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  • MIL-Evening Report: Short-term politics keeps stalling long-term fixes. This bill offers a way forward

    Source: The Conversation (Au and NZ) – By Susan Harris Rimmer, Professor, Griffith Law School, Griffith University

    Two federal politicians from opposing camps reached across the aisle this week to promote a valuable cause – the wellbeing of future Australian generations.

    Independent MP Sophie Scamps tabled the Wellbeing of Future Generations Bill 2025, which was seconded by Liberal backbencher Bridget Archer.

    In an election year no less, this was a highly unusual moment of bipartisan collaboration.

    It is extremely rare for private members bills to be passed into law. But the ideas in the Scamps bill have merit – especially its central recommendation that all decision makers properly consider the needs of young people when drafting government policy.

    The bill was a direct response to a diverse civil society campaign in Australia and overseas to prioritise long term solutions to deliver a fairer, more sustainable future.

    We support those efforts through our involvement in the youth-driven non-profit Foundations for Tomorrow, which worked closely with Scamps on her bill.

    What is in the bill?

    The bill would introduce a range of measures to try and apply a future focus to decision making across the policy spectrum. This includes housing, environment, climate change, mental health and job security, all of which are pressing issues for young people.

    An independent Commissioner for Future Generations would be appointed to advocate for better policies and sustainable practices, while the government would have a public duty to always consider the best interests of future generations.

    Importantly, a national conversation would be launched to engage Australians in a public consultation to help shape the nation’s vision for the future.

    What is future governance?

    Globally, we are in a state of polycrisis.

    We are confronting cascading climate disasters, intense regional conflicts and geo-strategic competition. In response to this, a growing international movement representing the interests of future generations has emerged.

    The concept incorporates an approach to decision making that overcomes the trappings of short-term, inadequate solutions. Instead, the emphasis is on planning for the future, not just the here and now.

    Here in Australia, it aspires to future-proof the country by managing extreme, long-term risks that are damaging current and future prosperity.

    Growing inequality is showing up in many policy areas, none more so than in the housing wealth gap between people in their 30s and 50s, which has widened to an extraordinary 234%.

    By improving governance, it is hoped that intergenerational justice will be achieved. This ethical lens is compatible with the Australian Public Service value of good stewardship.

    A global movement

    Many countries, including Scotland, Finland, the United Arab Emirates and Singapore, are exploring ways to reorient their policy making towards a better understanding of long-term impacts of decisions taken now. It has also been taken up by the United Nations and the European Union.

    The Australian bill is based on the experience in Wales, where similar legislation was introduced in 2015.

    The Welsh model has delivered significant practical benefits by including community involvement in planning, and protecting essential services from election cycles. For instance, environmental protection has been given higher status in decision making about transport.

    The Australian landscape

    Australia has undertaken other efforts to think long term. The Intergenerational Report was launched by former treasurer Peter Costello in 2002 to build consensus around the big issues facing Australia over the next 40 years.

    The most recent report, in 2023, identified five major areas needing future generations policy. These were population and ageing, technological and digital transformation, climate change and the net zero transformation, rising demand for care and support services, and geopolitical risk and fragmentation.

    The ideas in the Wellbeing of Future Generations bill could help guide policy in these critical areas. It would be an improvement on our current approach of recognising issues, but constantly kicking the can down the road.

    There have been other excellent future generations measures at all levels of government. One of these is the Albanese government’s commitment to the Measuring What Matters framework.

    And there is merit in independent Senator David Pocock’s Duty of Care Bill and the establishment of the Parliamentary Group for Future Generations at the Commonwealth level.

    An increasing number of leaders and policy makers are recognising the power and potential of expanding our definitions of policy success.

    Young voters and the 2025 election

    However, much more needs to be done to overcome intergenerational inequities. Policy-making continues to be driven by short-term political objectives, which is eroding trust and optimism in Australia’s future.

    In a 2021 survey for Foundations for Tomorrow, 71% of young Australians said said that they “do not feel secure”. Young people are also drifting away from supporting the major parties, especially the Coalition.

    Tabling her bill, Scamps correctly pointed out that today’s young Australians are the first generation in modern history to be worse off than their parents.

    Australians want politicians to start thinking beyond their own re-election prospects. They want long term solutions, they want vision, they want hope. We owe them that much.

    A recent survey by EveryGen (a network convened by Griffith University’s Policy Innovation Hub) found that 81% of Australians feel that politicians focus too much on short-term priorities. An overwhelming 97% of people believe that current policies must consider the interests of future generations.

    Genuine futures thinking is not always easy. But it does add an important ethical dimension to decision making, that of real attention to political legacy.

    Susan Harris Rimmer receives funding from the Australian Research Council. She is affiliated with Foundations for Tomorrow as a board member who are running the For the Future campaign, and is founder of the EveryGen network. EveryGen is a member of the Intergenerational Fairness Coalition.

    Elise Stephenson receives funding from the Australian Research Council. She is a founding member of the EveryGen network and supporter of Foundations for Tomorrow. EveryGen is a member of the Intergenerational Fairness Coalition.

    – ref. Short-term politics keeps stalling long-term fixes. This bill offers a way forward – https://theconversation.com/short-term-politics-keeps-stalling-long-term-fixes-this-bill-offers-a-way-forward-249598

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: OPEC maintains oil demand forecasts for 2025, 2026

    Source: China State Council Information Office 3

    Photo taken on Nov. 30, 2023 shows the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria. [Photo/Xinhua]

    The Organization of the Petroleum Exporting Countries (OPEC) announced on Wednesday that it is maintaining its previous forecasts for global oil demand growth in 2025 and 2026.

    In its February monthly oil market report, OPEC projects a “healthy” increase in global oil demand, estimating growth of 1.45 million barrels per day (bpd) in 2025, followed by a rise of 1.43 million bpd in 2026, figures unchanged from last month’s assessment.

    “Growth this year is expected to be driven by transportation fuels on the back of strong air travel demand and healthy road mobility. Support is also expected to come from the industrial, construction and agricultural sectors in non-OECD (the Organization for Economic Co-operation and Development) countries,” OPEC said.

    The organization also left its global economic growth projections for 2025 and 2026 unchanged, forecasting a 3.1 percent expansion this year and 3.2 percent in the following year.

    MIL OSI China News –

  • MIL-OSI China: Widespread egg rationing sweeps US stores

    Source: China State Council Information Office 3

    This photo taken with a mobile phone on Feb. 7, 2025 shows a price tag on a shelf for eggs at a local supermarket in El Monte, Los Angeles County, California, the United States. [Photo/Xinhua]

    More U.S. grocery chains are implementing egg purchase limits as bird flu outbreaks continue to disrupt supplies, with California shoppers particularly feeling the squeeze through restricted purchases and early morning queues.

    At a Costco store in San Jose, California, the warehouse has been limiting purchases to three cartons per customer since Saturday, according to a store employee named Pauline. By late morning on Tuesday, only 15 cartons remained — all higher-priced organic brown and green eggs, with no white eggs available. The store has posted the sales limit sign at the entrance, effective Tuesday.

    “You need to come early to make sure you can buy eggs,” Marcie Lopez, a customer at the store, told Xinhua, noting that eggs are getting more expensive and harder to buy this year.

    “No eggs, no eggs, no eggs,” a clerk at another Costco store in Azusa, California, told the people waiting in line just after the location opened on Monday morning.

    “It’s unbelievable, we came so early in the morning, but we still couldn’t buy eggs,” a customer, who gave her name as Luna, told Xinhua.

    The rising prices and empty shelves are fueling consumer anxiety. Social media platforms like TikTok are flooded with videos of shoppers rushing to grab eggs, sometimes emptying freshly stocked shelves in minutes. One viral video from a Costco store showed eggs being snapped up in less than 10 minutes, with customers grabbing eggs by the hundreds.

    Nationwide, retailers are scrambling to manage dwindling supplies. Trader Joe’s has implemented a one-dozen limit per customer per day across all of its over 600 U.S. locations.

    “Due to ongoing issues with the supply of eggs, we kindly ask you to limit your purchase to 1 dozen of any kind,” wrote a Trader Joe’s store in Monrovia in a sign for customers shopping for eggs, noting that “we hope to have ample supply soon. Until then, we appreciate your understanding.”

    Whole Foods has capped purchases at three cartons per shopper, while Kroger stores are limiting customers to two dozen eggs per trip.

    Other major chains have followed suit. Sprouts has implemented a four-dozen limit per visit, Giant Eagle is asking customers to limit purchases to three cartons per transaction, and Market Basket stores in Massachusetts are restricting egg purchases to two cartons per family.

    In California, a Safeway supermarket in Santa Clara has been limiting customers to two dozen per visit for the past month. An employee, who called himself John, explained to Xinhua that the store doesn’t receive daily egg deliveries, instead stocking twice daily — at 7 a.m. and noon — to spread out availability. Even with these measures, eggs typically sell out by late afternoon.

    The restrictions come as highly pathogenic avian influenza (HPAI) continues to impact egg-laying flocks nationwide. According to the U.S. Department of Agriculture (USDA) Eggs Markets Overview report published on Friday, more than 150 million poultry birds have been killed in attempts to combat the H5N1 virus, causing egg prices to soar and supplies to dwindle.

    The national trading price for graded, loose, white large shell eggs has risen to 7.34 U.S. dollars per dozen, while the California wholesale price for cage-free large shell eggs has reached 9.11 dollars per dozen. The report expects the supply situation to remain tight, with little chance for near-term improvement.

    As a result, many grocers are limiting promotional activities and implementing purchase restrictions to stretch existing supplies.

    “Due to recent market conditions, egg prices have increased. We apologize for any inconvenience,” wrote an Aldi store in Monrovia in a sign inside the shop, adding that “due to supply challenges, eggs are limit 2 per customer.”

    Some retailers are maintaining high prices to dampen demand, and egg product manufacturers have increased their demand, leading to sharp price advances in the spot market.

    USDA predicts egg prices will increase about 20 percent in 2025, far outpacing the projected 2.2 percent increase in overall food prices. The prices in December 2024 were already 36.8 percent higher than the previous year, according to USDA data.

    Saloni Vastani, an associate professor of marketing at Emory University, told USA Today that the shortage is being exacerbated by consumer behavior.

    “Egg prices are going up because of the avian flu, but that’s driving people to buy more eggs than they usually do because they’re anticipating higher prices and reduced grocery store supply,” Vastani explained.

    The impact has extended to restaurants as well. Waffle House, which serves approximately 272 million eggs annually, recently implemented a 50-cent per egg surcharge across its roughly 2,100 U.S. locations.

    MIL OSI China News –

  • MIL-OSI New Zealand: Death following water-related incident, Whangapoua Beach

    Source: New Zealand Police (National News)

    One person has died after a water related incident at Whangapoua Beach this afternoon.

    Emergency services were called to the beach about 1pm after the person was recovered from the water. First aid was provided, however, sadly they were not able to be revived.

    The death will be referred to the Coroner.

    ENDS 

    Issued by Police Media Centre 

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Teenager arrested over incidents at Mitcham

    Source: South Australia Police

    A teenager has been arrested following investigations into incidents at Mitcham this morning.

    An incident occurred about 1.15am on Thursday 13 February when a man walking along Wattlebury Road, near Barrans Reserve, Lower Mitcham was allegedly threatened by a teenager on a bike.

    A short time later, about 2.30am, a man was sitting in his car parked at the Mitcham Shopping Centre when he was allegedly approached by a male who threatened him.

    In both instances, the suspect was believed to be armed, possibly with an axe.

    A 16-year-old boy from Kingswood has been arrested and charged with aggravated assault.  He was bailed to appear in the Adelaide Youth Court on 2 April.

    Investigations are continuing.

    Anyone with any information that may assist the investigation can contact Crime Stoppers at www.crimestopperssa.com.au or on 1800 333 000.

    MIL OSI News –

  • MIL-OSI Economics: Export-Import Bank of India’s GOI-supported Line of Credit of USD 180 mn to the Government of the Socialist Republic of Vietnam for procurement of 4 Offshore Patrol Vessels (OPV) in the Borrower’s Country

    Source: Reserve Bank of India

    RBI//2024-2025/113
    A.P. (DIR Series) Circular No. 20

    February 13, 2025

    All Category – I Authorised Dealer Banks

    Madam/Sir

    Export-Import Bank of India’s GOI-supported Line of Credit of USD 180 mn to the
    Government of the Socialist Republic of Vietnam for procurement of 4 Offshore Patrol
    Vessels (OPV) in the Borrower’s Country

    Export-Import Bank of India (Exim Bank) has entered into an agreement dated July 31, 2024, with the Government of the Socialist Republic of Vietnam (GO-VNM), for making available to the latter, Government of India supported Line of Credit (LoC) of USD 180 mn (USD One Hundred Eighty Million Only) for procurement of 4 Offshore Patrol Vessels (OPV) in the Borrower’s Country. The export of eligible goods and services from India, as defined under the agreement, would be allowed subject to their eligibility under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this agreement.

    2. The Agreement under the LoC is effective from January 20, 2025. Under the LoC, the last date for disbursement will be 60 months after scheduled completion date of the project.

    3. Shipments under the LoC shall be declared in Export Declaration Form/Shipping Bill as per instructions issued by the Reserve Bank from time to time.

    4. No agency commission is payable for export under the above LoC. However, if required, the exporter may use his own resources or utilize balances in his Exchange Earners’ Foreign Currency Account for payment of commission in free foreign exchange. Authorised Dealer (AD) Category- I banks may allow such remittance after realization of full eligible value of export subject to compliance with the extant instructions for payment of agency commission.

    5. AD Category – I banks may bring the contents of this circular to the notice of their exporter constituents and advise them to obtain complete details of the LoC from the Exim Bank’s office at Centre One, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005 or from their website www.eximbankindia.in.

    6. The directions contained in this circular have been issued under section 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions/ approvals, if any, required under any other law.

    Yours faithfully

    (N Senthil Kumar)
    Chief General Manager

    MIL OSI Economics –

  • MIL-OSI USA: Senator Marshall Joins Senator Moran, Hoeven on Moving Food for Peace to USDA

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall
    Washington, D.C. – Yesterday, U.S. Senator Roger Marshall, M.D. joined Senators Moran, Hoeven, and Representatives Mann, Crawford, Newhouse, and Rouzer, as well as House Agriculture Chairman Thompson in introducing legislation to move the Food for Peace program from the U.S. Agency for International Development (USAID) to the U.S. Department of Agriculture (USDA).
    “Food for Peace was started in Kansas by farmers who wanted to feed people in need across the world. Now, over 70 years later, the mission continues. The USDA understands farmers and food distribution better than any other agency in town, and moving the jurisdiction of Food for Peace under the USDA ensures that American grain is going to the people who need it most,” said Senator Marshall. “As President Trump and congressional leadership continue to find ways to curb wasteful spending and promote our nations’ goods and commodities, this is a step in the right direction toward a brighter future for America, its farmers, and the original mission of Food for Peace.”
    “The move of this program to USDA strengthens our ability to get food to those who need it most while supporting US sorghum farmers,” said Amy France, National Sorghum Producers Chairwoman. “NSP supports this shift, as it ensures the long-term success of Food for Peace and the efforts to deliver American-grown sorghum to food-insecure communities worldwide.”
    “Kansas farmers take great pride in Food for Peace and the impact the program and American commodities have had on feeding the world,” said Chris Tanner, Kansas Association of Wheat Growers President. “Moving Food for Peace to USDA would continue to provide the needed relief for people in need.”
    “Kansas-grown sorghum is a critical crop for food security in America and abroad,” said Adam York, CEO of Kansas Sorghum Producers Association. “Throughout changes in administrations, sorghum farmers have worked to have a seat at the table in international food programs housed across many agencies to ensure America’s farmers can contribute to our national security. We recommend policy makers continue prioritizing American agriculture as a solution to challenges in domestic and foreign policy.”
    “Our nation’s millers take great pride in feeding those facing famine emergencies around the world,” said Kim Z Cooper, Vice President of Government Affairs for the North American Millers’ Association. “Our flagship emergency food aid program Food for Peace not only helps those abroad, but is a critical component of Buy American and America First policies.”
    Senator Marshall has championed reforms to the Food for Peace program in the past, co-leading the America’s Farmers Feed the World Act, which sought to restore the Food for Peace program to its original intent by using U.S.-grown commodities to fight global hunger rather than spending American taxpayers’ dollars on foreign goods with limited oversight and accountability safeguards.

    MIL OSI USA News –

  • MIL-OSI USA: Senator Marshall Releases Statement After Kansas Governor Laura Kelly Vetoes Bill Protecting Minors

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall
    Washington, D.C. – U.S. Senator Roger Marshall, M.D. issued the following statement after Kansas Governor Laura Kelly vetoed Senate Bill 63 (SB 63), which if signed into law would have protected Kansas children from genital mutilation and irreversible hormone replacement treatments.
    “Governor Laura Kelly’s veto of a bill that would have protected Kansas children from mutilation and irreversible hormone replacement treatments is disgraceful,” said Senator Marshall. “Yet again, Governor Kelly is putting her radical liberal ideology above the safety of Kansas kids. Child mutilation is not a parental right and on the contrary, should be criminal. I look forward to the legislature overriding this insane veto.”
    BACKGROUND
    Last December, Senator Marshall introduced the Safeguarding the Overall Protection of Minors Act, a bill that would protect our children from transgender procedures and irreversible hormone replacement treatments.
    Along with this legislation, Senator Marshall also recently led the Defining Male and Female Act to ensure the legal definition of sex is based on facts, not feelings, which would protect exclusive spaces for women like bathrooms and locker rooms. 
    In November 2024, Senator Marshall brought together a coalition to sound the alarm on the extreme gender ideology war being waged against America’s children and to talk about solutions, including the Safeguarding the Overall Protection of Minors Act.
    Senator Marshall is a medical doctor with more than 25 years of experience. He has also delivered over 5,000 babies.

    MIL OSI USA News –

  • MIL-OSI China: China’s futures market sees double-digit growth in trading turnover

    Source: China State Council Information Office

    China’s futures market reported double-digit year-on-year growth in trading turnover last month, industrial data showed Wednesday.

    Total trading turnover rose 11.01 percent year on year to 48.87 trillion yuan (about 6.81 trillion U.S. dollars) in January, according to data from the China Futures Association.

    The trading volume of the market reached 553 million lots last month, edging up 0.09 percent from a year ago, the data showed.

    In terms of trading turnover, the top three futures were gold, silver and crude oil at the Shanghai Futures Exchange last month; caustic soda, rapeseed oil, and rapeseed meal at the Zhengzhou Commodity Exchange; palm oil, soybean meal, and soybean oil at the Dalian Commodity Exchange; and industrial silicon, lithium carbonate and polycrystalline silicon at the Guangzhou Futures Exchange, according to the data.

    Market performance in January demonstrated an overall strong trend in the bulk commodity market, according to the association.

    MIL OSI China News –

  • MIL-OSI China: Annual social logistics value hits 360.6 trillion yuan

    Source: China State Council Information Office

    China’s total social logistics value rose 5.8 percent year on year to 360.6 trillion yuan (about 50.28 trillion U.S. dollars) in 2024, data from the China Federation of Logistics and Purchasing showed Tuesday.

    Industrial logistics, the main driver of the overall growth, rose by 5.8 percent to reach 318.4 trillion yuan. High-tech products, including integrated circuits, reported a logistics volume growth exceeding 15 percent.

    The ratio of social logistics costs to GDP fell to 14.1 percent, a decrease of 0.3 percentage points compared to 2023, reflecting improved efficiency.

    The reduction in costs is attributed to the upgrading and improvement of logistics infrastructure, as well as the optimization and enhancement of the logistics structure.

    By the end of 2024, the country had built 151 national logistics hubs and over 2,500 overseas warehouses. It also opened 168 new international cargo flight routes in 2024.

    “Logistics infrastructure upgrades and optimized networks have boosted resource allocation and cross-border connectivity,” said Hu Han, an official with the China Logistics Information Center.

    Hu said that China’s economy is fundamentally solid, resilient, and full of potential, providing strong support for the long-term development of its logistics industry.

    MIL OSI China News –

  • MIL-OSI China: US stocks close mixed after hot inflation data

    Source: China State Council Information Office

    U.S. stocks ended mixed on Wednesday, as the unexpected rise in inflation led to speculation that the Federal Reserve may delay interest rate cuts to manage the economy’s overheating.

    The Dow Jones Industrial Average declined by 225.09 points, or 0.50 percent, ending at 44,368.56. The S&P 500 decreased by 16.53 points, or 0.27 percent, to close at 6,051.97. In contrast, the Nasdaq Composite Index edged up by 6.09 points, or 0.03 percent, finishing at 19,649.95.

    Within the S&P 500’s 11 primary sectors, nine closed in negative territory. Energy and real estate sectors led the declines, losing 2.69 percent and 0.91 percent, respectively. Conversely, consumer staples and communication services sectors posted gains, rising 0.23 percent and 0.04 percent, respectively.

    The U.S. Bureau of Labor Statistics reported Wednesday that the consumer price index (CPI), a comprehensive measure of the costs of goods and services across the U.S. economy, accelerated by 0.5 percent on a seasonally adjusted basis for the month, pushing the annual inflation rate to 3 percent. This outcome surpassed the estimates, which had predicted a 0.3 percent monthly increase and a 2.9 percent annual rate, with the annual rate rising by 0.1 percentage point compared to December.

    Excluding volatile food and energy prices, the CPI advanced by 0.4 percent for the month, resulting in a 12-month inflation rate of 3.3 percent — again beating the respective forecasts of 0.3 percent and 3.1 percent — and the annual core rate was up by 0.1 percentage point from December.

    “Shelter costs continue to be the main driver of core inflation as higher mortgage rates push more Americans into a rental market in which vacancy rates are near record lows,” said Erik Norland, chief economist at CME Group. “Traders appear to believe that today’s data make additional Fed cuts less likely than they had expected previously.”

    “The ‘wait and see’ Fed is going to be waiting longer than anticipated after a red-hot January CPI inflation report,” wrote Josh Jamner, investment strategy analyst at ClearBridge Investments. “This report puts the final nail in the coffin for the rate cut cycle, which we believe is over.”

    Market expectations have shifted, with traders now pricing the next rate cut to occur no earlier than September, even as Fed Chair Jerome Powell cautioned against reading too much into the latest CPI report. “We don’t get excited about one or two good readings and we don’t get excited about one or two bad readings,” Powell said in testimony before the House Financial Services Committee.

    Powell reiterated Wednesday that while the Fed has made “great progress” in bringing inflation closer to its 2 percent target, it is “not quite there yet.” He emphasized the need to keep monetary policy restrictive for now.

    Meanwhile, a new round of earnings has provided insight into the resilience of Corporate America. Kraft Heinz shares slipped after the company’s 2025 profit outlook fell short of expectations, whereas CVS Health enjoyed a boost as its quarterly profit drop was smaller than anticipated.

    In after-hours trading, Reddit’s upcoming results are drawing significant attention amid lofty Wall Street expectations, and Robinhood’s report is also in the spotlight following a three-year high in its stock price.

    MIL OSI China News –

  • MIL-OSI China: China establishes over 30,000 smart factories

    Source: China State Council Information Office

    This photo taken on Aug. 14, 2024 shows the new energy vehicles assembly line of a smart factory of Seres Group in Chongqing, southwest China. [Photo/Xinhua]

    China has built over 30,000 basic-level smart factories as part of a nationwide push to accelerate industrial digitalization and intelligent upgrading, according to the Ministry of Industry and Information Technology (MIIT).

    The initiative, under the smart factory gradient cultivation action, has also seen the creation of 1,200 advanced-level and 230 excellence-level smart factories. This achievement highlights the significant progress that has been made in reshaping the country’s manufacturing landscape, according to the ministry.

    The 230 excellence-level factories, distributed across all 31 provincial regions in China and covering over 80 percent of manufacturing sectors, have carried out nearly 2,000 advanced scenarios, including smart warehousing, AI-powered quality inspections, and digital research and development, said MIIT.

    On average, these factories are 28.4 percent shorter in product development cycles, 22.3 percent higher in production efficiency, 50.2 percent lower in defect rates and 20.4 percent lower in carbon emissions, said the ministry.

    MIIT, alongside five other state agencies, jointly launched a smart factory gradient cultivation action last year and classified smart factories into four tiers based on technological maturity and integration depth, including the basic-level, the advanced-level, the excellence-level and the pioneer-level.

    For instance, basic-level smart factories are required to develop foundational capabilities in digitization and networking. This involves deploying the necessary smart manufacturing equipment, industrial software, and systems centered around typical scenarios of smart manufacturing. By doing so, they can achieve real-time data collection, automation of key production processes, enhance the informatization of production and operational management, and utilize intelligence exploration in certain aspects.

    Moving forward, MIIT will expand excellence-level smart factory promotion and prepare to launch pioneer-level cultivation, aiming to further promote the expansion, deeper integration, and elevated evolution of intelligent manufacturing, it said.

    MIL OSI China News –

  • MIL-OSI New Zealand: Kiwi businesses to face reduced AML burden

    Source: New Zealand Government

    The Government is moving to reduce the regulatory burden on New Zealand businesses by improving the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009, Associate Justice Minister Hon Nicole McKee says.
    The Anti-Money Laundering and Countering Financing of Terrorism Amendment Bill, which had its first reading in Parliament today includes a range of amendments to reduce the compliance burden for businesses.
    “This Bill will make 26 changes to improve the effectiveness, efficiency and consistency of the AML/CFT regime by relaxing requirements on low-risk activities and entities, such as family trusts,” Mrs McKee says.
    “These amendments are the first of the Government’s programme to reform the AML/CFT regime and will benefit New Zealanders by empowering businesses to make the call about the level of checks they need to do on their customers.”
    “The changes address key difficulties for many low-risk businesses who are currently required to undertake onerous checks even when there is clearly very little risk. These are part of the Government’s plan to make the AML/CFT system work better with less overly prescriptive requirements by allowing businesses to take measures in line with the actual risks that they face.”
    The amendments also include the government’s first measures to reduce duplication in the AML/CFT system by:

    clarifying the definition of a ‘trust and company service provider’ to resolve confusion and unnecessary duplication of obligations for some businesses currently captured by two definitions; and
    removing unnecessary duplication of border cash reporting when someone physically brings cash with them when moving into New Zealand.

    “This is just one part of a wider package of reforms to improve the regime and deliver regulatory relief, to support tackling organised crime and to improve New Zealand’s compliance with international standards.
    “Other changes currently being progressed by the Ministry of Justice will build on these amendments and further improve the effectiveness and efficiency of the AML/CFT regime for businesses, agencies, and ordinary New Zealanders. These changes include a new supervisor model, the introduction of a levy, and a wider regulatory package of reforms.”

    MIL OSI New Zealand News –

  • MIL-Evening Report: Heads vs tails? A simple coin flip can be enough to change how we treat others

    Source: The Conversation (Au and NZ) – By Eliane Deschrijver, Senior Lecturer in Social Psychology and Neuroscience, University of Sydney

    Circles in a Circle (1923) Wassily Kandinsky / Philadelphia Museum of Art / The Louise and Walter Arensberg Collection, 1950

    Imagine you are asked to give a small amount of money to a stranger. It’s not your money, so it doesn’t cost you anything. You’re just deciding how much they get.

    But first, a pair of coins is flipped – one for you and one for the stranger – and you are told the results.

    Would the coin flip change how much money you give? Specifically, would you give them a larger amount if you both got heads or tails than if you got different results?

    As we discovered in a series of experiments with more than 1,400 participants, the coin flip – or other seemingly insignificant points of similarity or difference – might well affect your behaviour.

    In a new paper in Proceedings of the National Academy of Sciences, we show how understanding why even a coin flip can influence behaviour might help us understand what makes people discriminate against others.

    ‘Us’ versus ‘them’

    Historically, many psychological theories that aim to explain discrimination have focused on group processes, rather than on how we respond to individual people.

    This focus on group processes followed, in part, from the discovery that people benefit their own group over another group even if the division into groups had happened based on seemingly irrelevant features.

    The use of such features has been crucial for explaining the core psychology of discrimination, stripped from any wider societal elements such as race, gender, values or attitudes.

    In the seminal “minimal group” experiment, people were assigned to one of two groups based on seemingly irrelevant differences. Some groups were split by a preference for the paintings of Paul Klee versus those of Wassily Kandinsky, others by whether they had over- or underestimated the number of dots in an image. Some were even allocated to groups by a random event like a coin flip.

    The so-called ‘minimal group’ experiment showed that separating people into groups was enough to make them favour members of their own group.
    Andrii Yalanski/Shutterstock

    The result? Klee fans tended to give financial benefits to other Klee fans ahead of Kandinsky enthusiasts. Likewise, people in the “heads” group favoured their own group over those in the “tails” group.

    The results could not be explained easily by existing research at the time. Some theories had emphasised that people show favour towards an individual after agreeing on more meaningful topics than painting preferences or dots estimations. The meaningful topics were things like one’s belief system, values or political or religious views.

    Small studies had also found that a coin flip – which didn’t lead to explicitly dividing people into groups – was not enough to make people show discriminatory tendencies.

    An influential theory called social identity theory thus concluded that social categorisation – thinking in terms of “us” versus “them” – could lead to people discriminating. This was tied to an idea that people elevate their self-image or improve their self-esteem by benefiting their own group over others.

    New research emphasises a role for even random similarity versus difference

    In our recent research, we set out to reassess whether group division is crucial to understand discriminatory tendencies.

    We carried out seven experiments with over 1,400 participants in total (all based in the United Kingdom).

    The study analysed data from participants who were asked to either repeatedly choose their preferred painting from two, estimate the number of dots presented in a “cloud”, or take part in a coin toss.

    After each choice or coin flip, participants had to assign money to another person (the same person each time).

    The result of a coin flip was enough to change how study participants treated another person.
    Motortion Films/Shutterstock

    The only information participants were given about the other individual was their outcome in the same situation. Neither participants nor the other person were assigned to groups. Someone asked to pick between two paintings, for instance, was only told which painting the person they were allocating money to preferred in that instance.

    Participants allocated on average 43.1% more money to another person who demonstrated the same judgement – or chance outcome – to their own.

    Our research demonstrates that some of our discriminatory tendencies may be driven by individual difference versus sameness even when that difference or sameness is based on random chance, like a coin flip.

    The findings raise the possibility that more basic neural processes than thinking about groups may have contributed to these outcomes.

    Detecting a difference often comes with a conflict signal in the brain, and may come with negative emotions. Sameness with another person may hence lead to a more favourable treatment. However, this potential explanation will require further research.

    Why does this matter?

    The findings can help understand our own tendencies for favouring another person.

    Previous research had suggested that “incidental similarity” with somebody, such as sharing a birthday or a name, can influence pro-social behaviour or liking because we associate the person with the way we see ourselves.

    Our research surprisingly suggests that something similar can happen on the basis of an even less-relevant chance event such as a coin flip.

    This may affect how we think about discrimination. We usually understand discrimination as making unfair distinctions between people based on groups or other social categories.

    Our research suggests future perspectives on discrimination may incorporate a role for individual-level difference, too.

    Does this new understanding suggest ways we can lessen discrimination? At this stage, they would only be speculative.

    However, earlier scientific efforts to find ways to reduce prejudice and discrimination have largely been informed by group-based theories of discrimination. For example, some interventions have aimed to influence people’s perceptions of other groups.

    In the same way, our new findings may inspire future research into interventions based on individual-level drivers of discrimination.

    Eliane Deschrijver receives funding from the Australian Research Council.

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

    – ref. Heads vs tails? A simple coin flip can be enough to change how we treat others – https://theconversation.com/heads-vs-tails-a-simple-coin-flip-can-be-enough-to-change-how-we-treat-others-249611

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: CATL aiming to raise over $5B from HK listing

    Source: China State Council Information Office

    Contemporary Amperex Technology Co Ltd, the world’s largest electric vehicle battery maker, has filed for a Hong Kong listing that is expected to be the city’s biggest initial public offering in four years.

    The long-awaited CATL listing aims to raise more than $5 billion, which the company said will fund overseas production capacity and international business expansion, supporting its long-term global strategy.

    Already an A-share listed company, CATL’s Hong Kong listing will attract more international capital, further diversifying its financing channels, said analysts.

    According to public disclosures, as of June 2024, CATL had foreign currency balances of $6.74 billion and 3.86 billion euros ($4 billion), which were challenging to cover the hefty investments in Europe and other regions, as well as the ongoing need for overseas strategic expansion that often amount to billions of euros.

    Zhou Mi, a senior researcher at the Chinese Academy of International Trade and Economic Cooperation, said CATL’s Hong Kong listing is poised to assist the company in garnering funds on a global scale to support its endeavors in overseas research and development, production capacity expansion and market outreach. Additionally, the Hong Kong listing is expected to enhance CATL’s brand influence in international markets, strengthening its global competitiveness.

    “This listing opens avenues for financing. Given CATL’s expansive global reach, substantial financial support is imperative, a need that can be met through a successful IPO. In addition, CATL’s global expansion necessitates collaboration from diverse stakeholders. By opting for a Hong Kong listing, CATL can also engage with a broad spectrum of international investors. This move is pivotal in enhancing CATL’s global standing,” Zhou said.

    In recent years, CATL has accelerated its overseas expansion efforts, establishing battery factories in European countries including Germany and Hungary. In December, CATL signed a joint venture agreement with Dutch automotive group Stellantis that will build a large-scale lithium iron phosphate battery plant in Zaragoza, Spain.

    According to SNE Research — a South Korean company providing global market research and consulting services for rechargeable battery industries — CATL maintained its top position globally in terms of battery usage for electric vehicles from January to November 2024, witnessing a 28.6 percent year-on-year growth. Following CATL are BYD and LG Energy Solution.

    Many major Chinese original equipment manufacturers such as Zeekr, Aito and Li Auto, operating in the world’s largest EV market of China, have integrated CATL’s batteries into their products.

    Furthermore, prominent global OEMs including Tesla, BMW, Mercedes-Benz and Volkswagen have also chosen CATL’s batteries for their EV models.

    MIL OSI China News –

  • MIL-OSI USA: “He’s a Danger,” King Warns in Floor Speech Against RFK Jr. Nomination

    US Senate News:

    Source: United States Senator for Maine Angus King

    WASHINGTON, D.C. — U.S. Senator Angus King (I-ME) tonight took to the floor of the Senate to share his concern over President Trump’s nomination of Robert F. Kennedy, Jr. to serve as the Secretary of Health and Human Services (HHS). In the speech, Senator King began his remarks by outlining the roles of Congress and the Presidency as America’s Founders envisioned: to make laws and to execute laws, respectively.  He then turned to the HHS candidate, speaking to Kennedy’s lack of experience and qualifications needed to run a large-scale health organization, and pointed out Kennedy’s long held public opinions as hostile toward the mission of the agency. He also warned of Kennedy’s dangerous skepticism toward proven, life-saving vaccines, sharing a childhood memory of a classmate who had polio.

    “Mr. President, I’d like to begin my remarks this afternoon by talking a little bit about the Constitution. I spent some time last week talking about the Constitution and our failure to observe that the Constitutional, fundamental structure of the division of power between the Congress and the Executive is being violated and the Congress is allowing it to happen. Another provision of the Constitution is the provision in Article I about advise and consent. It’s a fundamental check and balance built into the Constitution by the framers for a reason. It wasn’t a throw-away line or a few sentences that were put in because they wanted to fill the paragraph out. Again, it’s part of the structure that was designed to protect us from tyranny. And the structure involved the division of power, the separation of power because the framers knew that if all power was concentrated in a single individual or single institution, that institution or that individual would inevitably abuse our people. That’s human nature. That’s 1,000 years of human nature. All power corrupts and absolute power corrupts absolutely. So, the advise and consent provision was in the Constitution for a reason. It was in there for a reason, in order to provide a check on the executive and the people who were going to be put in charge of running the administration. 

    “By the way, I want to stop for a minute and focus on the word administration and the word executive, because it really goes to the discussion we’re having in this country right now about how our government is supposed to work. The executive comes from the word execute, and the word execute means put into action. It doesn’t mean initiate the action. It means put it into action. The same for the term administration. There’s a reason we call it the administration. They are to administer the laws. In fact, the obligation on the president in Article II is to see that the laws are faithfully executed. And it does not give the president the power to ignore laws or to decide which laws he or she thinks are okay, to ignore the responsibility and constitutional authority of the congress to define spending. It does not give the president that power. Although, the fellow we approved for Office of Management and Budget last week thinks he has that power. Or this President or any president has that power. That’s absolutely antithetical to the Constitution, as established by the framers. So, administration means administer the laws, executive means execute the laws, not make them. We make the laws here and the administration is to faithfully execute those laws. 

    “Now, let’s talk about advise and consent. Advise and consent means we have a responsibility — a Constitutional responsibility to consider each of the president’s nominees for these important jobs. This isn’t something that we may do or occasionally do. This is a fundamental part of our job. We take an oath when we come here to defend the Constitution against all enemies, foreign and domestic. I think it’s interesting — they knew in 1787 that there was a potential for domestic enemies to the Constitution. So we have an obligation to take advise and consent seriously. 

    “Now, I’m a former governor, as is the presiding officer. And as a former executive, I believe the executive should have the ability to choose the team that they want, to choose their advisors. To choose the people they will work with, with some limitations. In other words, I start with the premise of the person elected should perhaps get the benefit of the doubt is a little too strong, but I start with the premise that they were elected and they should be able to choose the team that they are going to be working with. However, I think there are two qualifications. This has been my stated position on this since I entered the Senate. Benefit of the doubt to the executive, however, the nominee must be manifestly qualified and not hostile to the mission of the agency to which they’ve had been appointed. Two criteria that for me give life to the idea of advise and consent. 

    “Okay, let’s talk about Robert F. Kennedy, Jr. He, unfortunately, checks both of the boxes as to being disqualified. Number one, he’s not remotely qualified to run an organization. He has no experience running anything remotely like the scope and scale of the Department of Health and Human Services. No executive experience in that sense. So that’s number one. Is he qualified? No. He’s grossly unqualified. But the second box is he hostile to the mission of the agency? And if the mission of the agency, HHS, is to protect the health of the American people, I would argue he is manifestly hostile to that mission. There’s been a lot of discussion here today and I think it’s interesting. I haven’t heard too many people come up on the floor and support this nominee and tell us why he should be approved because, you know what, Mr. President? If this were a secret ballot, this man wouldn’t get 20 votes. Everybody in this body knows he’s not qualified. Everybody in this body knows he has no business anywhere near this position. But here we are. We’re going to take a vote. Unfortunately, it will probably be on a party-line basis. 

    “But let me focus on just one little piece. On January 29, barely a week ago, before the Senate Finance Committee, here’s what Mr. Kennedy said. Quote, “news reports have claimed that I’m antivaccine or anti-industry. I am neither. I am pro-safety. All of my kids are vaccinated.” I bet that came as news to all of the folks he’s been leading astray over the last 25-30 years. I believe vaccines have a critical role in health care. I am reminded of Saul on the road to Damascus. A miraculous conversion. A bright light was shown and suddenly the scales fell from his eyes in his confirmation hearing. Okay, let’s go back a little over a year, July 6, 2023, this is a quote, a direct quote, “there is no vaccine that is safe and effective.” He later said, on the same podcast, ‘vaccines are inherently unsafe.’ Mr. President, this man shouldn’t be confirmed because he told the committee and the Senate something diametrically opposed to the position he’s taken the last 30 years, all of his adult life. 

    “Maya Angelou said, “If somebody tells you who they are, you should believe them.” And he’s told us repeatedly. And he has acted on his vaccine skepticism. This wasn’t something that was rumbling around in his head. He’s traveled the world. He’s written articles, gone on podcasts, gone on TV and he’s discouraged people from being vaccinated. And now he has this miraculous conversion 10 days ago. ‘All my kids are vaccinated. I believe vaccines have a critical role in health care.’ The same thing during COVID. He said, ‘it is criminal medical malpractice to give a child one of these vaccines.’ Wow, criminal malpractice. And of course it’s been discussed. He said I do believe that autism does come from vaccines. July of 2023 there was one study in England — I think it was in 1998 — that showed that — purported to show a tenuous convection between vaccines and — connection between vaccines and autism. I’m reasonably confident that one of the authors recanted. It was withdrawn and it’s been debunked over and over and over again, but this man has been peddling this lie for 20 years, and who knows how many parents have fallen for that on the one hand who knows how many children have paid the price. Just to talk about vaccines, at one point during the pandemic, there was a survey — July of 2021 — remember, that was the height of it — they surveyed 50 hospitals in 17 states. 94% of the patients hospitalized in July of 2021 were unvaccinated. What does that tell you? Vaccinations worked. And people who were unvaccinated were at enormously higher risk. 94% of the people were unvaccinated.

    “In addition to the vaccination issue, this guy — this man doesn’t respect the FDA, the agency that was put in place to protect our health, to regulate us, to be sure that we’re getting safe medications, to deal with some of the awful problems of the potential of harmful medications literally getting into America’s bloodstream. In December of 2024, barely a couple months ago, he said he would fire officials at the FDA. And in October 2024 he said on X, ‘FDA’s war on public health is about to end. If you work for the FDA and are part of this corrupt work, two messages for you: prepare your records and pack your bags.’ He didn’t say a certain office in the FDA or a certain part of the FDA or maybe there was one provision, a part that he didn’t think was helpful. He said, if you work for the FDA, that’s everybody, preserve your records and pack your bags. 

    “This man is not only unqualified, he’s anti-qualified. He’s a danger. We have physicians in the Senate — I believe that the Hippocratic oath, do no harm, should apply to Senate votes. You should not be voting for somebody who you know is going to do harm to the public health. So this is really a kind of surreal debate because everybody in this chamber knows this man should not be Secretary of Health and Human Services. 

    “Now, I want to end with a personal story. One of the few advantages of being older is that you have a long memory. And in 1952 I was entering the third grade at Macarthur School in Alexander, Virginia. In my class was a kid named Butch. And he was horribly twisted into a wheelchair. I don’t think I’d ever seen a wheelchair when I was going into the third grade. He was there, and I’m not even going to say how many years later, but I can close my eyes and see Butch in that chair. Polio was what he had. He was in pain daily. He could barely make himself understood. His arms were crossed. His legs were bent grotesquely in the wheelchair. And three years later the Salk Vaccine began what turned out to be the elimination of Polio. Where would we be as a country if this man had been the head at that time it was HEW and somehow put a stop to this vaccine, which I believe he has said even the Polio vaccine should be rescinded, which has saved millions of lives around the world. Where would we be? I can’t escape the memory of that boy in that wheelchair. I can’t forget the memory of my parents not letting me go to the public swimming pool because of the fear of Polio. Not being able to go out in the summer and play because of the fear of Polio that stalked the land. The former Republican leader was a victim of Polio. Former President Franklin D. Roosevelt was a victim of Polio. It was the vaccine. And, Mr. President, I hope this place comes to its senses and rejects this surreal nomination. It would be probably be hard to find somebody less qualified to serve in this position. I believe that it will lead to damage to our country, to our health, to our children, and I urge my colleagues to vote no. If you vote yes, you’ll regret it. Thank you, Mr. President. I yield the floor.”

    Senator King has been continuously sounding the alarm on President Donald Trump’s existential threat to the Constitution: he declared that the proposal to halt all federal grant and loan disbursement was illegal and a direct assault on the Constitution. More recently, he joined 36 Senators in a letter to Secretary of State Marco Rubio, sharing the detrimental effects of  the Trump Administration’s dismantling of the U.S. Agency for International Development (USAID). He also joined fellow Senate Select Committee on Intelligence (SSCI) colleagues in writing a letter to the White House about the risks to national security by allowing unvetted Department of Government Efficiency (DOGE) staff and representatives to access classified and sensitive government materials. Last week, he spoke on the Senate floor to share his growing concerns over the Trump Administration’s largely unconstitutional and unprecedented overreach; in the speech he cited the Founding Fathers to add historical perspective to the decision facing the Senate, including the importance of the separation of powers.

    MIL OSI USA News –

  • MIL-OSI USA: Duckworth Outlines How Trump’s Attack on USAID is Hurting National Security and All Americans

    US Senate News:

    Source: United States Senator for Illinois Tammy Duckworth
    February 12, 2025
    [WASHINGTON, D.C.] – Today, U.S. Senator Tammy Duckworth (D-IL)—a member of the U.S. Senate Foreign Relations Committee (SFRC)—outlined how President Donald Trump’s illegal foreign assistance freeze and dismantling of USAID undermines our national security, empowers our adversaries and jeopardizes Americans’ economic security. Her discussion with the panel highlighted how USAID programs abroad help improve the global competitiveness of American products. Video of Duckworth’s full remarks can be found on the Senator’s YouTube.
    “Donald Trump promised he’d lower costs and keep Americans safe, but his attack on USAID is doing the opposite: hurting our national security and empowering our adversaries,” Duckworth said. “The only people winning here are our adversaries and those who thrive on chaos—whether that be the PRC, Russia or Elon Musk. Meanwhile, Trump’s destructive actions are causing real harm to people’s lives and their livelihoods.”
    Duckworth has repeatedly called out President Donald Trump and his Administration’s illegal attack on USAID. Last week, Duckworth led her fellow SFRC Democratic colleagues in demanding immediate answers from U.S. Secretary of State Marco Rubio on how much it will cost American taxpayers to pull USAID workers off the job overseas and relocate them back to the United States. Duckworth also spoke out against Trump’s ongoing illegal power grabs—including the shuttering of USAID—on the Senate floor as part of Senate Democrats’ 30-hour protest opposing Project 2025 architect Russell Vought’s nomination to serve as the Director of the Office of Management and Budget (OMB). As a result of Trump’s ongoing lawlessness, Duckworth also announced that she will be a blanket-no on all remaining top-level cabinet nominees.
    -30-

    MIL OSI USA News –

  • MIL-OSI Australia: Sally Sara, ABC Radio National

    Source: Minister for Trade

    Sally Sara: Well, Australian industry is on tenterhooks, awaiting indications on whether there’ll be an Australian exemption from US tariffs on steel and aluminium. The Trade Minister, Don Farrell, has his bags all but packed, ready to fly to the US to meet his US counterpart, Howard Lutnick, as soon as Mr Lutnick is confirmed in the role. But before that, Mr Farrell is at the centre of electoral forms. He has negotiated with the Coalition in what integrity experts have called an affront to our democracy.

    Don Farrell is with me in the studio. Don Farrell, welcome to Radio National Breakfast.

    Minister for Trade: Nice to be with you, Sally.

    Sara: You’ve got quite a bit on in your portfolios at the moment. Let’s start with the question of tariffs. Has Australia been killing the American aluminium market as Donald Trump’s senior trade adviser, Peter Navarro has accused Australia of doing?

    Minister for Trade: I don’t believe we have, Sally. We make a terrific product here in aluminium. It’s a high-quality product. Australian companies do really well in the export market, and we sell our product to willing purchasers in the United States. I think we the reason we’re making those sales, of course, is the high quality and the high value of the product we sell. And I don’t believe we have done at any stage anything that has not been agreed to by the American Government.

    Sara: Has DFAT been reporting the sales of Australian steel and aluminium to the US Commerce Department?

    Minister for Trade: Well, I can’t say I know exactly how that information is collected by the Americans. I’m sure they have accurate figures on what we export into the United States. I think it’s important to remember, Sally, that in the relationship between Australia and the United States, it’s overwhelmingly in the United States’ favour. We have trade worth about $100 billion. $30 billion of that is what we sell for the United States, but 70 billion is what the Americans sell to us.

    Sara: Minister, I’ll bring you back to the question, though. Have we been – has Australia been reporting the volumes of steel and aluminium exports to the US Commerce Department?

    Minister for Trade: I’m sure that we comply with all of the obligations that America imposes on those companies that are supplying into the United States. And it wouldn’t matter whether it was beef or lamb or grain or steel or aluminium, I would be absolutely certain Australian companies comply with all of their obligations in terms of reporting into the United States. But just getting back to my other point —

    Sara: But has DFAT been passing on those figures to the US Department of Commerce?

    Minister for Trade: I don’t know who is responsible for reporting to the United States, but whoever it would be, would be complying with all of the obligations.

    Sara: So, you you’re not sure?

    Minister for Trade: Well, I don’t know exactly – I don’t get down into those precise details, but I’m certain that we comply with all of our obligations to report to the United States Government in terms of whatever exports that we might be passing on into the United States.

    Sara: There’s a bit of a tangle of words here on the previous exemption what’s your understanding? Did the Coalition Government give a verbal agreement about limiting Australian aluminium being exported into the United States, which it then didn’t abide by?

    Minister for Trade: You’d have to ask Mr. Morrison or —

    Sara: What’s your understanding?

    Minister for Trade: Well, look, they are matters for Mr Morrison or Mr Birmingham, who was the Trade Minister at the time. What I’m aware of is what we’ve been doing over the last three years, and I think we have been complying with all of the arrangements that were in place and the appropriate arrangements that were in place to ensure that we continued to supply high-quality Australian-made aluminium into the American market.

    Sara: Has DFAT been in contact with Australian aluminium exporters urging them to contain the amount of aluminium – Australian aluminium – that’s going into the US, has that occurred?

    Minister for Trade: I would say DFAT is very commonly in contact with all of the Australian companies that sell product into the American market. Where there are arrangements in place we would ensure that the companies that export to the United States are fully aware of their obligations.

    Sara: How can you comply with a deal when you’re not sure what that deal was?

    Minister for Trade: Well, I’m not sure quite what you’re referring to —

    Sara: In terms of containing what the previous promise was.

    Minister for Trade: I would expect, and I understand that Australian companies that export to the United States are exporting on the basis of what they understand to be the rules.

    Sara: What do you understand the rules to be?

    Minister for Trade: Well, we were given an exemption by the former, well, President Trump when he was formally president for the first time, and we have supplied aluminium in accordance with that arrangement. I might say the total amount of aluminium that we supply to the United States is a relatively small amount in the scheme of things and –

    Sara: What’s your understanding of the deal when it comes to the amount that we are allowed to send?

    Minister for Trade: Well, I understand that there’s a ceiling to how much we export to the United States. Of course, in the middle of all of this you had the Russia-Ukraine war. And I understand that because of difficulties in arrangements between getting Russian aluminium into the United States, we increased the amount of aluminium that we supplied into the American market. But all of that was done with the full knowledge of the American Government. We haven’t done, at any stage, anything that the American Government has not been comfortable with.

    Sara: Minister, I need to ask you about electoral reforms. After the deal was announced yesterday, the Centre for Public Integrity issued a statement saying they’ve been advocating for political donations reform and transparency for a long time. But in terms of this agreement, they’ve described it as an affront to our democratic process and the legislation went through without proper process and scrutiny. What’s your response to those comments?

    Minister for Trade: Well, Sally, I say this. From the time that I became the Special Minister of State three years ago, we have worked on reforming the Australian electoral system. We want to make it easier for ordinary Australians to participate in the electoral process. And you shouldn’t have to be beholden to billionaires in order to successfully run for politics in Australia. I want to see the ideas of Australia being the issue that determines whether or not they are or are not elected, not their wealth. And what we did last night was, as you say, dramatically increase the transparency of the Australian political system. For the first time, when you walk into the ballot place in the election after next, so, it doesn’t apply to this election because we’re so close to the election, for the first time, you’ll know exactly who else is donating to the candidate that you’re contemplating supporting. These are significant reforms. We’re capping the amount of money that you can spend on elections. Instead of the cost of elections blowing out, we are capping those costs.

    Sara: Do you understand the criticism of the independents? Because they will be capped with this per candidate cap. But if a candidate is a member of a major party, they’ll have the money under that per candidate cap and then another pot of money that is capped with the party. In other words, they have access to two pots of money.

    Minister for Trade: Can I say that they are completely wrong about that assessment. At the moment, there is no cap at all on how much candidates or parties can spend. The major parties, the Labor Party, the Liberal Party, have voluntarily capped the amount of money that they can spend on an election. So, that, in fact, it’s the opposite of the criticism that is being made about this legislation. We’re actually reducing the amount of money that the major political parties can spend on an election and that is to the benefit of all candidates. And can I say this, Sally? We’ve kept the amount of money you can spend on a single electorate at $800,000. If you can’t get your message out to the Australian people with a spend of $800,000, then there’s something wrong with your campaigning.

    Sara: Minister, we’ll need to leave it there. You’ve got a lot on your plate at the moment. Thank you so much.

    Minister for Trade: Thanks, Sally.

    MIL OSI News –

  • MIL-OSI Australia: National Electricity and Gas rules update: January 2025

    Source: Allens Insights

    Key changes to energy rules

    In our latest update, we examine the progress of new and existing rule change requests to the AEMC across the month of January and take a closer look at the AEMC Reliability Panel’s review of the System Restart Standard. 

    Key takeaways

    National electricity rules

    • Two new rule change requests:
      • Removing the requirement to publish transmission information guidelines.
      • Amendment to frequency performance payment cost recovery.
    • One completed rule change:
      • South Australian jurisdictional derogation – Interim reliability reserve eligibility.

    Opportunities for stakeholders

    • Due by 13 February 2025:
      • Amendment to frequency performance payment cost recovery.
    • Due by 20 February 2025:
      • Real-time data for consumers.
    • Due by 27 February 2025:
      • Removing the requirement to publish transmission information guidelines.

    Read more about this topic

    MIL OSI News –

  • MIL-OSI New Zealand: Better protection for victims of litigation abuse

    Source: New Zealand Government

    Legislation that will better protect victims of litigation abuse in family proceedings has passed through Parliament today, Justice Minister Paul Goldsmith says.

    “Going through the Family Court is already a stressful experience for many. This is only compounded when someone engages in litigation abuse, using the court system to control, harass and contact their victim. 

    “This Government firmly believes that in order to restore law and order to New Zealand, victims must be at the heart of our justice system.

    “Therefore, this Bill will strengthen the courts’ ability to identify litigation abuse by widening the view it must take of conduct both in and out of family proceedings.

    “If the court is satisfied that litigant abuse has occurred, it will be able to make an order requiring the party to seek the approval of the court before taking further steps in new or existing proceedings. An order will usually last for up to three years, but can last for up to five years in extraordinary circumstances.

    “This will provide better access to protections for victims, while still ensuring there is appropriate access to court.

    “Under the current law, victims of litigation abuse must meet a high threshold before they can access statutory protections. These protections focus on the type of documents and proceedings, rather than on the pattern of abuse. This does not always work for family proceedings, particularly where family violence is an issue.

    “We are sending a clear message that our that our courts are there to resolve genuine disputes. They are not a tool to prolong conflict, harass, harm or abuse.

    “This is all part of our plan to ensure there are 20,000 fewer victims of violent crime by 2029, alongside a 15 per cent reduction in serious repeat youth offending.” 

    MIL OSI New Zealand News –

  • MIL-Evening Report: New play Housework is a future Australian classic – a Don’s Party for our time

    Source: The Conversation (Au and NZ) – By Catherine Campbell, Lecturer, Performing Arts, UniSA Creative, University of South Australia

    Matt Byrne/STCSA

    Housework, a new play by Emily Steel, lifts the rock off politics to expose its crawling, ruthless, yet undeniably comic underside. The result is masterful, hilarious and deeply incisive.

    Housework opens with the day-to-day demands of a local MP electorate office and then sweeps to the halls of power in Canberra.

    Chief of staff Anna Cooper (Emily Taheny), media advisor Ben (Benn Welford) and junior staffer Kelly (Franca Lafosse) try to perform damage control for their headstrong, cherry-picked, first-term MP Ruth Mandour (Susie Youssef).

    In Canberra, Ruth is preparing for her first private member’s bill, calling for health care reform; Anna has a sick child back home; and Ben is absent with COVID. Add in a star-struck young female staffer, a predatory older male MP (Paul, played by Renato Musolino), and a photo of them leaving a bar together and we strap in for a rollicking ride through media manipulation, personal and political sacrifice, and the fleeting moments of power.

    It is absolutely compelling and all too recognisable.

    This is everything you’ve always wanted to know about Australian politics but were too afraid to have your worst fears confirmed. Steel’s play is laugh-out-loud funny in its satire and send-ups. But it is also deeply affecting in her bleak but loving depiction of the chasm between personal dreams and the reality of politics.

    Uproarious comedy

    Steel has based her script on interviews with politicians and staffers (confidential, of course) and media stories. She centres the experiences of women in politics, personal lives, gender roles, sexism, fighting the patriarchal socio-political systems. This sits within the story of a new MP butting up against potential scandal and the power plays of Parliament, and the relentless 24-hour news cycle.

    It is a timely reminder of the barriers that continue to obstruct social equality.

    The cleaning woman eventually gets one of the best skewering zingers of the play.
    Matt Byrne/STCSA

    Steel’s script is bookended with a woman cleaning (who eventually gets one of the best skewering zingers of the play). The constant references to rubbish disposal are a highlight, from the hilarious opening scene (“we don’t do bins”) to the frantic scramble to weaponise a “scandal” and who is sacrificed to save who.

    Steel’s writing revels in the roller coaster of political life, balancing the high comedy with deep insight into the human cost.

    This is the kind of play you want to see again to delight in Steel’s use of language, the uproarious comedy and the undercurrents of bloodthirsty power.

    A brilliant cast

    Director Shannon Rush has expertly paced this excellent cast to bring out every laugh, back stab and all-too-familiar power jostle. They don’t miss a beat or drop a spark of energy. The sense of building political pressure and personal conflict is relentless and exciting; the depiction of the sense of place and power is spot on.

    Every one of Steel’s political animals is instantly recognisable. We watch them with morbid fascination as they spar, jostle, align and detonate, revealing more of themselves as the stakes rise.

    Every one of Steel’s political animals is instantly recognisable.
    Matt Byrne/STCSA

    Taheny effortlessly makes the whip-smart staffer Anna multifaceted, with internal conflict alongside high-energy pragmatism and expertly timed comedy. Youssef’s Ruth is blunt, no-nonsense and idealistic, with comically few diplomatic skills and no idea how the machinations of government work – but an unflinching desire to make a change for good.

    Lafosse brings depth, subtlety and excellent comic foil timing to the young idealist. Musolino revels in the role of the leader-in-waiting Paul, giving us a joyously morally bankrupt character. Every moment of his scenes is a delight and his repulsively predatory-yet-attractive older white male politician was all-too recognisable. The scenes between Paul and Taheny’s Anna spark and hum with energy and presence.

    Welford is wonderful as Ben the media officer and Duncan the party apparatchik, bringing out the offhanded ruthless grabs for power and casual decimations between laughs.

    Youssef’s Ruth is blunt, no-nonsense and idealistic, with comically few diplomatic skills.
    Matt Byrne/STCSA

    The ensemble cast all play smaller roles, filling out the world of parliament with the faceless “schemers and plotters” in the back rooms and corridors, ABC news journalists, and continual stream of environmental protesters.

    Sunitra Martinelli plays both the ever-present (and mostly voiceless) cleaner, and the prime minister. This pairing is a genius move, played with presence and deft contrast. The cleaning woman, constantly fixing the mess others make, bookends the play as a constant reminder of the mopping-up required for the people in power. Politics is literally a dirty business.

    A future classic

    Ailsa Paterson’s stylish set references the stark white outside of Parliament House in Canberra. The repetitive doorways and hallways, entries and frames for the machinations of the people of government. A rotating long timber table divides the scenes and the sides of parliament.

    Sound design by Andrew Howard punctuates scene changes and mood swings with pounding relentless pace, the tick-tock of time passing, and rich sonic textures to create the insistent, driving tempo of government.

    The stylish set references the stark white outside of Parliament House in Canberra.
    Matt Byrne/STCSA

    Nigel Leavings’ lighting is superb, creating menace, blinding office fluros, and shadows in this mad-rush-to-the-top climb over the bodies of everyone to get to the top.

    Housework is firmly in the now-familiar worlds of Total Control (2019–24), Rake (2010–18) and The Thick Of It (2005–12). It is a deft capturing of a socio-political moment in time, undeniably Australian and gloriously uncompromising.

    Dare I say it, this a future Australian classic: a Don’s Party for our time, but with fewer blokes and WAGs – and a female PM.

    Housework is at the State Theatre Company South Australia until February 22.

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

    – ref. New play Housework is a future Australian classic – a Don’s Party for our time – https://theconversation.com/new-play-housework-is-a-future-australian-classic-a-dons-party-for-our-time-249019

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Menopause hormone patches are in short supply. What are they? And how do they compare with other therapies?

    Source: The Conversation (Au and NZ) – By Mary Bushell, Clinical Associate Professor in Pharmacy, University of Canberra

    DimaBerlin/Shutterstock

    The federal government yesterday released its response to the Senate inquiry into issues related to menopause. The inquiry recommended the government examine options to make menopause hormone therapy (MHT, or sometimes called hormone replacement therapy) more affordable and accessible, and address drug shortages.

    In response, three MHT products will be added to the Pharmaceutical Benefits Schedule (PBS): Estrogel and Estrogel Pro (gels) and Prometrium (a tablet). From March 1, this will bring the cost down to A$31.60 a month ($7.70 concession).

    Some MHT skin patches are already subsidised on the PBS, but they’re in short supply globally. This is due to a combination of factors including manufacturing issues, unexpected increases in demand and the discontinuation of the Climara brand of patch.

    When patients can’t access their MHT patches, they may be prescribed alternative brands that aren’t listed on the PBS, potentially costing more. Others will switch to different formulations, combinations and or strengths to try to get the same effect.

    So what are MHT patches? And how do they compare with gels, tablets and other formulations?

    First a quick recap of menopause

    During the transition to menopause, the ovaries gradually produce less oestrogen until they stop altogether.

    This hormonal change can lead to a range of symptoms, including hot flushes, night sweats, sleep disturbances, mood swings, memory problems and vaginal dryness.

    Over time, the reduction in oestrogen also increases the risk of health problems such as osteoporosis.

    To help reduce the sometimes-debilitating symptoms, some women may be prescribed hormone therapy. This typically includes an oestrogen hormone (such as oestradiol or conjugated oestrogens) and, for women with an intact uterus, a progestogen. Therapy with both hormones is known as combination therapy.

    If taken alone, oestrogen stimulates endometrial growth, increasing the risk of endometrial hyperplasia (irregular thickening of the uterine lining) and cancer. Progestogens counteract this by promoting regular shedding.

    Women without a uterus (after a hysterectomy, for example) do not require progestogens as there is no endometrium to protect.

    What are the different MHT formulations?

    Early MHT, used in the 1940s, used oestrogens extracted from the urine of pregnant mares. Oral formulations derived from this source, such as conjugated equine oestrogens (such as Premarin, short for PREgnant MARes’ urINe), are still available.

    These days, MHT can be broken down into two types of formulations:

    1. ‘Systemic’ treatments such as tablets, patches or gels

    Tablets and capsules are swallowed, while patches and gels are applied to the skin.

    These treatments affect the whole body and are usually best for the vasomotor symptoms such as hot flashes and night sweats, as well as to prevent bone loss.

    2. ‘Localised’ treatments, such as creams and pessaries

    These are inserted into the vagina, and act on the vagina and surrounding tissues. They are absorbed in very small amounts into the bloodstream, much lower than systemic treatments, and are unlikely to have significant effects on the rest of the body.

    Creams and pessaries contain oestrogen alone, and are the best option for treating dryness and discomfort in the vagina.

    They can also help prevent frequent urinary tract infections and improve some bladder problems, such as urinary urgency and urge incontinence.

    It is possible for women to use different forms of oestrogen and progestogen in their hormone therapy regimen. They might use an oestradiol patch to deliver oestrogen, for example, and take oral progesterone to provide the necessary progestogen component.

    Potential MHT side effects include oestrogen-related, headaches, breast tenderness or pain, nausea, leg cramps, mood changes, vaginal bleeding or spotting, bloating, swelling of the hands or feet, indigestion, and skin irritation with patches.

    Patches vs tablets and gels

    MHT patches, which have been available since the 1990s, are now more widely used and often preferred.

    Patches deliver a consistent dose of hormones directly into the bloodstream through the skin, bypassing the liver. This mimics the natural release by the ovaries and provides steady hormone levels into the bloodstream.

    Gels, like patches, bypass the liver. They are associated with less skin irritation than patches, making them a preferable option for people sensitive to adhesives or prone to skin irritation.

    In contrast, oral formulations must be absorbed by the gut and then pass through the liver, where the drug gets processed. Some will be broken down, some will be converted to active metabolites, before entering the bloodstream. This can result in fluctuating oestrogen levels and more side effects than the more consistent delivery provided by patches.

    When oral oestrogen goes through the liver, there is also an increase in the production of clotting factors. For this and other reasons, oestrogen patches have a lower risk of blood clots compared to oral tablets and capsules. Women with an elevated risk of blood clots – including those who are obese, smoke, or have a history of clotting disorders – often prefer patches.

    Patches, which are applied once or twice weekly, are designed to make it easier to stick to than tablets and gels MHT, which requires daily dosing.

    What if you need to switch?

    Currently, both oestrogen and combination skin patches are in short supply in Australia.

    The differences in absorption and metabolism between formulations mean that switching directly from one dosage form to another might not maintain the same level of symptom control or could cause new side effects.

    MHT guidelines provide prescribers with information on dose equivalence between formulations – for example, switching from an oestrogen-containing patch to a gel or tablet – ensuring women have a range of options available and for treatment to be tailored to their individual needs.

    To address the shortages, the Therapeutic Goods Administration (TGA) has enabled pharmacists to dispense alternative brands or strengths of estradiol patches without requiring a new prescription. This might mean, for example, two lesser strengths that add up to the strength prescribed.

    The TGA also temporarily approved the supply of MHT patches from the United States in June, and listed them on the PBS, but these are now also in short supply.

    What if you’re new to MHT?

    The TGA is advising prescribers to consider current shortages when initiating patients on MHT.

    First-time MHT patients may be prescribed readily available formulations to avoid therapy changes and to preserve stock for those already using patches.

    The TGA expects some patches to be out of stock until December 2025 and provides regular updates about the estimated dates the patches will be available again.

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

    – ref. Menopause hormone patches are in short supply. What are they? And how do they compare with other therapies? – https://theconversation.com/menopause-hormone-patches-are-in-short-supply-what-are-they-and-how-do-they-compare-with-other-therapies-245166

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: February 12th, 2025 Heinrich Delivers Floor Speech Opposing the Nomination of Robert F. Kennedy, Jr. for Health Secretary

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich

    VIDEO

    WASHINGTON — This afternoon, U.S. Senator Martin Heinrich (D-N.M.) delivered remarks on the Senate floor amplifying the voices of New Mexicans opposing the nomination of Robert F. Kennedy, Jr. to be the U.S. Secretary for Health and Human Services.

    “I hope all of my colleagues take seriously what it would mean to confirm this anti-vaccine, anti-science snake oil salesman as our next Secretary of Health and Human Services,” said Heinrich.

    VIDEO: U.S. Senator Martin Heinrich (D-N.M.) delivers remarks on the Senator floor opposing the nomination of Robert F. Kennedy, Jr. for Health Secretary, February 12, 2025.

    Heinrich began his remarks by recounting how Mr. Kennedy’s 2019 trip to the Pacific island of Samoa intensified vaccine skepticism and contributed to a deadly measles outbreak that killed 83 people, mostly children under five. Heinrich said: “As someone with a background in science, but more importantly, as a father of two, I am horrified by this story. Thanks to incredible scientific research and medical advances, we now have a vaccine that has proven to be safe and effective at protecting our kids and largely eradicated the measles outbreaks that used to result in the devastating loss of babies and young children. That is until anti-vaccine crusaders like Mr. Kennedy started promoting phony science and conspiracy theories in places like Samoa.”

    Heinrich condemned Mr. Kennedy’s long track record of spreading fear, peddling misinformation, and promoting conspiracy theories: “Mr. Kennedy has repeatedly and falsely alleged that safe and effective vaccines for tetanus, the flu, COVID, and HPV are dangerous to human health. Mr. Kennedy has promoted the completely discredited conspiracy theory that vaccines lead to autism. At the height of the COVID-19 pandemic that led to more than one million deaths in the United States alone, Mr. Kennedy campaigned to end the nationwide vaccination effort that helped us save millions more lives. Mr. Kennedy has — again without any sound evidence — also pushed conspiracy theories claiming that antidepressant medications cause mass shootings and chemicals in our water make children gay. If those claims sound ludicrous, it’s because they are.”

    Heinrich warned that, if he is confirmed to lead the U.S. Department of Health and Human Services, Mr. Kennedy has committed to following President Trump’s orders to further roll back women’s reproductive rights: “During his confirmation process, Mr. Kennedy also reportedly made commitments to my Republican colleagues to support restrictions on mifepristone, a medication abortion and miscarriage management drug. Mr. Kennedy has also signaled to Republican senators that he will go along with whatever President Trump wants to further roll back women’s reproductive rights.”

    Heinrich also cautioned that Mr. Kennedy would help to enact President Trump and Elon Musk’s dangerous agenda to drastically cut federal funding for everything from New Mexicans’ Medicaid health coverage to medical research at the University of New Mexico. Heinrich warned: “The Department of Health and Human Services oversees health coverage programs that serve half of all Americans, including Medicare, Medicaid, and the Affordable Care Act. HHS also supports the medical research that helps us develop the next vaccines, prevent the next pandemic, and find cures to cancer and chronic diseases like diabetes. We have also already seen President Trump, Elon Musk, and his DOGE minions target scientific and medical research at agencies like the National Institutes of Health (NIH). Just last week, we saw them announce an estimated $4 billion cut for NIH health research at universities all across our country—including an estimated $17 million impact at the University of New Mexico alone.”

    Heinrich finished his remarks by amplifying the concerns of New Mexicans who have written or called into his office expressing concern over Mr. Kennedy’s nomination. Watch a video of Heinrich uplifting New Mexicans’ voices here.

    “I agree with these New Mexicans that Mr. Kennedy is unprepared, unqualified, and dangerously unfit to be confirmed as our next Health Secretary,” Heinrich concluded. “To protect our kids’ health from debunked conspiracy theories, to defend women’s reproductive rights, to safeguard the future of Medicare and Medicaid, and to continue lifesaving medical research and medical care in my state and across the country, I urge all of my colleagues to join me in voting NO on confirming Robert F. Kennedy Jr.”

    Heinrich has been amplifying the voices of New Mexicans who have written or called into his office expressing concern over President Trump’s harmful actions and unqualified nominees.

    Last night on the Senate floor, Heinrich uplifted New Mexicans’ concerns over Tulsi Gabbard’s nomination for the Director of National Intelligence. In his remarks, Heinrich emphasized the risk Gabbard’s nomination poses to our national security and discussed Ms. Gabbard’s lack of qualifications and judgment, particularly relating to her 2017 trip to Bashar al-Assad’s Syria. Heinrich zeroed in on Ms. Gabbard’s false denial during her confirmation hearing before the Senate Intelligence Committee about meeting with Ahmad Badreddin Hassoun, Syria’s most senior Sunni Muslim cleric during the Assad regime who made threats to conduct suicide bomb attacks in the United States.

    Last week, Heinrich delivered remarks on the Senate floor amplifying the voices of New Mexicans opposing the nomination of Russell Vought to lead the Office of Management and Budget (OMB). Mr. Vought is the lead architect of the Heritage Foundation’s Project 2025, the policy blueprint for Donald Trump’s harmful agenda to throw the government into chaos and harm working families.

    Last month, Heinrich delivered the longest speech of his career, where he slammed President Trump’s unlawful unilateral blockade of all federal grant funding. In his remarks, Heinrich uplifted stories from New Mexicans on how Trump’s federal funding freeze endangered New Mexicans and threatened communities across the state. Find the video of Heinrich sharing letters from New Mexicans on the Senate floor here.

    Heinrich is leading Senate Democrats in sounding the alarm on Elon Musk and Donald Trump’s destructive actions that are wreaking havoc on Americans, weakening our economy, and threatening the livelihoods of New Mexicans.

    Last week, in an interview with Jim Sciutto on CNN’s The Situation Room, Heinrich vocalized the concerns of his constituents who continue to write-in and call his office opposing Trump’s harmful actions, which are impacting New Mexico families and their financial security. Watch the full video of that interview here.

    Since Trump took office in 2025, Heinrich:

    • Introduced a resolution condemning Trump’s pardons of people found guilty of assaulting police officers on January 6.
    • Led Senate Democrats in sounding the alarm on Elon Musk and Donald Trump’s destructive actions that are wreaking havoc on Americans, weakening our economy, and threatening the livelihoods of New Mexicans.

    MIL OSI USA News –

  • MIL-OSI New Zealand: Greenpeace Statement – ECAN fails to provide free drinking water testing for communities impacted by nitrate contamination

    Source: Greenpeace

    Greenpeace Aotearoa is shocked by the decision by Environment Canterbury to not provide free water testing for rural communities impacted by nitrate contamination.
    ECan voted in favour of running region wide awareness communication campaigns for private well owners on water quality risks, and commissioning a pilot study to test a number of private drinking water bores for nitrate and E. coli in high risk areas.
    However, they stopped short of running region wide water testing events for private well owners, claiming this would be too costly – a claim Greenpeace disputes.
    Greenpeace spokesperson Will Appelbe says “It is disgraceful to see that Environment Canterbury will not be providing free water testing to rural communities. Instead, it is leaving them to pay the price of ECan’s failure to regulate the intensive dairy industry, Canterbury’s primary source of water pollution at the source.”
    “Safe, healthy drinking water is a fundamental human right, yet Canterbury is the hotspot for drinking water contamination in Aotearoa.
    “While it’s good to see ECan paying more attention to the issue of drinking water quality, a communications campaign and pilot study is simply not good enough. People across Canterbury are already experiencing high levels of nitrate in their drinking water, and they deserve to know whether the water coming out of their kitchen tap is safe to drink.”
    The maximum acceptable value for nitrate in New Zealand drinking water is 11.3 mg/L, set in the 1950s in response to Blue Baby Syndrome. However, a growing field of research shows potential health risks at much lower levels of nitrate in drinking water.
    A Danish study found that at over 1 mg/L of nitrate in drinking water, risks of bowel cancer increase, while a US evaluation found health risks increased with every additional milligram. A Californian study in 2021 found that when pregnant people consumed water that was over 5 mg/L of nitrate, the risk of preterm birth increased by 47%.
    “ECan has a responsibility to protect water at the source, and for decades they have failed to do so. Now, the consequences are becoming clear, and they’re desperately trying to avoid the costs associated with that. But that is not good enough,” says Appelbe.
    “Ultimately, unless ECan enforces a phase out of synthetic nitrogen fertiliser and acts to regulate the intensive dairy industry, nitrate pollution will worsen and so will the health impacts associated with long-term exposure to nitrate. But the bare minimum they should be doing is providing free water testing.
    “The costs associated with running free water testing events, as outlined in the proposal presented to councillors today, represent a mere 0.05% of ECan’s 2023-2024 budget.
    “There is no justification for choosing to run a communications campaign instead of actively helping the communities impacted by nitrate. We’re calling on ECan to protect local residents and ensure everyone, no matter where they live, knows whether the water coming out of their tap is safe to drink.”

    MIL OSI New Zealand News –

  • MIL-OSI Asia-Pac: MOEA Minister Confers Medal on Japan’s Former Vice Minister for International Affairs at METI

    Source: Republic Of China Taiwan 2

    On January 17, 2025, Minister Kuo conferred the Medal of Economic Contribution upon Mr. Hirohide Hirai, the former Vice Minister for International Affairs at Japan’s Ministry of Economy, Trade and Industry (METI). The honor was in recognition of his pivotal role in strengthening semiconductor cooperation and industrial investment between Taiwan and Japan.

    During Mr. Hirai’s tenure at METI, he played a crucial role in facilitating TSMC’s investment in Japan, particularly in garnering government backing for TSMC’s Kumamoto fab, and thus establishing a landmark in Taiwan-Japan economic collaboration. Minister Kuo noted that this investment has catalyzed increasing demand for and cooperation on semiconductors, AI, and digital transformation, and further strengthened bilateral industrial ties.

    Mr. Hirai, currently serving as an executive director at Hitachi, Ltd., shared his endeavors between 2020 and 2021 in securing Japanese government subsidies and support to attract TSMC’s investment. He also expressed support for Minister Kuo’s proposal to strengthen bilateral cooperation on semiconductor supply chain in Kyushu.

    The award acknowledges Mr. Hirai’s contributions to strengthening industrial partnerships between Taiwan and Japan, thereby paving the way for deeper cooperation in next-generation technologies and global supply chain resilience.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: The National Credit Guarantee Mechanism Invigorates Offshore Wind Power Financing Mechanisms and Strengthens Market

    Source: Republic Of China Taiwan 2

    According to Ministry of Economic Affairs (MOEA), domestic enterprises have a large and competitive demand for green electricity (such as RE100) to enhance international competitiveness, and advanced manufacturing processes require higher proportions of green electricity. Thus, increasing the share of green electricity in products made in Taiwan by 2030 has become an urgent priority. The National Credit Guarantee Mechanism aims to encourage investments from banks and insurance funds to support offshore wind farms and accelerate offshore wind power construction, thus ensuring sufficient green electricity for domestic high-tech industry to enhance export competitiveness and achieve the 2050 net-zero target.

    Amid public skepticism over the National Credit Guarantee Mechanism, the Energy Administration (EA) of the MOEA explained that the development of offshore wind power has progressed to the Zonal Development phase, with an estimated financing demand of NT$1.08 trillion between 2026 and 2031. The National Development Council (NDC), the Ministry of Finance, and the MOEA have jointly launched initiatives involving the National Development Fund and eight major state-owned banks to provide financing guarantees, with a total capacity of NT$90 billion. This mechanism assists offshore wind farms in obtaining financing and also offers guarantees to eliminate barriers for general enterprises seeking to purchase green electricity. The government remains committed to fostering a benign investment environment for offshore wind power development.

    The EA further stated that the MOEA and the NDC have recently collaborated to raise the national credit guarantee ratio from 60% to 80% for green energy construction projects by project financing developers, enhancing the full credit guarantees for banks to participate in wind farm projects, incentivizing state-owned banks and other financial institutions to finance offshore wind farms, and supports the sustainable development of offshore wind power market in Taiwan.

    Furthermore, the EA noted that offshore wind power financing operations require the long-term and stable financial capacity for electricity procurement. Therefore, the National Credit Guarantee Mechanism can provide any single general business up to 80% of credit guarantees for procurement of green electricity, which provides additional credit protection for domestic electricity-purchasing enterprises without long-term international credit ratings, and, at the same time, boosts the banks’ confidence when reviewing Corporate Power Purchase Agreements (CPPA), improving the financial structure of wind farms.

    Spokesperson for Energy Administration, Ministry of Economic Affairs:
    Deputy Director General, Chun-Li Lee
    Phone: 02-2775-7700, 0936-250-838
    Email: chunlee@moeaea.gov.tw

    Business Contact: Director, Chung-Hsien Chen
    Phone: 02-2775-7770, 0919-998-339
    Email: ctchen2@moeaea.gov.tw

    MIL OSI Asia Pacific News –

  • MIL-OSI: TRANSOCEAN SHAREHOLDER ALERT: CLAIMSFILER REMINDS INVESTORS WITH LOSSES IN EXCESS OF $100,000 of Lead Plaintiff Deadline in Class Action Lawsuits Against Transocean Ltd. – RIG

    Source: GlobeNewswire (MIL-OSI)

    NEW ORLEANS, Feb. 12, 2025 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until February 24, 2025 to file lead plaintiff applications in securities class action lawsuits against Transocean Ltd. (the “Company”) (NYSE: RIG), if they purchased the Company’s securities between May 1, 2023 and September 2, 2024, inclusive (the “Class Period”). These actions are pending in the United States District Court for the Southern District of New York.

    Get Help

    Transocean investors should visit us at https://claimsfiler.com/cases/nyse-rig-2/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

    About the Lawsuits

    Transocean and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws. The alleged false and misleading statements and omissions include, but are not limited to, that: (1) the Discoverer Inspiration and the Development Driller III were considered non-strategic assets; (2) the Company’s recorded asset valuations were overstated; (3) as a result, the Company would take nearly twice the vessels’ sale price in impairment if sold; and (4) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

    On September 3, 2024, pre-market, the Company disclosed that it had agreed to sell the Development Driller III and the Discoverer Inspiration rigs and associated assets for an aggregate $342 million “as part of the Company’s effort to dispose of non-strategic assets,” which would result in an estimated third-quarter non-cash charge of up to $645 million associated with the impairment of said assets. On this news, the price of Transocean’s shares fell $0.42, or 8.86%, to close at $4.32 per share on September 3, 2024, on unusually heavy trading volume.

    The case is Gábor v. Transocean Ltd., et al., No. 24-cv-9964. A subsequently filed case, Matteson v. Transocean Ltd., et al., No. 25-cv-1112, expanded the class period.

    About ClaimsFiler

    ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.

    To learn more about ClaimsFiler, visit www.claimsfiler.com.

    The MIL Network –

  • MIL-OSI: INTEGRAL AD SHAREHOLDER ALERT: CLAIMSFILER REMINDS INVESTORS WITH LOSSES IN EXCESS OF $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against Integral Ad Science Holding Corp. – IAS

    Source: GlobeNewswire (MIL-OSI)

    NEW ORLEANS, Feb. 12, 2025 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until March 31, 2025 to file lead plaintiff applications in a securities class action lawsuit against Integral Ad Science Holding Corp. (the “Company”) (NasdaqGS: IAS), if they purchased the Company’s shares between March 2, 2023 and February 27, 2024, inclusive (the “Class Period”). This action is pending in the United States District Court for the Southern District of New York.

    Get Help

    Integral Ad investors should visit us at https://claimsfiler.com/cases/nasdaq-ias/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

    About the Lawsuit

    Integral and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

    On February 27, 2024, post-market, the Company announced its 4Q 2023 results, disclosing disappointing revenue guidance below analysts’ estimates due to pricing cuts issued to customers across the Company’s measurement and optimization businesses. On this news, the price of Integral’s shares declined approximately 41%, from $17.10 per share to close at $10.01 per share on February 28, 2024.

    The case is Oklahoma Firefighters Pension And Retirement System v. Integral Ad Science Holding Corp., et al., No. 25-cv-00847.

    About ClaimsFiler

    ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.

    To learn more about ClaimsFiler, visit www.claimsfiler.com.

    The MIL Network –

  • MIL-OSI: ICON SHAREHOLDER ALERT: CLAIMSFILER REMINDS INVESTORS WITH LOSSES IN EXCESS OF $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against ICON plc – ICLR

    Source: GlobeNewswire (MIL-OSI)

    NEW ORLEANS, Feb. 12, 2025 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until April 11, 2025 to file lead plaintiff applications in a securities class action lawsuit against ICON plc (the “Company”) (NasdaqGS: ICLR), if they purchased the Company’s shares between July 27, 2023 and October 23, 2024, inclusive (the “Class Period”). This action is pending in the United States District Court for the Eastern District of New York.

    Get Help

    ICON investors should visit us at https://claimsfiler.com/cases/nasdaq-iclr/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

    About the Lawsuit

    ICON and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

    On October 23, 2024, the Company reported financial results for 3Q 2024, disclosing quarterly revenues of just $2.03 billion, revealing a shocking “revenue shortfall” that significantly missed consensus estimates of $2.13 billion by more than $100 million, that quarterly net new business wins had declined sequentially to $2.3 billion during the quarter, and that its book-to-bill ratio fell sequentially to 1.15, down from 1.22 in the prior quarter, due to ongoing cost containment measures by customers.

    On this news, the price of ICON’s shares declined more than 20% over a two-day trading period, from $280.76 per share on October 23, 2024 to $220.47 per share on October 25, 2024.

    The case is Shing v. ICON plc, No. 25-cv-00763.

    About ClaimsFiler

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    The MIL Network –

  • MIL-OSI: Euronet Reports Record Results Across All Financial Metrics For The Fourth Quarter And Full Year 2024

    Source: GlobeNewswire (MIL-OSI)

    LEAWOOD, Kan., Feb. 12, 2025 (GLOBE NEWSWIRE) — Euronet (or the “Company”) (NASDAQ: EEFT), a global leader in payments processing and cross-border transactions, today announced fourth quarter and full year 2024 financial results. 

    Euronet reports the following consolidated results for the fourth quarter 2024 compared with the same period of 2023:

    • Revenues of $1,047.3 million, a 9% increase from $957.7 million (10% increase on a constant currency1 basis).
    • Operating income of $122.7 million, a 26% increase from $97.4 million (27% increase on a constant currency basis).
    • Adjusted operating income2 of $122.7 million, a 23% increase from $99.9 million (24% increase on a constant currency basis).
    • Adjusted EBITDA3 of $165.8 million, a 12% increase from $147.6 million (13% increase on a constant currency basis).
    • Net income attributable to Euronet of $45.2 million, or $0.98 diluted earnings per share, compared with $69.3 million, or $1.43 diluted earnings per share.
    • Adjusted earnings per share4 of $2.08, a 10% increase from $1.88.
    • Euronet’s cash and cash equivalents were $1,278.8 million and ATM cash was $643.8 million, totaling $1,922.6 million as of December 31, 2024, and availability under its revolving credit facilities was approximately $1,335 million.

    Euronet reports the following consolidated results for the full year 2024 compared with the same period of 2023:

    • Revenues of $3,989.8 million, an 8% increase from $3,688.0 million (9% increase on a constant currency basis).
    • Operating income of $503.2 million, a 16% increase from $432.6 million (18% increase on a constant currency basis).
    • Adjusted operating income of $502.8 million, a 16% increase from $432.1 million (18% increase on a constant currency basis).
    • Adjusted EBITDA of $678.5 million, a 10% increase from $618.7 million (11% increase on a constant currency basis).
    • Net income attributable to Euronet of $306.0 million, or $6.45 diluted earnings per share, compared with $279.7 million, or $5.50 diluted earnings per share.
    • Adjusted earnings per share of $8.61, a 15% increase from $7.46.

    See the reconciliation of non-GAAP items in the attached financial schedules.

    “I am pleased we delivered 15% growth in Adjusted EPS for the full year — at the top end of our range, driven by strong performance in all three segments. As we entered 2024, we told shareholders that we expected our Adjusted EPS to grow between 10% and 15%, and we would be driving to go through the range. Throughout the year our results increasingly demonstrated that it was likely we would perform at the upper end of that range. Now with these very good fourth quarter results, you can see we performed at the top of the range and even ahead of our historical 10- and 20-year CAGR rates. I would like to also point out that our 2024 adjusted EPS of $8.61 was adversely impacted by significant increases in interest and tax expense, but also benefited from share repurchases. With interest, taxes and share repurchases netting each other, you can see that the 15% increase in adjusted EPS was driven by the 16% increase in operating income made possible by strong revenue growth, scale and cost management. For the fourth quarter we delivered record adjusted EPS of $2.08, a 10% year-over-year increase as well as double-digit growth in operating income and adjusted EBITDA,” stated Michael J. Brown, Euronet’s Chairman and Chief Executive Officer. “EFT delivered double-digit growth across all metrics driven by international travel, growth in merchant acquiring business, fee increase opportunities, and expansion into new markets. Money Transfer produced strong fourth quarter results across all metrics including a 33% growth in digital transactions. In epay, our core business delivered strong results from continued digital branded payments and mobile growth.”

    Adjusted operating income and adjusted EBITDA were adjusted for non-cash purchase accounting adjustments in the EFT Segment during the fourth quarter and full-year of 2023 and the full year of 2024 and a non-cash gain in the full year 2023.

    Taking into consideration recent trends in the business and the global economy, the Company anticipates its 2025 adjusted EPS will grow 12% to 16% year-over-year, consistent with its 10 and 20 year compounded annualized growth rates. This outlook does not include any changes that may develop in foreign exchange rates, interest rates or other unforeseen factors.

    Segment and Other Results

    The EFT Processing Segment reports the following results for the fourth quarter 2024 compared with the same period or date in 2023:

    • Revenues of $265.6 million, a 12% increase from $237.9 million (13% increase on a constant currency basis).
    • Operating income of $37.3 million, a 46% increase from $25.5 million (48% increase on a constant currency basis).
    • Adjusted operating income of $37.3 million, a 33% increase from $28.0 million (35% increase on a constant currency basis).
    • Adjusted EBITDA of $61.7 million, an 18% increase from $52.2 million (19% increase on a constant currency basis).
    • Transactions of 3,203 million, a 35% increase from 2,369 million.
    • Total of 55,248 installed ATMs as of December 31, 2024, a 5% increase from 52,652 at December 31, 2023. Operated 49,945 active ATMs as of December 31, 2024, a 6% increase from 47,303 as of December 31, 2023.

    The EFT Processing Segment reports the following results for the full year 2024 compared with the same period in 2023:

    • Revenues of $1,161.2 million, a 10% increase from $1,058.3 million (10% increase on a constant currency basis).
    • Operating income of $256.0 million, a 24% increase from $206.3 million (25% increase on a constant currency basis).
    • Adjusted operating income of $255.6 million, a 24% increase from $205.8 million (25% increase on a constant currency basis).
    • Adjusted EBITDA of $353.5 million, an 18% increase from $300.4 million (19% increase on a constant currency basis).
    • Transactions of 11,424 million, a 35% increase from 8,473 million.

    Revenue, operating income, and adjusted EBITDA growth for both the fourth quarter and full year 2024 was driven by continued growth in transactions in nearly all markets, new market expansion, fee increase opportunities, cost management and growth in the merchant acquiring business with adjusted EBITDA doubling in the last two years.

    The EFT Segment’s total installed ATMs at December 31, 2024 grew 5% over December 31, 2023 ATMs due to the net addition of 1,729 Euronet-owned ATMs, 773 new outsourcing ATMs and the addition of 94 low-margin ATMs in India. The difference between installed and active ATMs relates to ATMs that have been seasonally deactivated. 

    The epay Segment reports the following results for the fourth quarter 2024 compared with the same period or date in 2023:

    • Revenues of $342.2 million, an 8% increase from $316.7 million (10% increase on a constant currency basis).
    • Operating income of $48.0 million, a 10% increase from $43.6 million (12% increase on a constant currency basis).
    • Adjusted EBITDA of $49.9 million, a 10% increase from $45.4 million (12% increase on a constant currency basis).
    • Transactions of 1,185 million, a 31% increase from 906 million.
    • POS terminals of approximately 777,000 as of December 31, 2024, a 5% decrease from approximately 821,000.
    • Retailer locations of approximately 362,000 as of December 31, 2024, a 3% increase from approximately 352,000.

    The epay Segment reports the following results for the full year 2024 compared with the same period in 2023:

    • Revenues of $1,150.5 million, a 6% increase from $1,082.4 million (7% increase on a constant currency basis).
    • Operating income of $129.9 million, a 3% increase from $126.2 million (4% increase on a constant currency basis).
    • Adjusted EBITDA of $137.2 million, a 3% increase from $133.1 million (4% increase on a constant currency basis).
    • Transactions of 4,374 million, a 15% increase from 3,789 million.

    Fourth quarter and full year 2024 constant currency revenue, operating income and adjusted EBITDA growth was driven by continued expansion of digital branded payment and mobile sales.

    The Money Transfer Segment reports the following results for the fourth quarter 2024 compared with the same period or date in 2023:

    • Revenues of $441.9 million, a 9% increase from $405.1 million (9% increase on a constant currency basis).
    • Operating income of $58.4 million, a 13% increase from $51.9 million (12% increase on a constant currency basis).
    • Adjusted EBITDA of $64.4 million, a 9% increase from $59.3 million (9% increase on a constant currency basis).
    • Total transactions of 46.9 million, an 11% increase from 42.4 million.
    • Network locations of approximately 607,000 as of December 31, 2024, a 5% increase from approximately 580,000.

    The Money Transfer Segment reports the following results for the full year 2024 compared with the same period in 2023:

    • Revenues of $1,686.5 million, an 8% increase from $1,555.2 million (9% increase on a constant currency basis).
    • Operating income of $201.0 million, an 8% increase from $185.4 million (9% increase on a constant currency basis).
    • Adjusted EBITDA of $227.0 million, a 5% increase from $216.4 million (5% increase on a constant currency basis).
    • Total transactions of 176.9 million, a 9% increase from 161.7 million.

    Fourth quarter constant currency revenue, operating income and adjusted EBITDA growth was the result of 14% growth in U.S.-outbound transactions, 11% growth in international-originated money transfers and 8% growth in xe transactions, partially offset by a 14% decline in the intra-U.S. business. These transaction growth rates include 33% growth in direct-to-consumer digital transactions.

    Full year 2024 constant currency revenue, operating income, and adjusted EBITDA growth was the result of 12% growth in U.S.-outbound transactions, 11% growth in international-originated money transfers and 16% growth in xe transactions, partially offset by a 14% decline in the intra-U.S. business. These transaction growth rates include 28% growth in direct-to-consumer digital transactions.

    Corporate and Other reports $21.0 million of expense for the fourth quarter 2024 compared with $23.6 million for the fourth quarter 2023. For the full year 2024, Corporate and Other reports $83.7 million of expense compared with $85.3 million for the full year 2023. The decrease in corporate expenses for both the fourth quarter and full year 2024 is largely the result of a decrease in long-term compensation expenses based on lower share value. 

    Balance Sheet and Financial Position
    Unrestricted cash and cash equivalents on hand were $1,278.8 million as of December 31, 2024, compared to $1,524.1 million as of September 30, 2024. The net decrease in unrestricted cash and cash equivalents during the quarter is mainly due to working capital fluctuations, repayment of short-term borrowings, $50 million in share repurchases, partially offset by cash generated from operations. Total indebtedness was $1,949.8 million as of December 31, 2024, compared to $2,278.8 million as of September 30, 2024. The decrease in debt was largely due to repayment of short-term borrowings. Availability under the Company’s revolving credit facility was approximately $1,335 million as of December 31, 2024. The increase in availability of the revolving credit facility was primarily the result of an increase and extension of our credit facility in December 2024 from $1.25 billion to $1.90 billion.

    Non-GAAP Measures
    In addition to the results presented in accordance with U.S. GAAP, the Company presents non-GAAP financial measures, such as constant currency financial measures, adjusted operating income, adjusted EBITDA, and adjusted earnings per share. These measures should be used in addition to, and not a substitute for, revenues, net income and earnings per share computed in accordance with U.S. GAAP. We believe that these non-GAAP measures provide useful information to investors regarding the Company’s performance and overall results of operations. These non-GAAP measures are also an integral part of the Company’s internal reporting and performance assessment for executives and senior management. The non-GAAP measures used by the Company may not be comparable to similarly titled non-GAAP measures used by other companies. The attached schedules provide a full reconciliation of these non-GAAP financial measures to their most directly comparable U.S. GAAP financial measure.

    The Company does not provide a reconciliation of its forward-looking non-GAAP measures to GAAP due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for GAAP and the related GAAP and non-GAAP reconciliation, including adjustments that would be necessary for foreign currency exchange rate fluctuations and other charges reflected in the Company’s reconciliation of historic numbers, the amount of which, based on historical experience, could be significant.

    (1) Constant currency financial measures are computed as if foreign currency exchange rates did not change from the prior period. This information is provided to illustrate the impact of changes in foreign currency exchange rates on the Company’s results when compared to the prior period.

    (2) Adjusted operating income is defined as operating income excluding, to the extent incurred in the period, non-cash gains and non-cash purchase accounting adjustments. Adjusted operating income represents a performance measure and is not intended to represent a liquidity measure.

    (3) Adjusted EBITDA is defined as net income excluding, to the extent incurred in the period, interest expense, income tax expense, depreciation, amortization, share-based compensation, non-cash gains, non-cash purchase accounting adjustments and other non-operating or non-recurring items that are considered expenses or income under U.S. GAAP. Adjusted EBITDA represents a performance measure and is not intended to represent a liquidity measure.

    (4) Adjusted earnings per share is defined as diluted U.S. GAAP earnings per share excluding, to the extent incurred in the period, the tax-effected impacts of: a) foreign currency exchange gains or losses, b) share-based compensation, c) acquired intangible asset amortization, d) non-cash income tax expense, e) non-cash gains and non-cash purchase accounting adjustments, f) other non-operating or non-recurring items and g) dilutive shares relate to the Company’s convertible bonds. Adjusted earnings per share represents a performance measure and is not intended to represent a liquidity measure.

    Conference Call and Slide Presentation
    Euronet Worldwide will host an analyst conference call on February 13, 2025, at 9:00 a.m. Eastern Time to discuss these results. The call may also include discussion of Company developments on the Company’s operations, forward-looking information, and other material information about business and financial matters. To listen to the call via telephone please register at Euronet Worldwide Fourth Quarter 2024 Earnings Call. The conference call will also be available via webcast at http://ir.euronetworldwide.com. Participants should register at least five minutes prior to the scheduled start time of the event. A slideshow will be included in the webcast.

    A webcast replay will be available beginning approximately one hour after the event at http://ir.euronetworldwide.com and will remain available for one year.

    About Euronet Worldwide, Inc.
    A global leader in payments processing and cross-border transactions, Euronet moves money in all the ways consumers and businesses depend upon. This includes money transfers, credit/debit processing, ATMs, point-of-sale services, branded payments, currency exchange and more. With products and services in more than 200 countries and territories provided through its own brand and branded business segments, Euronet and its financial technologies and networks make participation in the global economy easier, faster and more secure for everyone.

    Starting in Central Europe in 1994, Euronet now supports an extensive global real-time digital and cash payments network that includes 55,248 installed ATMs, approximately 1,160,000 EFT point-of-sale terminals and a growing portfolio of outsourced debit and credit card services which are under management in 67 countries; card software solutions; a prepaid processing network of approximately 777,000 point-of-sale terminals at approximately 362,000 retailer locations in 64 countries; and a global money transfer network of approximately 607,000 locations serving 197 countries and territories with digital connections to 4.1 billion bank accounts and 3.1 billion digital wallet accounts. Euronet serves clients from its corporate headquarters in Leawood, Kansas, USA, and 67 worldwide offices. For more information, please visit the Company’s website at www.euronetworldwide.com.

    Statements contained in this news release that concern Euronet’s or its management’s intentions, expectations, or predictions of future performance, are forward-looking statements. Euronet’s actual results may vary materially from those anticipated in such forward-looking statements as a result of a number of factors, including: conditions in world financial markets and general economic conditions, including impacts from the COVID-19 or other pandemics; inflation; military conflicts in the Ukraine and the Middle East, and the related economic sanctions; our ability to successfully integrate any acquired operations; economic conditions in specific countries and regions; technological developments affecting the market for our products and services; our ability to successfully introduce new products and services; foreign currency exchange rate fluctuations; the effects of any breach of our computer systems or those of our customers or vendors, including our financial processing networks or those of other third parties; interruptions in any of our systems or those of our vendors or other third parties; our ability to renew existing contracts at profitable rates; changes in fees payable for transactions performed for cards bearing international logos or over switching networks such as card transactions on ATMs; our ability to comply with increasingly stringent regulatory requirements, including anti-money laundering, anti-terrorism, anti-bribery, consumer and data protection and privacy; changes in laws and regulations affecting our business, including tax and immigration laws and any laws regulating payments, including dynamic currency conversion transactions; changes in our relationships with, or in fees charged by, our business partners; competition; the outcome of claims and other loss contingencies affecting Euronet; the cost of borrowing (including fluctuations in interest rates), availability of credit and terms of and compliance with debt covenants; and renewal of sources of funding as they expire and the availability of replacement funding. These risks and other risks are described in the Company’s filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Copies of these filings may be obtained via the SEC’s Edgar website or by contacting the Company. Any forward-looking statements made in this release speak only as of the date of this release. Except as may be required by law, Euronet does not intend to update these forward-looking statements and undertakes no duty to any person to provide any such update under any circumstances. The Company regularly posts important information to the investor relations section of its website. 

     EURONET WORLDWIDE, INC.
     Condensed Consolidated Balance Sheets
     (in millions)
           
      As of    
      December 31,   As of
      2024   December 31,
      (unaudited)   2023
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 1,278.8   $ 1,254.2
    ATM cash 643.8   525.2
    Restricted cash 9.2   15.2
    Settlement assets 1,522.7   1,681.5
    Trade accounts receivable, net 284.9   370.6
    Prepaid expenses and other current assets 297.1   316.0
    Total current assets 4,036.5   4,162.7
           
    Property and equipment, net 329.7   332.1
    Right of use lease asset, net 132.1   142.6
    Goodwill and acquired intangible assets, net 1,048.1   1,015.1
    Other assets, net 288.1   241.9
           
    Total assets $ 5,834.5   $ 5,894.4
           
    LIABILITIES AND EQUITY      
    Current liabilities:      
    Settlement obligations $ 1,522.7   $ 1,681.5
    Accounts payable and other current liabilities 841.0   816.9
    Current portion of operating lease liabilities 48.3   50.3
    Short-term debt obligations 814.0   151.9
    Total current liabilities 3,226.0   2,700.6
           
    Debt obligations, net of current portion 1,134.4   1,715.4
    Operating lease liabilities, net of current portion 87.4   95.8
    Capital lease obligations, net of current portion 1.4   2.3
    Deferred income taxes 71.8   47.0
    Other long-term liabilities 84.3   83.6
    Total liabilities 4,605.3   4,644.7
    Equity 1,229.2   1,249.7
           
    Total liabilities and equity $ 5,834.5   $ 5,894.4
                                   
    EURONET WORLDWIDE, INC.
     Consolidated Statements of Operations
     (unaudited – in millions, except share and per share data)
                           
        Year Ended     Three Months Ended
        December 31,     December 31,
        2024         2023     2024   2023
                           
    Revenues $ 3,989.8       $ 3,688.0     $ 1,047.3       $ 957.7  
                           
    Operating expenses:                      
    Direct operating costs   2,389.3         2,222.8     640.8       596.4  
    Salaries and benefits   650.2         602.9     167.9       158.0  
    Selling, general and administrative   315.3         296.8     83.4       72.4  
    Depreciation and amortization   131.8         132.9     32.5       33.5  
    Total operating expenses   3,486.6         3,255.4     924.6       860.3  
    Operating income   503.2         432.6     122.7       97.4  
                           
    Other income (expense):                      
    Interest income   23.8         15.2     5.7       5.1  
    Interest expense   (80.5 )       (55.6 )   (21.3 )     (16.5 )
    Foreign currency exchange (loss) gain   (19.1 )       8.0     (35.5 )     11.6  
    Other income   21.5         0.2     4.3       0.3  
    Total other (expense) income, net   (54.3 )       (32.2 )   (46.8 )     0.5  
    Income before income taxes   448.9         400.4     75.9       97.9  
                           
    Income tax expense   (142.6 )       (120.9 )   (30.6 )     (28.4 )
                           
    Net income   306.3         279.5     45.3       69.5  
    Net (income) loss attributable to non-controlling interests   (0.3 )       0.2     (0.1 )     (0.2 )
    Net income attributable to Euronet Worldwide, Inc. $ 306.0       $ 279.7     $ 45.2       $ 69.3  
    Add: Interest expense from assumed conversion of convertible notes, net of tax   4.2         4.2       0.9         1.0  
    Net income for diluted earnings per share calculation $ 310.2       $ 283.9     $ 46.1       $ 70.3  
    Earnings per share attributable to Euronet                      
    Worldwide, Inc. stockholders – diluted $ 6.45       $ 5.50     $ 0.98       $ 1.43  
                           
    Diluted weighted average shares outstanding   48,082,766         51,599,633     47,050,602       49,066,284  

     

     EURONET WORLDWIDE, INC.
    Reconciliation of Net Income to Operating Income (Expense), Adjusted Operating Income (Expense) and Adjusted EBITDA
     (unaudited – in millions)
                       
      Three months ended December 31, 2024
                       
      EFT Processing   epay   Money Transfer   Corporate Services   Consolidated
                       
    Net income                 $ 45.3  
                       
    Add: Income tax expense                 30.6  
    Add: Total other expense, net                 46.8  
                       
    Operating income (expense) $ 37.3     $ 48.0     $ 58.4     $ (21.0 )     $ 122.7  
                       
    Add: Depreciation and amortization 24.4     1.9     6.0     0.2       32.5  
    Add: Share-based compensation —     —     —     10.6       10.6  
                       
    Earnings before interest, taxes, depreciation, amortization, share-based compensation (Adjusted EBITDA) (1) $ 61.7     $ 49.9     $ 64.4     $ (10.2 )     $ 165.8  
                       
      Three months ended December 31, 2023
                       
      EFT Processing   epay   Money Transfer   Corporate Services   Consolidated
                       
    Net income                 $ 69.5  
                       
    Add: Income tax expense                 28.4  
    Less: Total other income, net                 (0.5 )
                       
    Operating income (expense) $ 25.5     $ 43.6     $ 51.9     $ (23.6   )   $ 97.4  
    Add: non-cash purchase accounting expense adjustment   2.5       —       —       —         2.5  
    Adjusted operating income (expense) (1)   28.0       43.6       51.9       (23.6   )     99.9  
                       
    Add: Depreciation and amortization 24.2     1.8     7.4     0.1       33.5  
    Add: Share-based compensation —     —     —     14.2       14.2  
                       
    Earnings before interest, taxes, depreciation, amortization, non-cash purchase accounting expense adjustment and share-based compensation (Adjusted EBITDA) (1) $ 52.2     $ 45.4     $ 59.3     $ (9.3   )   $ 147.6  

    (1) Adjusted operating income (expense) and Adjusted EBITDA are non-GAAP measures that should be considered in addition to, and not a substitute for, net income computed in accordance with U.S. GAAP. 

     EURONET WORLDWIDE, INC.
    Reconciliation of Net Income to Operating Income (Expense), Adjusted Operating Income (Expense) and Adjusted EBITDA
     (unaudited – in millions)
                       
      Twelve months ended December 31, 2024
                       
      EFT Processing   epay   Money Transfer   Corporate Services   Consolidated
                       
    Net income                 $ 306.3  
                       
    Add: Income tax expense                 142.6  
    Add: Total other expense, net                 54.3  
                       
    Operating income (expense) $ 256.0     $ 129.9     $ 201.0     $ (83.7 )   $ 503.2  
                       
    Less: Non-cash purchase accounting income adjustment (0.4 )   —     —     —     (0.4 )
    Adjusted operating income (expense) (1) 255.6     129.9     201.0     (83.7 )   502.8  
                           
    Add: Depreciation and amortization 97.9     7.3     26.0     0.6     131.8  
    Add: Share-based compensation —     —     —     43.9     43.9  
                       
    Earnings before interest, taxes, depreciation, amortization, non-cash purchase accounting income adjustment and share-based compensation (Adjusted EBITDA) (1) $ 353.5     $ 137.2     $ 227.0     $ (39.2 )   $ 678.5  
                       
      Twelve months ended December 31, 2023
                       
      EFT Processing   epay   Money Transfer   Corporate Services   Consolidated
                       
    Net income                 $ 279.5  
                       
    Add: Income tax expense                 120.9  
    Add: Total other expense, net                 32.2  
                       
    Operating income (expense) $ 206.3     $ 126.2     $ 185.4     $ (85.3 )   $ 432.6  
                       
    Add: Non-cash purchase accounting expense adjustment 2.5     —     —     —     2.5  
    Less: Non-cash gain (3.0 )   —     —     —     (3.0 )
    Adjusted operating income (expense) (1) 205.8     126.2     185.4     (85.3 )   432.1  
                           
    Add: Depreciation and amortization 94.6     6.9     31.0     0.4     132.9  
    Add: Share-based compensation —     —     —     53.7     53.7  
                       
    Earnings before interest, taxes, depreciation, amortization, non-cash purchase accounting expense adjustment, non-cash gain and share-based compensation (Adjusted EBITDA) (1) $ 300.4     $ 133.1     $ 216.4     $ (31.2 )   $ 618.7  

    (1) Adjusted operating income (expense) and Adjusted EBITDA are non-GAAP measures that should be considered in addition to, and not a substitute for, net income computed in accordance with U.S. GAAP. 

    EURONET WORLDWIDE, INC.
    Reconciliation of Adjusted Earnings per Share
     (unaudited – in millions, except share and per share data)
                                   
      Year Ended    Three Months Ended
      December 31,   December 31,
        2024         2023       2024         2023  
                                   
    Net income attributable to Euronet Worldwide, Inc. $ 306.0       $ 279.7     $ 45.2       $ 69.3  
                                   
    Foreign currency exchange loss (gain)   19.1         (8.0 )     35.5         (11.6 )
    Intangible asset amortization(1)   21.7         24.4       4.7         5.4  
    Share-based compensation(2)   43.9         53.7       10.6         14.2  
    Non-cash gain(3)   —         (3.0 )     —         —  
    Non-cash purchase accounting (income) expense adjustment(4)   (0.4 )       2.5       —         2.5  
    Income tax effect of above adjustments(5)   13.2         (3.0 )     3.2         1.2  
    Non-cash investment gain(6)   (20.3 )       —       (3.5 )       —  
    Non-cash GAAP tax expense (benefit)(7)   9.9         19.7       (3.1 )       6.4  
                                   
    Adjusted earnings(8) $ 393.1       $ 366.0     $ 92.6       $ 87.4  
                                   
    Adjusted earnings per share – diluted(8) $ 8.61       $ 7.46     $ 2.08       $ 1.88  
                                   
    Diluted weighted average shares outstanding (GAAP)   48,082,766         51,599,633       47,050,602         49,066,284  
    Effect of adjusted EPS dilution of convertible notes   (2,781,818 )       (2,781,818 )     (2,781,818 )       (2,781,818 )
    Effect of unrecognized share-based compensation on diluted shares outstanding   369,573         230,000       295,559         158,030  
    Adjusted diluted weighted average shares outstanding   45,670,521         49,047,815       44,564,343         46,442,496  

    (1) Intangible asset amortization of $4.7 million and $5.4 million are included in depreciation and amortization expense of $32.5 million and $ 33.5 million for both the three months ended December 31, 2024 and December 31, 2023, in the consolidated statements of operations. Intangible asset amortization of $21.7 million and $24.4 million are included in depreciation and amortization expense of $131.8 million and $132.9 million for the twelve months ended December 31, 2024 and December 31, 2023, respectively, in the consolidated statements of operations. 

    (2) Share-based compensation of $10.6 million and $14.2 million are included in salaries and benefits expense of $167.9 million and $158.0 million for the three months ended December 31, 2024 and December 31, 2023, respectively, in the consolidated statements of operations. Share-based compensation of $43.9 million and $53.7 million are included in salaries and benefits expense of $650.2 million and $602.9 million for the twelve months ended December 31, 2024 and December 31, 2023, respectively, in the consolidated statements of operations.

    (3) A non-cash gain of $3.0 million is included in operating income for the twelve months ended December 31, 2023, in the consolidated statements of operations. 

    (4) Non-cash purchase accounting (income)/expense adjustment of respectively ($0.4) million and $2.5 million is included in operating income for the twelve months ended December 31, 2024 and December 31, 2023 in the consolidated statement of operations. 

    (5) Adjustment is the aggregate U.S. GAAP income tax effect on the preceding adjustments determined by applying the applicable statutory U.S. federal, state and/or foreign income tax rates. 

    (6) Non-cash investment gain of respectively $3.5 million and $20.3 million for the three and twelve months ended December 31, 2024 is included in other income in the consolidated statement of operations.

    (7) Adjustment is the non-cash GAAP tax impact recognized on certain items such as the utilization of certain material net deferred tax assets and amortization of indefinite-lived intangible assets.

    (8) Adjusted earnings and adjusted earnings per share are non-GAAP measures that should be considered in addition to, and not as a substitute for, net income and earnings per share computed in accordance with U.S. GAAP. 

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