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  • MIL-OSI New Zealand: Here comes the Summer Road Renewals

    Source: New Zealand Transport Agency

    The Bay of Plenty will benefit from its share of more than $2 billion in funding for nationwide pothole prevention and maintenance over the next 3 years, with a significant volume of road renewals planned for the region.

    This funding boost enables NZ Transport Agency Waka Kotahi (NZTA) to focus on road rebuilding and improving the overall network condition through more intensive treatments and increasing the road surface quality.

    Approximately 110 lane kilometres in the Bay of Plenty will either be rebuilt or resealed over coming summers, with a significant portion of this planned to take place over the next 6 months.

    “The Bay of Plenty network is heavily used every day by a variety of road users, including freight operators, commuters, and tourists,” says Sandra King, NZTA’s Bay of Plenty System Manager.

    “To complete the volume of road renewals needed, people can expect disruption across the network. Road rebuilding can often involve replacing all or most of the structural road layers, it’s intensive work with some sections under construction for extended periods of time.

    “We’re looking at how we can minimise disruption by thinking differently and challenging ourselves and our suppliers to be as efficient and effective as possible. This includes using methods such as road closures to allow suppliers to get in and complete work in a quicker and safer way, and with fewer road cones,” Ms King explains.

    While there will be various maintenance worksites across the Bay of Plenty this summer, there is a focus on State Highway 29 (SH29), specifically near Hanga Road, the Kaimai Café and the Kaimai School. To minimise impacts to traffic, this work will be done at night and starts this month.

    Some renewal sites have kicked off early, crews are making the most of the weather now with 2 worksites on State Highway 2 (SH2) between Paengaroa and Ōtamarākau already halfway through construction.

    As much work as possible will be completed before Christmas, then there will be a short break over the holiday period. Workers will then get back into it until autumn sets in.

    “With so much work taking place it is inevitable road users will come across worksites and traffic management. When you see roadworkers out on the road, travel safely through their worksites, follow signage and any instructions you receive, and give them a wave to say thanks for their tremendous work,” says Ms King.

    The sites that will be the most disruptive over the summer months are indicated on the maps  attached.

    This work is funded through the State Highway Maintenance and Pothole Prevention activity classes in the National Land Transport Programme (NLTP).

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Italy

    Source: Australia Safe Travel Advisories

    We’ve reviewed our travel advice for Italy and continue to advise exercise normal safety precautions. From November, the new European Entry/Exit System will start for all non-EU nationals, including Australians, travelling in or out of the Schengen Area, which includes Italy (see ‘Travel’).

    MIL OSI News –

  • MIL-Evening Report: Productivity is often mistaken for wages. What does it really mean? How does it work?

    Source: The Conversation (Au and NZ) – By David Peetz, Laurie Carmichael Distinguished Research Fellow at the Centre for Future Work, and Professor Emeritus, Griffith Business School, Griffith University

    Alexey_Rezvykh/Shutterstock

    Australia’s productivity growth has reverted to the same stagnant pattern as before the pandemic, according to the Productivity Commission’s latest quarterly report.

    Productivity is complex and often misunderstood in media and policy debates. So before we read too much into this latest data, here are six key things to understand about productivity.

    1. It’s about quantities, not costs

    Productivity “measures the rate at which output of goods and services are produced per unit of input”. So it’s about how many workers does it take to make how many widgets?

    Most Australian workplace managers don’t know how to measure productivity correctly.

    If someone says “higher wages mean lower productivity”, they don’t know what they’re talking about. Wages aren’t part of the productivity equation. People often cite “productivity” as a reason for a policy they like because they can’t say “we like higher profits”.

    In fact, high wages can encourage firms to introduce new technology that improves productivity. If labour becomes more expensive, it may be more profitable for firms to invest in labour-saving technology.

    But lower productivity isn’t always a bad thing. Sometimes higher selling prices can lower productivity. It seems odd, but works like this: if prices for commodities such as iron ore or coal are high, it becomes profitable for mining companies to dig through more rock to get to it.

    This takes more time. But it’s now worth extracting these small quantities, because they’re so valuable. For this reason, with high commodity prices, mining labour productivity fell by 13% between 2019-20 and 2022-23. Mining productivity had the largest negative impact on national productivity growth in 2022-23.

    2. Productivity is directed by management, not workers

    The biggest single factor that shapes productivity is technology. Who’s responsible for what technology a business introduces? Management. Workers often don’t have much of a say.

    OECD research suggests new technology such as artificial intelligence (AI) meets lower resistance from employees when they are consulted over its introduction. That’s because new technology makes their firms more competitive and they want to keep their jobs.

    Not surprisingly, there’s lots of research showing management that engages and consults workers gets greater output.

    Output will also be better with an educated and skilled workforce. If people can do more things with their brains, they’ll be more productive.

    3. Measuring productivity is dodgier the more complex it gets

    Measuring labour productivity – output per unit of labour input – is fairly straightforward if you’ve got a single output that is sold in a free market, and you’re looking at a single input (labour). It’s not hard to measure, or describe, the number of cars produced per worker in a week.

    It gets very tricky when you’re looking at multi-factor productivity (output per unit of, say, labour-and-capital input). Economists can’t even describe the denominator. (What even is a unit of “labour-and-capital”?) So they express what they measure as an index (giving it a value of 100 in some base year). All sorts of bold assumptions get made.

    Estimates are highly creative. In its report, the Productivity Commission looked at revisions to quarterly growth figures and found productivity estimates are “constantly being revised”.

    On almost a third of occasions, initial estimates are out by 0.5 percentage points or more. When your estimate is that productivity increased by 0.5% – the number for the year to this June quarter – the potential for error is huge.

    Even more creative assumptions are made when you try to measure productivity in the public sector, when the market is not the aim.

    Productivity is higher in classrooms when there are fewer teachers per student. At least, the bean-counters will tell you that, but the students will tell you the opposite.

    So you should be very wary when someone says the “productivity challenge is […] greater and more pressing in the non-market sector”, when the meaning is so contested.

    4. It is best measured over long periods

    Productivity growth is so erratic, that you can tell very little from one quarter’s figures. “Revise, revise, revise again”, as the PC report said.

    Often the best thing to do, as the Australian Bureau of Statistics recognised long ago is to average it over the whole of a “growth cycle”, that is, between one peak of growth and the next.

    Trouble is, growth cycles vary in length, and the end point is not easy to pick when it happens, only later.

    Growth averaged over a long period is a lot more meaningful than growth measured over a short period. At least the Productivity Commission showed five-year averages alongside it’s latest quarterly estimates. But chances are your start date will be at a different stage in the growth cycle to your end date, so it’s not that good a measure.

    5. Productivity is falling here and overseas

    In Australia, productivity growth has been on a long-term decline since the 1960s, with a brief, unsustained upturn in the mid 1990s.

    That pattern gives pause for thought: if big reforms to competition policy, industrial relations and wage fixing were aimed at improving productivity growth, why was that unsustainable, and why did it then continue to decline? It pays to remember that a lot of reforms people advocate in the name of productivity growth have quite different aims and effects anyway.

    Internationally, the picture is not much different.

    Productivity growth across industrialised countries has unevenly but gradually declined since the 1950s and 1960s. The world-wide adoption of what were often called neoliberal reforms from the 1980s failed to improve productivity growth.

    6. Productivity growth once drove living standards. Not any more

    In theory, higher labour productivity enables higher living standards. In practice, that is driven by the ability of workers to negotiate for higher wages.

    It depends on how you measure it and what years you focus on, but from at least the early 2010s, productivity growth was much faster than hourly compensation per employee.

    Again, it’s not just Australia. The OECD calls this the “decoupling” of wages and productivity.

    Just because something can increase potential earnings growth, it does not follow that it will.

    As a university employee and since then, David Peetz has undertaken research over many years with occasional financial support from governments from both sides of politics, employers and unions. He has been and is involved in several Australian Research Council-funded and approved projects, some of which included contributions from an employer body, a superannuation fund, and two unions. The projects do not concern the subject matter of this article.

    – ref. Productivity is often mistaken for wages. What does it really mean? How does it work? – https://theconversation.com/productivity-is-often-mistaken-for-wages-what-does-it-really-mean-how-does-it-work-240113

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Economics: Secretary-General of ASEAN participates in the 28th ASEAN Political-Security Community Council Meeting

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today participated in the 28th ASEAN Political-Security Community (APSC) Council Meeting in Vientiane, Lao PDR. The APSC Council took stock of the progress of the work of APSC sectoral bodies and reviewed the implementation of the APSC Blueprint 2025 in preparations for the 44th and 45th ASEAN Summits and Related Summits to be convened in Vientiane, Lao PDR, later this week.

    The post Secretary-General of ASEAN participates in the 28th ASEAN Political-Security Community Council Meeting appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI: Final result of the subsequent offer period of Onni Bidco Oy’s voluntary recommended public cash tender offer for all the shares in Innofactor Plc

    Source: GlobeNewswire (MIL-OSI)

    Innofactor Plc          Stock Exchange Release         October 8, 2024 at 8:35 a.m. (EEST)

    NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND OR SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH THE TENDER OFFER WOULD BE PROHIBITED BY APPLICABLE LAW. FOR FURTHER INFORMATION, PLEASE SEE SECTION ENTITLED “IMPORTANT INFORMATION” BELOW.

    Final result of the subsequent offer period of Onni Bidco Oy’s voluntary recommended public cash tender offer for all the shares in Innofactor Plc

    As announced on July 22, 2024, CapMan Growth Equity Fund III Ky, a fund managed by CapMan Group affiliated companies, (“CapMan Growth”), Sami Ensio, the founder, CEO and member of the Board of Directors of Innofactor Plc, through the holding company Ensio Investment Group Oy controlled by him, and the co-investor Osprey Capital Oy (“Osprey Capital”) form a consortium (the “Consortium”) for the purposes of the voluntary recommended public cash tender offer for all the issued and outstanding shares in Innofactor Plc (“Innofactor” or the “Company”) that are not held by Innofactor or its subsidiaries (the “Shares”) (the “Tender Offer”), made by Onni Bidco Oy (the “Offeror”), a private limited liability company incorporated and existing under the laws of Finland. The Offeror has on August 2, 2024, published the tender offer document concerning the Tender Offer. The original offer period for the Tender Offer commenced on August 5, 2024, at 9:30 a.m. (Finnish time) and expired on September 16, 2024, at 4:00 p.m. (Finnish time) (the “Original Offer Period”). The Offeror announced on September 19, 2024 in connection with the announcement of the final result of the Original Offer Period, that it will complete the Tender Offer and commence a subsequent offer period in accordance with the terms and conditions of the Tender Offer, which commenced  on September 19, 2024, at 9:30 a.m. (Finnish time) and expired on October 3, 2024, at 4:00 p.m. (Finnish time) (the “Subsequent Offer Period”).

    Based on the final result of the Subsequent Offer Period, the 914,649 Shares tendered during the Subsequent Offer Period represent approximately 2.56 percent of the Shares and voting rights in Innofactor. Together with the Shares validly accepted during the Original Offer Period and the Shares otherwise acquired or to be acquired by the Offeror (comprising 148,127 Shares that Sami Ensio has received as board remuneration), the Shares tendered during the Subsequent Offer Period represent approximately 85.05 percent of the Shares and voting rights in Innofactor.

    The offer price will be paid on or about October 10, 2024, to shareholders who have validly accepted the Tender Offer during the Subsequent Offer Period in accordance with the terms and conditions of the Tender Offer. The offer price will be paid in accordance with the payment procedures described in the terms and conditions of the Tender Offer. The actual time of receipt of the payment by each shareholder will depend on the schedule for payment transactions between financial institutions.

    The Offeror has reserved the right to acquire Shares on or after the date of this release in public trading on Nasdaq Helsinki Ltd (“Nasdaq Helsinki”) or otherwise to the extent permitted by applicable laws and regulations.

    Investor and Media enquiries:

    Innofactor

    Iida Suominen (Innofactor), ir@innofactor.com, +358 40 716 7173

    Lasse Lautsuo (Innofactor), ir@innofactor.com, +358 50 480 1597

    For further information, please visit the dedicated website at https://www.innofactor.com/invest-in-us/onni-tender-offer/.

    The Consortium

    Antti Kummu, CapMan Growth

    +358 50 432 4486

    Media

    press.contact@miltton.com

    +358 45 788 51840

    For further information, please visit the dedicated website at: https://innofactor.tenderoffer.fi/en/pto/. The link does not redirect to Innofactor’s website, but to a website operated by the Offeror.

    Distribution:

    NASDAQ Helsinki
    Main media
    http://www.innofactor.com

    ABOUT THE CONSORTIUM

    CapMan Growth and Sami Ensio (through the holding company controlled by him) together with Osprey Capital form the Consortium for the purposes of the Tender Offer. As at the date of this release, the Offeror is indirectly owned by Onni Topco Oy, a private limited liability company incorporated under the laws of Finland. Onni Topco Oy was incorporated to be the holding company in the acquisition structure and is currently owned by CapMan Growth. Following the completion of the Tender Offer, CapMan Growth is expected to own approximately 52.4 percent, Ensio Investment Group Oy approximately 42.6 percent and Osprey Capital approximately 5.0 percent of the shares in Onni Topco Oy.

    ABOUT INNOFACTOR

    Innofactor is the leading promoter of the modern digital organization in the Nordic countries for its approximately 1,000 customers in the commercial and public sectors. Innofactor has the widest solution offering and leading know-how in the Microsoft ecosystem in the Nordics. Innofactor’s offering includes planning services for business-critical IT solutions, project deliveries, implementation support and maintenance services, as well as own software and services. Innofactor employs nearly 600 experts in Finland, Sweden, Denmark and Norway. Innofactor’s shares are listed on Nasdaq Helsinki with the ticker symbol IFA1V.

    IMPORTANT INFORMATION

    THIS RELEASE MAY NOT BE RELEASED OR OTHERWISE DISTRIBUTED, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO, AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND OR SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH THE TENDER OFFER WOULD BE PROHIBITED BY APPLICABLE LAW.

    THIS RELEASE IS NOT A TENDER OFFER DOCUMENT AND AS SUCH DOES NOT CONSTITUTE AN OFFER OR INVITATION TO MAKE A SALES OFFER. IN PARTICULAR, THIS RELEASE IS NOT AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES DESCRIBED HEREIN, AND IS NOT AN EXTENSION OF THE TENDER OFFER, IN, AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND OR SOUTH AFRICA. INVESTORS SHALL ACCEPT THE TENDER OFFER FOR THE SHARES ONLY ON THE BASIS OF THE INFORMATION PROVIDED IN A TENDER OFFER DOCUMENT. OFFERS WILL NOT BE MADE DIRECTLY OR INDIRECTLY IN ANY JURISDICTION WHERE EITHER AN OFFER OR PARTICIPATION THEREIN IS PROHIBITED BY APPLICABLE LAW OR WHERE ANY TENDER OFFER DOCUMENT OR REGISTRATION OR OTHER REQUIREMENTS WOULD APPLY IN ADDITION TO THOSE UNDERTAKEN IN FINLAND.

    THE TENDER OFFER IS NOT BEING MADE DIRECTLY OR INDIRECTLY IN ANY JURISDICTION WHERE PROHIBITED BY APPLICABLE LAW AND, WHEN PUBLISHED, THE TENDER OFFER DOCUMENT AND RELATED ACCEPTANCE FORMS WILL NOT AND MAY NOT BE DISTRIBUTED, FORWARDED OR TRANSMITTED INTO OR FROM ANY JURISDICTION WHERE PROHIBITED BY APPLICABLE LAWS OR REGULATIONS. IN PARTICULAR, THE TENDER OFFER IS NOT BEING MADE, DIRECTLY OR INDIRECTLY, IN OR INTO, OR BY USE OF THE POSTAL SERVICE OF, OR BY ANY MEANS OR INSTRUMENTALITY (INCLUDING, WITHOUT LIMITATION, FACSIMILE TRANSMISSION, TELEX, TELEPHONE OR THE INTERNET) OF INTERSTATE OR FOREIGN COMMERCE OF, OR ANY FACILITIES OF A NATIONAL SECURITIES EXCHANGE OF, AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND OR SOUTH AFRICA. THE TENDER OFFER CANNOT BE ACCEPTED, DIRECTLY OR INDIRECTLY, BY ANY SUCH USE, MEANS OR INSTRUMENTALITY OR FROM WITHIN, AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND OR SOUTH AFRICA AND ANY PURPORTED ACCEPTANCE OF THE TENDER OFFER RESULTING DIRECTLY OR INDIRECTLY FROM A VIOLATION OF THESE RESTRICTIONS WILL BE INVALID.

    THIS RELEASE HAS BEEN PREPARED IN COMPLIANCE WITH FINNISH LAW, THE RULES OF NASDAQ HELSINKI AND THE HELSINKI TAKEOVER CODE AND THE INFORMATION DISCLOSED MAY NOT BE THE SAME AS THAT WHICH WOULD HAVE BEEN DISCLOSED IF THIS RELEASE HAD BEEN PREPARED IN ACCORDANCE WITH THE LAWS OF JURISDICTIONS OUTSIDE OF FINLAND.

    Information for shareholders of Innofactor in the United States

    Shareholders of Innofactor in the United States are advised that the Shares are not listed on a U.S. securities exchange and that Innofactor is not subject to the periodic reporting requirements of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”), and is not required to, and does not, file any reports with the U.S. Securities and Exchange Commission (the “SEC”) thereunder.

    The Tender Offer will be made for the issued and outstanding shares of Innofactor, which is domiciled in Finland, and is subject to Finnish disclosure and procedural requirements. The Tender Offer is made in the United States pursuant to Section 14(e) and Regulation 14E under the Exchange Act, subject to the exemption provided under Rule 14d-1(c) under the Exchange Act, for a Tier I tender offer, and otherwise in accordance with the disclosure and procedural requirements of Finnish law, including with respect to the Tender Offer timetable, settlement procedures, withdrawal, waiver of conditions and timing of payments, which are different from those of the United States. In particular, the financial information included in this stock exchange release has been prepared in accordance with applicable accounting standards in Finland, which may not be comparable to the financial statements or financial information of U.S. companies. The Tender Offer is made to Innofactor’s shareholders resident in the United States on the same terms and conditions as those made to all other shareholders of Innofactor to whom an offer is made. Any informational documents, including this stock exchange release, are being disseminated to U.S. shareholders on a basis comparable to the method that such documents are provided to Innofactor’s other shareholders.

    To the extent permissible under applicable law or regulations, the Offeror and its affiliates or its brokers and its brokers’ affiliates (acting as agents for the Offeror or its affiliates, as applicable) may from time to time after the date of this stock exchange release and during the pendency of the Tender Offer, and other than pursuant to the Tender Offer, directly or indirectly purchase or arrange to purchase Shares or any securities that are convertible into, exchangeable for or exercisable for Shares. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. To the extent information about such purchases or arrangements to purchase is made public in Finland, such information will be disclosed by means of a press release or other means reasonably calculated to inform U.S. shareholders of Innofactor of such information. In addition, the financial adviser to the Offeror may also engage in ordinary course trading activities in securities of Innofactor, which may include purchases or arrangements to purchase such securities. To the extent required in Finland, any information about such purchases will be made public in Finland in the manner required by Finnish law.

    Neither the SEC nor any U.S. state securities commission has approved or disapproved the Tender Offer, passed upon the merits or fairness of the Tender Offer, or passed any comment upon the adequacy, accuracy or completeness of the disclosure in relation to the Tender Offer. Any representation to the contrary is a criminal offence in the United States.

    The receipt of cash pursuant to the Tender Offer by a U.S. holder of Shares may be a taxable transaction for U.S. federal income tax purposes and under applicable U.S. state and local, as well as foreign and other, tax laws. Each holder of Shares is urged to consult its independent professional advisers immediately regarding the tax and other consequences of accepting the Tender Offer.

    To the extent the Tender Offer is subject to U.S. securities laws, those laws only apply to U.S. holders of Shares and will not give rise to claims on the part of any other person. It may be difficult for Innofactor’s shareholders to enforce their rights and any claims they may have arising under the U.S. federal securities laws, since the Offeror and Innofactor are located in non-U.S. jurisdictions and some or all of their respective officers and directors may be residents of non-U.S. jurisdictions. Innofactor shareholders may not be able to sue the Offeror or Innofactor or their respective officers or directors in a non-U.S. court for violations of the U.S. federal securities laws. It may be difficult to compel the Offeror and Innofactor and their respective affiliates to subject themselves to a U.S. court’s judgment.

    Forward-looking statements

    This release contains statements that, to the extent they are not historical facts, constitute “forward-looking statements”. Forward-looking statements include statements concerning plans, expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, competitive strengths and weaknesses, plans or goals relating to financial position, future operations and development, business strategy and the trends in the industries and the political and legal environment and other information that is not historical information. In some instances, they can be identified by the use of forward-looking terminology, including the terms “believes”, “intends”, “may”, “will” or “should” or, in each case, their negative or variations on comparable terminology. By their very nature, forward-looking statements involve inherent risks, uncertainties and assumptions, both general and specific, and risks exist that the predictions, forecasts, projections and other forward-looking statements will not be achieved. Given these risks, uncertainties and assumptions, investors are cautioned not to place undue reliance on such forward-looking statements. Any forward-looking statements contained herein speak only as at the date of this release.

    Disclaimer

    Carnegie Investment Bank AB (publ), which is authorised and supervised by the Swedish Financial Supervisory Authority (Finansinspektionen), is acting through its Finland Branch (“Carnegie”). The Finland branch is authorised by the Swedish Financial Supervisory Authority and subject to limited supervision by the Finnish Financial Supervisory Authority (Finanssivalvonta). Carnegie is acting exclusively for the Offeror and no one else in connection with the Tender Offer and the matters set out in this release. Neither Carnegie nor its affiliates, nor their respective partners, directors, officers, employees or agents are responsible to anyone other than the Offeror for providing the protections afforded to clients of Carnegie, or for giving advice in connection with the Tender Offer or any matter or arrangement referred to in this release.

    Advium Corporate Finance Ltd. is acting exclusively on behalf of Innofactor and no one else in connection with the Tender Offer or other matters referred to in this release, does not consider any other person (whether the recipient of this release or not) as a client in connection to the Tender Offer, and is not responsible to anyone other than Innofactor for providing protection or providing advice in connection with the Tender Offer or any other transaction or arrangement referred to in this release.

    The MIL Network –

  • MIL-OSI: Sampo plc’s share buybacks 7 October 2024

    Source: GlobeNewswire (MIL-OSI)

    Sampo plc, stock exchange release, 8 October 2024 at 8:30 am EEST

    Sampo plc’s share buybacks 7 October 2024

    On 7 October 2024, Sampo plc (business code 0142213-3, LEI 743700UF3RL386WIDA22) has acquired its own A shares (ISIN code FI4000552500) as follows:                

    Sampo plc’s share buybacks Aggregated daily volume (in number of shares) Daily weighted average price of the purchased shares* Market (MIC Code)
      4,177 41.13 AQEU        
      44,885 41.21 CEUX
      1,123 41.25 TQEX
      43,707 41.17 XHEL
    TOTAL 93,892 41.19  

    *rounded to two decimals                

    On 17 June 2024, Sampo announced a share buyback programme of up to a maximum of EUR 400 million in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR) and the Commission Delegated Regulation (EU) 2016/1052. On 16 September 2024, the Board of Directors of Sampo plc resolved to increase the share buyback programme to EUR 475 million. The programme, which started on 18 June 2024, is based on the authorisation granted by Sampo’s Annual General Meeting on 25 April 2024.

    After the disclosed transactions, the company owns in total 8,131,614 Sampo A shares representing 1.48 per cent of the total number of shares in Sampo plc, taking the issuance of shares on 16 September 2024 into account.

    Details of each transaction are included as an appendix of this announcement.

    On behalf of Sampo plc,
    Morgan Stanley

    For further information, please contact:

    Sami Taipalus
    Head of Investor Relations
    tel. +358 10 516 0030

    Distribution:
    Nasdaq Helsinki
    Nasdaq Stockholm
    Nasdaq Copenhagen
    London Stock Exchange
    The principal media
    FIN-FSA
    DEN-FSA
    http://www.sampo.com

    Attachment

    The MIL Network –

  • MIL-OSI United Nations: Paraguay achieves inter-institutional commitment to risk management in the Jesuit Guarani Missions

    Source: UNESCO World Heritage Centre

    Presentation events were held to present the results of the project with technical assistance from UNESCO and financed by the Netherlands Funds-in-Trust.

    Asunción hosted on 6 August the presentation of the initial results of the project ‘Design and implementation of the Risk Management Plan for the Jesuit Missions of Santísima Trinidad de Paraná and Jesús de Tavarangüe, World Heritage site in Paraguay’, financed by the Netherlands Funds-in-Trust and implemented by the National Secretariat of Tourism-SENATUR and UNESCO Montevideo, in coordination with the Latin America and Caribbean Unit of the UNESCO World Heritage Centre. 

    The participation of the National Secretariat of Culture and other national and local stakeholders in this process was fundamental in the framework of the technical assistance project for the elaboration of a risk management plan for the Jesuit Missions of Santísima Trinidad de Paraná and Jesús de Tavarangüe, a site included in the World Heritage List since 1993. 

    ‘This document is intended to be a National Risk Plan due to the responsibility that all Paraguayans have towards World Heritage and the different risks that have been identified and those that will continue to be added,’ said Paraguay’s Minister of Tourism, Angie Duarte. 

    The work carried out for the preparation of the risk management plan document through various workshops and training sessions lays the foundations for a long-term inter-institutional commitment between SENATUR and the National Secretariat of Culture-SNC, as well as coordination with local and departmental governments and other key institutions of the central administration, such as the Ministry of Environment and Sustainable Development, Ministry of Foreign Affairs, National Emergency Secretariat, National Institute of Indigenous People, Armed Forces, National Police, INTERPOL Paraguay, among others. 

    This cooperation will continue in the future to further develop risk prevention and risk management protocols that will prevent or reduce the negative effects of potential disasters on the World Heritage property and thus protect its outstanding universal value. 

    In this sense, the Minister of Culture, Adriana Ortiz underlined the relevance of the project implemented in view of the need to ‘continuously promote and coordinate this type of action to preserve this world heritage that distinguishes us as unique’.

    Subsequently, on 8 August, two presentations of the results of the project were held in the Mission of Jesus and the Mission of Trinidad, respectively, in the presence of national authorities from SENATUR, local authorities and officials from the Missions, as well as members of local communities, civil society, universities and the Church. 

    During the event, a message was delivered by Elma Stoffelen, Head of Policy, Press and Culture of the Netherlands Representation in Buenos Aires, who stressed: ‘The identification and mitigation of risks is key to the management of world heritage and for this reason we are grateful for the cooperation we have with the State of Paraguay for the implementation of this project and for the participation of other state agencies’. 

    Alcira Sandoval Ruiz, Culture Specialist at UNESCO’s Regional Office in Montevideo, said that ‘with this project, Paraguay is fulfilling one more of the requirements established for the proper conservation of the site’ and thanked the national consultants and the international consultant in charge of the implementation of the plan in coordination with the counterparts. 

    The project has also enabled the preparation of a carrying capacity study at the World Heritage site, as well as a climate change impact study, relevant documents that complement the risk management plan and align with the provisions of the 2014-2024 Action Plan for World Heritage in the Latin America and Caribbean Region and the Policy Document on Climate Action for World Heritage. 

    A second stage is planned, in which working groups will be held to elaborate protocols for action and responsibilities with the partners who have participated in the process. 

    The project’s consulting team was made up of Francisco Vidargas, Bettina Bray and Edgar García.

    MIL OSI United Nations News –

  • MIL-OSI United Kingdom: Marine Pollution Incident Resilience workshop begins in Honiara

    Source: United Kingdom – Executive Government & Departments

    It brings together key stakeholders to enhance local and regional collaboration, communication and strengthen environmental response capabilities.

    Group photo with the Supervising Minister of Environment for Solomon Islands, Hon. Rexon Ramofafia and British High Commissioner to Solomon Islands H.E Thomas Coward.

    A four-day workshop on “Strengthening Marine Pollution Incident Resilience in the Pacific begins in Honiara, Solomon Islands today.

    It is funded by the Ocean Country Partnership Programme (OCPP) an Official Development Assistance (ODA) programme under the UK’s Blue Planet Fund, in collaboration with the Secretariat of the Pacific Regional Environment Programme (SPREP).

    The objective is to bring together key stakeholders to enhance local and regional collaboration, communication and strengthen environmental response capabilities for marine pollution emergency incidents in the Pacific.

    It hopes to increase awareness and education around the risks and threats of pollution from marine activities in the Pacific (including Potentially Polluting Wrecks) by sharing global best practice, guidance, and knowledge.

    Other workshop outcomes include enhancing knowledge and bridge gaps in contingency planning to respond to a marine incident and increase the capacity for local stakeholders to engage, assess and monitor potentially polluting wrecks.

    Exploring actions to empower communities to further value and protect the marine environment and ensure participation in future actions on wrecks and marine pollution emergency response also forms part of the workshop outcomes.

    It is also expected to enhance communication and collaboration between key stakeholders in the Pacific.

    Delivered by OCPP, SPREP and Major Projects Foundation with support from the British High Commission in Honiara, a range of topics will be discussed.

    They include from national contingency planning, roles and responsibilities, oil 7 chemical fate and transport modelling, vessel traffic analysis, risks and impacts from spills and potentially polluting wrecks and a table top exercise are among the various topics that will be covered.

    PacPlan Project Officer, Paul Irving said:

    SPREP is very proud to partner and work with the OCPP to assist Solomon Islands and other Pacific Island nations build marine pollution response preparedness and capability. The Pacific Marine Oil Pollution Contingency Plan (PacPlan) strongly encourages multilateral practical support like this workshop. Participants will leave better informed, and more capable to lead preparedness, response and recovery, should a marine emergency occur.

    Held from 8 to 11 October at the Nahona conference, Heritage Park Hotel, the workshop will feature comprehensive discussions, knowledge sharing sessions, presentations and exercises.

    Participants will be invited to exchange knowledge and ideas during the workshop exercises to encourage effective collaboration between stakeholders, the sharing of data, expertise and tools to bring together experiences, knowledge and expertise to learn together on how to better prepare for marine pollution incidents in the region.

    Government, non-government, industry and academia are expected to attend including those who are involved in marine pollution emergency response or have an interest in the subject.

    Delegates from Solomon Islands, Vanuatu, Fiji, Kiribati, Australia, Samoa and the United States are expected to attend the four days’ workshop in the capital.

    Updates to this page

    Published 8 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI: TGS Q3 2024 Operational Update

    Source: GlobeNewswire (MIL-OSI)

    OSLO, Norway (8 October 2024) – TGS, a leading global provider of energy data and intelligence routinely publishes a quarterly operational update six working days after quarter-end.

    The table below shows TGS’s normalized Ocean Bottom Node (OBN) crew count:  

       

    2022

    		  

    2023

    		  

    2024
    Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
    Normalized crewcount1  

    2.9

    		  

    3.2

    		  

    3.2

    		  

    2.3

    		  

    2.6

    		  

    3.2

    		  

    3.2

    		  

    1.9

    		  

    1.9

    		  

    2.7

    		  

    3.8

    1) The table shows average number of crews in operation when assuming a normalized crew size. In Q3 2024 all crews were used for contract work. If crews are used for multi-client in the future that will be disclosed.
      
    The table below shows TGS’s streamer vessel allocation:

    Allocation of active seismic 3D vessel capacity2  

     

    2022

    		  

     

    2023

    		  

     

    2024
      Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
    Contract 39% 41% 60% 63% 51% 34% 16% 25% 36% 28% 20%
    Multi-client 16% 24% 28% 12% 23% 41% 70% 31% 30% 36% 57%
    Steaming 8% 14% 8% 16% 11% 13% 6% 18% 7% 14% 6%
    Yard 6% 9% 3% 3% 2% 10% 4% 14% 6% 6% 2%
    Stacked/Standby 31% 12% 1% 6% 13% 2% 4% 12% 21% 16% 15%
    Number of vessels 6 6 6 6 6 6 7 7 7 6 6

    2) The statistics include only active seismic 3D vessels (capacity working on New Energy Solutions projects are excluded). The Ramform Victory was brought into operation in Q3 2023, and the Ramform Vanguard was converted to a dual-purpose seismic and offshore wind vessel in Q2 2024. The two cold-stacked vessels are excluded from the statistics.

    Based on a preliminary financial review TGS expects Q3 2024 multi-client investment to be approximately USD 132 million.

    The table below shows pro-forma multi-client investment:

    In USD million  

    2022

    		  

    2023

    		  

    2024
      Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
    Multi-client investment  

    60

    		  

    70

    		  

    129

    		  

    90

    		  

    163

    		  

    125

    		  

    181

    		  

    106

    		  

    106

    		  

    92

    		  

    132

    Kristian Johansen, CEO at TGS, commented: “I am very pleased to see strong utilization of our OBN crews in Q3, where we had one crew in West Africa, two crews in the Gulf of Mexico and one crew in Europe. Demand for our OBN services continues to be strong and we achieved a solid order inflow during the quarter. Our seismic streamer vessel utilization in Q3 ended at 77%, a sequential increase, but still below the approximately 85% level we consider full utilization, when adjusting for steaming and yard time. Active tenders for streamer contract work have increased significantly over the summer. We expect that higher contract bidding activity in combination with the synergy effects of a larger multi-client project portfolio, will improve our streamer vessel utilization going forward.”

    TGS will release its Q3 2024 results at 07:00 a.m. CEST on 24 October 2024. CEO Kristian Johansen and CFO Sven Børre Larsen will present the results at 09:00 a.m. CEST during a live presentation and webcast. The presentation will take place at House of Oslo, Ruseløkkveien 34, 0251 Oslo and is open to the public.

    The webcast can be followed live via this link:
    https://channel.royalcast.com/landingpage/hegnarmedia/20241024_5/

    For more information, visit TGS.com (http://www.tgs.com) or contact:

    Bård Stenberg, VP IR & Communication
    Tel.: +47 992 45 235
    E-mail: investor@tgs.com

    About TGS
    TGS provides advanced data and intelligence to companies active in the energy sector. With leading-edge technology and solutions spanning the entire energy value chain, TGS offers a comprehensive range of insights to help clients make better decisions. Our broad range of products and advanced data technologies, coupled with a global, extensive and diverse energy data library, make TGS a trusted partner in supporting the exploration and production of energy resources worldwide. For further information, please visit http://www.tgs.com (https://www.tgs.com/).

    Forward Looking Statement
    All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict and are based upon assumptions as to future events that may not prove accurate. These factors include volatile market conditions, investment opportunities in new and existing markets, demand for licensing of data within the energy industry, operational challenges, and reliance on a cyclical industry and principal customers. Actual results may differ materially from those expected or projected in the forward- looking statements. TGS undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.

    The MIL Network –

  • MIL-OSI: Xalts onboards Polygon on its enterprise grade RWA tokenization platform for financial institutions

    Source: GlobeNewswire (MIL-OSI)

    Singapore, Oct. 08, 2024 (GLOBE NEWSWIRE) — Xalts today announced a deeper collaboration to bring its enterprise-grade real world asset tokenization platform, RWA Cloud, to the Polygon blockchain network. RWA Cloud provides out-of-the-box solutions to enable financial services, governments, and other enterprise developers looking to build digital asset platforms for implementing blockchain, tokenization, and smart contract applications for different use cases.

    Xalts works with financial services and businesses to provide connectivity by leveraging a modern technology stack, including APIs, Blockchains, and Orchestration layers. Its product suite includes solutions such as the RWA Cloud platform, which enables large institutions such as financial services and governments to quickly build complex solutions on blockchains. 

    By integrating Polygon within Xalts’ RWA Cloud platform, enterprise application developers will be able to deploy and build blockchain applications quickly and at a very low cost using Polygon. Xalts will further partner with the Polygon Labs team on a host of institutional applications, including those around trade and supply chain finance, treasury management, and digital currency adoption.

    Xalts’ RWA Cloud addresses challenges enterprises and regulators face while implementing blockchain, such as retaining complex rules, workflows, processes, and user compliances mandated by internal or regulatory governance. Enterprises can manage process complexity associated with events like issuance, servicing, or transfers by leveraging RWA Cloud’s Smart Workflow Core, an orchestration layer that connects with smart contract libraries and multiple off-chain systems. 

    “We are very excited to onboard Polygon. Deeper collaboration and integrations with blockchain partners enables regulated financial institutions to build their enterprise use cases in a seamless way. We look forward to accelerating the adoption of RWA tokenization by enterprises.”, said Supreet Kaur, Chief Operating Officer, Xalts.

    This year has marked a significant step forward in the advancement of tokenization in real-world application within the financial sector with regulators such as Hong Kong Monetary Authority (HKMA) Project Ensemble for asset tokenization and Monetary Authority of Singapore (MAS) expanding the Project Guardian and Global Layer One (GL1) initiatives. 

    “Integrating Polygon with Xalts RWA Cloud will speed up the enterprise adoption of blockchain & RWA Tokenization use cases. We look forward to working closely with the Xalts team to enable financial institutions and fintechs with a plug and play solution”, said Colin Butler, Global Head of Institutional Capital at Polygon Labs.

    Ends

    About Xalts
    Xalts is a financial technology firm providing enterprise grade, real time connectivity between financial services & businesses by leveraging modern technology stack including APIs, Blockchains & Orchestration layers to automate complex workflows. Xalts is backed by Accel and Citi Ventures and has a presence in Singapore, Hong Kong, India, UAE and UK. To learn more about Xalts, visit https://xalts.io/ 

    The MIL Network –

  • MIL-OSI: Notice on Public Offering of Subordinated Bonds of Bigbank AS

    Source: GlobeNewswire (MIL-OSI)

    Bigbank AS (registry code 10183757, address Riia tn 2, Tartu, 51004) (Bigbank) hereby announces a public offering of its unsecured subordinated bonds (Offering) and informs about the approval of prospectus supplement no. 2 by the Estonian Financial Supervision and Resolution Authority (FSA) to the base prospectus registered on 13 November 2023 (the base prospectus, its earlier supplement no. 1, and supplement no. 2 approved by FSA for this offering, hereinafter collectively referred to as the Prospectus).

    The Offering is a third series of the Bigbank unsecured subordinated bond programme (Programme) described in the Prospectus. The Offering is conducted on the basis of the Prospectus, which has been supplemented and includes supplement no. 1 (Supplement  1), approved by the FSA on 13 May 2024, and supplement no. 2 (Supplement 2), approved by the FSA on 7 October 2024, both of which have been  disclosed on the date of this announcement on the web pages of Bigbank (https://investor.bigbank.eu) and the FSA (https://www.fi.ee). Supplements 1 and 2 incorporate into the Prospectus Bigbank’s audited annual report for the financial year ended 31 December 2023, the interim report for the 6-month period ended on 30 June 2024, and update the Prospectus with information about recent events, changes, and their potential impact on Bigbank.

    The planned volume of the third series is up to 3 million euros with the option of increasing the amount up to 8 million euros. Under the Programme it is possible for Bigbank to raise up to 30 million euros in total.

    Main terms of the Offering

    Under the Offering, Bigbank offers up to 3,000 unsecured subordinated bonds “EUR 6.50 BIGBANK ALLUTATUD VÕLAKIRI 24-2034” with the nominal value of EUR 1,000 per bond, with a maturity date of 23 October 2034. Bigbank will pay interest on the bonds quarterly at a fixed rate of 6.50% per annum. In the event of oversubscription, Bigbank is entitled to increase the amount of bonds offered by 5,000 bonds, bringing the total up to 8,000 bonds. Bigbank is also entitled to cancel the Offering in the volume not subscribed. The unsecured subordinated bonds are offered at a price of EUR 1,000 per one bond. The unsecured subordinated bonds are registered in the Estonian Register of Securities operated by Nasdaq CSD Estonian Branch (Nasdaq CSD) under ISIN code EE3300004977.

    The subscription period for the bonds starts on 8 October 2024 at 10:00 and will end on 18 October 2024 at 15:30. The Offering will be targeted to retail and qualified investors in Estonia, Latvia, and Lithuania. The unsecured subordinated bonds will be offered only in Estonia, Latvia, and Lithuania and not in any other jurisdiction. Additionally, Bigbank may offer the bonds non-publicly in all the member states of the European Economic Area in accordance with exemptions provided for in Article 1(4) of Regulation (EU) 2017/1129.

    A subordinated bond represents an unsecured debt obligation of Bigbank before the investor. The subordination of the bonds means that upon the liquidation or bankruptcy of Bigbank, all the claims arising from the subordinated bonds shall fall due and shall be satisfied only after the full satisfaction of all unsubordinated recognised claims in accordance with the applicable law. Among other things, with subordinated bonds, the risk of write-down or conversion of liabilities and claims (bail-in risk) must be considered.

    Specific details of the Offering are provided in the Prospectus and the Prospectus summary for third series.

    The indicative timetable of the Offering is the following:

    Subscription period starts 8 October 2024 at 10:00
    Subscription period ends 18 October 2024 at 15:30
    Announcement of the Offering results On or around 21 October 2024
    Settlement of the Offering On or around 23 October 2024
    First trading day On or around 24 October 2024

     

    Submitting subscription undertakings

    To subscribe for the bonds during the Offering, an investor must have a securities account with a Nasdaq CSD account operator or a financial institution who is a member of the Nasdaq Riga or Nasdaq Vilnius Stock Exchange.

    An Estonian investor wishing to subscribe for the bonds should contact the securities account operator that operates their securities account and submit the subscription undertaking during the offering period.

    A Latvian or Lithuanian investor wishing to subscribe for the bonds should contact the relevant financial institution and submit the subscription undertaking in the format and manner prescribed by the financial institution and in accordance with the terms of the Prospectus. 

    By submitting the subscription undertaking, an investor authorises the account operator or the relevant financial institution who operates the investor’s current account connected to its securities account to immediately block the whole transaction amount on the investor’s current account until the settlement is completed or funds are released in accordance with the terms set out in the Prospectus.

    Listing and admission to trading of unsecured subordinated bonds of Bigbank

    Nasdaq Tallinn Stock Exchange operator has on 29 November 2023 approved Bigbank’s application to list and admit to trading up to 30,000 subordinated bonds with nominal value of EUR 1,000 to be issued by Bigbank under the Programme. Bigbank shall also submit an application to Nasdaq Tallinn Stock Exchange operator for listing and admission to trading of all the bonds issued during the Offering on the Baltic Bond List of the Nasdaq Tallinn Stock Exchange. The expected date of listing and admission to trading is on or about 24 October 2024. 

    While every effort will be made and due care will be taken to ensure the listing and the admission to trading of the unsecured subordinated bonds, Bigbank cannot ensure that the unsecured subordinated bonds will be listed and admitted to trading.

    Availability of the documentation of the Offering

    The Prospectus (including its Supplement 1 and Supplement 2), along with the terms and conditions of the bonds, the final terms of the third series, and the summary of the Prospectus for the third series, has been published and is available in electronic form on Bigbank’s website at https://investor.bigbank.eu and on the FSA’s website at https://www.fi.ee. In addition to the above, translations of the third series summary of the Prospectus into Estonian, Latvian and Lithuanian are available in electronic form on Bigbank’s website at https://investor.bigbank.eu.

    Before investing in Bigbank’s unsecured subordinated bonds, please review the Prospectus (including Supplement 1 and Supplement 2), its third series summary, the terms and conditions of the bonds, and the final terms of the bonds for the third series in full, and consult an expert if necessary.

     

    Argo Kiltsmann
    Member of the Management Board
    Tel: +372 53 930 833
    Email: Argo.Kiltsmann@bigbank.ee
    http://www.bigbank.ee 

     

    Important information

    This notice is an advertisement for securities within the meaning of the Regulation No 2017/1129/EU of 14 June 2017 of the European Parliament and of the Council European Parliament and does not constitute an offer to sell subordinated bonds or an invitation to subscribe to subordinated bonds. Each investor should make any decision to invest in the bonds only based on the information contained in the Prospectus (including Supplement 1 and Supplement 2), its third series summary, the terms and conditions of the bonds, and the final terms of the bonds for the third series. The approval of the Prospectus by the Financial Supervision Authority is not considered to be a recommendation for Bigbank’s subordinated bonds.

    The information contained in this notice is not intended to be published, distributed, or transmitted, in whole or in part, directly or indirectly, in any country or under any circumstance where publication, sharing or transmission would be unlawful or to any persons to whom the competent authorities have applied financial sanctions. Bigbank’s unsecured subordinated bonds will be publicly offered only in Estonia, Latvia and Lithuania and the sale or offer of the bonds shall not take place in any jurisdiction where such offer, invitation or sale would be unlawful without the exception or qualification of law or to any persons to whom the competent authorities have applied financial sanctions. The unsecured subordinated bonds are offered solely based on the Prospectus (including Supplement 1 and Supplement 2), its third series summary, the terms and conditions of the bonds, and the final terms of the bonds for the third series, and the Offering is intended only for the persons to whom the Prospectus is directed. The present notice is not reviewed or confirmed by any supervisory authority, and it does not constitute a prospectus.

    Attachments

    The MIL Network –

  • MIL-OSI Asia-Pac: Legal training office director named

    Source: Hong Kong Information Services

    The Department of Justice announced today that Yang Ling will take up the appointment as Director of the Hong Kong International Legal Talents Training Office with effect from November 1.

    Secretary for Justice Paul Lam welcomed Dr Yang’s appointment, which was made following an open recruitment exercise, noting that she is a recognised scholar in international legal and dispute resolution with extensive management experience, including her time at the Hong Kong International Arbitration Centre.

    “She will be able to lead the office to take forward the policy initiatives of developing Hong Kong as a capacity-building centre for legal talent in domestic, foreign and international law,” he added.

    The International Legal Talents Training Office has been set up to serve as the co-ordinating body to take forward the establishment of the Hong Kong International Legal Talents Training Academy set out in the 2023 Policy Address.

    The office will also serve as the secretariat for the Hong Kong International Legal Talents Training Expert Committee, which was formed by three advisory boards comprising eminent legal experts and scholars from renowned international, Mainland and local legal organisations, and universities as members.

    Capitalising on Hong Kong’s bilingual common law system and international status, the academy will regularly organise training courses, seminars, international exchange programmes and more to promote exchanges among talent in regions along the Belt & Road.

    It will also provide training for talent in the practice of foreign-related legal affairs for the country, and nurture legal talent conversant with international law, common law, civil law and the country’s legal system.

    Dr Yang was admitted to the Chinese Bar in 2004 and currently holds the position of Deputy Secretary-General and Head of China Relations of the Hong Kong International Arbitration Centre (HKIAC).

    Prior to joining the HKIAC in 2018, Dr Yang was Associate Professor at the East China University of Political Science & Law where she taught international arbitration. She was also a visiting scholar at the University of Aix-en-Provence Marseille III in 2008 and at Boston University School of Law in 2017.

    MIL OSI Asia Pacific News –

  • MIL-Evening Report: 700 million plastic bottles: we worked out how much microplastic is in Queensland’s Moreton Bay

    Source: The Conversation (Au and NZ) – By Elvis Okoffo, PhD candidate in Environmental Science, The University of Queensland

    M-Productions/Shutterstock

    When it rains heavily, plastic waste is washed off our streets into rivers, flowing out to the ocean. Most plastic is trapped in estuaries and coastal ecosystems, with a small fraction ending up offshore in the high seas.

    In the coastal ocean, waves and tides break down plastic waste into smaller and smaller bits. These micro and nanoplastics linger in the environment indefinitely, impacting the health of marine creatures from microorganisms all the way up to seabirds and whales, which mistake them for food.

    When we look at the scale of the problem of microplastics (smaller than 5mm) and nanoplastics (defined as 1 micrometer or less), we find something alarming. Our new research shows the shallow embayment of Moreton Bay, off Brisbane in Southeast Queensland now has roughly 7,000 tonnes of accumulated microplastics, the same as 700 million half-litre plastic bottles.

    This bay accumulates plastics fast, as the Brisbane River funnels the city’s waste into it, along with several other urban rivers. The research hasn’t yet been done, but we would expect similar rates of microplastics in Melbourne’s Port Phillip Bay and Sydney Harbour.

    Our research shows how much plastic waste from a big city makes it into its oceans.

    Brisbane’s Moreton Bay has mangroves and seagrass meadows as well as a port and many urban rivers.
    Ecopix/Shutterstock

    Plastic buildup in Moreton Bay

    What volume of microplastics does a large city accumulate offshore? It’s hard to measure this for cities built on open coastlines. That’s because sediments and microplastics are rapidly washed away from the original source by waves and currents.

    But Moreton Bay is different. The large sand islands, Moreton (Mugulpin) and North Stradbroke (Minjerribah) Islands largely protect the bay from the open ocean. This is why the bay is better described as an enclosed embayment. These restricted bays act as a trap for sediments and pollutants, as waves and currents have limited ability to wash them out. These bays make it possible to accurately measure a city’s microplastic build-up.

    The bay supports a range of marine habitats from mangroves, seagrass and coral reefs, as well as an internationally recognised wetland for migrating seabirds. Dugong and turtles have long grazed the seagrass in Moreton Bay’s shallow protected waters, while dolphins and whales are also present. But microplastic buildup may threaten their existence.

    Most types of plastic are denser than water, which means most microplastics in coastal seas will eventually sink to the seafloor and accumulate in sediment. Mangroves and seagrass ecosystems are particularly good at trapping sediment, which means they trap more microplastics.

    We wanted to determine whether Moreton Bay’s varying ecosystems had accumulated different amounts of plastics in the sediment.

    We measured the plastic stored in 50 samples of surface sediment (the top 10cm) from a range of different ecosystems across Moreton Bay, including mangroves, seagrass meadows and mud from the main tidal channels.

    The result? Microplastics were present in all our samples, but their concentrations varied hugely. We found no clear pattern in how plastics had built up. This suggests plastics were entering the bay from many sources.

    We tested for seven common plastics: polycarbonate (PC), polyethylene (PE), polyethylene terephthalate (PET), poly (methyl methacrylate) (PMMA), polypropylene (PP), polystyrene (PS), and polyvinyl chloride (PVC).

    Of these, the most abundant microplastic was polyethylene (PE). This plastic is widely used for single-use plastic items such as chip packets, plastic bags and plastic bottles. It’s the most commonly produced and used plastic in Australia and globally.

    In total, we estimate the bay now holds about 7,000 tonnes of microplastic in its surface sediments.

    In our follow-up paper we explored how rapidly these plastics had built up over time. We took two sediment cores from the central part of the bay, where sediment is accumulating. Cores like this act as an archive of sediment and environmental changes over time.

    The trend was clear. Before the 1970s, there were no microplastics in Moreton Bay. They began appearing over the next three decades. But from the early 2000s onwards, the rate rose exponentially. This is in line with the soaring rate of plastic production and use globally. Our analysis shows a direct link between microplastic concentration and population growth in Southeast Queensland.

    The challenge of measuring microplastics

    To date, we have had limited knowledge of how much plastic is piling up on shallow ocean floors. This is because measuring microplastics is challenging. Traditionally, we’ve used observation by microscope and a technique called absorption spectroscopy, in which we shine infrared light on samples to determine what it’s made up of. But these methods are time-consuming and can only spot plastic particles larger than 20 micrometres, meaning nanoplastics weren’t being measured.

    Our research team has been working to get better estimates of microplastic and nanoplastic using a different technique: pyrolysis-gas chromatography mass spectrometry. Here, a sample is dissolved in a solvent and then heated until it vaporises. Once in vapour form, we can determine the concentration of plastic and what types of plastics are present.

    This method can be used to estimate how much plastic pollution is present in everything from water to seafood to biosolids and wastewater.

    What’s next?

    It’s very likely microplastics are building up rapidly in other restricted bays and harbours near large cities, both in Australia and globally.

    While we might think microplastics are safe once buried in sediment, they can be consumed by organisms that live in the sediments. Currents, tides and storms can also wash them out again, where marine creatures can eat them.

    This is not a problem that will solve itself. We’ll need clear management strategies and policies to cut plastic consumption and improve waste disposal. Doing nothing means microplastics will keep building up, and up, and up.

    Elvis Okoffo receives funding from the Goodman Foundation, The Australian Academy of Science and The Australian Research Council (ARC) Training Centre for Hyphenated Analytical Separation Technologies (HyTECH).

    Alistair Grinham has received funding from state and federal government, industry and NGOs. He has an honorary role at the University and works for environmental monitoring company Fluvio.

    Ben Tscharke receives funding from the Australian Criminal Intelligence Commission and the Australian Research Council.

    Helen Bostock receives funding from the Australian Research Council.

    Kevin Thomas receives funding from the Australian Criminal Intelligence Commission, Australian Research Council, Goodman Foundation, Minderoo Foundation, National Health and Medical, Research Council, Queensland Corrective Services, Queensland Health and Research Council of Norway.

    – ref. 700 million plastic bottles: we worked out how much microplastic is in Queensland’s Moreton Bay – https://theconversation.com/700-million-plastic-bottles-we-worked-out-how-much-microplastic-is-in-queenslands-moreton-bay-238892

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Australia will protect a vast swathe of the Southern Ocean, but squanders the chance to show global leadership

    Source: The Conversation (Au and NZ) – By Andrew J Constable, Adviser, Antarctica and Marine Systems, Science & Policy, University of Tasmania

    The Albanese government has today declared stronger protections for the waters around Heard Island and McDonald Islands, one of Australia’s wildest, most remote areas. The marine park surrounding the islands will be extended by 310,000 square kilometres, quadrupling its size.

    Announcing the decision, Environment Minister Tanya Plibersek said Heard Island and McDonald Islands – about 4,000 kilometres southwest of Perth – are a “unique and extraordinary part of our planet. We are doing everything we can to protect it.”

    But the announcement, while welcome, is a missed opportunity on several fronts.

    Important areas around the islands remain unprotected, despite a wealth of scientific evidence pointing to the need for safeguards. On this measure, the government could have done far more to protect this unique wildlife haven.

    A special place

    Heard Island and McDonald Islands are a crucial sanctuary for marine life in the Southern Ocean. The land and surrounding waters support a food chain ranging from tiny plankton to fish, invertebrates, seabirds and marine mammals such as elephant seals and sperm whales.

    Both the marine and land environments of the islands are globally recognised for their ecological significance, and include species not found elsewhere in Australia.

    In 2002, a marine reserve was declared over the islands and parts of the surrounding waters. The reserve was extended in 2014.

    The expansion announced today means most waters around the islands have protection. The new safeguards primarily extend to foraging areas for seals, penguins and flying birds such as albatrosses.

    The expansion covers some deep water areas but excludes important deeper water locations including underwater canyons and seamounts, and a feature known as Williams Ridge.

    This is an important oversight that compromises the strength of the expanded protections.

    The protections do not extend to an important undersea feature known as William’s Ridge.

    The science is clear

    In March this year, my colleagues and I released a report showing existing protections for Heard Island and McDonald Islands were no longer adequate and should urgently be expanded.

    The report drew on more than two decades’ of research and new scientific understanding. In particular, we found climate change was warming the waters around the islands, posing risks to marine life such as the mackerel icefish.

    The icefish lives in shallow water and is an important food source for other animals. To maintain the islands’ biodiversity as the climate warms, we recommended extending the existing marine reserve to cover more shallow waters in the east, and protecting currently unprotected deeper waters.

    Today’s announcement does not protect these deeper waters. This is a major shortcoming. Our report showed deeper water areas to the east of Heard Island are significant to the region’s biodiversity, and to its ability to cope with warmer seas under climate change.

    The government says its decision came after extensive consultation with a range of parties – including the fishing industry and conservation groups.

    Heard Island and McDonald Islands host valuable fisheries for Patagonian toothfish and mackerel icefish. The footprint of fishing operations has expanded over the past 30 years.

    The fishery for mackerel icefish uses a range of methods including bottom trawling. This is the only fishery in the Southern Ocean to use bottom trawling methods. This is a damaging fishing technique that uses towed nets to catch fish and other marine species on or near the seabed.



    Read more:
    These extraordinary Australian islands are teeming with life – and we must protect them before it’s too late

    Deeper water areas to the east of Heard Island are significant to the region’s biodiversity.
    Wikimedia/Tristannew, CC BY

    A range of non-target fish species, especially skates, are accidentally caught by the fisheries around Heard Island and McDonald Islands. Skates are a vulnerable species because they are slow to grow and mature. Indicators suggest skate bycatch is too high.

    The new measures should have prevented fishing in some deeper waters to reduce pressure on this and other vulnerable species. In particular, bottom trawling should have been prohibited.

    As climate change worsens and fishing activity continues, the area must be managed to take account of these dual pressures. The management should also maximise the resilience of species imperilled by climate change, such as mackerel icefish – a cold-adapted species not found anywhere else in Australia’s marine zone.

    My colleagues and I proposed deep-sea protections over about 30% of the existing fishing grounds around Heard Island and McDonald Islands. Catch limits would not have been adjusted, and the fisheries were not likely to have been substantially affected.

    The decision to allow fishing, including bottom-trawling, in some areas of high conservation value means other measures will be needed to protect marine life in deep areas under pressure from climate change.

    An opportunity missed

    Today’s announcement follows a decision by the government last year to triple the size of Macquarie Island Marine Park. The move was largely in keeping with the science, and both protected important biodiversity regions and provided for fisheries.

    The protection awarded to Heard Island and McDonald Islands falls short of this standard. It fails to protect vulnerable marine species from climate change and fishing, and squanders a chance for Australia to show international leadership.

    Andrew J Constable received part funding from Pew Charitable Trusts and Australian Marine Conservation Society to produce the independent report on “Understanding the marine ecosystems surrounding Heard Island and McDonald Islands (HIMI) and their conservation status”.

    – ref. Australia will protect a vast swathe of the Southern Ocean, but squanders the chance to show global leadership – https://theconversation.com/australia-will-protect-a-vast-swathe-of-the-southern-ocean-but-squanders-the-chance-to-show-global-leadership-240789

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Clean Energy Technologies, Inc. Collaborates with True North Computing to Deliver Advanced Microgrid Solutions for Cryptocurrency Mining Operations

    Source: GlobeNewswire (MIL-OSI)

    Irvine, CA., Oct. 08, 2024 (GLOBE NEWSWIRE) — Clean Energy Technologies, Inc. (“CETY”) (Nasdaq: CETY), a clean energy manufacturing and services company offering eco-friendly green energy solutions, clean energy fuels, and alternative electric power for small and mid-size projects in North America, Europe, and Asia, has signed a memorandum of understanding with True North Computation, Inc. (TNC), a premier bitcoin mining company, to deliver advanced microgrid solutions for their datacenters and cryptocurrency mining operations.

    TNC is a well-established leader in the cryptocurrency mining sector, recognized for its focus on efficiency and environmental sustainability. This collaboration will empower TNC to optimize its energy consumption and improve the environmental impact of its mining operations by integrating CETY’s advanced microgrid solutions. CETY’s technology will reduce TNC’s energy costs through fully integrated power generation, energy storage, heat recovery, and energy management systems, delivering long-term savings in a 20MW microgrid application within the U.S. CETY and its affiliates will provide comprehensive engineering, procurement, and management services for this project.

    CETY’s solutions offer the following key benefits to crypto mining operations:

    • Reduce emissions from mining activities.
    • Increase uptime and ensure continuous, reliable operations.
    • Utilize an advanced energy management system to boost efficiency and lower operational costs.
    • Lower overall maintenance costs, contributing to long-term operational savings.

    “We are thrilled to partner with True North Computing to provide tailored microgrid solutions that meet the unique demands of crypto mining,” said Kam Mahdi, CEO of Clean Energy Technologies, Inc. “This partnership reflects our commitment to delivering innovative and environmentally friendly energy solutions that support the growth and productivity of high-energy-demand industries like cryptocurrency mining.”

    Microgrids are transforming the way energy is managed, particularly for high-demand operations such as AI datacenters and Bitcoin mining. These innovative systems provide localized power generation that can operate independently or alongside the main grid, ensuring uninterrupted power and increased operational resilience. With CETY’s advanced microgrid technologies, TNC will benefit from tailored solutions that not only enhance energy efficiency and reliability but also reduce operational costs and environmental impact.

    “We are excited to collaborate with Clean Energy Technologies, Inc. to enhance the energy efficiency and sustainability of our mining operations,” said Bruno Lauducer, CEO of TNC. “CETY’s expertise in microgrid solutions will enable us to achieve greater operational efficiency and reduce our environmental impact.”

    About True North Computation Group

    True North Computation Group (TNC) is a leading cryptocurrency mining company dedicated to achieving operational excellence and sustainability. TNC leverages cutting-edge technology and innovative strategies to maintain its position at the forefront of the bitcoin mining industry.

    For more information, visit https://www.tncgroup.ca

    About Clean Energy Technologies, Inc. (CETY)

    Headquartered in Irvine, California, Clean Energy Technologies, Inc. (CETY) is a rising leader in the zero-emission revolution by offering eco-friendly green energy solutions, clean energy fuels and alternative electric power for small and mid-sized projects in North America, Europe, and Asia. We deliver power from heat and biomass with zero emission and low cost. The Company’s principal products are Waste Heat Recovery Solutions using our patented Clean CycleTM generator to create electricity. Waste to Energy Solutions convert waste products created in manufacturing, agriculture, wastewater treatment plants and other industries to electricity and BioChar. Engineering, Consulting and Project Management Solutions provide expertise and experience in developing clean energy projects for municipal and industrial customers and Engineering, Procurement and Construction (EPC) companies.

    CETY’s common stock is currently traded on the Nasdaq Capital Market under the symbol “CETY.” For more information, visit http://www.cetyinc.com.

    For more information, visit http://www.cetyinc.com.

    Follow CETY on our social media channels: Twitter | LinkedIn | Facebook

    This summary should be read in conjunction with the Company’s quarterly report on Form 10-Q for the quarterly period ended March 31, 2024 and other periodic filings made pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, which contain, among other matters, risk factors and financial footnotes as well as a discussions of our business, operations and financial matters located on the website of the Securities and Exchange Commission at http://www.sec.gov.

    Safe Harbor Statement

    This news release may include forward-looking statements within the meaning of section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities and Exchange Act of 1934, as amended, with respect to achieving corporate objectives, developing additional project interests, the Company’s analysis of opportunities in the acquisition and development of various project interests and certain other matters. These statements are made under the “Safe Harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on the Company’s current beliefs, expectations and assumptions regarding the future of CETY’s business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company’s control. Therefore, you should not rely on any of these forward-looking statements. Forward-looking statements can be identified by words such as: “anticipate,” “plan,” “expect,” “estimate,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Any forward-looking statement made by the Company in this press release is based only on information currently available to us and speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

    Clean Energy Technologies, Inc.

    Investor and Investment Media inquiries:

    949-273-4990

    ir@cetyinc.com

    Source: Clean Energy Technologies, Inc.

    The MIL Network –

  • MIL-OSI Australia: Federal Court orders Qantas to pay $100m in penalties for misleading consumers

    Source: Australian Competition and Consumer Commission

    Scam warning: The ACCC is aware that scammers have been calling people, falsely claiming to help them get payments. They may be using this media release about Qantas refunds to convince you that it is real.

    If you receive a call from anyone offering to help you with a payment or refund, hang up immediately. Never give personal information to anyone calling you out of the blue, never give access to your computer or bank account and never click on a link in a text message or open an attachment in an email if you were not expecting the text or email. If you have given information to a scammer or lost money, contact your bank immediately. Report scams to Scamwatch.

    Qantas, Australia’s largest airline, has today been ordered by the Federal Court to pay $100 million in penalties for misleading consumers by offering and selling tickets for flights it had already decided to cancel, and by failing to promptly tell existing ticketholders of its decision, in a case brought by the ACCC.

    These penalties were imposed after Qantas admitted that it had contravened the Australian Consumer Law (ACL) and agreed to make joint submissions with the ACCC to the Court that penalties of $100 million were appropriate to deter Qantas and other businesses from breaching the ACL in the future, while recognising Qantas’ cooperation in resolving the proceedings at an early stage.

    “This is a substantial penalty, which sets a strong signal to all businesses, big or small, that they will face serious consequences if they mislead their customers,” ACCC Chair Gina Cass-Gottlieb said.

    In addition to these penalties, on 5 May 2024 Qantas gave an undertaking to the ACCC that it would pay about $20 million to consumers who purchased tickets on flights that Qantas had already decided to cancel, or in some cases who were re-accommodated on those flights after their original flights were cancelled. These payments are on top of any remedies these consumers already received from Qantas, such as alternative flights or refunds. Consumers are encouraged to follow the steps outlined below to check if they are eligible for a payment. 

    “We all know the inconvenience of cancelled flights. When this happens, consumers need to know about the cancellation as soon as possible, so they can work out alternative arrangements which suit them.”

    “Up to about 880,000 consumers were affected by Qantas’ conduct. People had made plans, and may have spent money on other related purchases, relying on the fact that the flight would depart as advertised. And the delay in notifying them of the cancellation may have made it more stressful and costly to make alternative arrangements,” Ms Cass-Gottlieb said.

    Qantas knew of the issues and benefited from misleading consumers

    Qantas admitted that senior managers responsible for different aspects of Qantas’ systems and operations between them knew that cancelled flights were not immediately removed from sale; that some consumers booked tickets for flights that had already been cancelled; that existing ticketholders were not immediately notified; and that the ‘Manage Booking’ pages were not promptly updated when flights were cancelled.

    Qantas admitted that it benefited from the conduct by obtaining revenue from consumers who may have chosen a cheaper Qantas flight or a flight with another carrier had they known their chosen flight had already been cancelled. Qantas also benefited by retaining revenue from consumers who were less likely to change carrier when they were eventually notified their flight had been cancelled. In addition, by delaying fixing its systems, Qantas saved the costs of doing so at an earlier point in time.

    How Qantas breached the Australian Consumer Law

    Qantas admitted it breached the Australian Consumer Law by engaging in misleading or deceptive conduct, making false or misleading representations and engaging in conduct liable to mislead the public about more than 82,000 flights scheduled to depart between May 2022 and May 2024.

    Qantas breached the law in two ways. First, it continued to offer and sell tickets for flights for two or more days after it had decided to cancel those flights. Second, Qantas continued to display flight details on the ‘Manage Booking’ page of existing ticketholders for two or more days after it had decided to cancel the relevant flight with no indication that Qantas had decided to cancel that flight. Qantas also did not otherwise notify consumers that their flight had been cancelled.

    Qantas continued to sell tickets to cancelled flights

    Qantas continued to offer tickets for sale to tens of thousands of domestic and international flights for two or more days after it had decided to cancel those flights and sold tickets to consumers on some of those flights. This affected:

    • 70,543 flights (69,237 domestic and trans-Tasman flights, and 1,306 international flights).
    • 86,597 consumers who made bookings on, or were re-accommodated to, a flight that had already been cancelled (81,238 of those consumers made a booking on a domestic or trans-Tasman flight and 5,359 made a booking on an international flight).

    On average, tickets for these cancelled flights were offered for sale for about 11 days after cancellation, and in some cases, for up to 62 days after cancellation.

    Qantas delayed notifying ticketholders of flight cancellation

    Qantas also continued to display details for flights on the ‘Manage Booking’ page of ticketholders for two or more days after Qantas had decided to cancel the flight with no indication that Qantas had already decided to cancel the flight. This affected:

    • 60,297 flights (57,274 domestic/trans-Tasman and 3,023 international).
    • 883,977 consumers (806,406 had bookings on a domestic/trans-Tasman flight and 77,571 held bookings on an international flight).

    On average, it took Qantas about 11 days for ticketholders to be notified of the cancellation of their flight. In some cases, this took up to 67 days.

    Payments of around $20 million to certain affected consumers

    In addition to the $100 million in penalties, Qantas has undertaken to pay around $20 million to consumers who made bookings on flights that Qantas had already decided to cancel, or were reaccommodated onto these flights after the cancellation of another flight.

    Consumers who made a booking (or were reaccommodated) on a flight two or more days after a decision had already been made to cancel that flight are eligible to receive payments of $225 for domestic/trans-Tasman passengers or $450 for international passengers.

    These payments are in addition to any remedies consumers already received from Qantas, such as alternative flights or refunds.

    The payments are being made in accordance with a court-enforceable undertaking Qantas gave to the ACCC, which requires it to establish a consumer remediation program.

    Consumers should check their emails for communications from Qantas and Deloitte, which they should have received if they are eligible to make a claim.

    Qantas contacted the majority of eligible consumers on or before 10 July 2024. Consumers have until 6 May 2025 to submit their claim for a payment through the Qantas Customer Remediation Program.

    “The ACCC urges all eligible consumers impacted by this conduct to submit their claims as soon as possible, so they can receive their payment,” Ms Cass-Gottlieb said.

    Qantas is required to make all payments to eligible consumers within 60 days of payment information being provided by the consumer (or a person on their behalf) and acceptance of this information by Qantas/Deloitte.

    Payments are made to the banking details nominated by the relevant person. The intention is that payments will be made to affected travellers.

    Further information is available at https://www.qantas.com/au/en/book-a-trip/flights/qantas-customer-remediation-program.html which links to the secure online portal hosted by Deloitte through which eligibility assessment and collection of payment information are conducted.

    If the amount paid does not reach $20 million at the conclusion of the remediation program (6 May 2025), the residual balance will be donated to a charitable organisation to be approved by the ACCC.

    Qantas systems changed

    After the start of the proceedings, Qantas made changes to its operating and scheduling systems so that it is no longer engaging in the conduct.

    “A large, well-resourced company like Qantas should have had strong operating and compliance programs in place that would have prevented these issues from arising. However, we are pleased that Qantas has made changes to its operating and scheduling, and has undertaken to amend its compliance programs,” Ms Cass-Gottlieb said.

    The ACCC acknowledges Qantas’ cooperation in resolving this proceeding at an early stage, and its undertaking to implement a remediation program ahead of the Court hearing to finalise this case.

    The court also ordered Qantas to pay a contribution to the ACCC’s costs, by consent.

    Background

    Qantas is Australia’s largest domestic airline operator. It is a publicly listed company which operates domestic and international passenger flights under its mainline brand, Qantas, and through its subsidiary Jetstar. It offers flights for sale through direct channels, such as its website and app, and indirect channels, such as travel agents and third-party online booking websites.

    The ACCC is an independent statutory government authority and Australia’s peak consumer protection and competition agency.

    The ACCC uses a range of tools to promote compliance with the Competition and Consumer Act (CCA) and the Australian Consumer Law.

    This includes commencing proceedings in the Federal Court for alleged breaches of the CCA and ACL. The ACCC is not able to determine a breach of the law – only a Court can find that a contravention has occurred.

    If the ACCC is successful in a Federal Court matter, the penalty imposed is determined by the Court. The ACCC makes submissions to the Court on the appropriate penalty it considers should be imposed. In this instance the submissions were jointly made with Qantas.

    The ACCC commenced its court action against Qantas on 31 August 2023, and Qantas agreed to make joint submissions in support of $100 million in penalties with the ACCC in May 2024.

    MIL OSI News –

  • MIL-OSI New Zealand: Defence News – RNZN divers assess sunken ship in Samoa

    Source: New Zealand Defence Force

    HMNZS Manawanui is in water about 30m deep and a light oil sheen from its initial capsize is being dispersed by wind and waves, Maritime Component Commander Commodore Shane Arndell says.

    Royal New Zealand Navy (RNZN) divers were on the water at first light today to assess the wreckage of the ship, which ran on to a reef south of Upolu on Saturday night and sunk on Sunday morning.

    “The dive team has begun assessing the area where HMNZS Manawanui sank to better understand the environmental impacts and clean-up efforts required in Samoa,” Commodore Arndell said.

    A number of government agencies are involved in supporting the Samoan Government’s response to the incident, Experts from Maritime New Zealand and other agencies are also assisting with understanding the environmental impacts and initiating clean-up actions. Wildlife experts from Massey University have been assisting with the response and the New Zealand Defence Force, which has 28 personnel in Samoa, is working closely with the Samoan Government.

    A range of equipment was sent to Samoa with New Zealand Defence Force personnel (NZDF) to assist with the initial response and help address environmental impacts to the area.

    Equipment includes remotely operated vehicles used to establish the debris field, and also Maritime NZ spill response equipment, which can be used both in the water and on the land.

    “Our personnel have begun clearing flotsam from the beach area and environmental assessments and clean up activities are under way,” Commodore Arndell said.

    “A light oil sheen from the ship’s initial capsizing is being dispersed by wind and waves.”

    Maritime NZ responders are working closely with Samoan authorities, and NZDF personnel on the ground, to develop plans around how to support the environmental response.

    The Royal Navy’s HMS Tamar is helping provide security and logistical support in the immediate area.

    “As more information is gathered from the responders on the ground, NZDF will bring further equipment from New Zealand to support the response,’’ Commodore Arndell said.

    The site of the sunken vessel – which is lying about 30m deep – had been declared a “prohibited area” by Samoan officials.

    Late on Monday night, 72 of the 75 crew and passengers rescued from Manawanui arrived back in New Zealand on board a RNZAF C-130J Hercules.

    They were being provided welfare support and were re-uniting with families this afternoon.

    The three other members from another government agency were due to return today on a commercial flight.

    HMNZS Manawanui Commanding Officer Commander Yvonne Gray said the incident was when her “very worst imagining became a reality”.

    “However, my team responded in exactly the way I needed them to. They acted with commitment, with comradeship and, above all, with courage.”

    BACKGROUND INFORMATION:

    • The group of NZDF personnel in Samoa includes members of the Navy’s specialist hydrography and dive unit.
    • Maritime NZ’s response team currently includes six staff.
    • Two expert wildlife maritime incident responders from Massey University are supporting the response, and have specialist equipment, including wildlife medication and cleaning facilities.
    • HMNZS Manawanui carried several marine standard chemicals on-board for use with ships husbandry e.g. cleaning products. There were no hazardous chemicals on-board beyond those that would be carried by most commercial ships.
    • The ship carried about 950 tonnes of Automotive Gas Oil for this deployment. This is a light oil commercial diesel commonly used by both commercial and military vessels.

    MIL OSI New Zealand News –

  • MIL-OSI USA: Sen. Johnson Honors October 7 Victims, Reaffirms Unwavering Support for Israel

    US Senate News:

    Source: United States Senator for Wisconsin Ron Johnson

    WASHINGTON – On Monday, U.S. Sen. Ron Johnson (R-Wis.) joined Sen. Joni Ernst (R-Iowa) and all Senate Republicans in a resolution fully condemning Hamas, calling for American hostages’ safe return home, and reaffirming U.S. support for an enduring and prosperous Israel.  A year ago today, Iran-backed Hamas terrorists launched a heinous attack on Israel, killing approximately 1,200 individuals and taking 251 hostages. One year later, 97 hostages still remain unaccounted for, including seven Americans. 

    The resolution reiterated the senators’ support for “an outcome that ensures the forever survival of Israel; the complete denial of the ability of Hamas to reconstitute in the region, and the safe release of United States hostages from the Gaza Strip.”

    Sens. Johnson and Ernst were joined by Senators Kevin Cramer (R-N.D.), John Barrasso (R-Wyo.), Marsha Blackburn (R-Tenn.), John Boozman (R-Ark.), Mike Braun (R-Ind.), Katie Britt (R-Ala.), Ted Budd (R-N.C.), Shelley Moore Capito (R-W.Va.), Bill Cassidy (R-La.), Susan Collins (R-Maine), John Cornyn (R-Texas), Tom Cotton (R-Ark.), Mike Crapo (R-Idaho), Ted Cruz (R-Texas), Steve Daines (R-Mont.), Deb Fischer (R-Neb.), Lindsey Graham (R-S.C.), Chuck Grassley (R-Iowa), Bill Hagerty (R-Tenn.), Josh Hawley (R-Mo.), John Hoeven (R-N.D.), Cindy Hyde-Smith (R-MS), John Kennedy (R-LA), James Lankford (R-OK), Mike Lee (R-UT), Cynthia Lummis (R-Wyo.), Roger Marshall (R-Kan.), Mitch McConnell (R-Ky.), Jerry Moran (R-Kan.), Markwayne Mullin (R-Okla.), Lisa Murkowski (R-Alaska), Rand Paul (R-Ky.), Pete Ricketts (R-Neb.), Jim Risch (R-Idaho), Mitt Romney (R-Utah), Mike Rounds (R-S.D.), Marco Rubio (R-Fla.), Eric Schmitt (R-Mo.), Rick Scott (R-Fla.), Tim Scott (R-S.C.), Dan Sullivan (R-Alaska), John Thune (R-S.D.), Thom Tillis (R-N.C.),  Tommy Tuberville (R-Ala.), J.D. Vance (R-Ohio), Roger Wicker (R-Miss.), and Todd Young (R-Ind.).

    Full text of the bill can be found here.

    MIL OSI USA News –

  • MIL-OSI USA: Sen. Johnson and Colleagues Hold DOJ Accountable for Failure to Prosecute Noncitizen Voter Registration

    US Senate News:

    Source: United States Senator for Wisconsin Ron Johnson

    WASHINGTON – On Wednesday, U.S. Sen. Ron Johnson (R-Wis.) joined U.S. Sens. Katie Britt (R-Ala.), Tommy Tuberville (R-Ala.), and Bill Hagerty (R-Tenn.), along with 68 bicameral Republican colleagues in a letter to U.S. Attorney General Merrick Garland exposing the Department of Justice’s (DOJ) failure to prevent noncitizens from registering to vote in America’s federal elections and its refusal to prosecute those who have done so. 

    The lawmakers demanded more information about the incidence of noncitizens registering to vote, and steps that the DOJ is taking to deal with the issue and secure U.S. elections.

    “We are deeply concerned by reports of non-citizens registering to vote and voting in federal elections,” the lawmakers wrote. “As of today, there has been no response from you or your Department regarding the inquiry on July 12, 2024, seeking information on efforts undertaken by your Department to enforce laws prohibiting non-citizen voting. Given the 2024 Presidential Election is in less than 34 days, your Department’s inaction and refusal to provide any information regarding its efforts to promote public trust and confidence in our elections is especially alarming.” 

    “Clearly, there is a non-negligible amount of voter participation by non-citizens in federal elections, which is not only a serious threat to the integrity of our elections and the democratic process they represent, but also has the potential to reduce Americans’ trust and confidence in election results,” they continued.

    Sens. Johnson, Britt, Tuberville, and Hagerty were joined by Senators Marsha Blackburn (R-Tenn.), Roger Marshall (R-Kan.), Thom Tillis (R-N.C.), Rick Scott (R-Fla.), James Lankford (R-Okla.), Jim Risch (R-Idaho), Kevin Cramer (R-N.D.), Mike Crapo (R-Idaho), Cindy Hyde-Smith (R-Miss.), Josh Hawley (R-Mo.), Steve Daines (R-Mont.), Cynthia Lummis (R-Wyo.), Tim Scott (R-S.C.), Marco Rubio (R-Fla.), John Thune (R-S.D.), Shelley Moore Capito (R-W. Va.), Ted Cruz (R-Texas), Eric Schmitt (R-Mo.), John Barrasso (R-Wyo.), Pete Ricketts (R-Neb.), Deb Fischer (R-Neb.), Mike Rounds (R-S.D.), Mike Braun (R-Ind.), Ted Budd (R-N.C.), John Hoeven (R-N.D.), Joni Ernst (R-Iowa), John Kennedy (R-La.), Roger Wicker (R-Miss.), and Markwayne Mullin (R-Okla.). 

    Additional House co-signers include Reps. Andy Harris (R-Md.), Clay Higgins (R-La.), Gary Palmer (R-Ala.), Matt Rosendale (R-Mont.), Ralph Norman (R-S.C.), Eli Crane (R-Ariz.), Andy Ogles (R-Tenn.), Aaron Bean (R-Fla.), Josh Brecheen (R-Okla.), Nancy Mace (R-S.C.), Bob Good (R-Va.), Eric Burlison (R-Mo.), Mike Ezell (R-Miss.), Chuck Fleischmann (R-Tenn.), Tom Tiffany (R-Wis.), Lauren Boebert (R-Colo.), Claudia Tenney (R-N.Y.), Michael Guest (R-Miss.), Diana Harshbarger (R-Tenn.), Ben Cline (R-Va.), Chip Roy (R-Texas), Barry Loudermilk (R-Ga.), Mary Miller (R-Ill.), Paul Gosar (R-Ariz.), Lance Gooden (R-Texas), Jeff Duncan (R-S.C.), Harriet Hageman (R-Wyo.), Barry Moore (R-Ala.), Mike Collins (R-Ga.), Tim Burchett (R-Tenn.), Greg Lopez (R-Colo.), Keith Self (R-Texas), Brian Babin (R-Texas), August Pfluger (R-Texas), Alex Mooney (R-W. Va.), Dusty Johnson (R-S.D.), Randy Weber (R-Texas), Rich McCormick (R-Ga.), and Matt Gaetz (R-Fla.).

    Full text of the letter can be found here.

    MIL OSI USA News –

  • MIL-OSI USA: Warren, Markey, Massachusetts Delegation Secure Nearly $60 Million in Federal Funding to Fight the Opioid Crisis

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    October 07, 2024
    Funding will support efforts to mitigate the overdose crisis in Massachusetts, which has one of the highest overdose mortality rates in the country
    Boston, MA – U.S. Senators Elizabeth Warren (D-Mass.) and Ed Markey (D-Mass.), along with Representatives Katherine Clark (D-Mass.), Richard Neal (D-Mass.), Jim McGovern (D-Mass.), Stephen Lynch (D-Mass.), Bill Keating (D-Mass.), Seth Moulton (D-Mass.), Lori Trahan (D-Mass.), Ayanna Pressley (D-Mass.), and Jake Auchincloss (D-Mass.), announced the Massachusetts Department of Public Health and Mashpee Wampanoag Tribe will receive nearly $60 million in federal grants for state and tribal opioid response and prevention from the U.S. Department of Health and Human Services’ Substance Abuse and Mental Health Services Administration.
    The Substance Abuse and Mental Health Services Administration’s 2022 National Survey on Drug Use and Health revealed that over 48 million people experienced substance use disorder in the past year, but only a quarter of those in need of substance use disorder treatment services actually received them.
    “The opioid crisis is something we feel deeply across this country, especially in Massachusetts,” said Senator Warren. “Thanks to the Biden-Harris Administration’s leadership, we can provide vital resources to hard-hit communities in Massachusetts, and I’ll keep fighting for more resources that allow us to address this crisis like the public health crisis it is.”
    “The opioid crisis is indiscriminate in the impact it has on communities across Massachusetts, but the most effective solutions are driven by the communities on the frontline, living through the devastation that addiction and overdose can cause. The funding that the Massachusetts Department of Public Health and Mashpee Wampanoag Tribe will receive will fuel strategies for prevention, expanding access to treatment, and providing holistic care that puts people’s health and dignity first. In short, this funding can help save lives,” said Senator Markey.
    “The opioid epidemic has devastated families and entire communities in Massachusetts and across America,” said Democratic Whip Katherine Clark. “Under the steadfast leadership of the Biden-Harris administration, we are expanding access to treatment options for Americans struggling with substance use disorder and ensuring they receive the care they deserve. This award builds upon that progress, and I am proud to have partnered with local and state champions to bring these critical dollars back home.”
    “Every community here in Massachusetts and across our nation has been impacted by the immense grief and hardship caused by the opioid crisis. The disease of addiction is a battle that no family should have to bear alone,” said Congresswoman Lori Trahan. “Critical investments like these that support prevention and treatment programs are instrumental in expanding access to treatment, supporting recovery, and preventing tragic overdose deaths.”
    The funds will be used to address the overdose crisis in Massachusetts and in tribal communities through prevention, harm reduction, treatment, and recovery support. This includes opioid reversal drugs such as naloxone, as well as medications for opioid use disorder.
    In May 2024, Senator Warren led 86 lawmakers in reintroducing the Comprehensive Addiction Resources Emergency (CARE) Act, the most ambitious legislation in Congress to confront the substance use epidemic. Supported by tribal nations, 29 organizations, and 28 Massachusetts state elected officials, the CARE Act would provide state and local governments with $125 billion in federal funding over ten years, including nearly $1 billion per year directly to tribal governments and organizations. 

    MIL OSI USA News –

  • MIL-Evening Report: What is amortisation, and what does it have to do with Peter Dutton’s nuclear proposal?

    Source: The Conversation (Au and NZ) – By Jessica Yi, Course coordinator, University of South Australia

    atk work/Shutterstock

    This article is part of The Conversation’s “Business Basics” series where we ask experts to discuss key concepts in business, economics and finance.

    Nuclear power is expensive, but it remains a cornerstone of the Coalition’s plan to get Australia to net-zero emissions.

    The federal opposition is yet to release its own costings for the proposal.

    Nonetheless, federal Opposition Leader Peter Dutton caused something of a stir when in a recent speech, he said the costs of Australia’s nuclear plants could be “amortised” over their 80-year lifespan.

    If hearing a word like “amortised” immediately makes your eyes glaze over, you’re probably not alone.

    To make things even more confusing, Dutton may have confused the term with the closely related concept of “depreciation”. We’ll discuss why later.

    But amortisation and depreciation are both important concepts in any corporate decision making.

    So what exactly was the opposition leader talking about here, and what does it mean to write off the cost of an asset over time?

    What is amortisation?

    Amortisation has a wide range of applications across finance, including credit, loans and investment planning.

    Here, though, we’ll focus on what amortisation means in the accounting context.

    You might notice amortisation looks a bit like the more familiar term “mortgage”. This is because both are derived from the same root in Latin.

    Amortise comes from “ad” – Latin for “to” – and “mortus” – which means “dead”.

    Obviously, we usually don’t mean dead in a literal sense – rather, the more abstract process of bringing something to an end.

    Spreading costs over time

    In corporate accounting, amortisation is a technique used to gradually write down the cost or value of an intangible asset over its expected period of use.

    It helps to think of intangible assets as things that don’t have a “grabbable” physical presence. Companies can operate using all kinds of intangible assets, such as copyrights, trademarks and patents.

    In contrast, tangible assets are physical things like land, machinery, buildings and vehicles.

    Companies can purchase intangible assets, but they can also generate them internally.

    Company trademarks are examples of intangible assets.
    rvlsoft/Shutterstock

    Finite or infinite

    Intangible assets can also have a “finite” or “infinite” useful life. If deemed infinitely useful, an asset does not need to be amortised.

    If only finitely useful, however, its economic benefit to a company will be systematically reduced over the span of its useful life.

    To account for this, we list some of its consumption as an expense on the company’s balance sheet each year. This process helps spread the cost of an asset evenly over its life.

    It’s important to note that amortisation is a “non-cash” expense. It appears on a company’s balance sheet as an expense and can lower profit, but it doesn’t affect a company’s cash flows.

    How is it calculated?

    There are a few different ways to calculate how costs should be spread over an asset’s useful life. For amortisation, one of the most common is the straight-line method.

    Using the straight-line method, amortisation can be calculated by dividing an asset’s “depreciable amount” by its useful life.

    Intangible assets – such as software – often have only a finite useful life.
    CapturePB/Shutterstock

    The depreciable amount is the cost or value of an asset minus its “residual value” – what it is worth at the end of its useful life.

    The residual value of an intangible asset will usually be zero, unless a third party has committed to purchase it at the end of its life, or its value can be determined on some active market.

    What’s depreciation then?

    You might be more familiar with the related term “depreciation”. Both accounting concepts refer to spreading the costs of long-life assets over their finite useful life.

    The main difference is that amortisation is used to expense intangible assets while depreciation expenses tangible assets – physical things such as buildings, machinery and plant.

    This leads to another key difference. Often, it is much easier to estimate the residual value of a tangible asset at the end of its useful life, because it or its component parts can be more easily sold.

    Depreciation deals with tangible assets, such as machinery.
    Another77/Shutterstock

    Wait, how are nuclear reactors ‘intangible’?

    Reading this, you may have spotted something. As explained above, the main difference between the “amortisation” and the “depreciation” is the type of depreciable assets.

    If we go back to how Dutton used the concept of amortisation in his speech, we can reasonably conclude the term depreciation would have been more technically correct.

    He was speaking specifically about the useful life of nuclear plants, which clearly have tangible, physical forms.

    You could argue he was referring to one of amortisation’s other meanings: the amortisation of a loan or other liability in finance. Amortisation in this sense refers to spreading out loan payments over time.

    This is unlikely, however, given he was specifically speaking about the useful life of the nuclear plants and the cost of depreciable assets.

    Careful with your calculations

    It should be noted that just because an asset has a long useful life, that doesn’t mean its amortisation or depreciation costs will be small.

    Let’s look at some of the examples employed by Dutton: nuclear plants, touted to have 80 years of useful life, and renewables, such as wind turbines with 20 to 30 years.

    It might be tempting to assume nuclear plants would have a lower depreciation expense, with a significantly longer useful life, but that risks ignoring their enormous initial upfront costs and continuous restructure costs that need to be capitalised.

    If the initial and capitalised cost or value of nuclear plants are significantly greater than those of renewables, the annual depreciation expense of nuclear plants could end up being significantly greater.

    It all depends on what goes into the equation. Depreciating costs can’t give us anything for free.

    Jessica Yi 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. What is amortisation, and what does it have to do with Peter Dutton’s nuclear proposal? – https://theconversation.com/what-is-amortisation-and-what-does-it-have-to-do-with-peter-duttons-nuclear-proposal-240321

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: October 9, 2024 CDI Monthly Meeting: Statement of Interest Lightning Presentations

    Source: US Geological Survey

    September 11, 2024 CDI Monthly Meeting

    The October 9, 2024 CDI monthly virtual meeting will feature 90-second lightning presentations from the statements of interest submitted to the CDI Request for Proposals.

    Join us at our monthly meeting on October 9, 2024 from 11:00 am – 12:30 pm Eastern Time to hear lightning talks from our FY 2025 CDI Statement of Interest submitters!

     ID Project Title
    A Enabling Accurate Positioning: Critical Updates needed in GIS Protocols to Support Lunar and Planetary Science
    B Leveraging the National Water Model to Inform Binational Management of Invasive Carp in North America
    C Is it me or the data source? Providing real-time download reliability metrics to users
    D Incorporating landscape change into a climate-driven water model for California
    E Development of machine-learning models for delineating areas of high groundwater discharge potential
    F Scaling-up phenological date matching for invasive species mapping: a free opensource workflow
    G In-Person Git/Software Release Workshop for USGS and Python/R Data Retrieval Demo for Open Science
    H Develop a natural language processing web application to analyze large amounts of text
    I Big Carp, Bigger Data: Creating an API for the Riverine Acoustic Fish Telemetry (RAFT) Network
    J Increasing understanding of large river dynamics through an open-source bedform toolbox
    K Speedy Trends: An R package to rapidly estimate trends for big data
    L An application for automation and streamlining of workflow for modeling of time-series data
    M GeoDRAW (Geospatial Data Retrieval and Alignment Workflow) to advance data-visualization and earth systems model development
    N Data quality control for everyone: a course and recipes for well-documented data workflows in R
    O Automated evaluation of interpolation techniques available in ArcGIS Pro
    P Terrestrial Remote Sensing Data Ingestion with PyHAT (Python Hyperspectral Analysis Tool)
    Q Seeing Below the Surface: Geospatial Delivery of Hi-Res Aquatic Ecosystem Data from Autonomous Underwater Vehicles
    R Developing a web-based data repository and inference tool for sediment fingerprinting
    S An open-source workflow combining 3DEP and NAIP data to support meadow conservation and restoration 
    T Community Tools for Standardized Glacier Change Research
    U Bridging the learning gap in the R computing environment using Water-Quality Data
    V Understanding and streamlining environmental DNA QA/QC analysis
    W Advancing the Geophysical Survey (GS) data standard and GSPy toolbox
    X An Open-Source Workflow for Point Cloud based Geomorphic Change Detection and Sediment Budget Analysis
    Y Snakemake training: Building data pipelines in Python
    Z Standard North American Fish Sampling Data Webtool: Sharing, Improving and Maintaining 

    Find abstracts and more information, including how to join, on SharePoint or by joining the CDI mailing list.

    MIL OSI USA News –

  • MIL-OSI China: Music festival harmonizes past and present

    Source: China State Council Information Office 3

    The Beijing Music Festival opened on Saturday with a stunning fusion of the East and the West. As dusk settled over the capital city, the National Centre for the Performing Arts concert hall glowed against the cool autumn evening, inviting the audience into a world where music and nature seemed to harmonize.

    The China National Symphony Orchestra and composer-conductor Tan Dun opened the concert with the Golden Bell Chimes (bianzhong) of the Qing Dynasty (1644-1911), a remarkable artifact housed at the Palace Museum in Beijing.

    The opening piece Ancient Bells of Peking’s Central Axis is composed by Tan and features pipa (four-stringed Chinese lute) player Zhao Cong.

    The music piece was inspired by Beijing’s Central Axis — the 7.8-kilometer north-south line through the capital’s historical center, inscribed on the UNESCO World Heritage List on July 27.

    As Zhao’s fingers move across the strings of the pipa, the instrument’s ancient timbre felt as timeless as the city itself, invoking images of iconic buildings from the past, such as the Forbidden City, China’s imperial palace from 1420 to 1911, now known as the Palace Museum, Jingshan Park and the Bell and Drum Towers, blending seamlessly with the contemporary orchestral sounds behind her.

    An old friend of the Beijing Music Festival, the annual classical music event launched in 1998 by maestro Yu Long, Tan made his debut at the festival in 2001, performing his Oscar-winning music piece Crouching Tiger, Hidden Dragon, a film score Tan composed for director Ang Lee’s 2001 film of the same name.

    “I have performed at the festival many times and every time it feels like a reunion with old friends,” says Tan a day before the concert in Beijing. “Music is like a flowing river; a continuous, ever-evolving force that transcends time. Just as a river never stops moving, music flows from generation to generation, carrying the contributions of countless musicians across eras.”

    “The Beijing Music Festival, over nearly 30 years, carries stories, emotions and historical contexts, acting as a bridge between the past and the present, the East and the West. Many great musicians from around the world perform during the festival. Just like a river connecting different lands and people, the festival connects generations of cultures,” Tan says.

    During the first half of the concert, Tan also led the China National Symphony Orchestra to perform his music piece Passacaglia: Secret of Wind and Birds, during which the orchestra members held up their phones to play the recordings of birds chirping to traditional Chinese instruments.

    Young Chinese suona player Liu Wenwen, a first-time performer at the Beijing festival, shared the stage with the orchestra and Tan, performing the famous suona piece Hundreds of Birds Paying Homage to Phoenix. As the nation’s first student in a doctoral program for the suona at the Shanghai Conservatory of Music, Liu, a 13th-generation suona player, is also one of the most active young players in China.

    “We had many discussions about programs for the opening concert for this year’s Beijing Music Festival. Thanks to Tan, we presented Chinese music works during the first half of the concert and Western music pieces in the second half, bringing a sonic journey that bridges Chinese heritage with Western traditions,” says Zou Shuang, artistic director of the Beijing festival, from Oct 5 to 13, with nine concerts by international musicians.

    One of the highlights during the second half of the concert was cellist Wang Jian and violinist Lu Wei playing Mozart’s Symphonie Concertante in E-flat Major, K 364 under Tan’s baton.

    Composed in 1779, the piece, one of Mozart’s most famous works written specifically for the violin, the viola and the orchestra, is played in three movements, showcasing the interplay between the violin and viola supported by a full orchestra.

    “If a cellist were to attempt to play the viola part, there would be both technical and musical challenges. The highly skilled cellist Wang Jian did a great job,” says Yu, an old friend of Wang who first invited the cellist to perform at the Beijing Music Festival in 1999.

    “How hard is it for the cellist to interpret the viola part? Just imagine star tennis player Zheng Qinwen playing ping-pong using a tennis racket and winning,” adds Yu.

    “The viola’s range sits higher than a cello, which can be physically demanding and requires mastery of the thumb position and fluent shifting. Mozart’s style calls for light, delicate articulation, especially in the interplay between the violin and viola,” he says. “The cellist would need to overcome challenges in range, articulation, tone production, and ensemble balance to maintain the integrity of Mozart’s delicate and intricate writing.”

    Considered a child prodigy, Wang was enrolled in the primary school affiliated to the Shanghai Conservatory of Music at 9.

    In 1979, celebrated violinist Isaac Stern made a historic visit to China with a documentary crew. In 1981, the documentary about Stern’s visit titled From Mao to Mozart: Isaac Stern in China was released, winning an Oscar for Best Documentary. Wang became known internationally as the child prodigy in the film who played the cello with seriousness.

    In 1985, Wang entered the Yale School of Music. The following year, he made his debut at Carnegie Hall. Since then, he has embarked on an international career.

    “When I first performed at the Beijing Music Festival in 1999, I had lived and toured abroad for decades. The festival’s atmosphere created an intimate connection between the performers and the audience, which impressed me and allowed me to frequently return to my home country,” says Wang, 56. “The festival has made great contributions to the country’s booming classical music scene.”

    Tan says he will embark on a trip to France with the China National Symphony Orchestra from Wednesday to Oct 15, performing in Toulouse, Aix-en-Provence and Paris to celebrate the 60th anniversary of China-France diplomatic relations.

    They will bring the same programs as the Beijing concert, which also include French composer Maurice Ravel’s famous Bolero and Russian composer Igor Stravinsky’s The Firebird.

    “The concert celebrates musical diversity and cultural fusion. It is a powerful reminder of music’s ability to transcend boundaries, inspiring us for the upcoming performances in France,” says Tan.

    MIL OSI China News –

  • MIL-OSI China: Theater festival helps support new work

    Source: China State Council Information Office 3

    The 2024 Peiyuan Art Festival, gathering theater lovers, was held in Beijing from Sept 20 to 22.

    Since 2019, Peiyuan has been focused on supporting market-oriented productions with the help of veteran theater experts, producers, directors, and playwrights.

    So far, 147 have been conceived and 64 of those works have been staged in theaters in the country.

    During the festival, a Chinese play, Fan Shan Hai, or Alley-Oop, by scriptwriter and director Zhu Hongxuan, was staged as the opening production. It tells the story of a female basketball team set against the historical backdrop of the Minguo period (1912-49).

    By working with the Beijing Quju Opera Troupe, the platform also produced a Quju opera work, The Life of Mine, based on renowned Chinese writer Lao She’s novel of the same name, telling the sad story of a lowly ranked policeman in Beijing during the early 20th century. In 1952, Lao She wrote a play, The Willow Well, in an art form that he invented, based on Beijing’s Quyi art, and named it Quju Opera.

    The festival saw 20 new theatrical works being premiered , some still being worked on, that covered a wide range of art forms, including musical, Yueju Opera and dance.

    MIL OSI China News –

  • MIL-OSI United Kingdom: Lower Thames Crossing: development consent decision extension

    Source: United Kingdom – Executive Government & Departments 2

    The application decision deadline is extended to 23 May 2025.

    Delivered on:

    This statement confirms that it is necessary to extend the deadline for a decision on the application by National Highways under the Planning Act 2008, for the A122 (Lower Thames Crossing) Development Consent Order.

    Under section 107(1) of the Planning Act 2008, a decision on an application must be made within 3 months of receipt of the Examining Authority’s report, unless the power, under section 107(3), is exercised to extend the deadline, and a Written Ministerial Statement is made to Parliament announcing the new deadline.

    The Examining Authority’s report on the Lower Thames Crossing Development Consent Order was received on 20 March 2024. The current deadline for a decision is 4 October 2024, having been extended from 20 June 2024 by way of a Written Ministerial Statement, dated 24 May 2024.

    The deadline for the decision is to be further extended to 23 May 2025 in order to allow more time for the application to be considered further, including any decisions made as part of the spending review.

    The decision to set a new deadline is without prejudice to the decision on whether to grant the application development consent.

    Updates to this page

    Published 7 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI China: China to provide emergency humanitarian medical supplies to Lebanon

    Source: China State Council Information Office 2

    People fleeing from Lebanon arrive at the Jdeidet Yabous crossing between Syria and Lebanon, on Oct. 7, 2024. [Photo/Xinhua]
    China will provide emergency humanitarian medical supplies to Lebanon under the request from the Lebanese government, a spokesperson of the China International Development Cooperation Agency (CIDCA) said Tuesday.
    The situation in Lebanon and Israel has escalated recently, and explosions of communication devices and airstrikes occurring in various parts of Lebanon have resulted in a large number of casualties, spokesperson Li Ming noted in a statement released by the CIDCA.

    MIL OSI China News –

  • MIL-OSI Economics: Secretary-General of ASEAN attends the 35th ASEAN Coordinating Council Meeting

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today attended the 35th ASEAN Coordinating (ACC) Council Meeting at the National Convention Center in Vientiane, Lao PDR. During the meeting, Dr. Kao briefed the Ministers on the progress achieved in the work of ASEAN and that of the ASEAN Secretariat. The Meeting also discussed and finalized remaining issues in preparations for the upcoming 44th and 45th ASEAN Summits and Related Summits.

    The post Secretary-General of ASEAN attends the 35th ASEAN Coordinating Council Meeting appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI: ICG : Notification of Major Holdings

    Source: GlobeNewswire (MIL-OSI)

    TR-1: Standard form for notification of major holdings

    1. Issuer Details
    ISIN
    GB00BYT1DJ19
    Issuer Name
    INTERMEDIATE CAPITAL GROUP PLC
    UK or Non-UK Issuer
    UK
    2. Reason for Notification
    An acquisition or disposal of voting rights; An acquisition or disposal of financial instruments
    3. Details of person subject to the notification obligation
    Name
    BlackRock, Inc.
    City of registered office (if applicable)
    Wilmington
    Country of registered office (if applicable)
    USA
    4. Details of the shareholder
    Full name of shareholder(s) if different from the person(s) subject to the notification obligation, above

    City of registered office (if applicable)

    Country of registered office (if applicable)

    5. Date on which the threshold was crossed or reached
    04-Oct-2024
    6. Date on which Issuer notified
    07-Oct-2024
    7. Total positions of person(s) subject to the notification obligation

    . % of voting rights attached to shares (total of 8.A) % of voting rights through financial instruments (total of 8.B 1 + 8.B 2) Total of both in % (8.A + 8.B) Total number of voting rights held in issuer
    Resulting situation on the date on which threshold was crossed or reached Below 5% Below 5% Below 5% Below 5%
    Position of previous notification (if applicable) 4.950000 0.260000 5.210000  

    8. Notified details of the resulting situation on the date on which the threshold was crossed or reached
    8A. Voting rights attached to shares

    Class/Type of shares ISIN code(if possible) Number of direct voting rights (DTR5.1) Number of indirect voting rights (DTR5.2.1) % of direct voting rights (DTR5.1) % of indirect voting rights (DTR5.2.1)
    GB00BYT1DJ19   Below 5%   Below 5%
    Sub Total 8.A Below 5% Below 5%

    8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))

    Type of financial instrument Expiration date Exercise/conversion period Number of voting rights that may be acquired if the instrument is exercised/converted % of voting rights
    Securities Lending     Below 5% Below 5%
    Sub Total 8.B1   Below 5% Below 5%

    8B2. Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))

    Type of financial instrument Expiration date Exercise/conversion period Physical or cash settlement Number of voting rights % of voting rights
    CFD     Cash Below 5% Below 5%
    Sub Total 8.B2   Below 5% Below 5%

    9. Information in relation to the person subject to the notification obligation
    2. Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entities (please add additional rows as necessary)

    Ultimate controlling person Name of controlled undertaking % of voting rights if it equals or is higher than the notifiable threshold % of voting rights through financial instruments if it equals or is higher than the notifiable threshold Total of both if it equals or is higher than the notifiable threshold
    BlackRock, Inc. (Chain 1) BlackRock Finance, Inc.      
    BlackRock, Inc. (Chain 1) Trident Merger, LLC      
    BlackRock, Inc. (Chain 1) BlackRock Investment Management, LLC      
    BlackRock, Inc. (Chain 2) BlackRock Finance, Inc.      
    BlackRock, Inc. (Chain 2) BlackRock Holdco 2, Inc.      
    BlackRock, Inc. (Chain 2) BlackRock Financial Management, Inc.      
    BlackRock, Inc. (Chain 2) BlackRock International Holdings, Inc.      
    BlackRock, Inc. (Chain 2) BR Jersey International Holdings L.P.      
    BlackRock, Inc. (Chain 2) BlackRock Holdco 3, LLC      
    BlackRock, Inc. (Chain 2) BlackRock Cayman 1 LP      
    BlackRock, Inc. (Chain 2) BlackRock Cayman West Bay Finco Limited      
    BlackRock, Inc. (Chain 2) BlackRock Cayman West Bay IV Limited      
    BlackRock, Inc. (Chain 2) BlackRock Group Limited      
    BlackRock, Inc. (Chain 2) BlackRock Finance Europe Limited      
    BlackRock, Inc. (Chain 2) BlackRock Investment Management (UK) Limited      
    BlackRock, Inc. (Chain 3) BlackRock Finance, Inc.      
    BlackRock, Inc. (Chain 3) BlackRock Holdco 2, Inc.      
    BlackRock, Inc. (Chain 3) BlackRock Financial Management, Inc.      
    BlackRock, Inc. (Chain 3) BlackRock International Holdings, Inc.      
    BlackRock, Inc. (Chain 3) BR Jersey International Holdings L.P.      
    BlackRock, Inc. (Chain 3) BlackRock Australia Holdco Pty. Ltd.      
    BlackRock, Inc. (Chain 3) BlackRock Investment Management (Australia) Limited      
    BlackRock, Inc. (Chain 4) BlackRock Finance, Inc.      
    BlackRock, Inc. (Chain 4) BlackRock Holdco 2, Inc.      
    BlackRock, Inc. (Chain 4) BlackRock Financial Management, Inc.      
    BlackRock, Inc. (Chain 4) BlackRock Holdco 4, LLC      
    BlackRock, Inc. (Chain 4) BlackRock Holdco 6, LLC      
    BlackRock, Inc. (Chain 4) BlackRock Delaware Holdings Inc.      
    BlackRock, Inc. (Chain 4) BlackRock Institutional Trust Company, National Association      
    BlackRock, Inc. (Chain 5) BlackRock Finance, Inc.      
    BlackRock, Inc. (Chain 5) BlackRock Holdco 2, Inc.      
    BlackRock, Inc. (Chain 5) BlackRock Financial Management, Inc.      
    BlackRock, Inc. (Chain 5) BlackRock Holdco 4, LLC      
    BlackRock, Inc. (Chain 5) BlackRock Holdco 6, LLC      
    BlackRock, Inc. (Chain 5) BlackRock Delaware Holdings Inc.      
    BlackRock, Inc. (Chain 5) BlackRock Fund Advisors      
    BlackRock, Inc. (Chain 6) BlackRock Finance, Inc.      
    BlackRock, Inc. (Chain 6) BlackRock Holdco 2, Inc.      
    BlackRock, Inc. (Chain 6) BlackRock Financial Management, Inc.      
    BlackRock, Inc. (Chain 7) BlackRock Finance, Inc.      
    BlackRock, Inc. (Chain 7) BlackRock Holdco 2, Inc.      
    BlackRock, Inc. (Chain 7) BlackRock Financial Management, Inc.      
    BlackRock, Inc. (Chain 7) BlackRock International Holdings, Inc.      
    BlackRock, Inc. (Chain 7) BR Jersey International Holdings L.P.      
    BlackRock, Inc. (Chain 7) BlackRock (Singapore) Holdco Pte. Ltd.      
    BlackRock, Inc. (Chain 7) BlackRock HK Holdco Limited      
    BlackRock, Inc. (Chain 7) BlackRock Asset Management North Asia Limited      
    BlackRock, Inc. (Chain 8) BlackRock Finance, Inc.      
    BlackRock, Inc. (Chain 8) BlackRock Holdco 2, Inc.      
    BlackRock, Inc. (Chain 8) BlackRock Financial Management, Inc.      
    BlackRock, Inc. (Chain 8) BlackRock International Holdings, Inc.      
    BlackRock, Inc. (Chain 8) BR Jersey International Holdings L.P.      
    BlackRock, Inc. (Chain 8) BlackRock Holdco 3, LLC      
    BlackRock, Inc. (Chain 8) BlackRock Cayman 1 LP      
    BlackRock, Inc. (Chain 8) BlackRock Cayman West Bay Finco Limited      
    BlackRock, Inc. (Chain 8) BlackRock Cayman West Bay IV Limited      
    BlackRock, Inc. (Chain 8) BlackRock Group Limited      
    BlackRock, Inc. (Chain 8) BlackRock Finance Europe Limited      
    BlackRock, Inc. (Chain 8) BlackRock (Netherlands) B.V.      
    BlackRock, Inc. (Chain 8) BlackRock Asset Management Deutschland AG      
    BlackRock, Inc. (Chain 9) BlackRock Finance, Inc.      
    BlackRock, Inc. (Chain 9) BlackRock Holdco 2, Inc.      
    BlackRock, Inc. (Chain 9) BlackRock Financial Management, Inc.      
    BlackRock, Inc. (Chain 9) BlackRock International Holdings, Inc.      
    BlackRock, Inc. (Chain 9) BlackRock Canada Holdings ULC      
    BlackRock, Inc. (Chain 9) BlackRock Asset Management Canada Limited      
    BlackRock, Inc. (Chain 10) BlackRock Finance, Inc.      
    BlackRock, Inc. (Chain 10) BlackRock Holdco 2, Inc.      
    BlackRock, Inc. (Chain 10) BlackRock Financial Management, Inc.      
    BlackRock, Inc. (Chain 10) BlackRock International Holdings, Inc.      
    BlackRock, Inc. (Chain 10) BR Jersey International Holdings L.P.      
    BlackRock, Inc. (Chain 10) BlackRock Holdco 3, LLC      
    BlackRock, Inc. (Chain 10) BlackRock Cayman 1 LP      
    BlackRock, Inc. (Chain 10) BlackRock Cayman West Bay Finco Limited      
    BlackRock, Inc. (Chain 10) BlackRock Cayman West Bay IV Limited      
    BlackRock, Inc. (Chain 10) BlackRock Group Limited      
    BlackRock, Inc. (Chain 10) BlackRock Finance Europe Limited      
    BlackRock, Inc. (Chain 10) BlackRock Advisors (UK) Limited      

    10. In case of proxy voting
    Name of the proxy holder

    The number and % of voting rights held

    The date until which the voting rights will be held

    11. Additional Information
    BlackRock Regulatory Threshold Reporting Team

    Jana Blumenstein

    020 7743 3650
    12. Date of Completion
    07th October 2024
    13. Place Of Completion
    12 Throgmorton Avenue, London, EC2N 2DL, U.K.

    The MIL Network –

  • MIL-OSI: Bigbank AS Invites to Attend Webinars Introducing Public Subordinated Bond Offering

    Source: GlobeNewswire (MIL-OSI)

    Bigbank AS invites all interested parties to participate in a webinar introducing the issue of the public offering of Bigbank AS subordinated bonds in Estonia, Latvia, and Lithuania. The webinars will be organised on 9th October 2024 at 11:00 (EET) in Estonian and at 16:00 (EET) in English.

    In the webinar, Bigbank AS management board members Martin Länts and Argo Kiltsmann will present an overview of Bigbank AS group, including business results, future plans and the terms and conditions of the public subordinated bond issue. Those interested can ask questions during the webinar.

    To participate in the webinar held in Estonian (11:00, EET), please register at https://nasdaq.zoom.us/webinar/register/WN_OTpFudPRQoKQLWMiHytn8A.
    To participate in the webinar held in English (16:00, EET), please register at https://nasdaq.zoom.us/webinar/register/WN_vxUCOaIdQSqIjkzeUgaZfA.

    The webinar will be recorded and published on Bigbank AS investor website https://investor.bigbank.eu and on the Nasdaq Baltic YouTube channel.

    Argo Kiltsmann
    Member of the Management Board
    Tel: +372 53 930 833
    Email: Argo.Kiltsmann@bigbank.ee 
    http://www.bigbank.ee

    The MIL Network –

  • MIL-OSI Europe: Frank Elderson: Interview with Delo

    Source: European Central Bank

    Interview with Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, conducted by Miha Jenko

    8 October 2024

    You hold two high positions in the European Central Bank: you are a member of the ECB’s Executive Board as well as the Vice-Chair of its Supervisory Board. You are responsible for both monetary matters and banking supervision in the euro area. Can you explain your dual role at the ECB?

    Let me clarify that, at the ECB, decision-making on monetary policy and banking supervision is separate, and for good reason. We want these two functions to pursue their specific objectives and we want to avoid potential conflicts of interest.

    That being said, it is important for each side to be aware of what the other is thinking and to understand how the decisions being taken affect the other side. Let me give you a couple of examples. During our strategy review in 2021 we explicitly recognised the importance of safe and sound banks for our price stability mandate, acknowledging that financial stability is a precondition for price stability. Moreover, banks that are safe and sound are able to effectively pass through our monetary policy.

    So in the governance of the ECB there is a bridge between the two sides. And I currently occupy this bridge as a member of the Executive Board, which has six members including President Lagarde, as a member of the Governing Council and as Vice-Chair of the Supervisory Board. In practice, this means that I inform the Executive Board about what was discussed in the Supervisory Board, and I debrief the Supervisory Board on the decisions taken by the Governing Council. In short, my role is to help ensure that the ECB does not carry out these two separate tasks in isolation.

    What is the purpose of your current visit to Slovenia?

    The ECB’s two decision-making bodies – the Supervisory Board and the Governing Council – will meet in Slovenia in the space of a week. The Supervisory Board will meet for its regular retreat to discuss strategic issues, while the Governing Council will hold its next monetary policy meeting here. Our colleagues at Banka Slovenije are kindly hosting both events.

    Turning to banking supervision, how are banks’ activities and lending affected by the current environment of weak economic growth and deteriorating economic trends, which include increasing bankruptcies in some euro area countries? How resilient is the banking sector in Europe?

    European banks are resilient. They have sufficient and adequate capital and liquidity buffers which enable them to absorb losses and withstand shocks. But they should not be complacent, especially in the context of the worsening geopolitical environment, which could have direct and indirect effects on banks. Near-term growth prospects have deteriorated and are subject to high uncertainty because of these rising geopolitical risks. And banks also face several medium-term, more structural challenges.

    In this context, our supervisory priorities, which we update every year, help us focus on both the near-term and medium-term challenges faced by banks. We want to ensure that banks are resilient not only today, but also in the long run. As part of our priorities, we want to increase their resilience to sudden macroeconomic and geopolitical shocks and to accelerate the remediation of shortcomings in the governance and management of climate-related and environmental risks. At the same time, banks need to make further progress with their digital transformation and build up their operational resilience.

    In short, banks are resilient, but we should not be complacent amid these longer-term challenges, which we will address through our supervision over the coming years.

    What lessons have the ECB and the Eurosystem learned from the last financial crisis in order to be better prepared for a possible new crisis, which will not necessarily originate in the banking sector itself, but in companies connected to it?

    Since the global financial crisis we have created strong pan-European supervision – the Single Supervisory Mechanism. The financial reforms implemented after that crisis have strengthened banks without compromising their lending capacity. Several things have happened since the global financial crisis: we have had a pandemic, Russia’s invasion of Ukraine, an energy shock and high inflation. So European economies have been exposed to unforeseen challenges. We also witnessed turmoil in international banking markets last year, which exposed fragilities in banks’ risk management and internal governance.

    The European banking sector has shown itself to be resilient in the face of these challenges. Take non-performing loans, for example, which have fallen significantly in the European banking system. In 2015, their share was 7%, while in 2023 it was below 2%. That is a big step forward. And as I said, capital and liquidity indicators are now much higher than they were a decade ago. But as supervisors, we should never be complacent, especially given the new risk drivers, such as energy prices, cyberattacks, climate and nature-related risks and geopolitical risks.

    Turning now to current developments in the European banking sector, where UniCredit Group’s intention to take over the German bank Commerzbank has recently made headlines. What is your view as euro area banking supervisor?

    Let me first say that I cannot comment on individual banks, so my answer will be more general.

    We have been crystal clear that cross-border consolidation can be an instrument for further integration of the European banking sector, and we stand by that. Consolidation can also help address long-standing issues in the European banking sector, such as low profitability.

    Nonetheless, mergers always carry risks and, as supervisors, we assess them carefully, always applying the limitative criteria set out in Article 23 of the Capital Requirements Directive. Our job is to ensure that every banking transaction – whether at cross-border or national level – results in a banking group that can comply with supervisory requirements in the foreseeable future.

    What is your view of the banking sector in our country? What is your message to Slovenia?

    Thanks to the reforms implemented after the great financial crisis, banks in Slovenia have come a long way, and in the right direction. When the crisis hit, the Government had to support the three largest banks with a recapitalisation of €3.5 billion. And, naturally, it has taken several years for lending to strengthen. More recently, the privatisation of state-owned banks increased competition in the sector, and this has attracted international banks. Slovenian banks are now well-capitalised, highly profitable and are above the euro area average for profitability, mainly on account of very high net interest margins. Some of this progress can also be attributed to the work of supervisors, including those at Banka Slovenije, with whom we work very well.

    So, like in the rest of Europe, your banks are robust but they will continue to face a number of headwinds stemming from the macro-financial environment, geopolitical shocks and challenges related to the green and digital transitions.

    As mentioned, our central bank will host a Governing Council meeting next week. Do you expect a new interest rate decision at this meeting?

    We will come to Slovenia with an open mind, so I am looking forward to the trip to Ljubljana and to a very genuine and open discussion. Before the meeting, we will take note of all the data and analysis and, as we have said many times before, we will take a meeting-by-meeting approach. A number of recent indicators suggest that downside risks to economic growth are already materialising, so we will need to carefully assess whether this has any implications for our inflation outlook.

    What is very clear, however, is the direction of travel in the period ahead. If our projections that inflation will converge towards our 2% target in the second half of 2025 continue to be confirmed, we will continue to gradually ease our restrictive policy stance. At the same time, we need to maintain flexibility regarding the pace of adjustments. This will depend on incoming data, on the economic situation and on inflation. The latest data will of course be taken into account in whatever decision we take in Slovenia.

    What specific downside risks to growth do you have in mind?

    Economic growth came in at 0.2% in the second quarter, falling somewhat short of our projections. We look at a broad range of data, but we have seen that households are consuming less than anticipated and firms are less keen to invest than we had projected.

    What is your view on the exact nature of inflation in the euro area? In particular, services price inflation remains very persistent. Why?

    We expect inflation to decline to our target in the second half of 2025. Headline inflation is projected to average 2.5% in 2024, then 2.2% in 2025 and 1.9% in 2026. Services inflation remains strong but, according to our projections, we will see a deceleration going into the new year.

    We always look at the upside and downside risks surrounding these projections. Geopolitical tensions could raise energy prices, shipping costs and other transport costs in the short term, which could also lead to disruptions to global trade, which would push prices up. Inflation could also increase if wages rise more than expected or if profit margins increase, and extreme weather events and the climate crisis could increase food prices. However, there are also downside risks to inflation, such as lower than expected demand or an unexpected deterioration in the economic environment in the United States and globally.

    At the ECB, you are also responsible for monitoring the effects of climate change, in addition to the dual tasks mentioned at the beginning. This year we saw the catastrophic effects of floods in some central European countries, and last year we experienced them in Slovenia as well. Greece, Spain and other parts of southern Europe are ravaged by catastrophic droughts and fires. Can the ECB and national central banks contribute more effectively to mitigating the effects of climate change? After all, you have the power – you have monetary policy and banking supervision in your hands…

    I am very aware of the consequences of floods, and of those last year in Slovenia. They caused €10 billion of damage and more than two-thirds of the country was affected. Some places in the Koroška region were cut off from the world and most roads were completely submerged. Recently, we have seen similar things in several other EU countries.

    When talking about climate, nature and the ECB, I always say that we are not climate policymakers. We are not involved in climate policy. This is a task for governments, who implement legislation and policies like the European Climate Law and the EU “Fit for 55” plan, for example.

    But this topic is also extremely relevant for our mandate, because extreme events like flooding, wildfires and summer droughts also lead to financial risks for banks and the wider economy. In our banking supervision, we check whether banks are adequately managing their climate and nature-related risks. We also take climate and nature into account in our macroeconomic projections.

    Are you in favour of introducing more decisive measures that would offer banks more targeted incentives to grant loans for more environmentally friendly or “greener” purposes?

    It would be speculative to talk about possible measures that we might hypothetically take in the future. What is clear is that any measure we implement must be consistent with our primary objective of price stability. Our current monetary policy stance is restrictive, so a green lending facility would be something for us to consider in the future, in another phase of the cycle.

    That being said, climate change is part of our monetary policy strategy, and we have committed to regularly reviewing our climate-related measures to ensure that we continue to support a decarbonisation path that is consistent with the EU’s climate objectives. For this, within our mandate, all options are on the table. If we were to design new instruments in the future, it’s fair to assume that they would include climate considerations.

    In terms of global competitiveness, the EU is falling behind the United States and China. Former ECB President Mario Draghi recently presented a very ambitious plan to increase European competitiveness, including investments of up to €800 billion per year. In his opinion, this money could also be raised through European borrowing, so common European debt. What is your take on this proposal and Mr Draghi’s other recommendations?

    We welcome the publication of this report, how concrete it is and its call for urgent action. Competitiveness is critical for sustainable growth, improving the living standards of citizens and boosting economic resilience, especially in the current environment of heightened geopolitical fragmentation. We strongly support this urgent call for coordinated action at the European and national levels. It is now a matter of turning these proposals into concrete measures.

    Meeting the strategic investment needs identified in the report requires completing the capital markets union, which we have been advocating for a long time.

    The private sector will not be able to finance all of these investment needs alone. European initiatives, including financing through common European funds, could help finance common European public goods such as defence, public procurement, energy grids, disruptive innovation and cross-border infrastructure. Under the right conditions, the potential issuance of common European debt could help bridge the financing gap.

    Finally, a new European Commission is expected to start its work in a few weeks’ time. How do you see your cooperation, including on the common objective of making Europe more competitive?

    I am very much looking forward to continuing our excellent interactions with the European Commission, both with the outgoing Commission and the incoming one. There are a number of common European initiatives that we both have a very strong interest in. I have already mentioned the capital markets union. Further progress could be made on that, as well as on finalising all aspects of the banking union. And we know from the ECB’s stress tests that the longer we take to complete the green transition, the more it will cost us, so we would very much welcome further progress on that front as well.

    MIL OSI Europe News –