Source: Government of Canada News
Please be advised that the Honourable Gary Anandasangaree, Minister of Crown-Indigenous Relations and Northern Affairs and Minister responsible for the Canadian Northern Economic Development Agency and Natan Obed, President of Inuit Tapiriit Kanatami, will announce progress on the Inuit Nunangat Policy to ensure Inuit voices guide federal decisions.
Source: Government of Canada News
The Honourable Terry Duguid, Minister responsible for PrairiesCan will host a business roundtable to discuss the potential impacts of United States tariffs imposed on Canadian goods and to hear what industry needs to protect jobs and stay competitive during uncertain times.
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra
The battle to contain antisemitism in Australia finds both sides of politics embracing measures they’d otherwise abhor.
Spectacularly, the government capitulated this week to include mandatory minimum sentences of between one and six years in its hate speech legislation that passed the parliament on Thursday.
That flip flop was done in a day. You need a longer memory to recall the Coalition’s insistence that free speech had to be preeminent over dealing with hate speech.
Way back, when Tony Abbott was prime minister, there was a big (ultimately unsuccessful) push against Section 18C of the Racial Discrimination Act. This civil law prohibits acts “likely to offend, insult, humiliate or intimidate someone because of their race or ethnicity”. At the very least, libertarian Liberals wanted it reworded to remove “offend” and “insult”.
Before entering parliament, James Paterson worked for the right wing Institute of Public Affairs, which spearheaded attacks on 18C. Even after becoming a senator in 2016, Paterson remained a strong critic of 18C (although he says he always supported laws against incitement to violence).
Now as home affairs spokesman Paterson has been at the forefront of the opposition efforts to make the new hate speech law as strong as possible.
Until mid week the government firmly ruled out giving in to opposition’s demands for mandatory sentences for hate crimes. The government’s resistance was unsurprising. The Labor party platform rules out mandatory sentences.
But then late on Wednesday, leader of the house Tony Burke went into parliament with amendments including mandatory minimum sentences of between one and six years for various crimes under the anti-hate legislation.
Teal MP Zoe Daniel, from the Victorian seat of Goldstein, was among several crossbenchers who voted against that amendment.
She said later she supported the legislation but described the mandatory sentencing as “overreach”. “Community safety is paramount, and so is good policy-making. Mandatory minimum sentences do not reflect good parliamentary practice or good governance. Nor do they respect the sanctity of Australia’s constitution and separation of powers, and the importance of judicial independence.”
The antisemitism crisis is, on a number of fronts, leading to the actual or advocated curtailment of civil liberties. The federal government has outlawed the Nazi salute and hate symbols. The NSW government is to bring in more anti-hate provisions.
There is constant debate about the desirability of curbs of one sort or another on demonstrations. The antisemitism envoy, Jillian Segal, has said, “There should be places designated away from where the Jewish community might venture where people can demonstrate”.
In our history we repeatedly see how government actions to confront perceived emergencies collide with civil liberties.
For example, strong security laws introduced in the wake of September 11 2001 triggered arguments about the extent to which they struck down people’s rights. Going back to the Menzies era, the Communist threat prompted the government to try (and fail) to carry a referendum to ban the Communist Party.
People of good intent will differ about the extent to which particular responses to a crisis are necessary and appropriate, or go too far, either being bad policy or an unjustified curb on civil liberties. Historical judgements may also differ from those made at the time.
This is not to dispute that we should be taking the strongest action against antisemitism. It’s merely to point out that with each particular measure, it’s important to be confident the end justifies the means, taking into account possible unintended or adverse consequences as well as what is to be achieved.
Having had a victory over mandatory minimum sentences, the opposition is pushing for an inquiry into when Prime Minister Anthony Albanese was told about the caravan found at Dural, NSW filled with explosives and containing indications Sydney’s Great Synagogue and a Jewish museum could be targets.
The caravan was parked for several weeks on a street before it came to police attention. NSW police alerted Premier Chris Minns the following day. But it is unclear when the prime minister found out.
Albanese has steadfastly refused to say, citing operational reasons. Opposition Leader Peter Dutton suggested (without producing any evidence) the NSW police might have made a deliberate decision not to advise the Commonwealth “so that the prime minister wasn’t advised because they were worried he would leak the information”.
Dutton is calling for an “independent inquiry” into the circumstances by “an eminent Australian from the criminal intelligence and law enforcement intelligence community”.
The inquiry call is politically driven. The government is right in arguing it would have the downside of diverting resources. But nevertheless there are questions that need answering.
There seems no logical reason why the PM cannot reveal when he was first briefed on the caravan, other than to avoid disclosing some embarrassing timing gap. Any explanation around operational reasons would surely not explain why Minns was briefed but Albanese was not. Alternatively, if Albanese was briefed promptly, why doesn’t he say so?
When pressed at a parliamentary committee on Thursday, Australian Federal Police Force Commissioner Reece Kershaw would not be drawn, saying it was not appropriate to provide information about an ongoing investigation at a public hearing.
Later Greens member of the committee, senator David Shoebridge, said: “The AFP telling us when they informed the PM could in no way prejudice any ongoing police investigation. We had half a dozen senior AFP officials [before the committee] including the Commissioner and zero serious answers.
“This whole circus would be shut down by any half competent government by telling us when the PM knew with a simple explanation for any delay. Instead we get these bizarre performances from both the PM and the AFP.”
One question that should be answered by the authorities is why Jewish leaders, including those connected with the synagogue and the museum, were not informed. Though operational reasons might be relevant, surely safety considerations suggest the Jewish leaders should have been told.
The authorities believe the antisemitic attacks are not simply unconnected incidents. They say people are being paid to make them, suggesting some master minding behind them.
Of course that justifies secrecy while investigations proceed, but operational needs should not be a cover for refusing to provide enough information to give the public confidence the various authorities are working effectively together.
Michelle Grattan 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. Grattan on Friday: we don’t need an inquiry into the caravan affair but we do need some answers – https://theconversation.com/grattan-on-friday-we-dont-need-an-inquiry-into-the-caravan-affair-but-we-do-need-some-answers-249275
Source: China State Council Information Office 2
Scientists at China’s Westlake University have unveiled a breakthrough in solar technology: ultra-thin, flexible tandem solar cells that can achieve a record 23.4 percent power conversion efficiency.
The cells, with a thickness comparable to the diameter of a human hair, combine perovskite and copper indium gallium selenide (CIGS) layers, offering promising applications in wearable devices, curved building surfaces, electric vehicles and aerospace, the Science and Technology Daily reported on Thursday.
The research underscores China’s growing role in the realm of next-generation solar innovation.
The team, led by Wang Rui from the School of Engineering and the Research Center for Industries of the Future, published their findings in Nature Photonics.
Tandem solar cells overcome the efficiency limitations of traditional single-junction cells by incorporating complementary materials.
Their design stacks two light-absorbing materials — perovskite and CIGS — like a “multi-layer cake,” as Wang described.
“Each layer captures specific wavelengths of sunlight, enabling the cell to harvest more energy than single-layer alternatives,” he said, adding the final product comprises as many as 15 layers, each with stringent requirements regarding thickness and uniformity.
Wang’s team started the development of the solar cells in 2022, but they faced a critical challenge: forming a smooth perovskite layer atop the CIGS surface.
Initial attempts left the perovskite riddled with holes, crippling performance. In late 2023, researchers Tian Liuwen and Wang switched tactics, testing new perovskite deposition methods. After months of trials, they achieved a uniform layer — a milestone that propelled efficiency gains.
The solar cells are expected to find applications in various fields including architecture, automotive, aerospace, and flexible wearable devices, Wang noted.
The technology’s lightweight nature also reduces transportation and installation costs compared to conventional panels.
Source: China State Council Information Office 2
Passengers wait for the train at Hangzhou East Railway Station in Hangzhou, east China’s Zhejiang Province, Feb. 4, 2025. [Photo/Xinhua]
During the eight-day Spring Festival holiday that ended on Tuesday, more than 2.3 billion passenger trips were made across all regions in China, official data showed Wednesday.
The total included 96.26 million railway trips, 2.18 billion road trips, 9.41 million waterway trips, and 18.24 million air trips, according to data from the Ministry of Transport, the Civil Aviation Administration of China, and the China State Railway Group Co., Ltd., among others.
The annual Spring Festival travel rush, known as chunyun in China, is set to break records this year. Between Jan. 14 and Feb. 22, an estimated 9 billion inter-regional passenger trips are expected. The Spring Festival, an occasion for family reunions, fell on Jan. 29 this year.
In recent years, a notable trend during chunyun has been the surge in the use of new energy vehicles (NEVs), driven by the fast expansion of charging infrastructure and the Chinese people’s growing eco-friendly awareness.
The State Grid Corporation of China has expected the charging volume for NEVs on the country’s highways to reach a record high during the Spring Festival holiday.
Source: China State Council Information Office
The U.S. Capitol building is pictured in Washington, D.C., the United States, on Jan. 6, 2025. [Photo/Xinhua]
The United States’ unilateral imposition of additional tariffs on Chinese goods is a blatant act of trade bullying, damaging bilateral trade and erodes the rules-based global trade system, according to a Chinese expert.
Xu Xiujun, director of the Research Center for Sino-Foreign Studies at the Chinese Academy of Social Sciences and a professor at its International Political Economy Institute, voiced his concerns during an interview with China.org.cn on Wednesday. “The U.S. imposition of extra tariffs on Chinese goods severely disrupts normal bilateral trade and jeopardizes the sustainable development of China-U.S. ties,” he said. “The move violates World Trade Organization (WTO) rules and pushes the global trade order once again to the brink of chaos.”
Following the U.S. imposition of a 10% additional tariff on Chinese imports on Feb. 4, citing the fentanyl issue, Beijing swiftly responded with a series of economic countermeasures the same day.
The Customs Tariff Commission of the State Council announced that China will implement additional tariffs on select U.S. goods starting Feb. 10. These tariffs include a 15% levy on U.S. coal and liquefied natural gas, and a 10% increase on existing tariffs for crude oil, agricultural machinery, large-displacement automobiles and pickup trucks.
China’s State Administration for Market Regulation also announced an anti-monopoly investigation into Google, and the Ministry of Commerce (MOC) and the General Administration of Customs jointly declared export controls on certain items related to tungsten, tellurium, bismuth, molybdenum and indium, effective Tuesday.
The Chinese government has also filed a complaint with the WTO’s dispute settlement mechanism, as confirmed by an MOC spokesperson on Tuesday, to “safeguard China’s legitimate rights and interests.”
“By taking the U.S. tariff measures to the WTO dispute settlement mechanism, the Chinese government has not only demonstrated its firm stance in safeguarding its own rights and interests, but also taken concrete action to uphold the international trade order based on WTO rules,” said Xu.
At a press briefing on Wednesday, Chinese Foreign Ministry spokesperson Lin Jian said, “Applying pressure and issuing threats is not the right way to handle relations with China,” arguing that shifting the blame to other countries does not address the U.S. fentanyl crisis.
“The real solution lies in reducing domestic drug demand and strengthening law enforcement cooperation,” Lin added. He also highlighted that China enforces some of the strictest drug control policies in the world.
Xu highlighted China’s longstanding leadership in drug control, noting that China was the first country to officially schedule fentanyl-related substances as a distinct class back in 2019.
“In contrast, due to lax regulatory oversight, the U.S. has been grappling with rampant drug abuse and widespread drug problems,” he said. Xu criticized the U.S. government for singling out unrelated Chinese products with unilateral tariffs — a tactic designed to conceal its own inability to effectively address domestic drug issues while protecting the interests of large pharmaceutical companies and their political allies.
“This approach not only fails to address the challenges facing the U.S. but actually worsens its problems,” he added.
Xu said that China will enhance cooperation with other WTO members, firmly opposes unilateralism and trade protectionism, and embraces genuine multilateralism.
“China will work to promote stable and sustainable international economic and trade cooperation in line with the WTO’s core principles of fair competition, transparency and predictability,” he said.
Source: Scottish Greens
It’s impossible to beat the far right by copying them.
Labour cannot defeat the far right by pandering to them or replicating their policies, warns Scottish Greens co-leader Lorna Slater.
The warning comes as a group of Labour MPs called on Labour to take a more right-wing stance on immigration and other issues, and as Scottish Labour leader Anas Sarwar said he couldn’t rule out working with Reform MSPs to take power in Scotland.
With recent polls showing that Reform UK are set to gain seats in Holyrood and for the first time take the lead in Westminster, Scottish Greens are calling on Labour to ignore the far right’s toxic game.
Scottish Greens Co-Leader Lorna Slater said:
“Copying the hateful and authoritarian policies of the far right is always wrong. It punished marginalised people and normalises extreme policies. It won’t win Labour any votes, and will simply legitimise the toxic policies of Reform and those like them.
“Time and again, across Europe and the world, we have seen that trying to mimic the far-right and take them on at their own game does nothing to silence them; it only makes them louder.
“In Germany, the AfD has been legitimised by mainstream parties who have pandered to them on immigration; now these fascists stand a real chance at entering government and in America, Donald Trump was propelled to the White House by a pitiful failure of centrist opposition who tried to do the same.
“Labour needs to learn lessons from fighting the far right across the world, but I have little hope that Keir Starmer will listen. He promised change, yet on everything from tackling the climate crisis to protecting working-class families he is already failing badly.”
Ms Slater added:
“Scotland deserves so much better than a race to the bottom between Labour, the Tories and Nigel Farage. We can have a fairer, greener and more equal future.
“Whilst other parties are lurching to the right, the Scottish Greens are standing our ground as a party that will always put people and planet before profit.”
Source: City of Liverpool
Royal Liverpool Philharmonic Society has announced that it has appointed Vanessa Reed as its new Chief Executive. She will take up the position on 2 June 2025.
Vanessa will lead one of the most important music organisations in the UK, comprising the Royal Liverpool Philharmonic Orchestra and Choir, Liverpool Philharmonic Hall, Liverpool Philharmonic Youth Company, and an extensive learning and community programme. She succeeds Michael Eakin as Chief Executive who retires at the end of March 2025 after 16 years in the role.
Vanessa Reed is an award-winning music executive with more than 16 years’ experience as CEO of national music organisations in the UK and the US. Since 2019, she has been President and CEO of New Music USA, a New York based national resource which supports music creation and performance across the US. In this role, Vanessa has launched an array of new initiatives including Amplifying Voices which unites over 45 US orchestras in the co-commissioning of new work and major jazz and film scoring programs which address inequities in the music industry in collaboration with leading US artists. In the US, Vanessa has also been advisor to the Recording Academy’s New York Chapter.
Before the move to New York, Vanessa was CEO at PRS Foundation in London where she repositioned the Foundation as a pioneering international force, leading new initiatives which demonstrate her advocacy for music across a range of genres. This includes the New Music Biennial which won the Royal Philharmonic Society’s best festival award in 2012, and the global Keychange gender equity movement which has been supported by over 650 festivals and music organisations around the world, and recognised through multiple awards, including Classical Next’s Innovation Award.
Vanessa served as Board member of Royal Liverpool Philharmonic between 2016 and 2019, was an Ambassador for the University of Liverpool and collaborated with Liverpool City Council to support emerging musicians. Her love for Liverpool stems from her father who studied law at Liverpool University in the 60’s, loved the Philharmonic Hall, and inspired her and her family to support one of the city’s football teams. She is married to a Liverpudlian – FACT founder, Eddie Berg.
Vanessa Reed, Chief Executive-designate, says: I am thrilled and honoured to be the first woman appointed to the role of Chief Executive at the Royal Liverpool Philharmonic. This unique organisation is very close to my heart and Liverpool is my favourite UK city. Every time I’ve seen the Orchestra perform at Liverpool Philharmonic Hall I’ve been blown away by the quality of the players and the warmth of local audiences. I’m inspired by Liverpool Philharmonic’s mission to transform lives through music and I’m a longstanding fan of its three-way commitment to the orchestra, venues and learning programmes which reach over 100,000 young people every year.
My goal is to ensure that we, as one of the world’s oldest music societies, continue to evolve and thrive as we embark on our next imaginative chapter. This includes serving more of the city region’s musicians and young people through the planned “Abbey Road of the North” studios and tapping into Liverpool’s international brand for the benefit of our orchestra, led by our dynamic Chief Conductor, Domingo Hindoyan. I can’t wait to join Domingo and the Liverpool Philharmonic’s outstanding musicians, staff, board, and supporters to make all of this happen and to enjoy lots of live music in Liverpool with the audiences we welcome to our performances.
Louise Shepherd CBE, Chair of the Board of Trustees, says: “We are thrilled to welcome Vanessa Reed as our new Chief Executive. She brings outstanding international experience in the music sector, and in encouraging, supporting and growing new musical voices, artists and audiences. She knows Liverpool Philharmonic and the city well, having served on our board between 2016-2019 and has a real passion for the work we do and the role we play within our local community, and as a nationally and internationally important orchestra and music organisation. She is a strategic and creative leader who, with our brilliant team, will take Liverpool Philharmonic forward and continue to grow the quality, ambition and reach of our work.”
Leader of Liverpool City Council, Councillor Liam Robinson, said: “The Royal Liverpool Philharmonic is one of the UK’s most important cultural institutions, not only for its incredible annual programme of events, but also the vital role it plays in music education and community engagement – inspiring young musicians and making music as accessible as possible. This year marks the tenth anniversary of our UNESCO City of Music status, and Vanessa’s appointment seems incredibly fitting. Michael Eakin will be a hard act to follow, but Vanessa’s credentials can only enhance the vibrancy of this much-loved organisation and boost its global reputation for musical excellence.”
Claire McColgan CBE, Director of Culture & Major Events, Liverpool City Council, says: “Vanessa’s appointment will be transformative for the Royal Liverpool Philharmonic. She is a visionary leader who has had an indelible impact on the music industry in America.
Vanessa not only brings with her a whole wealth of knowledge and passion, but she understands this sector and is committed to elevating it where she can, promoting gender equity and diversity at every level. We’re really keen to explore links with New York, and in doing so take the Philharmonic – and the city – to exciting new frontiers. Michael has been a wonderful ambassador for Liverpool and has been a leading civic figure – a role which Vanessa is sure to embrace, and in doing so, will make the city culturally richer.”
Source: City of Liverpool
Liverpool City Council is to introduce a ‘Football Match Parking Zone’ around Everton FC’s new stadium, at Bramley-Moore Dock.
A raft of new parking measures are to be implemented surrounding the 52,888 seater stadium, similar to what is already in place around Goodison Park and Anfield.
More than 4,000 residents and 3,000 businesses are now being invited to apply for the relevant parking permits ahead of the zone going live under an Experimental Traffic Road Order (ETRO) to coincide with the historic first test game at the £500m venue later this month.
The ETRO will run for up to 18 months and during that period will then be reviewed by the Council’s Transport and Highways team.
Residents will be able to apply for a permit for each vehicle registered at their address, plus one visitor permit, for which there will be no fee. Businesses will be charged an annual fee of £50 per vehicle, up to a maximum of 10.
The focus of the proposed parking zone covers the area within a 30-minute walk of Everton Stadium, which is serviced by the city’s historic “Dock Road”, and will encompass the surrounding Ten Streets district, into the city centre and up to Great Homer Street in Everton.
The new parking zone requirements, which were subject to a public consultation in late 2022, includes:
The overall aim of the new Parking Zone is to reduce congestion, improve air quality and safety to and from the stadium. The proposals have also been designed to complement the planned modernisation of parking across the city centre.
The Council’s Transport and Highways team has already begun the process of installing new signage ahead of Everton’s first “test match” at the waterfront stadium, situated within Liverpool Waters, which will be held on Monday, 17 February.
Scheduled to open for the 2025/26 season, Everton’s new home has already been picked as a venue for the UEFA European Championships in 2028 and will also be capable of hosting major non-footballing events.
Liverpool City Council has invested more than £20m in the highways infrastructure around Bramley-Moore Dock, including a permanent segregated cycle lane running from the city centre up to Liverpool’s northern border at Bootle in Sefton, which passes right in front of the new stadium.
The Council is also working with Sefton Council and the Liverpool City Region Combined Authority on a new town bid which which would see for than 10,000 new homes, with community infrastructure, from the city centre, around the new stadium, and north into Bootle and Walton.
• The Liverpool City Region Combined Authority is also working with Merseyrail, Network Rail and Everton FC on the development of a new crowd management zone and an additional entrance at Sandhills station. The aim is to primarily support fans and event goers accessing public transport on their way to and from the new stadium.
Councillor Dan Barrington, Liverpool City Council’s Cabinet Member for Transport and Connectivity, said: “Everton Stadium is going to be transformational especially for the surrounding Ten Streets district and the wider Kirkdale community.
“As well as the economic benefit, the vast volume of people the stadium will attract – and how they arrive and depart – needs to be carefully managed.
“The North Docks area has never had to cope with such large numbers of people in such concentrated time periods, but fortunately the city has the experience and knowledge thanks to Goodison Park and Anfield. By creating this new match day parking zone, we’ll be looking to adopt and incorporate those controls which so effectively move tens of thousands on a weekly basis.
“Bramley-Moore Dock is also a unique location given its very close proximity to the city centre and the fact the surrounding transport infrastructure is well developed. There’s more to be done but all the partners are talking to make those improvements.
“We’ll also be looking to encourage as many active travel options as possible for those attending the games or other events there, which is a win-win for everyone in terms of managing congestion and air quality and promoting healthy habits.
“There’s lots of residents and businesses, as well as Everton fans, who will be affected by this new zone and thanks to their feedback we’ve been able to formulate a plan which accommodates their needs.”
Source: GlobeNewswire (MIL-OSI)
[06/02/2025]
Not for distribution, directly or indirectly, in or into the United States or any jurisdiction in which such distribution would be unlawful.
[LOXAM SAS]
Pre-stabilisation Period Announcement
BNP Paribas (contact: Stanford Hartman telephone: 0207 595 8222 hereby gives notice, as Stabilisation Coordinator, that the Stabilisation Manager(s) named below may stabilise the offer of the following securities in accordance with Commission Delegated Regulation EU/2016/1052 under the Market Abuse Regulation (EU/596/2014).
| The securities:1 | |
| Issuer: | Loxam S.A.S |
| Guarantor (if any): | N/A |
| Aggregate nominal amount: | EUR 500,000,000 |
| Description: | EUR 5YR |
| Offer price: | TBC |
| Other offer terms: | |
| Stabilisation: | |
| Stabilisation Manager(s) | BNP Paribas |
| Stabilisation period expected to start on: | 06/02/2025 |
| Stabilisation period expected to end no later than: | 20/03/2025 |
| Existence, maximum size and conditions of use of over‑allotment facility: | The Stabilisation Manager(s) may over‑allot the securities to the extent permitted in accordance with applicable law. |
| Stabilisation trading venue: | OTC |
In connection with the offer of the above securities, the Stabilisation Manager(s) may over‑allot the securities or effect transactions with a view to supporting the market price of the securities during the stabilisation period at a level higher than that which might otherwise prevail. However, stabilisation may not necessarily occur and any stabilisation action, if begun, may cease at any time. Any stabilisation action or over‑allotment shall be conducted in accordance with all applicable laws and rules.
This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the Issuer in any jurisdiction.
This announcement and the offer of the securities to which it relates are only addressed to and directed at persons outside the United Kingdom and persons in the United Kingdom who have professional experience in matters related to investments or who are high net worth persons within Article 12(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and must not be acted on or relied on by other persons in the United Kingdom.
In addition, if and to the extent that this announcement is communicated in, or the offer of the securities to which it relates is made in, the UK or any EEA Member State before the publication of a prospectus in relation to the securities which has been approved by the competent authority in the UK or that Member State in accordance with Regulation (EU) 2017/1129 (the “Prospectus Regulation”) (or which has been approved by a competent authority in another Member State and notified to the competent authority in the UK or that Member State in accordance with the Prospectus Regulation), this announcement and the offer are only addressed to and directed at persons in the UK or that Member State who are qualified investors within the meaning of the Prospectus Regulation (or who are other persons to whom the offer may lawfully be addressed) and must not be acted on or relied on by other persons in the UK or that Member State.
This announcement is not an offer of securities for sale into the United States. The securities have not been, and will not be, registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from registration. There will be no public offer of securities in the United States.
Source: The Conversation – France – By Claudius Gräbner-Radkowitsch, Junior Professor of Pluralist Economics, Europa-Universität Flensburg
It is widely accepted that human activities are the primary drivers of global warming and environmental crises, including the rapid loss of biodiversity. However, the debate over how best to address these issues is far from settled. In political circles, “green growth” – the concept of making economic activities more sustainable – has emerged as the most popular solution.
The idea behind green growth is to continue expanding economies while minimising environmental harm. However, critics argue that this approach has failed to significantly curb climate change and biodiversity loss.
Despite international efforts since the 1970s, carbon emissions have continued to rise. As the World Inequality Report reveals, nearly half of historical emissions occurred after 1990. Incremental policy changes, technological innovations and shifts in consumer behaviour have not been enough to reverse this trend. This failure has led to the growing appeal of “degrowth” – a more radical alternative that challenges the current global economic system.
“Degrowth” emerged in Europe, particularly in France, in the late 2000s. Philosophers such as André Gorz and economists such as Serge Latouche were among its early proponents, with researchers such as Tim Jackson later popularising the concept in the English-speaking world. They argue that the root cause of environmental destruction lies not only in human activity but also in a global economic model that has prioritised growth and profit since the Industrial Revolution.
Initially, degrowth was a critique of Western lifestyles and notions of progress. Environmental concerns were just one part of the movement’s broader agenda. Over time, however, environmentalism has become central to the movement’s goals.
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Idea of green growth losing traction among climate policy researchers, survey of nearly 800 academics reveals
Today, many degrowth advocates assert that the richer countries of the global north, being largely responsible for environmental degradation, should be the ones to scale back economic activity to avert ecological catastrophe. But what about the poorer countries of the global south? Should they adopt degrowth strategies? Some argue this would impose a neocolonial agenda, with wealthier countries once again dictating the terms of global development. Others note that many poorer countries need economic growth to combat poverty. And even if degrowth were limited to the north, it could still have significant effects on the south – both positive and negative.
A review of academic literature on degrowth and the global south reveals two main perspectives: those who see degrowth as incompatible with the south’s development needs, and those who believe it could offer synergies with sustainable development goals.
Supporters of degrowth often point out that many of its core ideas originate in the global south. Anthropologist Jason Hickel cites figures such as Sri Lankan philosopher Ananda Coomaraswamy, Indian economist J.C. Kumarappa and Bengali poet Rabindranath Tagore as inspirations. While these thinkers may not use the term “degrowth”, they promote ideas aligned with it, such as the Latin American Sumak kawsay (or “Buen vivir”) or the South African Ubuntu. These non-Western perspectives have been instrumental in shaping the degrowth discourse in the global north.
Degrowth advocates argue that scaling back economic activity in the north could help dismantle the unequal global division of labour, in which raw materials are extracted from the south and processed into consumer goods in the north. This system disproportionately benefits wealthier nations while leaving poorer countries with the social and environmental costs. Federico Demaria, a researcher in political ecology, argues that northern countries must “pay for past and present colonial exploitation in the south” – a central theme in contemporary degrowth discourse.
Some researchers suggest that dependence on economic growth is problematic for both the north and south. They argue that growth alone does not guarantee poverty reduction – wealth distribution and institutional reforms are just as crucial. Degrowth could help both regions avoid unsustainable development models by focusing more on social well-being than perpetual economic expansion.
However, many scholars believe degrowth is unattractive for the global south. Critics argue that the concept is too Eurocentric and fails to resonate amid the specific challenges faced by poorer nations. Interviews with academics and activists in the south show that while they may agree with some of the ideas behind degrowth, they reject its language, which they see as rooted in Western thinking. Economist Beatriz Rodríguez Labajos and her co-authors suggest that researchers from the north and south should look at “strengthening potential synergies, through an assertive recognition of the barriers to doing so”.
There is also concern that promoting degrowth in the south could be perceived as a new form of colonialism. Imposing Western notions of degrowth could prevent poorer countries from following the same path to prosperity that the north took, which often involved exploiting the resources of the south. The degrowth movement’s failure to fully address the colonial roots of economic development poses a challenge to its decolonization-oriented ambitions.
Finally, global dependencies further complicate the degrowth debate. Many people in the south rely on export-driven economies that serve Western markets. A reduction in economic activity in the north could harm populations in the south who depend on those exports.
This interdependence presents a dilemma for the degrowth movement. Proponents argue that degrowth is not about abandoning economic activity but reforming the global trade, finance and governance systems to prevent negative impacts on the south. For degrowth to succeed, its advocates must formulate concrete proposals that address these global dependencies without exacerbating inequalities or harming the most vulnerable.
This article is part of a project involving The Conversation France and AFP audio. It has received financial support from the European Journalism Centre, as part of the Solutions Journalism Accelerator programme supported by the Bill and Melinda Gates Foundation. AFP and The Conversation France have retained their editorial independence at every stage of the project.
We offer this article as part of the Normandy World Forum for Peace, organised by the Normandy region of France on September 26-27, 2024. The Conversation France is a partner of the forum. For more information, visit the Normandy World Forum for Peace’s website.
Claudius Gräbner-Radkowitsch is a member of the Bündnis90/Die Grünen (The Greens) party. He has received research grants, notably from the Austrian FWF and the German DFG.
Birte Strunk ne travaille pas, ne conseille pas, ne possède pas de parts, ne reçoit pas de fonds d’une organisation qui pourrait tirer profit de cet article, et n’a déclaré aucune autre affiliation que son organisme de recherche.
– ref. The ‘degrowth’ movement envisions global climate justice, but must adapt to global south realities – https://theconversation.com/the-degrowth-movement-envisions-global-climate-justice-but-must-adapt-to-global-south-realities-238276
Source: The Conversation – Africa – By Heather D. Flowe, Professor of Psychology, University of Birmingham
Female genital mutilation or cutting (FGM/C) is a deeply entrenched cultural practice that affects around 200 million women and girls. It’s practised in at least 25 African countries, as well as parts of the Middle East and Asia and among immigrant populations globally.
It is a harmful traditional practice that involves removing or damaging female genital tissue. Often it’s “justified” by cultural beliefs about controlling female sexuality and marriageability. FGM/C causes immediate and lifelong physical and psychological harm to girls and women, including severe pain, complications during childbirth, infections and trauma.
We brought together our expertise in economics and gender based violence to examine excess mortality (avoidable deaths) due to FGM/C. Our new research now reveals a devastating reality: FGM/C is one of the leading causes of death for girls and young women in countries where it’s practised. FGM/C can result in death from severe bleeding, infection, shock, or obstructed labour.
Our study estimates that it causes approximately 44,000 deaths each year across the 15 countries we examined. That is equivalent to a young woman or girl every 12 minutes.
This makes it a more significant cause of death in the countries studied than any other excluding infection, malaria and respiratory infections or tuberculosis. Put differently, it is a bigger cause of death than HIV/Aids, measles, meningitis and many other well-known health threats for young women and girls in these countries.
Prior research has shown that FGM/C leads to severe pain, bleeding and infection. But tracking deaths directly caused by the practice has been nearly impossible. This is partly because FGM/C is illegal in many countries where it occurs, and it typically takes place in non-clinical settings without medical supervision.
The practice is particularly prevalent in several African nations.
In Guinea, our data show 97% of women and girls have undergone FGM/C, while in Mali the figure stands at 83%, and in Sierra Leone, 90%. The high prevalence rates in Egypt, with 87% of women and girls affected, are a reminder that FGM/C is not confined to sub-Saharan Africa.
For our study, we analysed data from the 15 African countries for which comprehensive “gold standard” FGM/C incidence information is available. Meaning, the data is comprehensive, reliable and widely accepted for research, policymaking and advocacy efforts to combat FGM/C.
We developed a new approach to help overcome previous gaps in data. We matched data on the proportion of girls subjected to FGM/C at different ages with age-specific mortality rates across 15 countries between 1990 and 2020. The age at which FGM occurs varies significantly by country. In Nigeria, 93% of procedures are performed on girls younger than five years old. In contrast, in Sierra Leone, most girls undergo the procedure between the ages of 10 and 14.
Since health conditions vary from place to place and over time, and vary in the same place from one year to the next, we made sure to consider these differences. This helped us figure out if more girls were dying at the ages when FGM/C usually happens in each country.
For example, in Chad, 11.2% of girls undergo FGM/C aged 0-4, 57.2% at 5-9 and 30% at 10-14. We could see how mortality rates changed between these age groups compared to countries with different FGM patterns.
This careful statistical approach helped us identify the excess deaths associated with the practice while accounting for other factors that might affect child mortality.
Our analysis revealed that when the proportion of girls subjected to FGM in a particular age group increases by 50 percentage points, their mortality rate rises by 0.1 percentage points. While this may sound small, when applied across the population of affected countries, it translates to tens of thousands of preventable deaths annually.
The scale is staggering: while armed conflicts in Africa caused approximately 48,000 combat deaths per year between 1995 and 2015, our research suggests FGM/C leads to about 44,000 deaths annually. This places FGM among the most serious public health challenges facing these nations.
These statistics represent real lives cut short. Most FGM/C procedures are performed without anaesthesia, proper medical supervision, or sterile equipment. The resulting complications can include severe bleeding, infection and shock. Even when not immediately fatal, the practice can lead to long-term health problems and increased risks during childbirth.
The impact extends beyond physical health. Survivors often face psychological trauma and social challenges. In many communities, FGM/C is deeply embedded in cultural practices and tied to marriage prospects, making it difficult for families to resist the pressure to continue the tradition.
FGM/C is not just a human rights violation – it’s a public health crisis demanding urgent attention. While progress has been made in some areas, with some communities abandoning the practice, our research suggests that current efforts to combat FGM/C need to be dramatically scaled up.
The COVID-19 pandemic has potentially worsened the situation, owing to broader impacts of the pandemic on societies, economies and healthcare systems. The UN estimates that the pandemic may have led to 2 million additional cases of FGM/C that could have been prevented. Based on our mortality estimates, this could result in approximately 4,000 additional deaths in the 15 countries we studied.
Ending FGM/C requires a multi-faceted approach. Legal reforms are crucial – the practice remains legal in five of the 28 countries where it’s most commonly practised. However, laws alone aren’t enough. Community engagement, education, and support for grassroots organisations are essential for changing deeply held cultural beliefs and practices.
Previous research has shown that information campaigns and community-led initiatives can be effective. For instance, studies have documented reductions in FGM/C rates following increased social media reach in Egypt and the use of educational films showing different views on FGM/C.
Most importantly, any solution must involve the communities where FGM/C is practised. Our research underscores that this isn’t just about changing traditions – it’s about saving lives. Every year of delay means tens of thousands more preventable deaths.
Our findings suggest that ending FGM/C should be considered as urgent a priority as combating major infectious diseases. The lives of millions of girls and young women depend on it.
The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.
– ref. Female genital mutilation is a leading cause of death for girls where it’s practised – new study – https://theconversation.com/female-genital-mutilation-is-a-leading-cause-of-death-for-girls-where-its-practised-new-study-249171
Source: Republic of South Africa (video statements-2)
SONA 2025 rehearsals
US Senate News:
Source: United States Senator for Washington State Patty Murray
ICYMI: Senator Murray Stands Up For Federal Workers As Trump and Musk Try To Push Them Out – More HERE; VIDEO HERE
Washington, D.C. – Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, penned the following open letter to all federal workers in Washington state, outlining her serious concerns regarding the so-called “Fork in the Road offer” ahead of the final deadline of February 6, 2025. Murray sent an earlier letter to constituents over the weekend that can be read HERE.
________________________________________________________________________________________________________________
Dear Friend,
As I’ve expressed previously, I am seriously alarmed by the rhetoric and actions targeting federal workers coming from the Trump administration. At the time of this letter, my colleagues and I are holding the Senate floor in an effort to at least delay the confirmation of Russell Vought to serve as Director of the Office of Management and Budget, someone who has said he wanted to inflict “trauma” on federal workers. You should know that I am firmly committed to standing up for and protecting the workers who have taken an oath to serve the American people.
So, with the deadline fast approaching for this so-called “Fork in the Road” offer, I want to once again reiterate my concerns and share just some of the correspondence I’ve received—because the public should hear these stories.
Here’s why I am skeptical of this likely scam and so-called “buyout”: First, there is no guarantee workers who accept this offer will get paid through September 30th as promised. Not only is there no funding for that time frame right now, but I personally am deeply skeptical of any offer from a President like Donald Trump, who has so consistently shown he will try to stiff workers at every opportunity. Being given only nine days to decide something like this should already be setting off alarm bells. That is a short amount of time to consider all of the financial impacts of potentially accepting the offer—including if and where you’d be able to find a new job, how this would impact benefits like health insurance and retirement, and a lot more. And we all know scammers often pressure people to act immediately.
Additionally, the information being provided continues to change, and includes a lot of caveats. It claims you can rescind your resignation if you change your mind—but that your job may no longer exist. It claims that you aren’t expected to work if you accept the offer—except in cases determined by each individual agency. It claims that you can stay in your current role—however, there is no guarantee your position will be needed. The lack of clear information and resources about exactly what will be allowed is rightfully creating confusion for the more than 56,000 federal civilian workers in Washington state alone.
Here’s what I’m hearing from federal workers in Washington state:
With that in mind, some resources for federal workers on the “Fork in the Road” letter that may be helpful include:
Finally, here is my message to federal workers in Washington state and all over the country: You do so much for our communities. And you all deserve so much better than to have a billionaire with no real understanding of what you do come in, belittle your work, suggest he can do it better, and push you out the door. I want to express my sincere gratitude for all you do—I hope you all will keep up the good work for the American people, and I want you to know, I will keep fighting for you as well.
In service,
Senator Patty Murray
Source: United Kingdom – Executive Government & Departments
The Lord Chancellor has approved the reappointments of Ben Roe and Ian Curtis-Nye as members of the Civil Procedure Rule Committee.
The Lord Chancellor has approved the reappointment of Ben Roe as a Legal Member of the Civil Procedure Rules Committee (CPRC) for 3 years from 9 June 2025, and Ian Curtis-Nye as a lay member of the CPRC for 3 years from 24 October 2025.
Ben Roe is a solicitor who is the Lead Knowledge Lawyer for Baker McKenzie’s Global Disputes and Compliance Group, responsible for knowledge management and training for litigation, arbitration and compliance lawyers. He is a member of the Association of Litigation Professional Support Lawyers and the Ministry of Justice Governance and Standards Board, overseeing the Witness Intermediary Scheme.
Ian Curtis-Nye is a Partner/Divisional Manager at Lyons Davidson solicitors, with overall responsibility for the civil litigation division and legal costs teams, also being a solicitor and costs lawyer. In addition, he is a trustee and chair at Citizens Advice Reading; providing support and advice to the local community on a wide range of issues. He has extensive experience in consumer affairs across both the legal and lay advice sector.
The CPRC is the statutory body that governs the practice and procedure to be followed in the Civil Division of the Court of Appeal, the High Court, and the County Court.
The appointment of members, of the CPRC, are made by the Lord Chancellor after consulting the Master of the Rolls and – in respect of legal members – the relevant professional body.
Appointments are regulated by the Commissioner for Public Appointments and recruitment processes comply with the Governance Code on Public Appointments.
Published 6 February 2025
Source: City of Birmingham
The latest Deloitte’s Crane Survey, which looks at construction activity in four UK cities, has found Birmingham has had another record-breaking year.
Both residential and student residential sectors hit new highs despite a challenging economic backdrop.
As with previous years, the residential sector led the way with 3,180 homes completed in 2024. 2,242 bedspaces are currently under construction in the student residential sector, both the highest amount recorded in the history of the Birmingham Crane Survey.
The Birmingham Crane Survey is part of Deloitte’s Regional Crane Survey series, which monitors construction activity within four UK cities, across a range of sectors including office, residential, hotels, retail, education and student accommodation. Across all surveys – Belfast, Birmingham, Leeds and Manchester – 47 new construction starts were recorded in 2024 compared to 63 in 2023.
For the first time in its 23-year history, the latest Birmingham Crane Survey has expanded its boundaries to to align with the definition of the city centre as set out in the council’s Our Future City Framework.
Cllr Sharon Thompson, deputy leader of Birmingham City Council, said: “Birmingham continues to attract investors, and as the Crane Survey makes clear, we’re building new homes and creating jobs for our young and growing population. Our challenge is to lever the investment that is flowing into our city and ensure that success for Birmingham means success for the people of Birmingham.
“Our Future City Framework 2045, which was approved last year, outlines how we will continue to deliver much-needed growth to boost the lives and life chances of our citizens.”
Managing Director Joanne Roney added: “Birmingham is going from strength to strength, with both public and private sector investment. Our Future City Framework will shape the next 20 years of development, delivering unprecedented levels of new jobs, homes and green space.”
The private sector is now investing in facilities, sporting excellence and growth. Notable developments include Knighthead Capital’s investment into Birmingham City Football Club and its acquisition of 48 acres of land in Bordesley Green to deliver a new sports quarter and stadium, and Edgbaston Cricket Club’s planning application for the latest development of its masterplan, which will include a new stand and 4* hotel.
There are also a number of major developments in Digbeth including Masterchef Studios, BBC Tea Factory and Digbeth Loc.
Source: City of Wolverhampton
The City of Wolverhampton Council, with support from Tettenhall Wood School, staged the free Moving into Adulthood Careers Fair at Wolverhampton Racecourse, aimed at young people in Year 9 and above, parents, carers and staff who support the children in their current educational setting.
They were invited to find out about the options available for further education, training and employment from exhibitors including colleges, providers, supported employers, social care settings and community groups.
Councillor Jacqui Coogan, the City of Wolverhampton Council’s Cabinet Member for Children, Young People and Education, said: “We want to ensure that children and young people with special educational needs or disabilities are able to live their lives to the full.
“This was our third Moving into Adulthood Careers Fair and the biggest and best yet, with more children and young people, more parents and carers, and more exhibitors, and we hope it gave everyone involved plenty of information and advice about the many opportunities that are out there for our children and young people with SEND as they move into adulthood.
“Feedback was overwhelmingly positive with attendees praising the range of careers showcased and the engaging nature of the activities, and I would like to thank everyone who attended and who organised this year’s very successful event.”
The second Moving into Adulthood SEND Careers Fair, staged at Wolverhampton Racecourse in November 2023, won the Careers Intervention category at last summer’s West Midlands Combined Authority (WMCA) Adult Learning Awards.
Source: Workplace Gender Equality Agency
WGEA is offering a series of new drop-in sessions to help support employers as they prepare their Employer Statement.
The six sessions are each one-hour, and will be held between 12pm and 1pm AEDT on Tuesdays and Thursdays in the weeks leading up to the February 24 deadline to upload the Employer Statement.
They are capped at 10 participants each.
They will be hosted by WGEA’s Capacity Building Executive Manager Dr Samone McCurdy, who can respond to questions and provide advice in a group discussion.
The discussion will be focused solely on the Employer Statement, and is not for reporting-related questions.
Further information about the Employer Statement, including a helpful downloadable guide, can be found here.
Attendees will be asked to turn their cameras on. Sessions will not be recorded.
Source: Republic of South Africa (video statements-2)
Deputy Minister in the Presidency Nonceba Mhlauli conducts a site visit to Afrika Tikkun PYEl Jobs boost implementing partner
Source: Republic of South Africa (video statements-2)
Deputy Minister in the Presidency Nonceba Mhauli conducts a site visit to Delft Library PYEI NYS programme implementing partners
Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English
The Federal Financial Supervisory Authority (BaFin) warns consumers about a series of platforms advertising an AI-controlled algorithm for trading in financial instruments and cryptoassets. Specifically, the following providers are under investigation:
• zivaprofit7.com – ZivaProfit7 Ai
• velmocoin.com – Velmo Coin AI
• zolintex.com – Zolintex AI
• luxigain.com – LuxiGain AI
• grabcapital4u.com – GrabCapitaL4u Ai
• tivanafund.com – TivanaFund AI
• brixogain.com – Brixo Gain AI
• brixofund.com – BrixoFund AI
• pamborich.com – Pamborich Ai
• zonocash.com – Zono Cash AI
• econarix.com – Econarix AI
• zorbofund.com – ZorboFund AI
• gaintomo.com – GAINTOMO AI
• trovafund.com – TrovaFund AI
• gliporich.com – GlipoRich AI
• viznofund.com – ViznoFund AI
• grivogain.com – GrivoGain AI
Anyone offering financial or investment services or crypto-asset services in Germany requires a license from BaFin. However, some companies offer such services without the required license. Information on whether a particular company is authorized by BaFin can be found in the company database.
The information provided by BaFin is based on Section 37 (4) of the German Banking Act (KWG) and Section 10 (7) of the German Crypto Markets Supervision Act (KMAG).
BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.
Source: United Kingdom – Executive Government & Departments
UK Export Finance welcomes industry to its largest ever national conference, promoting SME growth.
Minister for Exports calls on SME audience to make use of government support at UK Export Finance’s annual conference.
Around 1,000 business leaders – including directors from CBI and British Chambers of Commerce – gather to help UK businesses access international opportunities.
With a £60 billion remit, UKEF enabled exports to 45 global territories in 2024, unlocking export opportunities for British suppliers.
The UK government is hosting one of its largest ever export conferences, with around 1,000 business leaders attending today’s UK Trade and Export Finance Forum to discuss ways of reducing financial barriers to exporting.
Hosted in London by UK Export Finance (UKEF), the event welcomes speakers from the CBI, British Chambers of Commerce and Invest in Women Taskforce. Workshops will discuss overseas opportunities and how government and private sector can collaborate to help a wider range of businesses to export.
UKEF is a government department which helps businesses to export by offering financing guarantees and insurance – support which helps companies to fill their order-books, invest in growth and create wealth. The event comes a week after the Chancellor pledged to kick-start economic growth across the country as part of this government’s Plan for Change.
In the 2023-24 financial year, UKEF backing for businesses contributed £3.3 billion to the UK economy and supported up to 41,000 jobs across the country.
UKEF can also now reveal that in 2024, its work secured export deals to 45 territories, increasing the availability of overseas contract opportunities for British businesses.
A majority of businesses seeking UKEF support and attending the conference are small and medium-sized enterprises (SMEs). Export finance support complements other actions which the government is taking to support SMEs, like measures tackling the scourge of late payments, the launch of a Business Growth Service, and trade agreements generating new opportunities.
UKEF plays a key part in this government’s central mission to go further and faster to deliver economic growth across the country. Their support has led to projects in dozens of countries around the world, supporting jobs, boosting wages and increased investment into the UK.
Supporting small firms and supercharging exports are at the very core of that growth mission, because we know that when more SMEs trade around the world, it boosts the whole economy.
The conference falls ahead of the government’s Industrial Strategy, a plan for supporting investment into high-growth sectors which is expected to launch in spring 2025. This will be supported by UKEF’s own vision for supporting more SMEs and facilitating £10 billion in financing for clean-growth exports by 2029 – a vision furthered by the Chancellor’s recent launch of export finance support for projects supplying critical minerals to UK industry.
If the UK wants to grow its economy, then we need to export more. The maths on this is really very simple. If we export more than we import, then trade contributes to economic growth, productivity rises, and wages and investment are pushed up – creating a virtuous circle.
Our experience has also taught us that firms that export are more resilient, innovative and grow faster. Support for our SME exporters and encouragement to help them start selling overseas is vital to making this happen and UKEF has a key role to play.
To be a key player in the global race for growth, the UK needs a bold and ambitious Trade Strategy.
As business continues to navigate changing global dynamics, persistent economic headwinds, and geopolitical uncertainty, intervention is needed from government to enable firms to capture the growth prizes on offer. Doing so will ensure the UK is positioned as one of the world’s best locations for investment and trade.
Record interest in the government event follows growth in the range of businesses seeking UKEF support. Since launching the event in 2018, UKEF has seen a significant rise in the number of retail and wholesale exporters supported, particularly in food & drink, beauty & healthcare, furniture, homeware and interior design.
Media enquiries:
Published 6 February 2025
Source: GlobeNewswire (MIL-OSI)
OP Mortgage Bank
Financial Statements Bulletin
Stock Exchange Release 6 February 2025 at 10.00 EET
OP Mortgage Bank: Financial Statements Bulletin for 1 January‒31 December 2024
OP Mortgage Bank (OP MB) is the covered bond issuing entity of OP Financial Group. Together with OP Corporate Bank plc, its role is to raise funding for OP Financial Group from money and capital markets.
Financial standing
The intermediary loans and loan portfolio of OP MB totalled EUR 14,800 million (16,988)* on 31 December 2024. Bonds issued by OP MB totalled EUR 14,800 million (14,915) at the end of December.
OP MB’s covered bonds after 8 July 2022 are issued under the Euro Medium Term Covered Bond (Premium) programme (EMTCB), pursuant to the Finnish Act on Mortgage Credit Banks and Covered Bonds (151/2022). The collateral is added to the EMTCB cover pool from the member cooperative banks’ balance sheets via the intermediary loan process on the issue date of a new covered bond.
In January, OP MB issued its first covered bond of the year in the international capital market. The fixed-rate covered bond worth EUR 1 billion has a maturity of seven years and six months. All proceeds of the bond were intermediated to 63 OP cooperative banks in the form of intermediary loans.
In March, a fixed-rate covered bond worth EUR 1 billion issued by OP MB in March 2017 matured. At the same time, OP cooperative banks’ intermediary loans worth EUR 1 billion related to the bond in question matured.
In October, OP MB issued its second covered bond of the year in the international capital market. The fixed-rate covered bond worth EUR 1 billion has a maturity of five years. All proceeds of the bond were intermediated to 48 OP cooperative banks in the form of intermediary loans.
The terms of issue are available on the op.fi website, under Debt investors: https://www.op.fi/en/op-financial-group/debt-investors/issuers/op-mortgage-bank/emtcb-debt-programme-documentation
In November, OP MB sold a loan portfolio with a nominal value of EUR 1,825 million back to 85 OP cooperative banks. A capital loss of EUR 7.9 million was recognised on the sale in other operating expenses, and at the same time, income of EUR 5.0 million was recognised in net interest income consisting of income of EUR 7.7 million from the unwinding of hedge accounting items and an expense of EUR 2.7 million from the unwinding of loan EIR amortisations. In addition, EUR 4.5 million was recognised as expected credit loss on the sold loans. Net effect on operating profit was EUR 1.7 million. Previously, OP MB has purchased loans from OP cooperative banks as collateral for the bonds. Currently, OP MB operates on an intermediary loan model in which loans are tagged as collateral for bonds directly in OP cooperative banks’ balance sheets.
Also, a fixed-rate registered bond (Namensschuldverschreibung) worth EUR 115 million issued by OP MB in November 2012 matured in November. Additionally, a fixed-rate covered bond worth EUR 1 billion issued by OP MB in November 2014 matured in November together with OP cooperative banks’ intermediary loans related to the bond worth EUR 1 billion.
At the end of December, 92 OP cooperative banks had a total of EUR 14,800 million (14,800) in intermediary loans from OP MB.
Impairment loss on receivables related to loans in OP MB’s balance sheet totalled EUR 2.5 million (-0.3). Loss allowance was EUR 0.0 million (2.6) following the sale of the loan portfolio.
Operating profit was EUR 4.4 million (9.3). The company’s financial standing remained stable throughout the reporting period.
* The comparatives for 2023 are given in brackets. For income statement and other aggregated figures, January–December 2023 figures serve as comparatives. For balance-sheet and other cross-sectional figures, figures at the end of the previous financial year (31 December 2023) serve as comparatives.
Collateralisation of bonds issued to the public
The European covered bonds (premium) issued under the EMTCB programme worth EUR 25 billion established on 11 October 2022, in accordance with the Act on Mortgage Credit Banks and Covered Bonds (151/2022), totalled EUR 6,250 million. The cover pool included a total of EUR 6,882 million in loans serving as collateral on 31 December 2024. Overcollateralisation exceeded the minimum requirement under the Act (151/2022).
The covered bonds issued under the Euro Medium Term Covered Note programme worth EUR 20 billion established on 12 November 2010, in accordance with the Act on Mortgage Credit Banks (Laki kiinnitysluottopankkitoiminnasta, 688/2010), totalled EUR 8,550 million. The cover pool included a total of EUR 9,451 million in loans serving as collateral on 31 December 2024. Overcollateralisation exceeded the minimum requirement under the Act (688/2010).
Capital adequacy
OP MB’s Common Equity Tier 1 (CET1) ratio stood at 797.0% (41.8) on 31 December 2024. The ratio was improved by the sale of the loan portfolio back to OP cooperative banks and the resulting reduction in capital requirement for credit risk. The minimum CET1 capital requirement is 4.5% and the requirement for the capital conservation buffer is 2.5%. The minimum total capital requirement is 8% (or 10.5% with the increased capital conservation buffer). OP MB fully covers its capital requirements with CET1 capital, which in practice means that it has a CET1 capital requirement of 10.5%. Estimated profit distribution has been subtracted from earnings for the reporting period.
OP MB uses the Standardised Approach (SA) to measure its capital adequacy requirement for credit risk. The Standardised Approach is also used to measure the capital requirement for operational risks.
OP MB belongs to OP Financial Group. As part of the Group, OP MB is supervised by the European Central Bank. OP Financial Group presents capital adequacy information in its financial statements bulletins and interim and half-year financial reports in accordance with the Act on the Amalgamation of Deposit Banks. OP Financial Group also publishes Pillar 3 disclosures.
Own funds and capital adequacy
| TEUR | 31.12.2024 | 31.12.2023 |
| Equity capital | 368,122 | 372,160 |
| Common Equity Tier 1 (CET1) before deductions | 368,122 | 372,160 |
| Excess funding of pension liability | -13 | |
| Proposed profit distribution | -3,466 | |
| Share of unaudited profits | -7,490 | |
| Insufficient coverage for non-performing exposures | -2,856 | |
| CET1 capital | 364,656 | 361,800 |
| Tier 1 capital (T1) | 364,656 | 361,800 |
| Tier 2 capital (T2) | ||
| Total own funds | 364,656 | 361,800 |
Total risk exposure amount
| TEUR | 31.12.2024 | 31.12.2023 |
| Credit and counterparty risk | 18,581 | 812,205 |
| Operational risk (Standardised Approach) | 26,636 | 25,140 |
| Other risks* | 538 | 27,336 |
| Total risk exposure amount | 45,755 | 864,682 |
* Risks not otherwise covered.
Ratios
| Ratios, % | 31.12.2024 | 31.12.2023 |
| CET1 capital ratio | 797.0 | 41.8 |
| Tier 1 capital ratio | 797.0 | 41.8 |
| Capital adequacy ratio | 797.0 | 41.8 |
Capital requirement
| Capital requirement, TEUR | 31.12.2024 | 31.12.2023 |
| Own funds | 364,656 | 361,800 |
| Capital requirement | 4,804 | 90,829 |
| Buffer for capital requirements | 359,852 | 270,971 |
Liabilities under the Resolution Act
Under regulation applied to the resolution of credit institutions and investment firms, the resolution authority is authorised to intervene in the terms and conditions of investment products issued by a bank in a way that affects an investor’s position. The EU’s Single Resolution Board (SRB) based in Brussels is OP Financial Group’s resolution authority. The SRB has confirmed a resolution strategy for OP Financial Group whereby the resolution measures would focus on the OP amalgamation and on the new OP Corporate Bank that would be formed in case of resolution. According to the resolution strategy, OP Mortgage Bank would continue its operations as the new OP Corporate Bank’s subsidiary.
The SRB has set a Minimum Requirement for Own Funds and Eligible Liabilities (MREL) for OP MB. From May 2024, the MREL is 16% of the total risk exposure amount and 18.5% of the total risk exposure amount including a combined buffer requirement, and 6% of leverage ratio exposures. The requirement entered into force on 15 May 2024. The requirement includes a Combined Buffer Requirement (CBR) of 2.5%.
OP MB’s buffer for the MREL requirement was EUR 356 million. The buffer consists of own funds only. OP MB clearly exceeds the MREL requirement. OP MB’s MREL ratio was 797% of the total risk exposure amount.
Joint and several liability of amalgamation
Under the Act on the Amalgamation of Deposit Banks (599/2010), the amalgamation of cooperative banks comprises the organisation’s central cooperative (OP Cooperative), the central cooperative’s member credit institutions and the companies belonging to their consolidation groups, as well as credit and financial institutions and service companies in which the above together hold more than half of the total votes. This amalgamation is supervised on a consolidated basis. On 31 December 2024, OP Cooperative’s member credit institutions comprised 93 OP cooperative banks, OP Corporate Bank plc, OP Mortgage Bank and OP Retail Customers plc.
The central cooperative is responsible for issuing instructions to its member credit institutions concerning their internal control and risk management, their procedures for securing liquidity and capital adequacy, and for compliance with harmonised accounting policies in the preparation of the amalgamation’s consolidated financial statements.
As a support measure referred to in the Act on the Amalgamation of Deposit Banks, the central cooperative is liable to pay any of its member credit institutions the amount necessary to preventing the credit institution from being placed in liquidation. The central cooperative is also liable for the debts of a member credit institution which cannot be paid using the member credit institution’s assets.
Each member bank is liable to pay a proportion of the amount which the central cooperative has paid to either another member bank as a support measure or to a creditor of such a member bank in payment of an overdue amount which the creditor has not received from the member bank. Furthermore, if the central cooperative defaults, a member bank has unlimited refinancing liability for the central cooperative’s debts as referred to in the Co-operatives Act.
Each member bank’s liability for the amount the central cooperative has paid to the creditor on behalf of a member bank is divided between the member banks in proportion to their last adopted balance sheets. OP Financial Group’s insurance companies do not fall within the scope of joint and several liability.
According to section 25 of the Act on Mortgage Credit Banks (688/2010), which was valid at that time, the creditors of covered bonds issued prior to 8 July 2022 have the right to receive payment, before other claims, for the entire term of the bond, in accordance with the terms and conditions of the bond, out of the funds entered as collateral, without this being prevented by OP MB’s liquidation or bankruptcy. A similar and equal priority also applies to derivative contracts entered in the register of bonds, and to marginal lending facilities referred to in section 26, subsection 4 of said Act. For mortgage-backed loans issued prior to 8 July 2022 and included in the total amount of collateral of covered bonds, the priority of the covered bond holders’ payment right is limited to the amount of loan that, with respect to home loans, corresponds to 70% of the value of shares or property serving as security for the loan and entered in the bond register at the time of the issuer’s liquidation or bankruptcy declaration.
Under section 20 of the Act on Mortgage Credit Banks and Covered Bonds (151/2022), which entered into force on 8 July 2022, the creditors of bonds issued after 8 July 2022, including the related management and clearing costs, have the right to receive payment from the collateral included in the cover pool, before other creditors of OP MB or the OP cooperative bank which is the debtor of an intermediary loan. A similar priority also applies to creditors of derivative contracts related to covered bonds, including the related management and clearing costs. Interest and yield accruing on the collateral, and any substitute assets, fall within the scope of said priority. Section 44, subsection 3 of the Act on Mortgage Credit Banks and Covered Bonds includes provisions on the creditor’s priority claim regarding cover pool liquidity support. According to said subsection, the creditor has the right to receive payment against the funds contained in the cover pool after claims based on the principal and interest of covered bonds secured by the cover assets included in the cover pool, obligations based on derivatives contracts associated with covered bonds, as well as administration and liquidation costs.
Sustainability and corporate responsibility
As of the reporting year 2024, OP Financial Group reports on its sustainability and corporate responsibility in accordance with the European Sustainability Reporting Standards (ESRS) under the EU’s Corporate Sustainability Reporting Directive (CSRD). OP Financial Group’s Report by the Board of Directors and Financial Statements 2024, including CSRD reporting, will be published in March 2025.
Responsible business is one of OP Financial Group’s strategic priorities. OP Financial Group’s sustainability programme guides the Group’s actions and is built around three themes: Climate and the environment, People and communities, Corporate governance. Read more about the sustainability programme at www.op.fi/en/op-financial-group/corporate-social-responsibility/corporate-social-responsibility-programme
At OP Financial Group, sustainability and corporate responsibility are guided by a number of principles and policies. OP Financial Group is committed to complying not only with all applicable laws and regulations, but also with a number of international initiatives. The Group is committed to complying with the ten principles of the UN Global Compact initiative in the areas of human rights, labour rights, the environment and anti-corruption. OP Financial Group is a Founding Signatory of the Principles for Responsible Banking under the United Nations Environment Programme Finance Initiative (UNEP FI). Furthermore, OP Financial Group is committed to complying with the UN Principles for Responsible Investment and the UN Principles for Sustainable Insurance.
OP Financial Group’s biodiversity roadmap includes measures to promote biodiversity. OP Financial Group aims to grow its nature positive handprint by 2030. ‘Nature positive’ means that OP Financial Group’s operations will have a net positive impact (NPI) on nature.
OP Financial Group has drawn up a Human Rights Statement and Human Rights Policy. The Group respects all recognised human rights. The Human Rights Statement includes the requirements and expectations that OP Financial Group has set for itself and actors in its value chains. OP Financial Group is committed to perform remediation actions if its operations have adverse human rights impacts.
In March 2024, OP MB published a Green Covered Bond Report on the allocation and impacts of Finland’s first green covered bonds issued in March 2021 and April 2022. Under OP MB’s Green Covered Bond Framework, the proceeds from the bonds have been allocated to mortgages with energy-efficient residential buildings as collateral.
The environmental impacts allocated to the green covered bonds in 2023 were 59,000 MWh of energy use avoided per year and 8,800 tonnes of CO2-equivalent emissions avoided per year.
Personnel
At the end of the reporting period, OP MB had six employees. OP MB has been digitising its operations and purchases all key support services from OP Cooperative and its subsidiaries, reducing the need for its own personnel.
Governing body members
The Board composition is as follows:
| Chair | Mikko Timonen | Chief Financial Officer, OP Cooperative |
| Members | Satu Nurmi | Business Lead, SME Financing, OP Retail Customers plc |
| Mari Heikkilä | Head of Group Treasury & ALM, OP Corporate Bank plc |
OP MB’s Managing Director is Sanna Eriksson. The Deputy Managing Director is Tuomas Ruotsalainen, Senior Covered Bonds Manager at OP MB.
Risk profile
OP MB has a strong capital base, capital buffers and risk-bearing capacity.
OP MB’s most significant risks are related to the quality of collateral and to structural liquidity and interest rate risks on the balance sheet, for which limits have been set in the Banking Risk Policy. The key credit risk indicators in use show that OP MB’s credit risk exposure is stable. OP MB has used interest rate swaps to hedge against its interest rate risk. Interest rate swaps have been used to swap home loan interest, intermediary loan interest and interest on issued bonds onto the same basis rate. OP MB has concluded all derivative contracts for hedging purposes, applying fair value hedges which have OP Corporate Bank plc as their counterparty. OP MB’s interest risk exposure is under control and has been within the set limit.
The liquidity buffer for OP Financial Group is centrally managed by OP Corporate Bank and therefore exploitable by OP MB. At the end of the reporting period, OP Financial Group’s Liquidity Coverage Ratio (LCR) was 193% and the Net Stable Funding Ratio (NSFR) was 129%. OP MB monitors its cash flows on a daily basis to secure funding liquidity and its structural funding risk on a regular basis as part of the company’s internal capital adequacy assessment process (ICAAP).
An analysis of OP MB’s risk exposure should always take account of OP Financial Group’s risk exposure, which is based on the joint and several liability of all its member credit institutions. The member credit institutions are jointly liable for each other’s debts. All member banks must participate in support measures, as referred to in the Act on the Amalgamation of Deposit Banks, to support each other’s capital adequacy.
OP Financial Group analyses the business environment as part of its ongoing risk assessment activities and strategy process. Megatrends and worldviews behind OP Financial Group’s strategy reflect driving forces that affect the daily activities, conditions and future of the Group and its customers. Factors currently shaping the business environment include climate, biodiversity loss, scientific and technological innovations, polarisation, demography and geopolitics. External business environment factors are considered thoroughly, so that their effects on customers’ future success are understood. OP Financial Group provides advice and makes business decisions that promote the sustainable financial success, security and wellbeing of its owner-customers and operating region while managing the Group’s risk profile on a longer-term basis. Advice for customers, risk-based service sizing, contract lifecycle management, decision-making, management and reporting are based on correct and comprehensive information.
Outlook
Finland’s economy contracted in 2024. However, the economy began to recover as the year progressed and preliminary figures suggest that GDP grew in the second half compared to the same period in 2023. Slower inflation and lower interest rates provide a basis for the recovery to continue. Risks associated with the economic outlook are still higher than usual. The escalation of geopolitical crises or a rise in trade barriers may affect capital markets and the economic environment.
OP MB’s capital adequacy is expected to remain strong and its risk exposure favourable. This enables the issuance of covered bonds in the future.
Schedule for financial reports for 2024
| Report by the Board of Directors and Financial Statements 2024 | Week 11, 2025 |
| Corporate Governance Statement 2024 | Week 11, 2025 |
Schedule for Interim Reports and Half-Year Financial Report in 2025
| Interim Report 1 January–31 March 2025 | 7.5.2025 |
| Half-year Financial Report 1 January–30 June 2025 | 30.7.2025 |
| Interim Report 1 January–30 September 2025 | 28.10.2025 |
Helsinki, 6 February 2025
OP Mortgage Bank
Board of Directors
Additional information:
Sanna Eriksson, Managing Director, tel. +358 10 252 2517
DISTRIBUTION
LSE London Stock Exchange
Euronext Dublin (Irish Stock Exchange)
OAM (Officially Appointed Mechanism)
Major media
www.op.fi
Source: GlobeNewswire (MIL-OSI)
6 FEBRUARY 2025
NORTHERN 2 VCT PLC
UNAUDITED NET ASSET VALUE AS AT 31 DECEMBER 2024
Northern 2 VCT PLC (“the Company”) is a Venture Capital Trust (“VCT”) launched in 1999 and managed by Mercia Fund Management Limited. The Company’s objective is to provide long-term tax-free returns to investors through a combination of dividend yield and capital growth, by investing in a portfolio of investments mainly comprising unquoted venture capital holdings. In order to maintain approval by HM Revenue & Customs as a VCT, the Company is required to comply on a continuing basis with the provisions of Section 274 of the Income Tax Act 2007.
The unaudited net asset value per ordinary share as at 31 December 2024 was 58.6 pence (30 September 2024 (unaudited) 57.2 pence).
The net asset value is stated before deducting the interim dividend of 1.7 pence per share in respect of the year ending 31 March 2025, which was paid to eligible shareholders on 22 January 2025.
For the purposes of calculating the net asset value per share, quoted investments are carried at bid price as at 31 December 2024 and unquoted investments are carried at fair value as at 31 December 2024 as determined by the directors.
New Investments:
During the three months ended 31 December 2024 three new venture capital investments were completed.
| Name of company | Business activity | Amount invested £000 |
| Semble Technology |
Enterprise AI for automated surgical tray validation |
2,072 |
| Scalpel AI |
Practice management software for healthcare clinicians/clinics |
1,036 |
| Napo |
Pet insurance provider with a focus on preventative care and customer experience |
2,052 |
In addition to the new investments above, £2,456,000 was invested in five existing portfolio companies during the quarter.
Realisations:
During the three months ended 31 December 2024 two venture capital investments were realised.
| Name of company | Sale proceeds £000 |
Original cost £000 |
Carrying value at 30 September 2024 £000 |
| Grip-UK (t/a The Climbing Hangar) | 2,525 | 3,536 | 2,568 |
| musicMagpie plc | 376 | 222 | 228 |
The number of ordinary shares in issue at 31 December 2024 was 221,196,352. During the three months ended 31 December 2024, 1,979,367 shares were purchased for cancellation at a price of 54.34 pence per share
Enquiries:
James Sly / Sarah Williams, Mercia Asset Management PLC – 0330 223 1430
Website: www.mercia.co.uk/vcts
The contents of the Mercia Asset Management PLC website and the contents of any website accessible from hyperlinks on the Mercia Asset Management PLC website (or any other website), are not incorporated into, nor forms part of, this announcement.
Source: ASEAN
Secretary-General of ASEAN, Dr. Kao Kim Hourn, today hosted the first media engagement session for 2025, at the ASEAN Headquarters/ASEAN Secretariat. The session, which attended by some 20 Jakarta-based media, reiterated SG Dr. Kao’s strong commitment to actively cultivate and foster closer ties with the media community in support of ASEAN public diplomacy. The engagement session is particularly significant as ASEAN Leaders are expected to adopt the ASEAN Community Vision 2045 and the four Strategic Plans during Malaysia’s Chairmanship of ASEAN in 2025, which would serve as a roadmap to guide the regional integration agenda in the next 20 years. SG Dr. Kao also reinforced the importance of media engagement in disseminating information about these crucial initiatives and in fostering a deeper understanding of ASEAN’s goals and priorities among a wider public.
The post Secretary-General of ASEAN engages with Jakarta-based media to disseminate regional priorities appeared first on ASEAN Main Portal.
Source: ASEAN
The 8th Meeting of ASEAN-Pakistan Joint Sectoral Cooperation Committee (AP-JSCC), convened today at ASEAN Headquarters/ASEAN Secretariat in Jakarta to discussed progress of ASEAN-Pakistan cooperation under the ASEAN-Pakistan Sectoral Dialogue Partnership: Practical Cooperation Areas (PCA) (2024-2028) and explore possible areas for future collaboration between both sides.
The 8th AP-JSCC Meeting was co-chaired by Deputy Secretary-General of ASEAN for Socio-Cultural Community, San Lwin, and Ambassador of the Islamic Republic of Pakistan to ASEAN, Ameer Khurram Rathore, and attended by Members of the Committee of Permanent Representatives to ASEAN and their respective delegations. Ambassador of the Democratic Republic of Timor-Leste to ASEAN, Natércia Coelho da Silva, attended as Observer.
The post ASEAN, Pakistan Explore Avenues to Strengthen Cooperation appeared first on ASEAN Main Portal.
Source: The Conversation (Au and NZ) – By Henry Cutler, Professor and Director, Macquarie University Centre for the Health Economy, Macquarie University
This week, the federal government announced it will pay states and territories an extra, one-off, A$1.7 billion for public hospitals.
This has been billed as a way to fix some ailing hospitals, and shorten waits for care in emergency departments and for elective surgery. But will it really make a difference?
Australian public hospitals are funded through a collaborative arrangement involving state, territory and federal governments. The federal government provides 37% of public hospital funding annually, primarily through the National Health Reform Agreement. States and territories fund nearly all the rest.
Most federal government funding for public hospitals is determined by an “activity based funding” formula. Funding is based on the number of patients treated and the price of treatment, the latter calculated from average public hospital costs.
State and territory governments manage public hospitals. The federal government has little say on how public hospital money is spent. The exception is when funding relates to something specific, like a new hospital ward.
The federal government will spend $30.19 billion on public hospitals this financial year. The extra funding will grow its public hospital spending by 12% in 2025–26.
Extra funding will likely impact Northern Territory hospitals the most. It will receive $51 million more, a 30% increase.
While larger states will receive additional funding, they have more public hospitals and patients. For example, New South Wales will receive $407 million, but this equates to only an 11% increase from the federal government.
The extra funding is less impressive when compared to total public hospital spending. That was $86 billion in 2022–23, suggesting the extra $1.7 billion will represent less than 2% in additional total funding to public hospitals in 2025–26.
But this extra spending is not in isolation. The federal government has already committed nearly $600 million to establish 87 urgent care clinics around Australia. Their primary purpose is to alleviate pressure on emergency departments and fill gaps in access to after-hours primary care.
Public hospital pressure has been building for over a decade. Emergency departments are often clogged, leading to long wait times, mostly because of staff shortages. Around 10% of patients wait more than two hours. There is little slack in the system to counter unpredictable surges in demand for care.
The proportion of emergency department patients seen on time has declined since COVID. The proportion of patients requiring urgent emergency department care seen on-time, for example, has decreased from 67% to 61%. More non-urgent and semi-urgent patients are also not receiving care on time.
Patients are also waiting longer for elective public hospital surgery since COVID, despite an increase in the number of admissions from elective surgery waiting lists.
Proportion of patients seen on time in public hospital emergency departments
Waiting times vary by state and territories. Queensland has the lowest proportion of patients waiting more than 365 days for public hospital elective surgery at 3.9% in 2023–24, while the ACT had the highest at 8.9%.
Encouragingly, waiting times decreased for nearly all elective surgeries compared to 2022–23, suggesting public hospitals may be making inroads into the post-COVID load.
Proportion of patients waiting more than 365 days for public hospital elective surgery
While additional funding will help, there is no magic wand. Public hospitals need to substantially reorganise their staff, workflows, beds and buildings. This in an environment that has workforce shortages, burnout, and wage pressures, making major health system changes particularly difficult.
Some hospitals may reduce their waiting times substantially, if states and territories allocate their extra funding to poor performers.
However, poor performance can be related to systemic issues out of the hospital’s control, such as workforce shortages. Without an increase in total health-care workforce size, these poor performing hospitals may look for additional staff from other public hospitals, worsening their performance.
Whether any improvements last is another question.
Public hospitals face increased demand for emergency department care, only mitigated by the potential success of urgent care clinics.
Read more:
Labor’s urgent care centres are a step in the right direction – but not a panacea
Public hospitals also face an increase in demand for elective surgery, as the population ages and chronic disease prevalence increases.
The extra $1.7 billion is only a one off. Funds to reduce waiting times will mostly be spent on more staff, such as nurses, clinicians and administration staff.
Public hospitals will need additional, ongoing funding to keep up with demand, otherwise any initial improvement will dissipate.
All governments need to invest more in prevention programs to slow the growth in public hospital demand.
More Australians are obese, as a proportion of the population, compared to other OECD countries. This has created a heavy burden.
Reducing financial waste in the health-care system is of huge importance. Savings could be used for long-term improvements in waiting times once the extra funding runs out.
Around 40% of health care is of low value or causes harm. Reducing unnecessary medical tests, speeding up discharges, and reducing avoidable admissions is a good start.
Other changes that could help include:
A new National Health Reform Agreement is due to take effect in 2026. Whoever wins this year’s federal election will have to finalise this agreement with the states and territories.
The Commonwealth and states are yet to commit to all of the recommendations from the mid-term review of the current agreement released in October 2023. The extent to which governments accept these recommendations has the potential to create a much greater, long-term impact on waiting times than this extra, one-off payment.
Henry Cutler has previously received funding from Northern Territory Health.
– ref. Hospitals will get $1.7 billion more federal funding. Will this reduce waiting times? – https://theconversation.com/hospitals-will-get-1-7-billion-more-federal-funding-will-this-reduce-waiting-times-249170
Source: New Zealand Police (National News)
A man has been arrested following the assault in Wainuiomata last night, which left a man with serious injuries.
The 23-year-old man has been charged with wounding with intent to cause grievous bodily harm, and is due to appear in Lower Hutt District Court tomorrow.
The vehicle he was driving has been seized and will be forensically examined.
Our enquiries have established that the incident occurred after an alleged road rage incident, which is believed to have occurred on Wainuiomata Road, between Rata Street and The Strand.
Police are still looking to hear from anyone who may have information about this incident or those involved.
In particular, we would like to speak to the occupants of a light-coloured Toyota Corolla, who may have recorded the incident on a phone, and the occupants of another vehicle who stopped and attempted to calm those involved in the incident.
The alleged assault took place in a supermarket car park, with the store open at the time and shoppers about, so we are confident there are other people who witnessed what occurred and may be able to help our enquiries.
If you can help, please use our 105 service and quote reference number 250205/0193.
You can also share information anonymously through Crime Stoppers on 0800 555 111.
ENDS
Issued by Police Media Centre.
Source: Reserve Bank of India
|
Reserve Bank of India (RBI) is satisfied to notify The Cuddalore and Villupuram District Central Co-operative Bank’s Employees Cooperative Bank Ltd., Cuddalore – 607001, Tamil Nadu as a non-banking institution under Section 36A(2) read with Section 56 of the Banking Regulation Act, 1949. Consequently, RBI has cancelled the licence dated March 21, 2000, granted to The Cuddalore and Villupuram District Central Co-operative Bank’s Employees Cooperative Bank Ltd., Cuddalore – 607001, Tamil Nadu to carry on banking business in India under Section 22 read with Section 56 of the Banking Regulation Act,1949, with effect from the close of business on February 6, 2025. This makes it obligatory on the part of The Cuddalore and Villupuram District Central Co-operative Bank’s Employees Cooperative Bank Ltd., Cuddalore – 607001, Tamil Nadu to stop conducting the business of ‘banking’ within the meaning of section 5(b) read with Section 56 of the Act ibid, including acceptance of deposits from non-members with immediate effect. Further, The Cuddalore and Villupuram District Central Co-operative Bank’s Employees Cooperative Bank Ltd., Cuddalore – 607001, Tamil Nadu shall ensure to repay unpaid and unclaimed deposits of non-members held by it, whenever demanded, even after being notified as a non-banking institution. (Puneet Pancholy) Press Release: 2024-2025/2087 |
Source: The Conversation – UK – By Laura Hood, Host, Know Your Place podcast, The Conversation
Germany is holding an election on February 23 and the contest is attracting an unusual amount of attention. That’s because the far-right Alternative for Germany (AFD) is polling in second place on 20% of the national vote.
Should the party end up with a vote share on this scale, it would be its best ever result in a national election. It would change the face of the German parliament and force mainstream parties into difficult questions about their longstanding refusal to work with extreme parties.
The AFD’s roots are in nationalistic and racist movements. It continues to take an ultra anti-immigration stance and, in this election, is calling for “demigration” – effectively the deportation of migrants.
In this episode of The Conversation Weekly podcast, Rolf Frankenberger, an expert on right-wing extremism at the University of Tübingen in Germany, explains where the AFD draws its support from and what type of Germany it wants to return to.
Frankenburger has found two clear trends in the geographical distribution of AfD voting. The first is common among far-right parties around the world:
“ There are always exceptions, of course, but the main pattern is that around the big cities like Berlin, like Hamburg, Bremen, Hanover, Münster, Stuttgart, Munich, Frankfurt in these cities and their direct environment and suburbs, the AFD is less important. Whereas in the specific rural areas, like in Saxonia, in the Erzgebirge, in Baden-Württemberg, in the Black Forest, in Rhineland Palatinate, in the more rural areas, they have their strongholds.”
The second, however, is unique to Germany. Support for the AFD is far more concentrated in the east of Germany. This region was the part of the country that made up the communist German Democratic Republic between 1949 and 1990, before German reunification.
“Reunification in Germany produced winners and losers. And in the view of many East German people – and much of it is true – there are inequalities that were produced by reunification.”
These divisions are being exploited to push what Frankenburger terms a form of white supremacist, traditionalist “Völkisch nationalism” – not a term that is well understood outside of Germany but which resonates heavily in domestic politics.
“And so the AFD comes in and says ‘hey, there’s something wrong with the state, there’s something wrong with democracy, and there’s something wrong with our heritage. So we have a strong German heritage. We have an identity, we have an idea and all the others are trying to destroy it’. So it’s a kind of protest.”
To find out more about narratives pushed by the AFD, listen to the interview with Rolf Frankenberger on The Conversation Weekly podcast.
This episode of The Conversation Weekly was written and produced by Mend Mariwany and Gemma Ware. Sound design was by Michelle Macklem, and theme music by Neeta Sarl.
Clips in this episode from AFP News, AfD in English, DW News and Al Jazeera English.
Listen to The Conversation Weekly via any of the apps listed above, download it directly via our RSS feed or find out how else to listen here.
Rolf Frankenberger 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. Where support for Germany’s far-right AFD is growing and why – podcast – https://theconversation.com/where-support-for-germanys-far-right-afd-is-growing-and-why-podcast-249045
