network –

  • MIL-OSI Africa: Beni: Mission de l’Organisation des Nations unies en République démocratique du Congo (MONUSCO) Celebrates World Environment Day by Planting Trees in a School


    Download logo

    In Beni, North Kivu Province, MONUSCO celebrated World Environment Day on Thursday, June 5, by organizing an awareness campaign and planting trees at a local school. “It’s a very important day” said Adam Obatoki Salami, acting head of the UN mission’s sub-office.

    Celebrated every year on June 5 since 1973, World Environment Day is the largest global platform for environmental public awareness, observed by millions of people around the world.

    According to Adam Obatoki Salami, this year’s celebration was an opportunity to raise awareness about the harmful impact and dangers of plastic materials that pollute the environment. The theme chosen for this year is: “Beat Plastic Pollution.”.

    “It’s a call for everyone to take responsibility so that we can collectively protect our environment and fight against the dangers of plastic pollution. Our message to the people of Beni is, first, that MONUSCO is committed to combating plastic pollution, working toward a better environment, and raising awareness so people consider environmental issues in their daily lives. We’ve planned several awareness activities throughout the city for this day.” noted Adam Obatoki.

    Among these activities were tree planting events at MONUSCO’s Mavivi base and at Matembo Primary School, along with public awareness meetings on environmental protection.

    Moïse Adirodu, Head of Administration and Finance at the environmental coordination office in Beni, believes MONUSCO is fulfilling its role in full cooperation with local authorities:

    “MONUSCO plays an active role in environmental management. It implements waste management strategies and makes efforts to reduce its carbon footprint in its decision-making processes, in line with the objectives of the Rio de Janeiro Earth Summit. Through its actions in the city of Beni, MONUSCO has become a key partner for our environmental coordination. I’d like to recall that when the mayor of Beni launched the community cleanup initiatives—commonly known as Salongo—MONUSCO was leading from the front. We truly appreciate this kind of partnership” he said.

    According to the United Nations, more than 400 million tons of plastic are produced every year, half of which is designed for single use. Less than 10% of this plastic is recycled. An estimated 11 million tons of plastic end up in lakes, rivers, and oceans annually—and Beni’s rivers are no exception.

    Distributed by APO Group on behalf of Mission de l’Organisation des Nations unies en République démocratique du Congo (MONUSCO).

    MIL OSI Africa –

  • Indian Navy, Coast Guard praised for swift rescue after fire on MV Wan Hai 503

    Source: Government of India

    Source: Government of India (4)

    The Taiwan Government has extended its heartfelt gratitude to the Indian Navy and the Indian Coast Guard for their prompt and professional response in rescuing crew members from the Singapore-flagged merchant vessel MV Wan Hai 503, which caught fire off the Kerala coast.

    In a statement posted on X, the Taiwan representative office in India said, “The Taiwan Government is grateful for the swift rescue operation provided by the Indian Navy and Coast Guard to Wan Hai 503. We wish the missing crew members return safe and the injured recover soon.”

    The Indian Coast Guard continues to lead firefighting efforts on the container ship, which suffered an onboard explosion and blaze while en route from Colombo to Nhava Sheva. As of 5:00 PM on Tuesday, visible flames had reduced, though thick smoke continued to emanate from the vessel, according to the Coast Guard.

    Out of the 22 crew members aboard, 18 have been rescued, while four remain missing. The rescued crew includes several individuals who sustained injuries in the incident.

    The incident occurred approximately 44 nautical miles off the coast of Azhikkal in Kerala. Following the explosion, the crew abandoned the ship due to escalating fire. The merchant vessel was carrying containerised cargo and had an international crew comprising eight Chinese, six Taiwanese, five Myanmarese, and three Indonesian nationals.

    The Chinese Embassy in India also expressed appreciation for the timely assistance provided by Indian authorities. Embassy spokesperson Yu Jing wrote on X, “Our gratitude goes to the Indian Navy and the Mumbai Coast Guard for their prompt and professional rescue. We wish further search operations successful and the injured crew members a speedy recovery.”

    The Indian Coast Guard and Indian Navy continue coordinated efforts to control the fire and locate the missing crew members. Search and rescue operations are ongoing.

    -ANI

  • India sees radical change in transport infrastructure over the last 10 years

    Source: Government of India

    Source: Government of India (4)

    India has witnessed an unprecedented scale of infrastructure development over the past decade, driven by the success of a holistic and integrated approach under major national initiatives like PRAGATI, PM GatiShakti, the National Logistics Policy, Bharatmala, Sagarmala, and UDAN, according to an official report released on Wednesday.

    The report encapsulates the rapid transformation that has taken place in the country’s transport infrastructure across the highways, railways, maritime and civil aviation sectors of the economy on the back of massive investments made by the Central government in the last 10 years.

    The report highlights that PM GatiShakti unified planning across 44 ministries and 36 states/UTs on a GIS-based platform. Launched in 2021, the PM GatiShakti national master plan is a comprehensive initiative to improve multimodal infrastructure connectivity across India’s economic zones. Rs 100 lakh crore is being efficiently utilised through this integrated platform. Anchored on seven key sectors — railways, roads, ports, waterways, airports, mass transport, and logistics infrastructure — it promotes synchronised development across ministries and state governments.

    The length of India’s national highways network increased by 60 per cent from 91,287 km to 1,46,204 km during the last decade, with the pace of highway construction accelerating to 34 km/day from 11.6 km/day in 2014. There is an increase of 6.4 times in the Centre’s investment in road infrastructure between 2013-14 and 2024-25. The road transport and highway budget has shot up by 570 per cent from 2014 to 2023-24.

    The budget for Indian Railways has increased by more than nine times since 2014. The higher investment is reflected in the introduction of new Vande Bharat semi-high-speed trains covering 24 states/UTs along with 333 districts. A total of 68 Vande Bharat Trains are currently operational in the country, while another 400 world-class Vande Bharat trains are planned to be manufactured.

    More than 31,000 km of new tracks have been laid since 2014, and over 45,000 km of tracks have been renewed since 2014. The pace of electrification of the track network has jumped from 5,188 route km between 2004-14 to more than 45,000 route km being electrified in 2014-25. Electrification has enabled annual savings of Rs 2,960 crore for railways (up to February 2025), ensuring greater financial efficiency, the report states.

    It further highlights that the country’s port capacity has doubled to 2,762 MMTPA in the last 10 years, with the overall turnaround time for ships improving from 93 to 49 hours. As many as 277 projects have been completed under Sagarmala in the big push to port infrastructure.

    The report also lists major projects that have been completed in the ports sector, including the Vizhinjam International Deepwater Multipurpose Seaport. Inaugurated on May 2, 2025, by Prime Minister Narendra Modi, this Rs 8,800 crore project is India’s first dedicated container transshipment port. Strategically located near international shipping routes, it can host the world’s largest cargo ships. The port significantly reduces India’s reliance on foreign ports and enhances economic activity in Kerala.

    The New Dry Dock (NDD) at Cochin Shipyard Limited has been constructed at a cost of Rs 1,800 crore, with a length of 310 meters and a depth of 13 meters. It is capable of handling aircraft carriers of up to 70,000 tons. Besides, an international Ship Repair Facility has been set up in Cochin.

    India’s Inland waterways cargo has risen by 710 per cent (from 18 MMT to 146 MMT) in the last 10 years. Approval has also been given for Rs 5,370 crore investment to augment the capacity of National Waterway-1 (Haldia to Varanasi), this major inland navigation initiative enhances cargo movement on the Ganga River, the report points out.

    The report also highlights that new routes and new airports have been added to the civil aviation landscape of the country. The number of airports operational in India has gone from 74 in 2014 to 160 in 2025. The Cabinet Committee on Economic Affairs (CCEA) has approved the revival and development of unserved and underserved airports at a total cost of Rs 4,500 crore. In addition, the Expenditure Finance Committee also approved an amount of Rs 1,000 crore for the development of 50 more airports, heliports and water aerodromes under the UDAN scheme. This flagship scheme, launched in June 2016 to create affordable, yet economically viable and profitable air travel on regional routes, has been a big success with over 1.51 crore passengers having flown on these regional flights, the report added.

    (IANS)

  • MIL-OSI Russia: Los Angeles Mayor Announces Curfew in Downtown

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian –

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

    LOS ANGELES, June 11 (Xinhua) — Los Angeles Mayor Karen Bass announced on Tuesday evening that the second-largest U.S. city will impose a curfew in the city center from 8 p.m. local time (03:00 GMT Wednesday) to 6 a.m. Wednesday (13:00 GMT).

    The curfew, as K. Bass noted, will cover an area of about 1 square mile.

    Local authorities imposed a limited curfew in response to looting and vandalism that occurred in the city centre on Monday evening following largely peaceful daytime protests, she said.

    The curfew does not apply to area residents, homeless people, members of the media, and public safety or emergency personnel, according to a statement from the Los Angeles Police Department.

    Bass announced the curfew as protests against U.S. Immigration and Customs Enforcement (ICE) raids entered their fifth day. Local media reported that demonstrators had taken to the 101 Freeway, blocking traffic in both directions, shortly before the curfew was ordered. –0–

    MIL OSI Russia News –

  • MIL-OSI United Kingdom: Perry Hall rated Good with Outstanding features

    Source: City of Wolverhampton

    Inspectors visited the school in April and, in their report published recently, describe Perry Hall as a ‘happy and welcoming school’ where ‘pupils feel safe and flourish in its supportive atmosphere.’

    Staff ‘take the time to get to know pupils and their families well’, meaning that, from Early Years onwards, ‘pupils thrive in this nurturing environment’.

    Staff have ‘high expectations of pupils’ behaviour and academic success’. Pupils ‘achieve well across a range of subjects’ and are ‘respectful to staff, visitors and each other’.

    The school has developed a ‘broad, balanced and ambitious curriculum’ which pupils learn well while an effective reading programme with ‘high quality phonics teaching’ means ‘pupils quickly develop the skills that they need to become fluent, confident and independent readers’.

    Children follow clear routines, ‘listen carefully to one another and treat each other with kindness’, which gives them ‘an exceptionally strong foundation to behave positively and collaborate together’. As a result, children are ‘very well prepared’ for the next stage of their education.

    Staff identify the needs of pupils with special educational needs or disabilities (SEND) effectively, and pupils are able to successfully progress through the curriculum and to ‘achieve well because staff make useful adaptations to the curriculum where necessary’.

    The provision for pupils’ personal development is ‘effective and underpinned by the school’s values’, while a wide range of before and after school clubs ‘cater for many interests’. Pupils also benefit from a range of educational visits to enhance their learning and older pupils are ‘keen to take on roles of responsibility that allow them to make a positive contribution to their school’.

    Leaders ‘understand the strengths and weaknesses of the school’ and are ambitious in developing their school and supporting pupils in achieving well. The school prioritises staff well being and fosters a supportive environment, which staff members appreciate. Meanwhile, governors provide ‘appropriate challenge and support for school leaders’.

    Inspectors concluded that the quality of education, behaviour and attitudes, personal development and leadership and management at Perry Hall Primary is Good, and that its Early Years provision is Outstanding.

    Andrew Brocklehurst, Chair of Trustees at Perry Hall Multi-Academy Trust, said: “I am absolutely delighted to celebrate the fantastic achievement of Perry Hall Primary School. The dedication, talent, and teamwork shown by our incredible staff and wonderful children make us all extremely proud.

    “I know everyone will join me in sending heartfelt congratulations to the entire school community – staff, children, and parents alike. Thank you to each and every one of you for your part in this success. Together, we are creating something truly special and making a lasting, positive difference in our community.”

    Headteacher Lee Fellows added: “This wonderful outcome is a true reflection of the passion, perseverance, and teamwork of everyone involved. Every part of our school community – children, staff, parents, governors, and the Trust – has played a vital role in reaching this milestone.

    “The commitment to Perry Hall shines through in every aspect of this achievement, and I want to extend a sincere thank you to all who have contributed. It’s a proud moment for us all and a clear sign of what we can accomplish together.”

    Councillor Jacqui Coogan, the City of Wolverhampton Council’s Cabinet Member for Children, Young People and Education, added: “I would like to congratulate Lee Fellows and all the team at Perry Hall on this excellent inspection report, which demonstrates high quality provision across the school and particularly within Early Years, which inspectors found to be Outstanding.”

    Data shows that 97% of schools in Wolverhampton are currently rated either Good or Outstanding by Ofsted, the highest ever.

    MIL OSI United Kingdom –

  • MIL-OSI USA: Beatty and Brown Demand Urgent Federal Response to Housing Crisis

    Source: United States House of Representatives – Congresswoman Joyce Beatty (3rd District of Ohio)

    WASHINGTON, D.C. – Today, Congresswoman Joyce Beatty (OH-03) co-led a House Resolution with Congresswoman Shontel Brown (OH-11) calling for urgent, coordinated federal action to address the nation’s worsening housing crisis by preserving and expanding access to affordable housing. 

     

    The Resolution outlines the urgent need to address the housing crisis nationally and calls for a comprehensive approach to addressing it, including: expanding and preserving affordable housing units; strengthening Federal rental assistance programs; promoting equitable zoning and infrastructure alignment; and partnering across the public, private, and nonprofit sectors to protect tenants and spur innovation. 

     

    “Housing is a human right, full stop,” said Congresswoman Joyce Beatty. “The nation’s ongoing affordable housing shortage hits low-income and minority communities the hardest, making it virtually impossible for millions of families to stay healthy, pursue higher education, maintain steady employment, or achieve financial stability. This resolution recognizes the urgency of addressing the housing crisis in America and affirms a commitment to advancing federal legislation to support rental assistance and housing development so that every American family has a safe, affordable place to call home.”

    “In Northeast Ohio and across America, our housing crisis is pricing families out of stability. It’s harder than ever to find a place to live, pay the bills, keep our families safe and secure, and build wealth. Housing isn’t just having a roof over your head— it is the foundation for safety, security, and opportunity. This crisis is hitting families in every corner of the country, and it’s widening the wealth and racial gaps we’ve been trying to close for generations. I am proud to introduce this resolution with Congresswoman Beatty because it is time that we put the House of Representatives on record on this important issue. The housing crisis is impacting every congressional district, and we need a coordinated federal response,” said Congresswoman Shontel Brown.   

     

    The United States faces an estimated shortage of over 7 million affordable homes for extremely low-income renters and over 12 million spend more than 50 percent of their income on rent, often sacrificing food, health care, or transportation as a result. 

     

    Since 2020, rents have increased by more than 35%, while median incomes have not kept pace, fueling record-high homelessness and housing instability. Black households are substantially less likely to own a home than white households – 44% homeownership rate for Blacks versus 72% for whites – and the Black homeownership rate remains lower than in the year 2000.

     

    Text of the resolution is available HERE.

     

    This resolution is endorsed by: the National Affordable Housing Management Association, the Fair Housing Center for Rights and Research, Northwest Neighborhoods, Providence House, University Settlement, and Loretta’s Helping Hands.

     

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