Category: Asia Pacific

  • MIL-OSI: New WSO2 API Management Offerings Harness AI for Greater Productivity and Governance

    Source: GlobeNewswire (MIL-OSI)

    Austin, TX and Barcelona, Spain, March 18, 2025 (GLOBE NEWSWIRE) — API management plays a central role in enabling applications and digital services to harness the power of artificial intelligence (AI) technologies. Today WSO2 is empowering software developers to gain new levels of productivity and governance in creating and managing AI APIs with its latest API management offerings: the latest release of its market-leading, open-source WSO2 API Manager software and new Bijira AI API management software as a service (SaaS).

    The newest release of WSO2 API Manager has been rearchitected for AI-driven API governance and compliance, AI API management, multi-gateway management and federation, and extended Kubernetes-native API gateway support, among other features. Bijira significantly expands upon and replaces Choreo for API Management to serve as an AI API management SaaS that brings the latest capabilities of WSO2 API Manager to a robust, proven cloud environment. WSO2 is demonstrating the latest WSO2 API Manager and Bijira offerings and their AI capabilities at WSO2Con 2025, which runs March 18-20, 2025 in Barcelona, Spain.

    “Organizations are increasingly modernizing their digital API ecosystems to innovate new classes of intelligent applications and services faster while reinforcing best practices,” said Christopher Davey, WSO2 vice president and general manager – API management. “With our rearchitected open-source WSO2 API Manager release and new Bijira AI API management SaaS, we’re helping enterprise software developers to meet their evolving needs by utilizing AI-assisted API management while ensuring security, scalability and governance.”

    AI-Driven API Governance and AI Gateway
    WSO2 API Manager and Bijira now deliver AI-driven capabilities for automating API governance and creating APIs, as well as more effectively managing AI APIs. 

    AI-Powered, Automated API governance: API sprawl and inconsistent governance are major challenges for large organizations. Building on WSO2’s traditional governance capabilities, the new AI Governance feature uses generative AI to automatically ensure API compliance with organizational policies and industry standards. It interprets documentation, standards and specifications and then scans API designs to find inconsistencies and violations. By reducing the time needed to create and maintain complex rulesets, it enhances scalability and the ability to adapt to evolving compliance needs to  ensure a consistent and secure API ecosystem.

    Expanded AI Gateway: WSO2’s AI Gateway capability (formerly called Egress API Management) provides visibility and control over third-party APIs for AI services and large language models (LLMs). It has now been expanded to include multi-model backend support—becoming one of the first solutions to allow seamless, dynamic routing of AI API requests between OpenAI, Microsoft Azure OpenAI, and Mistral models. APIs can intelligently select the best AI model based on cost, availability or performance, optimizing response times and reducing expenses. The AI Gateway capability is available with WSO2 gateway runtimes managed by WSO2 API Manager.

    AI API Design Assistant: WSO2 API Manager and Bijira enable faster, more efficient API design by using WSO2 Copilot to enable natural language-based API creation, Swagger user interface visualization, and interactive refinement for REST, GraphQL, and AsyncAPIs.

    Centralized Control with WSO2 API Manager
    WSO2 API Manager is WSO2’s comprehensive, industry-leading platform for full lifecycle API management, executing 60 trillion-plus transactions each year. The open-source software maximizes deployment flexibility, since it can run on-premises, in the cloud, or within a hybrid environment. With this latest release, WSO2 API Manager introduces a componentized architecture that combines centralized control with flexible API gateway management to meet organizations’ evolving needs.

    Unified Control Plane: The new WSO2 API Control Plane (WOS2 ACP) provides a single interface for designers, consumers and operations for visibility of the entire API lifecycle, across all gateways in the ecosystem. This results in enhanced governance, security, and overall management capabilities across the API ecosystem. WSO2 ACP complements WSO2 API Manager’s gateways: WSO2 Universal Gateway (formerly WSO2 API Gateway) featuring built-in mediation, WSO2 Kubernetes Gateway (formerly WSO2 API platform for Kubernetes) for Kubernetes-native API management, and WSO2 Immutable Gateway (formerly WSO2 API Microgateway) for offline and edge use cases. 

    Gateway Federation and Multi-Gateway Management: The combination of ACP and an extensive connector architecture enables developers to manage federated third-party gateways, such as Amazon Web Services (AWS) API Gateway and Solace, in addition to API gateways from WSO2. 

    B2B API Management with Organization Support: WSO2 API Manager enhances its comprehensive role-based access control with hierarchical API access and organization-specific API policies to manage APIs across B2B scenarios with complex organizational structures and hierarchies. This gives enterprises far greater flexibility in deploying an API management platform that fits the entire business, not the other way around.

    Bijira AI API Management SaaS
    Bijira by WSO2 is a next-generation, AI-native API management solution designed for the cloud native era. Combining the comprehensive capabilities of WSO2 API Manager and Choreo for API Management, it offers a developer-friendly approach to API lifecycle management, enabling seamless governance, automation, and optimization. At the same time, Bijira goes beyond traditional API SaaS offerings by providing greater flexibility, scalability, and innovation to modern enterprises.

    WSO2 API Manager Features in the Cloud: Bijira incorporates the API lifecycle management functionality of WSO2 API Manager, including features from the newest release: AI-powered API governance, AI-driven API creation, support for federated gateways and multi-gateway management, and B2B API management.

    Unified API Gateway and Data Plane Control: Like WSO2 API Manager, Bijira also provides a unified control plane, enabling organizations to manage APIs across cloud and private data planes, ensuring centralized policy enforcement and streamlined operations.

    Robust SaaS Environment: Building on Choreo for API Management SaaS technology, Bijira facilitates self-service and delivers the robust functionality organizations expect, including built-in continuous integration and continuous delivery (CI/CD) and DevOps support, zero trust security, and secret management. Additionally, it offers support for organizations and projects with configurable roles, multi-cloud and hybrid cloud deployment, and observability and usage insights.

    Availability and Support
    WSO2 API Manager 4.5 open-source software and the Bijira AI API management SaaS are now generally available. More details are covered in today’s API management product blog posts – WSO2 API Manager and Bijira. Additionally, developers and other technology professionals can visit WSO2’s website to download WSO2 API Manager 4.5 and try Bijira for free. 

    About WSO2
    Founded in 2005, WSO2 is the largest independent software vendor providing open-source API management, integration, and identity and access management (IAM) to thousands of enterprises in over 90 countries. WSO2’s products and platforms—including our next-gen internal developer platform, Choreo—empower organizations to leverage the full potential of artificial intelligence and APIs for securely delivering the next generation of AI-enabled digital services and applications. Our open-source, AI-driven, API-first approach frees developers and architects from vendor lock-in and enables rapid digital product creation. Recognized as leaders by industry analysts, WSO2 has over 800 employees worldwide with offices in Australia, Brazil, Germany, India, Sri Lanka, the UAE, the UK, and the US, with nearly USD100M in annual recurring revenue. Visit https://wso2.com to learn more. Follow WSO2 on LinkedIn and X (Twitter).

    The MIL Network

  • MIL-OSI: WSO2’s Choreo AI-Native IDP, Now Offered as SaaS and Open-Source Software, Brings New Productivity Gains to Platform and Software Engineering Teams

    Source: GlobeNewswire (MIL-OSI)

    Austin, TX and Barcelona, Spain, March 18, 2025 (GLOBE NEWSWIRE) — WSO2, the leader in enterprise digital infrastructure technology, today announced an update to Choreo, its AI-native internal developer platform (IDP) as a service. Designed to accelerate enterprise innovation, this release introduces two transformative features: a platform engineering perspective that empowers teams to define and manage infrastructure at scale and artificial intelligence (AI) capabilities that amplify productivity across platform and software engineering teams. Initially available as a cloud service, the Choreo IDP is now also offered as downloadable open-source software for the first time—maximizing enterprises’ deployment flexibility.

    In a landscape where enterprises race to harness AI for competitive advantage, Choreo eliminates the bottlenecks of complex development ecosystems. The platform streamlines software delivery, operations, and enterprise engineering, enabling teams to focus on creating business value. WSO2 is demonstrating the latest Choreo release at WSO2Con 2025, which runs March 18-20, 2025 in Barcelona, Spain.

    “AI holds an opportunity for enterprises seeking to compete with new intelligent digital experiences, but the complexity of today’s infrastructure is hindering their efforts,” said Kanchana Wickremasinghe, WSO2 vice president and general manager – Choreo. “The latest release of our Choreo AI-native IDP, available in the cloud and as open-source software, is clearing the way for enterprises to innovate by extending AI capabilities that help software engineers deliver new apps faster while enabling platform engineers to quickly respond to developers’ ever-changing requirements and expectations.”

    A Platform for Platform Engineers
    Choreo provides a unified platform for platform, DevOps, and site reliability engineering (SRE) teams to configure and manage infrastructure, continuous integration/continuous delivery (CI/CD) pipelines, and environments, and operate securely at scale. New capabilities include:

    • Advanced Pipeline Handling: Customizable CI pipelines and parallel deployment options support multi-cloud architectures and rapid hotfixes.
    • Self-Service Data Planes (Beta): Customers can transform Kubernetes clusters into fully-managed, production-ready Choreo data planes via an intuitive UI.
    • FinOps with AI: Machine-learning-driven insights identify cost patterns, detect anomalies, and recommend optimizations, empowering proactive cloud cost management.
    • Application Alerts: Teams can monitor applications based on metrics and logs and receive automatic alerts.
    • Support for Local Pipelines and Observability: Organizations now have the option to run pipelines and observability metrics entirely within customer-managed infrastructure to provide greater control, visibility and flexibility.

    Together, the capabilities enable platform engineers to adopt a cloud native internal developer platform that allows them to respond dynamically to evolving developer needs and maintain compliance and control while empowering developers to self-service and focus on building digital experiences.

    Enhanced Productivity for Software Engineers
    Choreo supports software engineers with a Copilot for AI-assisted documentation and testing; an enterprise marketplace; API management; managed databases, caches, and Kafka; and support for a cell-based architecture. New capabilities include:

    • API-Key Support: Choreo simplifies API security by supporting the use of encryption keys for APIs used by machines.
    • Hotfix Pipelines: Choreo’s new hotfix deployment pipelines let teams deploy fixes in an emergency to production environments faster.
    • Streamlined configuration management: Choreo helps to reduce redundancy, simplify deployment, and minimize errors through support for environment-aware configuration groups and unified configuration declaration across projects and component types.

    New Choreo Open-Source IDP Software Version
    WSO2 is also introducing an open-source software version of the Choreo internal developer platform that is ready to use out of the box. Now enterprises that want an IDP they can manage on-premises or in a private cloud can gain all the benefits provided by the Choreo IDP as a service, including greater productivity across platform and software engineering teams, significant cost efficiencies, and faster time to market. 

    For platform engineers, Choreo provides extensive control over infrastructure management, deployment workflows, security governance, etc. For developers, the platform offers self-service capabilities across software delivery and engineering where developers can build, deploy, and run applications using automated CI/CD pipelines, while leveraging built-in API management, service mesh, and observability features. And for team members across the organization, AI-driven tools foster even greater visibility, governance and productivity.

    Availability and Support
    The new features in Choreo are generally available with the exception of self-service data planes now in beta. Developers and platform engineers can subscribe to Choreo directly from WSO2 or via the Microsoft Azure, Amazon Web Services (AWS), and Google Cloud Platform (GCP) marketplaces. More details are covered in today’s Choreo release blog post and Choreo open-source release blog post. Additionally, developers and other technology professionals can visit WSO2’s website to try the Choreo IDP as a service for free or download the new open-source IDP software

    About WSO2
    Founded in 2005, WSO2 is the largest independent software vendor providing open-source API management, integration, and identity and access management (IAM) to thousands of enterprises in over 90 countries. WSO2’s products and platforms—including our next-gen internal developer platform, Choreo—empower organizations to leverage the full potential of artificial intelligence and APIs for securely delivering the next generation of AI-enabled digital services and applications. Our open-source, AI-driven, API-first approach frees developers and architects from vendor lock-in and enables rapid digital product creation. Recognized as leaders by industry analysts, WSO2 has over 800 employees worldwide with offices in Australia, Brazil, Germany, India, Sri Lanka, the UAE, the UK, and the US, with nearly USD100M in annual recurring revenue. Visit https://wso2.com to learn more. Follow WSO2 on LinkedIn and X (Twitter).

    The MIL Network

  • MIL-OSI: From Experiment to Execution: WSO2 Brings AI into the Heart of Modern Software Development

    Source: GlobeNewswire (MIL-OSI)

    Austin, TX and Barcelona, Spain, March 18, 2025 (GLOBE NEWSWIRE) — Emerging artificial intelligence (AI) technologies are disrupting business models and opening opportunities to drive cost-efficiencies and new revenue streams. However, few AI proof-of-concept projects actually make it to production because current software platforms lack the abstractions and building blocks to include AI components in production-grade applications in a way that is easy and scalable. Today, WSO2 is closing this gap with the next generation of its industry-leading, open-source platform, which has been reinvented for the AI era. 

    AI is now a first-class concept across the entire spectrum of products that comprise the WSO2 software stack—enabling enterprises to easily create (code), integrate, manage and secure intelligent digital products and services. The newest WSO2 product offerings are generally available, and their AI-native capabilities are being demonstrated at WSO2Con 2025, which runs March 18-20, 2025 in Barcelona, Spain.

    Taking a Comprehensive Long-View to AI
    WSO2’s AI-native platform is the result of the long-term strategy that WSO2 product and research teams have built around generative AI (GenAI) and the agentic economy. It builds on WSO2’s breadth of functionality and experience to cover an AI application’s entire lifecycle, from coding through delivery, monitoring and observability. 

    The platform brings together low-code and pro-code programming for building AI agents, applications that leverage Gen AI and AI agent capabilities, and a novel programming approach that combines natural language and code. Additionally, the open WSO2 platform integrates out-of-the-box with AI ecosystem libraries, agent frameworks, knowledge bases, and GenAI APIs. Together, the capabilities allow enterprises to build resilient, scalable, secured and observable AI APIs, applications and agents while leveraging WSO2’s GenAI productivity support to reduce both costs and time to market.

    Enterprises can also onboard AI agents built on their framework of choice and apply WSO2’s quality of service capabilities—including security, governance or monitoring. Moreover, the open, highly extensible WSO2 platform is designed to evolve with AI technology developments, providing enterprises with a future-proof platform for their intelligent digital experiences. 

    “AI is fundamentally changing the applications that enterprises are building, as well as how they are building them,” said Dr. Sanjiva Weerawarana, WSO2 founder and CEO. “WSO2 is on a transformational journey across the company to help our customers use AI to boost their own productivity and deliver great digital experiences. As part of this journey, we are building on our commitment to open-source software, a key enabler of AI adoption. We’re also investing in our team, and we are excited to have AI expert Rania Khalaf join WSO2 as Chief AI Officer to spearhead our company-wide strategy and roadmap for delivering on the promise of the AI era.”

    Supporting AI Across the Software Development Lifecycle
    “The modern application is AI native. The current software development lifecycle (SDLC) and software application stack are not,” said Rania Khalaf WSO2 chief AI officer. “What is happening is a fundamental co-evolution of both—at every level and stage—as generative AI boosts developer productivity and pushes multi-modal understanding and synthesis deep into the development stack. WSO2 is positioned at the center of this shift with an open-source platform that, for the first time, brings AI-native capabilities to functions across the SDLC.”

    Today, product offerings across the WSO2 platform bring together the AI-native capabilities enterprises need to easily code, integrate, manage and secure intelligent digital products and services.

    Code: WSO2 supports a new AI-native “natural programming” approach via its Ballerina specialized integration language. WSO2 also provides the ability to create AI agents and AI APIs, as well as build retrieval-augmented generation (RAG) and other AI-driven applications using capabilities from the Choreo internal developer platform as a service (IDPaaS), WSO2 Integration Manager and Devant integration platform as a service (iPaaS), and WSO2 API Manager and Bijira API management software as a service (SaaS). Additionally, these products feature a range of AI-powered tools to support developer productivity.

    Integrate: WSO2 enables developers to use AI to create intelligent integrations, supported by extensive connectivity to large language models (LLMs), vector databases, AI agents, APIs and systems using WSO2 Integration Manager and the Devant IpaaS. Meanwhile the AI Gateway employed by WSO2 API Manager and Bijira API management SaaS provides visibility and control over third-party APIs for AI services and LLMs along with multi-model backend support for seamless, dynamic routing of AI API requests between OpenAI, Microsoft Azure OpenAI, and Mistral models.

    Manage: WSO2 empowers development teams to manage AI APIs, AI agents, and AI integrations using Choreo, WSO2 API Manager, WSO2 Integration Manager, Bijira and Devant. WSO2’s API management products also add AI-driven governance to automatically ensure API compliance with organizational policies and industry standards. Additionally, the Choreo IDPaaS delivers new AI-driven capabilities to help teams identify spending patterns, detect anomalies, and recommend cost-saving actions, enabling organizations to proactively manage cloud costs and improve financial efficiency. 

    Secure: AI agents are first-class citizens in WSO2 identity and access management (IAM) products—securing access to agents and controlling what agents can access, as well as enabling the delegation of access from human users to the agents that are helping them get work done. The products include WSO2 Identity Manager, WSO2 Private Identity Cloud, and the Asgardeo identity as a service (IDaaS). At the same time, all WSO2 cloud offerings, including Choreo, Asgardeo, Devant and Bijira provide robust zero-trust security.

    For More Information
    To learn more about WSO2’s AI-native capabilities, visit the WSO2 AI page and reference the press announcements synchronized with WSO2Con 2025 for WSO2’s Choreo, API Management, Integration, and IAM business units. 

    About WSO2
    Founded in 2005, WSO2 is the largest independent software vendor providing open-source API management, integration, and identity and access management (IAM) to thousands of enterprises in over 90 countries. WSO2’s products and platforms—including our next-gen internal developer platform, Choreo—empower organizations to leverage the full potential of artificial intelligence and APIs for securely delivering the next generation of AI-enabled digital services and applications. Our open-source, AI-driven, API-first approach frees developers and architects from vendor lock-in and enables rapid digital product creation. Recognized as leaders by industry analysts, WSO2 has over 800 employees worldwide with offices in Australia, Brazil, Germany, India, Sri Lanka, the UAE, the UK, and the US, with nearly USD100M in annual recurring revenue. Visit https://wso2.com to learn more. Follow WSO2 on LinkedIn and X (Twitter).

    The MIL Network

  • MIL-OSI: UP Fintech Holding Limited Reports Unaudited Fourth Quarter And Full Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, March 18, 2025 (GLOBE NEWSWIRE) — UP Fintech Holding Limited (NASDAQ: TIGR) (“UP Fintech” or the “Company”), a leading online brokerage firm focusing on global investors, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024.

    Mr. Wu Tianhua, Chairman and CEO of UP Fintech stated: “Both of our financial and operating performance have achieved significant growth in the fourth quarter and the full year of 2024. Total revenue in the fourth quarter reached US$124.1 million, representing a sequential increase of 22.8% and a year-over-year growth of 77.3%. The full year total revenue amounted to US$391.5 million, a 43.7% increase from 2023. Bottom line also largely increased on a GAAP and non-GAAP basis. Net income attributable to ordinary shareholders of UP Fintech in the fourth quarter reached US$28.1 million, representing a quarter-over-quarter growth of 58.0% and compared to a net loss of US$1.8 million in the same quarter of last year. Non-GAAP net income attributable to ordinary shareholders of UP Fintech in the fourth quarter amounted to US$30.5 million, a quarter-over-quarter increase of 51.7% and a year-over-year increase of 2772.5%. The full year net income and non-GAAP net income attributable to ordinary shareholders of UP Fintech in 2024 were US$60.7 million and US$70.5 million, increased 86.5% and 65.0% respectively compared to prior year. We are pleased to see that both our annual and quarterly topline and bottom line have reached an all-time high as we keep executing internationalization strategy and building a resilient business model with healthier operating leverage.

    In the fourth quarter, we added 59,200 customers with deposits, an increase of 17.2% quarter over quarter and 51.4% year over year, bringing our yearly total to 187,400, exceeding our yearly guidance of 150,000. The total number of customers with deposits at the end of 2024 reached 1,092,000, a 20.7% increase compared to 2023 year-end. Additionally, asset inflows remained robust, with a net inflow of US$1.1 billion in the fourth quarter, primarily from retail investors. This was slightly offset by a mark-to-market loss. As a result, the total account balance rose by 2.4% quarter over quarter and 36.4% year over year, reaching a record US$41.7 billion. Over the past three years, the number of customers with deposits and total account balance have achieved compound annual growth rates (“CAGRs”) of 17.5% and 34.7%, respectively.

    We have continued to roll out a range of localized products and features designed to enhance the user experience. In late January, our cryptocurrency platform, YAX (Hong Kong) Limited, received official approval from the Hong Kong Securities and Futures Commission (HKSFC), becoming a licensed virtual asset trading platform (VATP) in Hong Kong. Recently, we officially upgraded our AI investment assistant, TigerGPT to TigerAI and integrated with leading AI models, making it the first brokerage platform globally to incorporate such technology.

    Our corporate business continued to perform well in the fourth quarter of 2024. During this period, we underwrote a total of 14 U.S. and Hong Kong IPOs, including “Mao Geping Company”, “Pony AI Inc.” and “WeRide Inc.”, bringing the total number of U.S. and Hong Kong IPOs underwritten for the year to 44. In our ESOP business, we added 16 new clients in the fourth quarter, bringing the total number of ESOP clients served to 613 as of December 31, 2024.”

    Financial Highlights for Fourth Quarter 2024

    • Total revenues increased 77.3% year-over-year to US$124.1 million.
    • Total net revenues increased 98.9% year-over-year to US$107.4 million.
    • Net income attributable to ordinary shareholders of UP Fintech was US$28.1 million compared to a net loss of US$1.8 million in the same quarter of last year.
    • Non-GAAP net income attributable to ordinary shareholders of UP Fintech was US$30.5 million, compared to a non-GAAP net income of US$1.1 million in the same quarter of last year, an increase of 2772.5%. A reconciliation of non-GAAP financial metrics to the most comparable GAAP metrics is set forth below.

    Financial Highlights for Fiscal Year 2024

    • Total revenues increased 43.7% year-over-year to US$391.5 million.
    • Total net revenues increased 46.6% year-over-year to US$330.7 million.
    • Net income attributable to ordinary shareholders of UP Fintech was US$60.7 million compared to a net income of US$32.6 million in 2023, an increase of 86.5%.
    • Non-GAAP net income attributable to ordinary shareholders of UP Fintech was US$70.5 million, compared to a non-GAAP net income of US$42.7 million in 2023, an increase of 65.0%. A reconciliation of non-GAAP financial metrics to the most comparable GAAP metrics is set forth below.

    Operating Highlights as of Year End 2024

    • Total account balance increased 36.4% year-over-year to US$41.7 billion.
    • Total margin financing and securities lending balance increased 88.2% year-over-year to US$4.5 billion.
    • Total number of customers with deposit increased 20.7% year-over-year to 1,092,000.

    Selected Operating Data for Fourth Quarter 2024

      As of and for the three months ended
      December 31,   September 30,   December 31,
      2023   2024   2024
    In 000’s          
    Number of customer accounts 2,195.7   2,368.0   2,449.3
    Number of customers with deposits 904.6   1,032.8   1,092.0
    Number of options and futures contracts traded 8,044.5   15,261.2   18,926.3
    In USD millions          
    Trading volume 81,765.2   162,990.0   198,016.9
    Trading volume of stocks 19,711.6   41,406.3   55,502.6
    Total account balance 30,597.5   40,763.6   41,725.2
               

    Fourth Quarter 2024 Financial Results

    REVENUES

    Total revenues were US$124.1 million, an increase of 77.3% from US$70.0 million in the same quarter of last year.

    Commissions were US$56.0 million, an increase of 154.9% from US$22.0 million in the same quarter of last year, due to an increase in trading volume.

    Financing service fees were US$2.8 million, a decrease of 12.7% from US$3.2 million in the same quarter of last year, primarily due to a decrease in securities lending activities of our fully disclosed account customers.

    Interest income was US$55.8 million, an increase of 39.6% from US$40.0 million in the same quarter of last year, primarily due to the increase in margin financing and securities lending activities of our consolidated account customers.

    Other revenues were US$9.6 million, an increase of 96.2% from US$4.9 million in the same quarter of last year, primarily due to the increase in IPO subscription incomes and currency exchange incomes.

    Interest expense was US$16.7 million, an increase of 4.6% from US$16.0 million in the same quarter of last year, primarily due to the increase in margin financing activities.

    OPERATING COSTS AND EXPENSES

    Total operating costs and expenses were US$73.1 million, an increase of 39.3% from US$52.5 million in the same quarter of last year.

    Execution and clearing expenses were US$6.1 million, an increase of 171.5% from US$2.2 million in the same quarter of last year due to an increase in our trading volume.

    Employee compensation and benefits expenses were US$37.2 million, an increase of 40.5% from US$26.5 million in the same quarter of last year, primarily due to an increase of global headcount to support our global expansion.

    Occupancy, depreciation and amortization expenses were US$2.1 million, a slight decrease of 2.4% from US$2.2 million in the same quarter of last year.

    Communication and market data expenses were US$11.8 million, an increase of 38.2% from US$8.5 million in the same quarter of last year due to increased IT-related fees.

    Marketing and branding expenses were US$9.5 million, an increase of 64.2% from US$5.8 million in the same quarter of last year, primarily due to higher marketing spending this quarter.

    General and administrative expenses were US$6.4 million, a decrease of 11.8% from US$7.3 million in the same quarter of last year due to a decrease in professional service fees.

    NET LOSS/INCOME ATTRIBUTABLE TO ORDINARY SHAREHOLDERS OF UP FINTECH

    Net income attributable to ordinary shareholders of UP Fintech was US$28.1 million, as compared to a net loss of US$1.8 million in the same quarter of last year. Net income per ADS – diluted was US$0.158, as compared to a net loss per ADS – diluted of US$0.012 in the same quarter of last year.

    Non-GAAP net income attributable to ordinary shareholders of UP Fintech, which excludes share-based compensation, was US$30.5 million, as compared to a US$1.1 million non-GAAP net income attributable to ordinary shareholders of UP Fintech in the same quarter of last year. Non-GAAP net income per ADS – diluted was US$0.172 as compared to a non-GAAP net income per ADS – diluted of US$0.007 in the same quarter of last year.

    For the fourth quarter of 2024, the Company’s weighted average number of ADSs used in calculating non-GAAP net income per ADS – diluted was 179,173,811. As of December 31, 2024, the Company had a total of 2,640,326,072 Class A and B ordinary shares outstanding, or the equivalent of 176,021,738 ADSs.

    Full Year 2024 Financial Results

    REVENUES

    Total revenues were US$391.5 million, an increase of 43.7% from US$272.5 million in 2023.

    Commissions were US$159.0 million, an increase of 71.8% from US$92.6 million in 2023, due to an increase in trading volume.

    Financing service fees were US$11.3 million, a decrease of 7.1% from US$12.2 million in 2023, primarily due to a decrease in securities lending activities of our fully disclosed account customers.

    Interest income was US$191.8 million, an increase of 28.4% from US$149.3 million in 2023, primarily due to the increase in margin financing and securities lending activities of our consolidated account customers.

    Other revenues were US$29.4 million, an increase of 59.6% from US$18.4 million in 2023, primarily due to the increase in IPO subscription incomes and currency exchange incomes.

    Interest expense was US$60.8 million, an increase of 29.5% from US$47.0 million in 2023, primarily due to the increase in margin financing and securities lending activities.

    OPERATING COSTS AND EXPENSES

    Total operating costs and expenses were US$252.3 million, an increase of 30.9% from US$192.7 million in 2023.

    Execution and clearing expenses were US$14.7 million, an increase of 61.3% from US$9.1 million in 2023 due to an increase in our trading volume.

    Employee compensation and benefits expenses were US$122.4 million, an increase of 21.5% from US$100.8 million in 2023, primarily due to an increase of global headcount to support our global expansion.

    Occupancy, depreciation and amortization expenses were US$8.6 million, a decrease of 8.9% from US$9.4 million in 2023.

    Communication and market data expenses were US$38.9 million, an increase of 26.1% from US$30.8 million in 2023 due to increased IT-related fees.

    Marketing and branding expenses were US$28.5 million, an increase of 36.8% from US$20.9 million in 2023, primarily due to higher marketing spending this year.

    General and administrative expenses were US$39.3 million, an increase of 80.2% from US$21.8 million in 2023 due to an increase in bad debt expense.

    NET INCOME ATTRIBUTABLE TO ORDINARY SHAREHOLDERS OF UP FINTECH

    Net income attributable to ordinary shareholders of UP Fintech was US$60.7 million, as compared to a net income of US$32.6 million in 2023. Net income per ADS – diluted was US$0.366, as compared to a net income per ADS – diluted of US$0.207 in 2023.

    Non-GAAP net income attributable to ordinary shareholders of UP Fintech, which excludes share-based compensation, was US$70.5 million, as compared to a US$42.7 million non-GAAP net income attributable to ordinary shareholders of UP Fintech in 2023. Non-GAAP net income per ADS – diluted was US$0.424 as compared to a non-GAAP net income per ADS – diluted of US$0.270 in 2023.

    CERTAIN OTHER FINANCIAL ITEMS

    As of December 31, 2024, the Company’s cash and cash equivalents, term deposits and long-term deposits were US$396.0 million, compared to US$327.7 million as of December 31, 2023.

    As of December 31, 2024, the allowance balance of receivables from customers was US$15.3 million compared to US$1.0 million as of December 31, 2023, which was due to a bad debt provision concerning the recoverability of a specific Hong Kong stock pledge business faced with extreme market situation and significant price drop, leading to a provision for the loan balance.

    Conference Call Information:

    UP Fintech’s management will hold an earnings conference call at 8:00 AM on March 18, 2025, U.S. Eastern Time (8:00 PM on March 18, 2025, Singapore/Hong Kong Time).

    All participants wishing to attend the call must preregister online before they may receive the dial-in numbers. Preregistration may require a few minutes to complete.

    Preregistration Information:

    Please note that all participants will need to pre-register for the conference call, using the link:

    https://register-conf.media-server.com/register/BId5c2bd4696d14e7ba2bc391b87ede751

    It will automatically lead to the registration page of “UP Fintech Holding Limited Fourth Quarter And Full Year 2024 Earnings Conference Call”, where details for RSVP are needed.

    Upon registering, all participants will be provided in confirmation emails with participant dial-in numbers and personal PINs to access the conference call. Please dial in 10 minutes prior to the call start time using the conference access information.

    Additionally, a live and archived webcast of the conference call will be available at https://ir.itigerup.com

    Use of Non-GAAP Financial Measures

    In evaluating our business, we consider and use non-GAAP net loss or income attributable to ordinary shareholders of UP Fintech and non-GAAP net loss or income per ADS – diluted as supplemental measures to review and assess our operating performance. The presentation of the non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). We define non-GAAP net loss or income attributable to ordinary shareholders of UP Fintech as net loss or income attributable to ordinary shareholders of UP Fintech excluding share-based compensation. Non-GAAP net loss or income per ADS – diluted is non-GAAP net loss or income attributable to ordinary shareholders of UP Fintech divided by the weighted average number of diluted ADSs.

    We present these non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. Non-GAAP net loss or income attributable to ordinary shareholders of UP Fintech enables our management to assess our operating results without considering the impact of share-based compensation. We also believe that the use of these non-GAAP financial measures facilitates investors’ assessment of our operating performance.

    These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as an analytical tool. One of the key limitations of using these non-GAAP financial measures is that they do not reflect all items of income and expenses that affect our operations. Share-based compensation has been and may continue to be incurred in our business and are not reflected in the presentation of non-GAAP net loss or income attributable to ordinary shareholders of UP Fintech. Further, these non-GAAP financial measures may differ from the non-GAAP financial information used by other companies, including peer companies, and therefore their comparability may be limited.

    These non-GAAP financial measures should not be considered in isolation or construed as alternatives to total operating costs and expenses, net loss or income attributable to ordinary shareholders of UP Fintech or any other measure of performance or as an indicator of our operating performance. Investors are encouraged to review these historical non-GAAP financial measures in light of the most directly comparable GAAP measures. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting the usefulness of such measures when analyzing our data comparatively. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure.

    About UP Fintech Holding Limited

    UP Fintech Holding Limited is a leading online brokerage firm focusing on global investors. The Company’s proprietary mobile and online trading platform enables investors to trade in equities and other financial instruments on multiple exchanges around the world. The Company offers innovative products and services as well as a superior user experience to customers through its “mobile first” strategy, which enables it to better serve and retain current customers as well as attract new ones. The Company offers customers comprehensive brokerage and value-added services, including trade order placement and execution, margin financing, IPO subscription, ESOP management, investor education, community discussion and customer support. The Company’s proprietary infrastructure and advanced technology are able to support trades across multiple currencies, multiple markets, multiple products, multiple execution venues and multiple clearinghouses.

    For more information on the Company, please visit: https://ir.itigerup.com.

    Safe Harbor Statement

    This announcement contains forward−looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward−looking statements can be identified by terminology such as “may,” “might,” “aim,” “likely to,” “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements or expressions. Among other statements, the business outlook and quotations from management in this announcement, the Company’s strategic and operational plans and expectations regarding growth and expansion of its business lines, and the Company’s plans for future financing of its business contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20−F and 6−K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties, including the earnings conference call. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward−looking statements. Forward−looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s ability to effectively implement its growth strategies; trends and competition in global financial markets; changes in the Company’s revenues and certain cost or expense accounting policies; and governmental policies and regulations affecting the Company’s industry and general economic conditions in China, Singapore and other countries. Further information regarding these and other risks is included in the Company’s filings with the SEC, including the Company’s annual report on Form 20-F filed with the SEC on April 22, 2024. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law. Further information regarding these and other risks is included in the Company’s filings with the SEC.

    For investor and media inquiries please contact:

    Investor Relations Contact

    UP Fintech Holding Limited

    Email: ir@itiger.com

    UP FINTECH HOLDING LIMITED
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (All amounts in U.S. dollars (“US$”))

        As of
    December 31,
        As of
    December 31,
     
        2023     2024  
        US$     US$  
    Assets:            
    Cash and cash equivalents   322,599,616     393,576,874  
    Cash-segregated for regulatory purpose   1,617,154,185     2,464,683,625  
    Term deposits   896,683     1,075,260  
    Receivables from customers (net of allowance of US$991,286 and
       US$15,284,002 as of December 31, 2023 and December 31, 2024)
      753,361,199     1,052,972,649  
    Receivables from brokers, dealers, and clearing organizations   541,876,929     2,305,740,507  
    Financial instruments held, at fair value   428,159,554     75,547,082  
    Prepaid expenses and other current assets   17,936,180     17,629,819  
    Amounts due from related parties   7,987,756     16,720,671  
    Total current assets   3,689,972,102     6,327,946,487  
    Non-current assets:            
    Long-term deposits   4,225,412     1,369,994  
    Right-of-use assets   9,067,885     10,880,673  
    Property, equipment and intangible assets, net   16,429,543     15,358,528  
    Goodwill   2,492,668     2,492,668  
    Long-term investments   7,586,483     7,658,809  
    Equity method investment       10,203,622  
    Other non-current assets   5,282,012     6,828,553  
    Deferred tax assets   10,990,998     8,573,135  
    Total non-current assets   56,075,001     63,365,982  
    Total assets   3,746,047,103     6,391,312,469  
    Current liabilities:            
    Payables to customers   2,913,306,558     3,574,651,125  
    Payables to brokers, dealers and clearing organizations   114,771,931     1,914,769,701  
    Accrued expenses and other current liabilities   42,381,946     67,263,254  
    Deferred income-current   819,809      
    Lease liabilities-current   4,133,883     4,153,928  
    Amounts due to related parties   10,148,142     874,331  
    Total current liabilities   3,085,562,269     5,561,712,339  
    Convertible bonds   156,887,691     159,505,397  
    Lease liabilities-non-current   4,777,134     5,902,323  
    Deferred tax liabilities   3,397,831     2,068,661  
    Total liabilities   3,250,624,925     5,729,188,720  
    Mezzanine equity            
    Redeemable non-controlling interest   6,706,660     7,177,668  
    Total Mezzanine equity   6,706,660     7,177,668  
    Shareholders’ equity:            
    Class A ordinary shares   22,528     25,427  
    Class B ordinary shares   976     976  
    Additional paid-in capital   505,448,080     619,030,730  
    Statutory reserve   8,511,039     12,425,463  
    (Accumulated deficit) Retained earnings   (19,600,434 )   37,843,547  
    Treasury Stock   (2,172,819 )   (2,172,819 )
    Accumulated other comprehensive loss   (3,232,993 )   (11,919,310 )
    Total UP Fintech shareholders’ equity   488,976,377     655,234,014  
    Non-controlling interests   (260,859 )   (287,933 )
    Total equity   488,715,518     654,946,081  
    Total liabilities, mezzanine equity and equity   3,746,047,103     6,391,312,469  
    UP FINTECH HOLDING LIMITED
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
    (All amounts in U.S. dollars (“US$”), except for number of shares (or ADSs) and per share (or ADS) data)
     
        For the three months ended     For the years ended  
        December 31,     September 30,     December 31,     December 31,     December 31,  
        2023     2024     2024     2023     2024  
        US$     US$     US$     US$     US$  
    Revenues:                              
    Commissions   21,954,587     41,207,882     55,964,174     92,593,458     159,045,052  
    Interest related income                              
    Financing service fees   3,174,949     2,803,878     2,770,419     12,178,838     11,311,560  
    Interest income   39,956,315     47,957,486     55,762,091     149,291,006     191,754,746  
    Other revenues   4,895,109     9,084,834     9,605,165     18,444,293     29,430,071  
    Total revenues   69,980,960     101,054,080     124,101,849     272,507,595     391,541,429  
    Interest expense   (15,995,738 )   (15,700,359 )   (16,731,341 )   (46,957,657 )   (60,803,516 )
    Total Net Revenues   53,985,222     85,353,721     107,370,508     225,549,938     330,737,913  
    Operating costs and expenses:                              
    Execution and clearing   (2,244,785 )   (3,518,611 )   (6,095,132 )   (9,084,089 )   (14,651,612 )
    Employee compensation and benefits   (26,458,931 )   (28,769,980 )   (37,163,110 )   (100,750,644 )   (122,365,537 )
    Occupancy, depreciation and amortization   (2,190,610 )   (2,162,704 )   (2,137,586 )   (9,387,056 )   (8,554,315 )
    Communication and market data   (8,532,128 )   (9,730,680 )   (11,787,814 )   (30,831,488 )   (38,893,381 )
    Marketing and branding   (5,790,739 )   (8,223,404 )   (9,507,918 )   (20,859,834 )   (28,530,053 )
    General and administrative   (7,293,530 )   (6,932,672 )   (6,432,737 )   (21,791,263 )   (39,278,674 )
    Total operating costs and expenses   (52,510,723 )   (59,338,051 )   (73,124,297 )   (192,704,374 )   (252,273,572 )
    Other (loss) income:                              
    Others, net   (1,664,053 )   (5,189,945 )   3,469,021     13,148,173     3,299,308  
     (Loss) income before income tax   (189,554 )   20,825,725     37,715,232     45,993,737     81,763,649  
    Income tax expenses   (1,498,639 )   (2,907,080 )   (9,488,084 )   (12,986,310 )   (20,409,721 )
    Net (loss) income   (1,688,193 )   17,918,645     28,227,148     33,007,427     61,353,928  
    Less: net (loss) income attributable to non-controlling interests   (1,293 )   3,353     12,563     (98,285 )   (4,477 )
    Accretion of redeemable non-controlling interests to redemption value   (148,624 )   (160,998 )   (164,328 )   (542,187 )   (630,485 )
    Net (loss) income attributable to ordinary shareholders of UP Fintech   (1,835,524 )   17,754,294     28,050,257     32,563,525     60,727,920  
    Other comprehensive income (loss), net of tax:                              
    Unrealized loss on available-for-sale investments   (450,325 )       343,892     (450,325 )   343,892  
    Changes in cumulative foreign currency translation adjustment   7,261,631     16,119,046     (17,440,809 )   (545,498 )   (9,022,611 )
    Total Comprehensive income (loss)   5,123,113     34,037,691     11,130,231     32,011,604     52,675,209  
    Less: comprehensive (loss) income attributable to non-controlling interests   (8,222 )   (7,023 )   24,226     (92,526 )   3,121  
    Accretion of redeemable non-controlling interests to redemption value   (148,624 )   (160,998 )   (164,328 )   (542,187 )   (630,485 )
    Total Comprehensive income attributable to ordinary shareholders of UP Fintech   4,982,711     33,883,716     10,941,677     31,561,943     52,041,603  
    Net (loss) income per ordinary share:                              
    Basic   (0.001 )   0.008     0.011     0.014     0.025  
    Diluted   (0.001 )   0.007     0.011     0.014     0.024  
    Net (loss) income per ADS (1 ADS represents 15 Class A ordinary shares):                              
    Basic   (0.012 )   0.113     0.164     0.210     0.379  
    Diluted   (0.012 )   0.110     0.158     0.207     0.366  
    Weighted average number of ordinary shares used in calculating net (loss) income per ordinary share:                              
    Basic   2,336,018,747     2,362,528,627     2,557,911,677     2,325,338,439     2,404,640,854  
    Diluted   2,336,018,747     2,467,241,917     2,687,607,158     2,427,268,831     2,534,097,315  
    Reconciliations of Unaudited Non-GAAP Results of Operations Measures to the Nearest Comparable GAAP Measures
    (All amounts in U.S. dollars (“US$”), except for number of ADSs and per ADS data)


        For the three months ended December 31,
    2023
      For the three months ended September 30,
    2024
      For the three months ended December 31,
    2024
              non-GAAP           non-GAAP           non-GAAP    
        GAAP     Adjustment   non-GAAP   GAAP   Adjustment   non-GAAP   GAAP   Adjustment   non-GAAP
        US$     US$   US$   US$   US$   US$   US$   US$   US$
        Unaudited     Unaudited   Unaudited   Unaudited   Unaudited   Unaudited   Unaudited   Unaudited   Unaudited
              2,896,312 (1)         2,331,274 (1)         2,421,342 (1)  
    Net (loss) income attributable   to ordinary shareholders of UP Fintech   (1,835,524 )   2,896,312   1,060,788   17,754,294   2,331,274   20,085,568   28,050,257   2,421,342   30,471,599
                                           
    Net (loss) income per ADS –  diluted   (0.012 )       0.007   0.110       0.124   0.158       0.172
    Weighted average number of ADSs used in calculating diluted net (loss) income per ADS   155,734,583         157,931,785   164,482,794       164,482,794   179,173,811       179,173,811

    (1) Share-based compensation.

    Reconciliations of Unaudited Non-GAAP Results of Operations Measures to the Nearest Comparable GAAP Measures
    (All amounts in U.S. dollars (“US$”), except for number of ADSs and per ADS data)


        For the year ended December 31,
    2023
      For the year ended December 31,
    2024
            non-GAAP           non-GAAP    
        GAAP   Adjustment   non-GAAP   GAAP   Adjustment   non-GAAP
        US$   US$   US$   US$   US$   US$
        Unaudited   Unaudited   Unaudited   Unaudited   Unaudited   Unaudited
            10,147,362 (1)         9,736,901 (1)  
    Net income attributable to ordinary shareholders of UP Fintech   32,563,525   10,147,362   42,710,887   60,727,920   9,736,901   70,464,821
                             
    Net income per ADS – diluted   0.207       0.270   0.366       0.424
    Weighted average number of ADSs used in calculating diluted net income per ADS   161,817,922       162,607,678   168,939,821       168,939,821

    (1) Share-based compensation.

    The MIL Network

  • MIL-OSI: Nokia unveils two mass-market 25G PON residential fiber ONTs, making large-scale multi-gig and 10G+ viable and affordable

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    Nokia unveils two mass-market 25G PON residential fiber ONTs, making large-scale multi-gig and 10G+ viable and affordable

    • New indoor modems deliver speeds up to 20x faster than current gigabit solutions.
    • 25G PON technology is the most cost-effective way to deliver multi-gig and 10G+ residential services, ensuring that advertised speeds can be delivered to all subscribers simultaneously.
    • 25G PON modems have now reached the right price point for residential mass-market deployment.

    18 March 2025
    Amsterdam, Netherlands – Nokia today announced the launch of two new 25G PON fiber modems designed to deliver mass-market, high-speed residential connectivity. The indoor fiber modems provide speeds up to 20 times faster than existing gigabit solutions. 25G PON works on the same fiber network and equipment that operators already use to deliver GPON and 10G PON services. This allows operators to quickly and cost-effectively increase speeds on their network and get the most out of their Fiber-to-the-Home (FTTH) investment.
        
    Demand for multi-gigabit services is growing, moving beyond the enterprise into the home where end-users seek high-speed connectivity for cloud applications, gaming, remote work, and Wi-Fi 7. With 25G PON, operators can turn multi-Gig and 10G+ into mass-market services and know they can reliably deliver advertised speeds to all subscribers, all the time. This proven technology is used by 17 operators, including Google Fiber, Frontier, and Hong Kong Broadband. It provides an easy, cost-effective way to address residential demand for faster broadband speeds.

    The two new residential 25G PON fiber modems complement Nokia’s growing 25G PON portfolio, which includes the Lightspan FX, DF and MF fiber access platforms (OLTs), a 25G PON ONT designed for enterprise applications, and the industry’s first 25G PON sealed fiber access node for cable operators.

    “To support next-gen power users, operators must build future-ready broadband networks that scale beyond 10G. As technology advances, higher-capacity solutions like 25G PON are emerging as a simple, cost-effective way to meet tomorrow’s connectivity demands. With growing competition, differentiation, time-to-market, and scalability will remain critical for providers to stay ahead,” said Jaimie Lenderman, principal analyst at Omdia.   

    “We are investing in all next generation PON technologies including 10/25/50/100G PON, to give operators the best option to meet their needs and their business goals. 25G PON is a proven technology that can be easily activated on our existing 10G XGS-PON solutions. We have close to 2 million 25G-capable ports in the field already. These new 25G PON fiber modems provide a simple, efficient way to boost capacity and stay ahead of growing demands,” said Geert Heyninck, General Manager of Broadband Networks at Nokia.

    Multimedia, technical information and related news 
    Product Page: Nokia 25G PON ONT
    Product Page: Lightspan FX
    Product Page: Lightspan SF-8M sealed fiber access node
    Product Page: Lightspan MF fiber platform
    Web Page: 25G PON

    About Nokia
    At Nokia, we create technology that helps the world act together. 

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs, which is celebrating 100 years of innovation. 

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Media inquiries 
    Nokia Press Office 
    Email: Press.Services@nokia.com  

    Follow us on social media 
    LinkedIn X Instagram Facebook YouTube 

    Attachments

    The MIL Network

  • MIL-OSI: QuantHouse expands US equity market data offering with Cboe One Feed

    Source: GlobeNewswire (MIL-OSI)

    London, March 18, 2025 (GLOBE NEWSWIRE) — Iress today announced that its QuantHouse division is partnering with Cboe Global Markets, a leading global derivatives and securities exchange network and one of the largest US equity exchange operators, to increase its US equity market data offering through the Cboe One Feed.

    The Cboe One Feed is Cboe’s premier consolidated data feed and provides market participants with a cost-effective, high-quality and unified view of the market from Cboe’s US equity exchanges, with real-time reference quotes and trade data. Cboe operates four US equity exchanges and is one of the largest exchange operators for equities trading in the US. On average, Cboe One Feed quotes are within 1% away from the National Best Bid and Offer (NBBO) 97.26% of the time.1

    QuantHouse’s Head of EMEA Sales and Business Development, Rob Kirby, said: “We’re delighted to add the Cboe One Feed to the wide range of trading venues available from QuantHouse. Demand for Cboe One has initially come from our clients in Asia Pacific and this continues to demonstrate that our clients value choice and access to the widest range of global market data available.”

    Cboe’s Global Head of Data Vantage, Adam Inzirillo, added: “Cboe is committed to meeting the growing demand for access to US markets, particularly from APAC investors, by delivering access to high-quality and real-time market data as seamlessly and efficiently as possible. We are thrilled to expand on this mission through our collaboration with QuantHouse and providing their clients with access to the Cboe One Feed. 

    “Data drives decision making and is critical for trading strategy implementation, and the Cboe One Feed helps participants better understand the markets by providing real-time and highly reliable US market data.”

    The Cboe One Feed is available now for all QuantHouse clients.

    1Cboe: https://www.cboe.com/market_data_services/us/equities/cboe_one/

    -Ends-

    For further details, please contact:

    Melanie Budden

    Mobile: +44 (0) 7974 937970

    Email: melanie.budden@therealizationgroup.com

    About QuantHouse

    QuantHouse ( part of Iress) is a leading provider of international market data. It delivers high-performance API data feeds, historical and analytics data products it has crafted over the past 20+years to hedge funds, investment banks, brokers, market makers, financial technology providers and trading venues supporting integrated trading strategies, applications, and analytic databases.

    For more information please visit the website.

    About Iress

    Iress (IRE.ASX) is a technology company providing software to the financial services industry. We provide software and services for trading & market data, financial advice, investment management, superannuation, life & pensions and data intelligence in Asia-Pacific, North America, Africa, the UK and Europe.

    www.iress.com

    The MIL Network

  • MIL-OSI New Zealand: Fatal crash, Onaeroa, New Plymouth District

    Source: New Zealand Police (National News)

    Two people have died following a two-vehicle crash on Main North Road Onaeroa, New Plymouth District.

    Emergency services responded to the scene around 1:50pm.

    Two people were subsequently located deceased inside one of the vehicles.

    A third person from the second vehicle was transported to hospital in a moderate condition.

    The road remains closed while the Serious Crash Unit complete a scene examination.

    Enquiries into the circumstances of the crash remain ongoing.

    ENDS

    Issued by Police Media Centre
     

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: Serious crash closes road, Browns Bay

    Source: New Zealand Police (District News)

    A road in Browns Bay is shut following a crash.

    The single-vehicle crash happened on Beach Road, near where it joins with Browns Bay Road, about 7:50pm.

    Initial indications suggest serious injury to the sole occupant.

    Traffic is being diverted around the scene and motorists are advised to avoid the area if possible.

    ENDS

    MIL OSI New Zealand News

  • MIL-OSI Asia-Pac: President Lai meets Japan-ROC Diet Members’ Consultative Council Chairman Furuya Keiji

    Source: Republic of China Taiwan

    Details
    2025-03-17
    President Lai addresses opening of 2025 Yushan Forum
    On the morning of March 17, President Lai Ching-te attended the opening of the 2025 Yushan Forum, the theme of which was “New Southbound Policy+: Taiwan, the Indo-Pacific, and a New World.” In remarks, President Lai stated that the New Southbound Policy has led to great success in economic and trade cooperation, professional exchanges, resource sharing, and building regional links. He said that in the past, Taiwanese industries went from moving westward across the Taiwan Strait, to shifting southbound, to working closer with the north, but that now, Taiwan is confidently stepping across the Pacific, reaching eastward, to the Americas and other regions. While staying firmly rooted in Taiwan, he said, Taiwan’s enterprises are expanding their global presence and marketing worldwide. The president stated that Taiwan will strive alongside its partners in democracy to bolster non-red supply chains and digital solidarity, and together respond to the threats and challenges posed by expanding authoritarianism. He indicated that the Yushan Forum is a place to share experiences, and more importantly, lay down firm foundations for exchanges and cooperation among participants’ countries to create greater stability for the region and greater prosperity for the world. A transcript of President Lai’s remarks follows: On behalf of all the people of Taiwan, I want to welcome our good friends joining us from around the world. Your presence shows support for a peaceful and stable Taiwan and a free and open Indo-Pacific region. The Yushan Forum has become more than just an important platform for the New Southbound Policy. Over these eight years, more than 3,600 participants from Taiwan and 28 other countries have helped deepen Taiwan’s connections with nations around the world. The New Southbound Policy has led to great success in economic and trade cooperation, professional exchanges, resource sharing, and building regional links. Looking ahead, the Yushan Forum will be taking on the important mission of carrying its legacy forward and transforming it into action. Not only must we turn consensus into action plans for close cooperation among countries in the region; we must also work with partners around the world to forge ahead with cooperative plans for mutual prosperity. We hope to envision a new world from Taiwan – and see Taiwan in this new world. We are also embracing an era of smart technology. The government sessions of this Yushan Forum are therefore centered around topics including smart healthcare, smart transportation, and resilient supply chains for semiconductors. Taiwan is intent on working side by side with other countries to face the challenges of this new era. Today’s Taiwan celebrates not only the democratic achievements that are recognized by the international community, but also our strengths in the semiconductor and other tech industries, which enable us to play a key role in restructuring global democratic supply chains and the economic order. We are building on Taiwan as a “silicon island” for semiconductors while accelerating innovation and AI applications for industry. These efforts will help Taiwan become an “AI island” as well. We are also developing forward-looking fields such as quantum technology and precision medicine, which will create an industry ecosystem that is highly competitive and innovative. The government will also develop economic models powered by innovation. This will help SMEs (small- and medium-sized enterprises) upgrade and transform through the power of digital transformation and net-zero transition. In the past, Taiwanese industries went from moving westward across the Taiwan Strait, to shifting southbound, to working closer with the north. But now, we are confidently stepping across the Pacific, reaching eastward, to the Americas and other regions. While staying firmly rooted in Taiwan, our enterprises are expanding their global presence and marketing worldwide. Taiwan will continue to engage with the world, and we welcome the world to come closer to Taiwan. As we gather here today, I am confident that we share the same goal: Through international cooperation, we hope to build an even more inclusive, resilient, prosperous Indo-Pacific, while jointly defending the democracy, freedom, and peace we so firmly believe in. I want to thank you all once again for supporting Taiwan. We will strive alongside our partners in democracy to bolster non-red supply chains and digital solidarity, and together respond to the threats and challenges posed by expanding authoritarianism. Yushan is also known as Jade Mountain. It is Taiwan’s highest peak and stands as firm as our unwavering spirit. During this critical time of global change and transformation, the Yushan Forum is a place where we can share our experiences, and more importantly, lay down firm foundations for exchanges and cooperation among our countries. This way, we can create greater stability for the region and greater prosperity for the world. I wish everyone a successful forum. Thank you. Also in attendance at the event were former Prime Minister of Denmark and Alliance of Democracies Foundation Chairman Anders Fogh Rasmussen, former Prime Minister of the Republic of Slovenia Janez Janša, Japan-ROC Diet Members’ Consultative Council Chairman Furuya Keiji, and American Institute in Taiwan Taipei Office Director Raymond Greene.

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    2025-03-13
    President Lai attends Ministry of Foreign Affairs 2025 Spring Banquet  
    On the evening of March 13, President Lai Ching-te attended the Ministry of Foreign Affairs 2025 Spring Banquet for foreign ambassadors and representatives stationed in Taiwan. In remarks, President Lai thanked our diplomatic allies and like-minded countries for continuing to demonstrate their high regard and support for Taiwan at international venues. The president stated that a stronger Taiwan will be able to contribute even more to the world, explaining that is why he established the National Climate Change Committee, the Whole-of-Society Defense Resilience Committee, and the Healthy Taiwan Promotion Committee. He added that he hopes to pool our strengths so as to formulate national development strategies and enhance Taiwan’s international collaboration. The president also expressed hope of developing opportunities for cooperation with other countries across many domains to jointly advance democracy, peace, and prosperity throughout the region and around the world. A translation of President Lai’s remarks follows: Today is my first time attending the Ministry of Foreign Affairs Spring Banquet since becoming president. It is a pleasure to be able to meet and socialize with esteemed guests from other countries and good friends from all sectors of Taiwan. The global landscape has changed rapidly over the past year. Geopolitical volatility, the restructuring of supply chains, technological advancements, and other factors have had a profound impact on nations’ strategic plans. I want to take this opportunity to thank our diplomatic allies and like-minded countries for continuing to demonstrate their high regard and support for Taiwan at international venues. Last month, the leaders of the United States and Japan, the US secretary of state and the foreign ministers of Japan and the Republic of Korea, and the G7 foreign ministers all issued joint statements emphasizing the importance of peace and stability across the Taiwan Strait, underscoring Taiwan’s vital role in global progress and prosperity.  I would especially like to thank members of the diplomatic corps for working with us to build even closer partnerships between our countries. I have always believed that a stronger Taiwan will be able to contribute even more to the world. That is why, after taking office, I established the National Climate Change Committee, the Whole-of-Society Defense Resilience Committee, and the Healthy Taiwan Promotion Committee under the Office of the President. These committees continue to address global concerns and seek to solve important issues that impact our own people. I hope to pool our strengths so as to formulate national development strategies and enhance Taiwan’s international collaboration.  Last year, I visited our Pacific allies – the Republic of the Marshall Islands, Tuvalu, and the Republic of Palau. I deeply appreciated our friends’ warm hospitality and came to feel very deeply that we are like a family. Through local visits and mutual exchanges, we deepened our diplomatic alliances and cooperation, creating win-win outcomes. We also showed Taiwan’s determination to work with allies to tackle the many challenges related to climate change, net-zero transition, and digital transformation. At the start of this month, Taiwan hosted the first-ever workshop on whole-of-society defense resilience under the Global Cooperation and Training Framework. Experts and scholars from 30 countries participated in the discussions. I once again thank the diplomatic corps for their support and assistance. In the future, we look forward to developing opportunities for cooperation with other countries across many domains to jointly advance democracy, peace, and prosperity throughout the region and around the world. In the face of authoritarian expansion, Taiwan will continue to bolster its national defense capabilities. We will stand shoulder to shoulder with fellow democracies to demonstrate the strength of deterrence. We will also join hands to build non-red supply chains, strengthen our economic resilience, and promote an initiative on semiconductor supply chain partnerships for global democracies. All of this will ensure steady technological and economic development.  In my New Year’s Day address, I said that in this new year, we have many more brilliant stories of Taiwan to share with the world. Everyone gathered here tonight is a dear friend of Taiwan. And each of you plays an important role in the stories this land has to tell.  I am deeply grateful to you all for the incredible efforts you make in support of Taiwan. In so many ways, you connect Taiwan to the rest of the world and allow the world to see the many different sides of this amazing nation. I believe that through even deeper and more extensive cooperation, we will create many more wonderful stories of Taiwan and build an even brighter future together. I wish you all a pleasant evening. Also in attendance at the event were Dean of the Diplomatic Corps and Saint Vincent and the Grenadines Ambassador Andrea Clare Bowman and other members of the foreign diplomatic corps in Taiwan.

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    2025-03-04
    President Lai meets US Heritage Foundation founder Dr. Edwin Feulner
    On the afternoon of March 4, President Lai Ching-te met with a delegation led by founder of the US-based Heritage Foundation Dr. Edwin Feulner. In remarks President Lai thanked the foundation for publishing the 2025 Index of Economic Freedom, in which Taiwan ranked fourth globally and which recognized Taiwan’s sound legal foundation and ideal investment environment. The president said that Taiwan and the United States are important economic and trade partners and engage closely in industrial exchange. The president also expressed hope to expand investment in and procurement from the US in such areas as high-tech, energy, and agricultural products, and to work with the US and other democratic partners to create more resilient and diverse semiconductor supply chains to address new circumstances. A translation of President Lai’s remarks follows: It is a pleasure to welcome Dr. Feulner back to Taiwan today. I recall meeting with Dr. Feulner and Heritage Foundation President Kevin Roberts here at the Presidential Office at the end of last February. We had a fruitful discussion on Taiwan-US relations and regional affairs. When President Donald Trump was elected for his first term, Dr. Feulner played a crucial role in the administration’s transition team. Today, I look forward to hearing his thoughts on possible ways to further deepen relations between Taiwan and the US. I would like to thank the Heritage Foundation for publishing the 2025 Index of Economic Freedom, in which Taiwan ranked fourth globally. The report also recognized Taiwan’s sound legal foundation and ideal investment environment. Taiwan and the US are important economic and trade partners and engage closely in industrial exchange. The Taiwan Semiconductor Manufacturing Company’s (TSMC) historic US$65 billion investment in Arizona–negotiated and finalized during President Trump’s first term–is a case in point. And today, TSMC Chairman C.C. Wei (魏哲家) and President Trump jointly announced that the company would be expanding its investment in the US with new facilities. Looking ahead, we hope to expand investment in and procurement from the US in such areas as high-tech, energy, and agricultural products. We also look forward to working with the US and other democratic partners to create more resilient and diverse semiconductor supply chains to address new circumstances. At present, we continue to face authoritarian expansionism. As a country that deeply loves and staunchly defends freedom, Taiwan will collaborate with the US and other like-minded countries to maintain regional peace and stability. I would like to thank President Trump for his recent joint statement with Japanese Prime Minister Ishiba Shigeru, which emphasized the importance of maintaining peace and stability across the Taiwan Strait. And last month, the US was also part of a G7 foreign ministers’ statement in which “they strongly opposed any attempts to change unilaterally the status quo using force.” We firmly believe that only peace attained through one’s own strength can truly be called peace. Currently, Taiwan’s defense budget stands at approximately 2.5 percent of GDP. Going forward, the government will prioritize special budget allocations to ensure that Taiwan’s defense budget exceeds 3 percent of GDP. Also, we will continue to reform national defense in the conviction that help comes most to those who help themselves. This will allow us to contribute even more to regional peace and stability. In closing, I once again thank Dr. Feulner for visiting and for demonstrating support of Taiwan. I wish you all a smooth and successful trip. Dr. Feulner then delivered remarks, first stating that on behalf of his successor, President Roberts, and all of his colleagues at the Heritage Foundation, it is his pleasure to present President Lai with the first copy of the 2025 Index of Economic Freedom. Pointing out that in the Index the Republic of China (Taiwan) is number four of 176 countries around the world in terms of its economic freedom, Dr. Feulner extended his congratulations to President Lai.  Dr. Feulner said he looks forward to a discussion about the present situation and how we can improve relations between the US and Taiwan. Dr. Feulner expressed his gratitude on hearing the wonderful announcement from TSMC, which was released right before his visit, that it will be expanding its investment in the US. In past trips, he said, he has had the opportunity to visit the TSMC headquarters in Taiwan, and fairly recently he has had the opportunity to view the site in Arizona where the construction continues and where the initial operations are beginning. He stated that they are proud to have TSMC now as an integral part of our responsible bilateral relationship. Dr. Feulner noted that while TSMC is of course very big, he also wants to express appreciation for all of the hundreds and hundreds of Taiwan-based companies that are strong, close partners throughout the US with American companies and with American people in terms of making a close and unified alliance of two freedom-loving countries.

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    2025-03-04
    President Lai attends opening ceremony of GCTF Workshop on Whole-of-Society Resilience Building, Preparation, and Response
    On the morning of March 4, President Lai Ching-te attended the opening ceremony of the Global Cooperation and Training Framework (GCTF) Workshop on Whole-of-Society Resilience Building, Preparation, and Response. In remarks, President Lai stated that global challenges such as extreme weather, pandemics, and energy crises continue to emerge, and growing authoritarianism presents a grave threat to freedom-loving countries. These challenges have no borders, he said, and absolutely no single country can face them alone. The president said that as a responsible member of the international community, Taiwan is both willing and able to contribute even more to the democracy, peace, and prosperity of the world, and that the GCTF is an important platform where Taiwan can make those contributions by sharing its experiences with the rest of the world. President Lai indicated that Taiwan will join the forces of the central and local governments to enhance social resilience across the board, enhance disaster response capabilities in the community, and leverage its strengths to make contributions to the international community. He said that we are demonstrating to the world our determination to create an even more resilient Taiwan, and expressed hope to advance mutual assistance and exchanges with all the countries involved, so that we can together promote stability and prosperity around the world. A transcript of President Lai’s remarks follows: To begin, I would like to welcome more than 60 distinguished guests from 30 countries, as well as experts from Taiwan. You are all here for this GCTF workshop to discuss whole-of-society resilience building, preparation, and response. As a responsible member of the international community, Taiwan is both willing and able to contribute even more to the democracy, peace, and prosperity of the world. The GCTF is an important platform where Taiwan can make those contributions by sharing its experiences with the rest of the world. I want to thank our full GCTF partners, the United States, Japan, Australia, and Canada. Over the past several years, we have worked with even more countries through this framework and have expanded our exchanges into even more fields. Together, we have met all kinds of new challenges. I am confident that as our cooperation grows stronger, so will our ability to promote global progress. Each of today’s guests is contributing a vital force in that regard. I extend my sincere thanks to you all. Global challenges such as extreme weather, pandemics, and energy crises continue to emerge. And growing authoritarianism presents a grave threat to freedom-loving countries. These challenges have no borders, and absolutely no single country can face them alone. Taiwan holds a key position on the first island chain, and stands at the very frontline of the defense of democracy. With this joint workshop, we are demonstrating to the world our determination to create an even more resilient Taiwan. We are also aiming to advance our mutual assistance and exchanges with all the countries involved, so that we can make our societies more resilient and together promote stability and prosperity around the world. Moving forward, we will continue advancing the following three initiatives: First, we will join the forces of the central and local governments to enhance social resilience across the board. Just last year, I established the Whole-of-Society Defense Resilience Committee at the Presidential Office. Civilian force training, strategic material preparation, and critical infrastructure operation and maintenance are all key discussion areas for our committee. These aim to enhance Taiwan’s resilience in national defense, economic livelihoods, disaster prevention, and democracy. They are also items on the agenda for this GCTF workshop. To cover all the bases, Taiwan must unite and cooperate as a team. Last year, our committee held the very first cross-sector tabletop exercise at the Presidential Office which included central and local government officials as well as civilian observers. We aim to test the government’s emergency response capabilities in high-intensity gray-zone operations and near-conflict situations. We will continue to hold exercises to help the central and local governments work together more efficiently, and strengthen Taiwan’s overall disaster response capabilities. Second is to enhance disaster response capabilities in the community. We fully understand that to build whole-of-society resilience, we must help people increase risk awareness, know how to respond to disasters, and develop abilities to help themselves, help one another, and work together. We are grateful to the American Institute in Taiwan (AIT) for collaborating with the Taiwan Development Association for Disaster Medical Teams to host “Take Action” workshops around the country since 2021. A 2.0 version is already in practice, and continues to train the public in first aid skills. Director of the AIT Taipei Office Raymond Greene and I took part in a Take Action event in New Taipei City last year and personally saw the positive outcomes of the training. In addition to the Take Action workshops, the government is also providing Disaster Relief Volunteer training for ages 11 to 89, and is continuing to expand its target audience. We have also set up Taiwan Community Emergency Response Teams at key facilities nationwide, enhancing the ability of these important facilities to respond independently to disasters. Civilian training will continue to be refined and expanded so that members of the public can serve as important partners in government-led disaster prevention and relief. Third, we will leverage Taiwan’s strengths to make contributions to the international community. The inspiration for our Disaster Relief Volunteer training comes from a similar program run by The Nippon Care-Fit Education Institute in Japan. I am confident that through exchanges like this workshop, Taiwan and other countries can also inspire one another in many areas, and enhance whole-of-society resilience in multiple ways. Taiwan also excels in information and communications and advanced technology. We will set up even more robust cybersecurity systems, expand usage of emerging technologies, and improve the ways we maintain domestic security. We hope that by leveraging our capabilities and sharing our experiences, Taiwan can contribute even more to the international community. I want to welcome all our partners once again, and thank AIT for co-hosting this event. Let’s continue down the path of advancing global security and developing resilience together. Because together, we can travel farther, and we can travel longer. Also in attendance at the event were Japan-Taiwan Exchange Association Deputy Representative Takaba Yo, Australian Office in Taipei Representative Robert Fergusson, and Canadian Trade Office in Taipei Executive Director Jim Nickel.

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    2025-02-24
    President Lai meets Japanese House of Representatives Member Tamaki Yuichiro
    On the afternoon of February 24, President Lai Ching-te met with Japanese House of Representatives Member Tamaki Yuichiro. In remarks, President Lai noted that Taiwan and Japan are important trading partners. The president expressed hope that, in addition to semiconductors, Taiwan and Japan can also bolster cooperation in the fields of hydrogen energy and drones and build non-red supply chains, thus creating economic win-win situations and maintaining peace and stability in the Indo-Pacific region and globally. A translation of President Lai’s remarks follows: I would like to start by warmly welcoming Representative Tamaki on his first trip to Taiwan. Now is a key moment for the cooperative ties between Taiwan and Japan, and the fact that Representative Tamaki has chosen to take time out of his busy schedule to make this trip demonstrates his especially meaningful support for Taiwan. For this I want to express my deepest gratitude. At the beginning of this month, Japan and the United States held a summit meeting. In the post-summit joint leaders’ statement the government of Japan reiterated the importance of maintaining peace and stability across the Taiwan Strait, opposed any attempts to unilaterally change the status quo by force or coercion, and expressed support for Taiwan’s meaningful participation in international organizations. I would like to thank the government of Japan for these statements. Taiwan and Japan are both responsible members of the international community. I welcome an even firmer friendship between Japan and the US and hope to see cooperation among Taiwan, Japan, and the US become a solid force in consolidating peace and stability in the Indo-Pacific region. In addition to complex international conditions, we now also face the threat of China’s red supply chain. More and more countries are becoming increasingly concerned about such issues as economic security and supply chain resilience. As authoritarianism consolidates, democratic nations must also come closer in solidarity. Taiwan and Japan are important trading partners. I hope that, in addition to semiconductors, Taiwan and Japan can also bolster cooperation in the fields of hydrogen energy and drones, and that we can build non-red supply chains, thus creating economic win-win situations and maintaining peace and stability in the Indo-Pacific region and globally. Lastly, I would like once again to welcome Representative Tamaki to Taiwan and wish him a successful visit. I hope he departs Taiwan with a deep impression and that he will visit again. Representative Tamaki then delivered remarks, noting that this was his first visit to Taiwan and thanking President Lai and officials of the Taiwan government for their warm welcome. Pointing out that Taiwan-Japan ties are closer than ever thanks to the major efforts made on this front by President Lai since taking office, Representative Tamaki expressed his admiration and gratitude. Representative Tamaki pointed out that in a changing global landscape, Taiwan, Japan, and the Indo-Pacific region all face major changes, but he firmly believes that Taiwan-Japan relations will develop even further. Recalling President Lai’s previous remarks, the representative said that Japan and the US recently held a summit meeting that yielded important results. In the joint leaders’ statement, he noted, the two sides made a clear commitment regarding peace and stability across the Taiwan Strait and firmly opposed any attempts to unilaterally change the status quo by force or coercion. Representative Tamaki said that the ruling Liberal Democratic Party and the Komeito did not win a majority in last year’s House of Representatives general elections, while the number of seats held by his own Democratic Party for the People quadrupled. This result, he said, has filled him with a feeling of great responsibility. Moving forward, he intends to continue promoting Taiwan-Japan cooperation and strengthening relations. Also in attendance at the meeting was Japan-Taiwan Exchange Association Taipei Office Chief Representative Katayama Kazuyuki.

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    2025-03-13
    President Lai holds press conference following high-level national security meeting
    On the afternoon of March 13, President Lai Ching-te convened a high-level national security meeting, following which he held a press conference. In remarks, President Lai introduced 17 major strategies to respond to five major national security and united front threats Taiwan now faces: China’s threat to national sovereignty, its threats from infiltration and espionage activities targeting Taiwan’s military, its threats aimed at obscuring the national identity of the people of Taiwan, its threats from united front infiltration into Taiwanese society through cross-strait exchanges, and its threats from using “integrated development” to attract Taiwanese businesspeople and youth. President Lai emphasized that in the face of increasingly severe threats, the government will not stop doing its utmost to ensure that our national sovereignty is not infringed upon, and expressed hope that all citizens unite in solidarity to resist being divided. The president also expressed hope that citizens work together to increase media literacy, organize and participate in civic education activities, promptly expose concerted united front efforts, and refuse to participate in any activities that sacrifice national interests. As long as every citizen plays their part toward our nation’s goals for prosperity and security, he said, and as long as we work together, nothing can defeat us. A translation of President Lai’s remarks follows: At many venues recently, a number of citizens have expressed similar concerns to me. They have noticed cases in which members of the military, both active-duty and retired, have been bought out by China, sold intelligence, or even organized armed forces with plans to harm their own nation and its citizens. They have noticed cases in which entertainers willingly followed instructions from Beijing to claim that their country is not a country, all for the sake of personal career interests. They have noticed how messaging used by Chinese state media to stir up internal opposition in Taiwan is always quickly spread by specific channels. There have even been individuals making careers out of helping Chinese state media record united front content, spreading a message that democracy is useless and promoting skepticism toward the United States and the military to sow division and opposition. Many people worry that our country, as well as our hard-won freedom and democracy and the prosperity and progress we achieved together, are being washed away bit by bit due to these united front tactics. In an analysis of China’s united front, renowned strategic scholar Kerry K. Gershaneck expressed that China plans to divide and conquer us through subversion, infiltration, and acquisition of media, and by launching media warfare, psychological warfare, and legal warfare. What they are trying to do is to sow seeds of discord in our society, keep us occupied with internal conflicts, and cause us to ignore the real threat from outside. China’s ambition over the past several decades to annex Taiwan and stamp out the Republic of China has not changed for even a day. It continues to pursue political and military intimidation, and its united front infiltration of Taiwan’s society grows ever more serious. In 2005, China promulgated its so-called “Anti-Secession Law,” which makes using military force to annex Taiwan a national undertaking. Last June, China issued a 22-point set of “guidelines for punishing Taiwan independence separatists,” which regards all those who do not accept that “Taiwan is part of the People’s Republic of China” as targets for punishment, creating excuses to harm the people of Taiwan. China has also recently been distorting United Nations General Assembly Resolution 2758, showing in all aspects China’s increasingly urgent threat against Taiwan’s sovereignty. Lately, China has been taking advantage of democratic Taiwan’s freedom, diversity, and openness to recruit gangs, the media, commentators, political parties, and even active-duty and retired members of the armed forces and police to carry out actions to divide, destroy, and subvert us from within. A report from the National Security Bureau indicates that 64 persons were charged last year with suspicion of spying for China, which was three times the number of persons charged for the same offense in 2021. Among them, the Unionist Party, Rehabilitation Alliance Party, and Republic of China Taiwan Military Government formed treasonous organizations to deploy armed forces for China. In a democratic and free society, such cases are appalling. But this is something that actually exists within Taiwan’s society today. China also actively plots ways to infiltrate and spy on our military. Last year, 28 active-duty and 15 retired members of the armed forces were charged with suspicion of involvement in spying for China, respectively comprising 43 percent and 23 percent of all of such cases – 66 percent in total. We are also alert to the fact that China has recently used widespread issuance of Chinese passports to entice Taiwanese citizens to apply for the Residence Permit for Taiwan Residents, permanent residency, or the Resident Identity Card, in an attempt to muddle Taiwanese people’s sense of national identity. China also views cross-strait exchanges as a channel for its united front against Taiwan, marking enemies in Taiwan internally, creating internal divisions, and weakening our sense of who the enemy really is. It intends to weaken public authority and create the illusion that China is “governing” Taiwan, thereby expanding its influence within Taiwan. We are also aware that China has continued to expand its strategy of integrated development with Taiwan. It employs various methods to demand and coerce Taiwanese businesses to increase their investments in China, entice Taiwanese youth to develop their careers in China, and unscrupulously seeks to poach Taiwan’s talent and steal key technologies. Such methods impact our economic security and greatly increase the risk of our young people heading to China. By its actions, China already satisfies the definition of a “foreign hostile force” as provided in the Anti-Infiltration Act. We have no choice but to take even more proactive measures, which is my purpose in convening this high-level national security meeting today. It is time we adopt proper preventive measures, enhance our democratic resilience and national security, and protect our cherished free and democratic way of life. Next, I will be giving a detailed account of the five major national security and united front threats Taiwan now faces and the 17 major strategies we have prepared in response. I. Responding to China’s threats to our national sovereignty We have a nation insofar as we have sovereignty, and we have the Republic of China insofar as we have Taiwan. Just as I said during my inaugural address last May, and in my National Day address last October: The moment when Taiwan’s first democratically elected president took the oath of office in 1996 sent a message to the international community, that Taiwan is a sovereign, independent, democratic nation. Among people here and in the international community, some call this land the Republic of China, some call it Taiwan, and some, the Republic of China Taiwan. The Republic of China and the People’s Republic of China are not subordinate to each other, and Taiwan resists any annexation or encroachment upon our sovereignty. The future of the Republic of China Taiwan must be decided by its 23 million people. This is the status quo that we must maintain. The broadest consensus in Taiwanese society is that we must defend our sovereignty, uphold our free and democratic way of life, and resolutely oppose annexation of Taiwan by China. (1) I request that the National Security Council (NSC), the Ministry of National Defense (MND), and the administrative team do their utmost to promote the Four Pillars of Peace action plan to demonstrate the people’s broad consensus and firm resolve, consistent across the entirety of our nation, to oppose annexation of Taiwan by China. (2) I request that the NSC and the Ministry of Foreign Affairs draft an action plan that will, through collaboration with our friends and allies, convey to the world our national will and broad social consensus in opposing annexation of Taiwan by China and in countering China’s efforts to erase Taiwan from the international community and downgrade Taiwan’s sovereignty. II. Responding to China’s threats from infiltration and espionage activities targeting our military (1) Comprehensively review and amend our Law of Military Trial to restore the military trial system, allowing military judges to return to the frontline and collaborate with prosecutorial, investigative, and judicial authorities in the handling of criminal cases in which active-duty military personnel are suspected of involvement in such military crimes as sedition, aiding the enemy, leaking confidential information, dereliction of duty, or disobedience. In the future, criminal cases involving active-duty military personnel who are suspected of violating the Criminal Code of the Armed Forces will be tried by a military court. (2) Implement supporting reforms, including the establishment of a personnel management act for military judges and separate organization acts for military courts and military prosecutors’ offices. Once planning and discussion are completed, the MND will fully explain to and communicate with the public to ensure that the restoration of the military trial system gains the trust and full support of society. (3) To deter the various types of controversial rhetoric and behavior exhibited by active-duty as well as retired military personnel that severely damage the morale of our national military, the MND must discuss and propose an addition to the Criminal Code of the Armed Forces on penalties for expressions of loyalty to the enemy as well as revise the regulations for military personnel and their families receiving retirement benefits, so as to uphold military discipline. III. Responding to China’s threats aimed at obscuring the national identity of the people of Taiwan (1) I request that the Ministry of the Interior (MOI), Mainland Affairs Council (MAC), and other relevant agencies, wherever necessary, carry out inspections and management of the documents involving identification that Taiwanese citizens apply for in China, including: passports, ID cards, permanent residence certificates, and residence certificates, especially when the applicants are military personnel, civil servants, or public school educators, who have an obligation of loyalty to Taiwan. This will be done to strictly prevent and deter united front operations, which are performed by China under the guise of “integrated development,” that attempt to distort our people’s national identity. (2) With respect to naturalization and integration of individuals from China, Hong Kong, and Macau into Taiwanese society, more national security considerations must be taken into account while also attending to Taiwan’s social development and individual rights: Chinese nationals applying for permanent residency in Taiwan must, in accordance with the law of Taiwan, relinquish their existing household registration and passport and may not hold dual identity status. As for the systems in place to process individuals from Hong Kong or Macau applying for residency or permanent residency in Taiwan, there will be additional provisions for long-term residency to meet practical needs. IV. Responding to China’s threats from united front infiltration into Taiwanese society through cross-strait exchanges  (1) There are increasing risks involved with travel to China. (From January 1, 2024 to today, the MAC has received reports of 71 Taiwanese nationals who went missing, were detained, interrogated, or imprisoned in China; the number of unreported people who have been subjected to such treatment may be several times that. Of those, three elderly I-Kuan Tao members were detained in China in December of last year and have not yet been released.) In light of this, relevant agencies must raise public awareness of those risks, continue enhancing public communication, and implement various registration systems to reduce the potential for accidents and the risks associated with traveling to China. (2) Implement a disclosure system for exchanges with China involving public officials at all levels of the central and local government. This includes everyone from administrative officials to elected representatives, from legislators to village and neighborhood chiefs, all of whom should make the information related to such exchanges both public and transparent so that they can be accountable to the people. The MOI should also establish a disclosure system for exchanges with China involving public welfare organizations, such as religious groups, in order to prevent China’s interference and united front activities at their outset. (3) Manage the risks associated with individuals from China engaging in exchanges with Taiwan: Review and approval of Chinese individuals coming to Taiwan should be limited to normal cross-strait exchanges and official interactions under the principles of parity and dignity, and relevant factors such as changes in the cross-strait situation should be taken into consideration. Strict restrictions should be placed on Chinese individuals who have histories with the united front coming to Taiwan, and Chinese individuals should be prohibited from coming to Taiwan to conduct activities related in any way to the united front. (4) Political interference from China and the resulting risks to national security should be avoided in cross-strait exchanges. This includes the review and management of religious, cultural, academic, and education exchanges, which should in principle be depoliticized and de-risked so as to simplify people-to-people exchanges and promote healthy and orderly exchanges. (5) To deter the united front tactics of a cultural nature employed by Chinese nationals to undermine Taiwan’s sovereignty, the Executive Yuan must formulate a solution to make our local cultural industries more competitive, including enhanced support and incentives for our film, television, and cultural and creative industries to boost their strengths in democratic cultural creation, raise international competitiveness, and encourage research in Taiwan’s own history and culture. (6) Strengthen guidance and management for entertainers developing their careers in China. The competent authorities should provide entertainers with guidelines on conduct while working in China, and make clear the scope of investigation and response to conduct that endangers national dignity. This will help prevent China from pressuring Taiwanese entertainers to make statements or act in ways that endanger national dignity. (7) The relevant authorities must adopt proactive, effective measures to prevent China from engaging in cognitive warfare against Taiwan or endangering cybersecurity through the internet, applications, AI, and other such tools. (8) To implement these measures, each competent authority must run a comprehensive review of the relevant administrative ordinances, measures, and interpretations, and complete the relevant regulations for legal enforcement. Should there be any shortcomings, the legal framework for national security should be strengthened and amendments to the National Security Act, Anti-Infiltration Act, Act Governing Relations between the People of the Taiwan Area and the Mainland Area, Laws and Regulations Regarding Hong Kong & Macao Affairs, or Cyber Security Management Act should be proposed. Communication with the public should also be increased so that implementation can happen as soon as possible. V. Responding to threats from China using “integrated development” to attract Taiwanese businesspeople and youth (1) I request that the NSC and administrative agencies work together to carry out strategic structural adjustments to the economic and trade relations between Taiwan and China based on the strategies of putting Taiwan first and expanding our global presence while staying rooted in Taiwan. In addition, they should carry out necessary, orderly adjustments to the flow of talent, goods, money, and skills involved in cross-strait economic and trade relations based on the principle of strengthening Taiwan’s foundations to better manage risk. This will help boost economic security and give us more power to respond to China’s economic and trade united front and economic coercion against Taiwan. (2) I request that the Ministry of Education, MAC, Ministry of Economic Affairs, and other relevant agencies work together to comprehensively strengthen young students’ literacy education on China and deepen their understanding of cross-strait exchanges. I also request these agencies to widely publicize mechanisms for employment and entrepreneurship for Taiwan’s youth and provide ample information and assistance so that young students have more confidence in the nation’s future and more actively invest in building up and developing Taiwan. My fellow citizens, this year marks the 80th anniversary of the end of the Second World War. History tells us that any authoritarian act of aggression or annexation will ultimately end in failure. The only way we can safeguard freedom and prevail against authoritarian aggression is through solidarity. As we face increasingly severe threats, the government will not stop doing its utmost to ensure that our national sovereignty is not infringed upon, and to ensure that the freedom, democracy, and way of life of Taiwan’s 23 million people continues on as normal. But relying solely on the power of the government is not enough. What we need even more is for all citizens to stay vigilant and take action. Every citizen stands on the frontline of the defense of democracy and freedom. Here is what we can do together: First, we can increase our media literacy, and refrain from spreading and passing on united front messaging from the Chinese state. Second, we can organize and participate in civic education activities to increase our knowledge about united front operations and build up whole-of-society defense resilience. Third, we can promptly expose concerted united front efforts so that all malicious attempts are difficult to carry out. Fourth, we must refuse to participate in any activities that sacrifice national interests. The vigilance and action of every citizen forms the strongest line of defense against united front infiltration. Only through solidarity can we resist being divided. As long as every citizen plays their part toward our nation’s goals for prosperity and security, and as long as we work together, nothing can defeat us.

    MIL OSI Asia Pacific News

  • MIL-OSI Australia: Interview – ABC Afternoon Briefing with Stephanie Dalzell

    Source: Australian Ministers for Education

    STEPHANIE DALZELL, HOST: Returning to our top story today, the government says it will investigate the child care sector after Four Corners exposed systemic issues and cases of abuse and neglect. Let’s bring in the Early Childhood Education Minister, Anne Aly, to discuss this further. Anne, thanks for joining us. This Four Corners investigation exposed a flawed and inconsistent regulatory system for child care centres with allegations of abuse. Can I just ask you, firstly, what was your initial reaction when you saw the story?

    MINISTER ANNE ALY: Yeah, look, I think the behaviours that were reported in last night’s story are deeply, deeply concerning and I want to make it very clear that there is no tolerance for those kinds of behaviours in early childhood education and care sector. We care deeply and are committed to child wellbeing and safety and understand that parents rightly expect that when they drop off their children in early childhood education and care, that their children are well looked after, that they’re safe and that they’re secure.

    I might point out that the vast majority of providers, and the vast majority of early childhood educators, are dedicated professionals who care deeply about safety and child development and child education.

    I would also point out that I expect that state and territory governments fulfil their regulatory obligations and ensure that services operating within their jurisdictions comply with the National Quality Framework.

    Now, this afternoon, I have asked the CEO of the National Quality Authority to give some immediate advice on what more can be done around child safety and security, building on the 2023 recommendations of the report that myself and the Minister for Education, Jason Clare commissioned. That gives us a range of recommendations for improving child safety in early childhood education and care. All state and territory ministers and the Commonwealth Government have agreed on those recommendations and we’re making good progress in implementing those recommendations. And we’ll continue working with state and territory governments to ensure that child safety and wellbeing are front and centre of our early childhood education and care system.

    DALZELL: You mentioned the state and territory regulators. Given how systemic these failures and breaches have been here, does the Federal Government need to take over regulation to ensure children’s safety?

    ALY: Well, early childhood education and care and the regulation of early childhood education and care services is a shared responsibility. The states have a responsibility and the Federal Government has a responsibility. And so, I would reiterate that I expect state and territory governments to fulfil their regulatory obligations and ensure that services within their jurisdictions comply with the National Quality Framework.

    DALZELL: The Commonwealth pays Child Care Subsidies. You’re writing the cheques. Wouldn’t it make sense for you to also fund the regulators upholding these national standards?

    ALY: As I said, it’s a shared responsibility between state and Federal Governments. The Federal Government has a responsibility for the National Quality Framework. The state governments have a responsibility for the regulation. Embedded within the National Quality Framework are safety, security and child health and wellbeing measures. And I expect that state and territory governments fulfil that regulatory responsibility.

    DALZELL: The Prime Minister says he supports an investigation into the sector. I know it’s early days, but what are you anticipating that might look like? The Greens are calling for a Royal Commission. Why won’t you consider that? And what will this investigation look like?

    ALY: Well, the Prime Minister, as the Prime Minister said, Royal Commissions take years. Now, these are not issues that have just cropped up in early childhood education and care. They are long-standing issues. But this is the first time we have a Federal Government, in the Federal Labor Government, that is taking reform seriously and that has a program of reform. We have already commissioned a review by the ACCC, a review by the Productivity Commission. We have in 2023, as I mentioned, the review into child safety and wellbeing in early childhood education and care. Those reviews are informing our pathway to a system, a universal early childhood education and care system, that is based on quality, affordability and accessibility for every child in Australia. We’ll continue to refer to the reviews that we have done and the consultations that we have with the sector, with families, with educators to chart that pathway to universal early childhood education and care, which is quality, which is affordable and which is accessible.

    DALZELL: Anne on another topic, Israel has begun striking Gaza again today, the biggest attack since the start of this ceasefire. How concerned are you about this and the status of the ceasefire?

    ALY: I’m deeply concerned. I think the ceasefire gave hope of the stages towards a more lasting peace between Palestine and Israel. I have said before, and I will say it again, there is absolutely no justification for the collective punishment of Palestinian civilians by the Israeli Defence Forces. And you know, this is deeply, deeply concerning. I continue to push for, and I know Australia will continue to push for, an end to the hostilities, a lasting ceasefire and a lasting peace.

    DALZELL: Can I also ask you about Peter Dutton’s idea for a referendum to deport dual citizens that have committed serious crimes? We just heard Shadow Trade Minister Kevin Hogan say that one person is too many to be a dual citizen that’s committed a serious crime like terrorism. What’s your response to that?

    ALY: Well, our constitution is very clear. A citizen is a citizen, and all citizens should be treated equally. You know, I think the Prime Minister describes this as a thought bubble. I would add to that that Peter Dutton likes to punch down, and he likes to utilise the politics of division and politics of fear for what he sees to be as political gain. I agree with the Prime Minister that this is a thought bubble.

    DALZELL: What would the government do, or what is the government doing to deal with dual citizens who have committed crimes like terrorism?

    ALY: We have laws in place, and we continue to follow the letter of the law. What we’re talking about here is Peter Dutton wanting to spend millions of taxpayer dollars on a referendum to change our constitution, to give himself the power to take away, strip away citizenship as he sees fit. You know, I think that many Australians would find that idea of a single politician having the power to strip them of their citizenship to be quite untasteful.

    DALZELL: When pressing Kevin Hogan about this idea earlier, he didn’t have any specific figures on exactly how many dual citizens might have committed crimes like terrorism. Are you concerned about the Coalition putting this on the table without those details in place?

    ALY: I’m concerned that it will be a free-for-all. You know, where does it stop? Who decides? If Peter Dutton wants the power to decide who gets citizenship and who doesn’t, or who gets their citizens stripped and who doesn’t get their citizens stripped, I think all Australians should be concerned about that.

    DALZELL: Anne Aly, thanks so much for your time. We really appreciate it.

    ALY: Thank you.

    MIL OSI News

  • MIL-Evening Report: Catholic priest calls PNG’s Christian state declaration ‘cosmetic’ change

    By Caleb Fotheringham, RNZ Pacific journalist

    Papua New Guinea being declared a Christian nation may offer the impression that the country will improve, but it is only “an illusion”, according to a Catholic priest in the country.

    Last week, the PNG Parliament amended the nation’s constitution, introducing a declaration in its preamble: “(We) acknowledge and declare God, the Father; Jesus Christ, the Son; and Holy Spirit, as our Creator and Sustainer of the entire universe and the source of our powers and authorities, delegated to the people and all persons within the geographical jurisdiction of Papua New Guinea.”

    In addition, Christianity will now be reflected in the Fifth Goal of the Constitution, and the Bible will be recognised as a national symbol.

    Father Giorgio Licini of Caritas PNG said that the Catholic Church would have preferred no constitutional change.

    “To create, nowadays, in the 21st century a Christian confessional state seems a little bit anachronistic,” Father Licini said.

    He believes it is a “cosmetic” change that “will not have a real impact” on the lives of the people.

    “PNG society will remain basically what it is,” he said.

    An ‘illusion that things will improve’
    “This manoeuvre may offer the impression or the illusion that things will improve for the country, that the way of behaving, the economic situation, the culture may become more solid. But that is an illusion.”

    He said the preamble of the 1975 Constitution already acknowledged the Christian heritage.

    Father Licini said secular cultures and values were scaring many in PNG, including the recognition and increasing acceptance of the rainbow community.

    “They see themselves as next to Indonesia, which is Muslim, they see themselves next to Australia and New Zealand, which are increasingly secular countries, the Pacific heritage is fading, so the question is, who are we?” he said.

    “It looks like a Christian heritage and tradition and values and the churches, they offer an opportunity to ground on them a cultural identity.”

    Village market near a Christian church building in Papua New Guinea . . . secular cultures and values scaring many in PNG. Image: 123rf

    Prime Minister James Marape, a vocal advocate for the amendment, is happy about the outcome.

    He said it “reflects, in the highest form” the role Christian churches had played in the development of the country.

    Not an operational law
    RNZ Pacific’s PNG correspondent Scott Waide said that Marape had maintained it was not an operational law.

    “It is something that is rather symbolic and something that will hopefully unite Papua New Guinea under a common goal of sorts. That’s been the narrative that’s come out from the Prime Minister’s Office,” Waide said.

    He said the vast majority of people in the country had identified as Christian, but it was not written into the constitution.

    Waide said the founding fathers were aware of the negative implications of declaring the nation a Christian state during the decolonisation period.

    “I think in their wisdom they chose to very carefully state that Papua New Guineans are spiritual people but stopped short of actually declaring Papua New Guinea a Christian country.”

    He said that, unlike Fiji, which has had a 200-year experience with different religions, the first mosque in PNG opened in the 1980s.

    “It is not as diverse as you would see in other countries. Personally, I have seen instances of religious violence largely based on ignorance.

    “Not because they are politically driven, but because people are not educated enough to understand the differences in religions and the need to coexist.”

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

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: Amid claims of abuse, neglect and poor standards, what is going wrong with childcare in Australia?

    Source: The Conversation (Au and NZ) – By Gabrielle Meagher, Professor Emerita, School of Society, Communication and Culture, Macquarie University

    On Monday, an ABC’s Four Corners investigation reported shocking cases of abuse and neglect in Australian childcare centres. This included examples of children being sexually abused, restrained for hours in high chairs, and fed nutritionally substandard meals such as pasta with ketchup.

    While acknowledging there are high-quality services operating in the community, the program also showed how centre-based childcare is big business, dominated by for-profit providers, who may not be meeting regulatory standards.

    What is going wrong with childcare in Australia?

    Differing levels of quality

    Data from Australia’s childcare regulator consistently shows for-profit childcare services are, on average, rated as lower quality than not-for-profit services.

    Of those rated by regulators, 11% of for-profit long daycare centres are not meeting national minimum quality standards (they are just “working towards”). This compares with 7% of not-for-profit centres not meeting minimum standards.

    There are 13% of for-profit centres exceeding the standards, compared to 28% of not-for-profits.

    Inquiries suggest this divergence is due to staffing levels, qualifications and pay. In 2023, the Australian Competition and Consumer Commission (ACCC) found large for-profit providers spend significantly less on staffing than not-for-profit providers.

    Large for-profit providers have a higher proportion of part-time and casual staff than not-for-profits. They also employ less experienced early childhood teachers. On top of this, they are more likely to use award rates of pay, which are typically lower than enterprise agreement rates.

    Lower pay and less job security is related to higher turnover of staff, which makes it difficult for educators to establish and maintain the trusting relationships with children and families that underpin high quality.

    Despite this, the federal government continues to support for-profit services through childcare subsidies.

    These subsidies are designed to help families with the costs of childcare. But they do not stop some providers increasing their fees. The ACCC found a consistent pattern of increased government subsidies leading to higher out-of-pocket expenses for families, due to subsequent fee increases.

    It hasn’t always been like this

    Childcare subsidies haven’t always worked in this way. “Operational subsidies” were introduced in 1972 through the historic Child Care Act, which set the precedent for Australian governments to fund childcare.

    This aimed to support women’s workforce participation through an expanded, high-quality childcare sector. Subsidies at the time were only available to not-for-profit services and required the employment of qualified staff, including teachers. In these ways, Commonwealth funding positioned childcare as a public good, like school education.

    Then, in 1991, federal government subsidies were extended to for-profit providers. This prompted dramatic changes in the childcare landscape, leading to a dominance of for-profit centres.

    Today, more than 70% of all long day-care centres are operated by private providers. Between 2013 and 2023, the number of for-profit long daycare services jumped by 60%, while not-for-profits only grew by 4%.

    Quality concerns

    There are 25 large long daycare providers in Australia and of these, 21 are run for profit. Large for-profit providers impact sector quality in several ways.

    Many have disproportionately high numbers of staffing waivers, granted by regulators, permitting them to operate centres without the required number of qualified staff.

    According to unpublished research by Gabrielle Meagher, as of October 2024, 11 large for-profit providers held waivers for a quarter or more of their services and five held waivers for more than a third. This compares to 15% of the sector overall.

    Large for-profit providers also serve investors as well as families. So there are extra incentives to cut costs and maximise profits.

    The dominance of for-profit providers also makes them powerful players in policy-making circles, as governments depend on them to provide an essential service.

    Why isn’t the system working?

    Given Australia has a regulatory and quality assurance system for childcare services, why do we have these quality issues?

    As the Productivity Commission found, regulators are under-resourced, and inspections are infrequent. Services that repeatedly fail to meet the minimum standards are still allowed to operate, sometimes for more than a decade.

    Services are notified about upcoming inspections, potentially giving them time to give a false impression of their quality and safety standards.

    As Four Corners highlighted, poor-quality services, with bad pay and working conditions are driving good educators away from the sector.

    What next?

    The Albanese government recently passed legislation to “guarantee” eligible families three days of subsidised childcare per week from January 2026.

    But families need more than access. They also require a guarantee this childcare will be high-quality and keep children safe.

    Even without the extra spending on the three-day guarantee, government spending on childcare subsidies is due to reach nearly A$15 billion by 2026–27. Thus there is also a corresponding duty to taxpayers to ensure these funds are going to high-quality providers.

    In the wake of the Four Corners report, the Greens are calling for a royal commission into childcare. But we do not need this level of inquiry to tell us the current system needs fundamental change.

    Stronger regulatory powers, while important, will not be enough on their own. High-quality services need well-educated and well-supported staff. They also need governance and leadership that value educators’ expertise and enable consistently high standards.

    Gabrielle was interviewed as part of the 4 Corners program mentioned in the article.

    Marianne Fenech receives funding from the Australian Research Council.

    ref. Amid claims of abuse, neglect and poor standards, what is going wrong with childcare in Australia? – https://theconversation.com/amid-claims-of-abuse-neglect-and-poor-standards-what-is-going-wrong-with-childcare-in-australia-252493

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: Politics with Michelle Grattan: Barbara Pocock on the Greens’ policy priorities

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    The Greens have heaped a lot of pressure on the government during this term, from issues of the environment, housing, and Medicare, to the war in the Middle East.

    With the polls close to a dead heat and minority government appearing a real possibility, would the Greens push a minority Labor government even harder in pursuit of their agenda?

    To talk about the Greens’ policies and prospects, we’re joined by South Australian Greens senator Barbara Pocock, who is the party’s spokeswoman on employment, the public sector and finance.

    After their efforts in this term, Pocock says the Greens would be just as tough in pushing a possible Labor minority government next term:

    People can judge us on our record in the last few years. People saw us really fight hard on housing – we wanted to see something meaningful. It is the most significant post-war crisis in housing that is affecting millions of Australians’ lives and certainly an intergenerational crisis.

    So we held out for a long time to try and push Labor to improve its offering on public housing [and] on housing spending and we achieved some real wins there. We will fight hard for the things that matter.

    We will push very hard on those core issues of a better health system, putting dental into Medicare. We pushed very hard on that in the last time there was a minority government and won it for kids. We want to see everyone be able to get to the dentist, and we really want to see reductions in student debt.

    However, Pocock stresses that keeping Peter Dutton out of government remains a key focus:

    We are very focused on preventing a Dutton Coalition government, because everything we hear from that stable sends a shiver down my spine.

    Pocock did a lot of work during the Senate inquiry investigating consulting services and she warns Dutton’s policy to cut 36,000 public servants would lead to a return to consultants:

    In that last year of the Morrison government, we saw a spend of $20 billion on consulting and labour hire and a hollowing out in the public sector. We are still seeing a slow regrowth of the capability of the federal public sector following the scandals relating to the consulting industry and the way it worked with government.

    I am very worried about the Coalition’s proposals for a 36,000 cut in the public sector. That’s one in five public sector workers gone and that means services like Centrelink, Veterans Affairs, services that Australians depend on cannot deliver on what they suggest. And we also need to remember that a very significant number – something like two-thirds of our public service, federal public service – actually live outside Canberra.

    All they would be doing is taking that money, which pays for public servants, doing a whole range of many different things and taking it across to, in many cases, their supporters and buddies and donors in the consulting and labour hire industry and it’s a very bad value-for-money proposition for the Australian voter.

    As spokeswoman on employment, Pocock is a strong advocate for the Greens policies on a four-day work week:

    If we go right back to 1856 when Australia led the world on reducing working hours, and the eight-hour day, now we were the first to adopt that internationally for stonemasons in Melbourne. And in the last 40 years, [we] have not seen any reduction in average working time. It’s been 38 hours now since 1983. In that 40 years, we’ve seen massive changes in technology. We have seen increases in productivity. And in the last 10 years, we’ve seen private profit increase by 97% while wages have gone up by 50%. And what we’re saying is, let’s look at the length of the average full-time working week and let’s see how we can move the dial on that.

    We’d certainly like to see a wide range of pilots, diverse experimentation, real change, working with those who are ready for it, who are up for it, but making sure we collect the evidence and then move over time towards a national test case, which is the way in which over decades we have slowly ratcheted back the length of the working week.

    On the attack from the opposition and others that the Greens are anti-Semitic, Pocock defends the Greens as an anti-racist party.

    I think there are diverse views out there in the community and certainly, and we can see it every day, but I think that there are also many people, including many Jewish people, who understand that you can have a critique of a war that’s had such a terrible consequence for civilian women and children in Gaza, and you can still take a very strong position in relation to the kinds of attacks we’ve seen on the Jewish community, for example.

    We are an anti-racist party. We want to call out behaviour which is wrong wherever it happens and we have certainly been critical of the behaviour of the Israeli state, their military, and the way they continue to conduct a war against the civilians in Gaza.

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

    ref. Politics with Michelle Grattan: Barbara Pocock on the Greens’ policy priorities – https://theconversation.com/politics-with-michelle-grattan-barbara-pocock-on-the-greens-policy-priorities-252502

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: Treasurer Chalmers promises ‘meaningful and substantial’ cost of living help in Tuesday’s budget

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    Next week’s budget will have cost-of-living assistance that will be meaningful and substantial but “responsible”, Treasurer Jim Chalmers has said.

    In a Tuesday speech framing the budget Chalmers said, “it will be a responsible budget which helps with the cost of living, builds our future, and makes our economy more resilient in the new world of global uncertainty”.

    He said the budget would have five major priorities:

    • helping the recovery and rebuild following Cyclone Alfred, for which it will provide $1.2 billion

    • helping with the cost of living and finishing the fight against inflation

    • strengthening Medicare and funding more urgent care clinics

    • putting money into every stage of education

    • making the economy more competitive and productive.

    In the question-and-answer part of his appearance at the Queensland Media Club Chalmers refused to be drawn on whether the cost-of-living relief would include more help on power bills, as is widely expected.

    He was also put on the spot about his future leadership ambitions, initially being asked whether, given federal Labor’s poor showing in Queensland, it would do better with a leader from that state.

    After diverting the question with a joke and a vigorous defence of Anthony Albanese’s “practical pragmatism” and his appreciation of Queensland, he was asked directly, “So you don’t have aspirations to become leader one day yourself?” “No”, he replied.

    Chalmers is lowering expectations of extensive new initiatives being announced next Tuesday, because big spending measures in health, education and infrastructure have been announced.

    The budget will project deficits throughout the forward estimates. But Chalmers said Treasury did not expect the bottom line this year or the coming years to be substantially changed from the mid year update.

    In the mid-year update release in December, Treasury said it expected the deficit this financial year to be $26.9 billion. The deficit was forecast to increase further next year to $46.9 billion, compared with $42.8 billion forecast in last year’s budget.

    Chalmers sought to scotch incorrect predictions he said had been made.

    “For example, some commentators have made wild and wide-of-the-mark predictions about big surges in revenue.

    “Some wrongly predict the tax-to-GDP ratio will go up this year, when Treasury expects it to be stable or even a bit down.

    “Revenue upgrades have actually come off very significantly since the highs of October 2022.”

    Chalmers argued the Australian economy “has turned a corner” but acknowledged “a new world of uncertainty” in which it was operating.

    “The global economy is volatile and unpredictable.

    “There’s a new US administration disrupting trade, a slowdown in China, war in eastern Europe and a fragile ceasefire in the Middle East, division and dissatisfaction around the world.

    “Overnight, the OECD downgraded its growth expectations for next year and the year after.”

    The OECD cut its forecasts for GDP growth to just 1.8% in 2026, down from an earlier forecast of 2.5%.

    “Treasury forecasts in the Budget will have Chinese and American growth slowing to around 4.5 and 2 per cent next year, respectively.

    “The forecasts for the US are the same as the mid-year update but the downside risks are weighing more heavily now.

    “Unemployment is rising overseas from higher interest rates, and in the UK inflation is going up again.

    “This is the global backdrop for the Budget.”

    Chalmers repeated the government’s criticism of the US failure to grant an exemption from the steel and aluminium tariffs.

    He said Treasury had modelled the impact of tariffs on our economy, both before the US election, and after the inauguration.

    “Treasury estimates the direct hit to GDP from steel and aluminium tariffs would be less than 0.02 per cent by 2030. So the direct overall impacts on Australia should be manageable.

    “But when you add in the indirect effects, the hit to GDP could be more like 0.1 per cent by 2030.

    “In fact, over a range of scenarios, Treasury found the indirect GDP impacts of a trade war could be up to four times larger than the direct effects of tariffs on our economy.

    “In a world of retaliation and escalation, the impacts of tariffs are amplified, they linger for longer, resulting in a bigger reduction in GDP and a bigger increase in prices.”

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

    ref. Treasurer Chalmers promises ‘meaningful and substantial’ cost of living help in Tuesday’s budget – https://theconversation.com/treasurer-chalmers-promises-meaningful-and-substantial-cost-of-living-help-in-tuesdays-budget-252173

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI: NBPE Announces February Monthly NAV Estimate

    Source: GlobeNewswire (MIL-OSI)

    THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, ITALY, DENMARK, JAPAN, THE UNITED STATES, OR TO ANY NATIONAL OF SUCH JURISDICTIONS

    St Peter Port, Guernsey   18 March 2025

    NB Private Equity Partners (NBPE), the $1.2bn1, FTSE 250, listed private equity investment company managed by Neuberger Berman, today announces its 28 February 2025 monthly NAV estimate.

    NAV Highlights (28 February 2025)

    • NAV per share was $27.16 (£21.57), a total return of 0.2% in the month
    • Approximately 87% of fair value based on private company valuation information as of Q4 2024 or based on 28 February 2025 quoted prices
    • Based on information received so far, private company valuations increased by 3.1% during Q4 2024 on a constant currency basis
    • NBPE expects to receive additional updated Q4 2024 financial information which will be incorporated in the monthly NAV updates in the coming weeks
    • $279 million of available liquidity at 28 February 2025
    • ~220k shares repurchased during February 2025 at a weighted average discount of 27% which were accretive to NAV by ~$0.04 per share. Year to date, NBPE has repurchased ~359k at a weighted average discount of 28% which were accretive to NAV by ~$0.06 per share
    As of 28 February 2025 Year to Date One Year 3 years 5 years 10 years
    NAV TR (USD)*
    Annualised
    2.7% 1.6% (0.2%)
    (0.1%)
    72.3%
    11.5%
    165.3%
    10.3%
    MSCI World TR (USD)*
    Annualised
    2.8% 16.1% 35.8%
    10.7%
    96.4%
    14.5%
    168.9%
    10.4%
               
    Share price TR (GBP)*
    Annualised
    1.6% (0.1%) 11.3%
    3.6%
    77.8%
    12.2%
    205.5%
    11.8%
    FTSE All-Share TR (GBP)*
    Annualised
    6.9% 18.4% 27.7%
    8.5%
    53.4%
    8.9%
    82.7%
    6.2%

    * All NBPE performance figures assume re-investment of dividends on the ex-dividend date and reflect cumulative returns over the relevant time periods shown. Three-year, five-year and ten-year annualised returns are presented for USD NAV, MSCI World (USD), GBP Share Price and FTSE All-Share (GBP) Total Returns.

    Portfolio Update to 28 February 2025

    NAV performance during the month driven by:

    • 0.3% NAV increase ($3 million) from the value of quoted holdings (which now constitute 6% of portfolio fair value)
    • 0.1% NAV decrease ($2 million) attributable to expense accruals
    • Immaterial NAV change from new private company valuation information and changes in FX

    $29 million of realisations in 2025 year to date

    • $26 million of realisations received during the month of February, consisting primarily of exit proceeds from NBPE’s investment in USI and a partial realisation in Tendam

    $279 million of total liquidity at 28 February 2025

    • $69 million of cash and liquid investments with $210 million of undrawn credit line available

    2025 Share Buybacks

    • ~220k shares repurchased in February 2025 at a weighted average discount of 27%; buybacks were accretive to NAV by ~$0.04 per share
    • On 19 February 2025, NBPE’s board announced that it had reserved $120 million for buybacks over the next three years
    • Year to date, NBPE has repurchased ~359k at a weighted average discount of 28% which were accretive to NAV by ~$0.06 per share

    Portfolio Valuation

    The fair value of NBPE’s portfolio as of 28 February 2025 was based on the following information:

    • 6% of the portfolio was valued as of 28 February 2025
      • 6% in public securities
    • 81% of the portfolio was valued as of 31 December 2024
      • 81% in private direct investments
    • 13% of the portfolio was valued as of 30 September 2024
      • 13% in private direct investments

    For further information, please contact:

    NBPE Investor Relations        +44 (0) 20 3214 9002
    Luke Mason        NBPrivateMarketsIR@nb.com  

    Kaso Legg Communications        +44 (0)20 3882 6644

    Charles Gorman        nbpe@kl-communications.com
    Luke Dampier
    Charlotte Francis

    Supplementary Information (as at 28 February 2025)

    Company Name Vintage Lead Sponsor Sector Fair Value ($m) % of FV
    Action 2020 3i Consumer 74.8 5.9%
    Osaic 2019 Reverence Capital Financial Services 68.9 5.4%
    Solenis 2021 Platinum Equity Industrials 60.0 4.7%
    BeyondTrust 2018 Francisco Partners Technology / IT 50.0 3.9%
    Monroe Engineering 2021 AEA Investors Industrials 42.6 3.3%
    Business Services Company* 2017 Not Disclosed Business Services 40.1 3.1%
    Branded Cities Network 2017 Shamrock Capital Communications / Media 39.2 3.1%
    GFL (NYSE: GFL) 2018 BC Partners Business Services 35.5 2.8%
    Mariner 2024 Leonard Green & Partners Financial Services 34.8 2.7%
    FDH Aero 2024 Audax Group Industrials 33.0 2.6%
    True Potential 2022 Cinven Financial Services 32.2 2.5%
    Staples 2017 Sycamore Partners Business Services 31.6 2.5%
    Marquee Brands 2014 Neuberger Berman Consumer 31.2 2.4%
    Fortna 2017 THL Industrials 28.7 2.3%
    Auctane 2021 Thoma Bravo Technology / IT 28.7 2.3%
    Viant 2018 JLL Partners Healthcare 27.1 2.1%
    Stubhub 2020 Neuberger Berman Consumer 26.5 2.1%
    Benecon 2024 TA Associates Healthcare 26.0 2.0%
    Agiliti 2019 THL Healthcare 25.3 2.0%
    Solace Systems 2016 Bridge Growth Partners Technology / IT 24.4 1.9%
    Engineering 2020 NB Renaissance / Bain Capital Technology / IT 24.1 1.9%
    Addison Group 2021 Trilantic Capital Partners Business Services 23.8 1.9%
    Kroll 2020 Further Global / Stone Point Financial Services 23.6 1.8%
    Qpark 2017 KKR Transportation 22.0 1.7%
    Excelitas 2022 AEA Investors Industrials 21.9 1.7%
    CH Guenther 2021 Pritzker Private Capital Consumer 21.4 1.7%
    Exact 2019 KKR Technology / IT 21.4 1.7%
    AutoStore (OB.AUTO) 2019 THL Industrials 19.5 1.5%
    Bylight 2017 Sagewind Partners Technology / IT 19.5 1.5%
    Real Page 2021 Thoma Bravo Technology / IT 18.5 1.5%
    Total Top 30 Investments                             $976.2 76.5%

    *Undisclosed company due to confidentiality provisions.

    Geography % of Portfolio
    North America 78%
    Europe 21%
    Asia / Rest of World 1%
    Total Portfolio 100%
       
    Industry % of Portfolio
    Tech, Media & Telecom 23%
    Consumer / E-commerce 21%
    Industrials / Industrial Technology 17%
    Financial Services 14%
    Business Services 12%
    Healthcare 8%
    Other 4%
    Energy 1%
    Total Portfolio 100%
       
    Vintage Year % of Portfolio
    2016 & Earlier 10%
    2017 16%
    2018 15%
    2019 14%
    2020 12%
    2021 18%
    2022 5%
    2023 2%
    2024 8%
    Total Portfolio 100%

    About NB Private Equity Partners Limited
    NBPE invests in direct private equity investments alongside market leading private equity firms globally. NB Alternatives Advisers LLC (the “Investment Manager”), an indirect wholly owned subsidiary of Neuberger Berman Group LLC, is responsible for sourcing, execution and management of NBPE. The vast majority of direct investments are made with no management fee / no carried interest payable to third-party GPs, offering greater fee efficiency than other listed private equity companies. NBPE seeks capital appreciation through growth in net asset value over time while paying a bi-annual dividend.

    LEI number: 213800UJH93NH8IOFQ77

    About Neuberger Berman
    Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939 with over 2,800 employees in 26 countries. The firm manages $508 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger Berman’s investment philosophy is founded on active management, fundamental research and engaged ownership. The firm’s leadership in stewardship and sustainable investing is recognized by the PRI based on its consecutive above median reporting assessment results. Neuberger Berman has been named by Pensions & Investments as the #1 or #2 Best Place to Work in Money Management for each of the last eleven years (firms with more than 1,000 employees). Visit www.nb.com for more information. Data as of 31 December 2024, unless otherwise noted.


    1Based on net asset value.

    This press release appears as a matter of record only and does not constitute an offer to sell or a solicitation of an offer to purchase any security.

    NBPE is established as a closed-end investment company domiciled in Guernsey. NBPE has received the necessary consent of the Guernsey Financial Services Commission. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results. This document is not intended to constitute legal, tax or accounting advice or investment recommendations. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. Statements contained in this document that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of NBPE’s investment manager. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Additionally, this document contains “forward-looking statements.” Actual events or results or the actual performance of NBPE may differ materially from those reflected or contemplated in such targets or forward-looking statements.

    Attachment

    The MIL Network

  • MIL-OSI Global: Robert F. Kennedy Jr says vitamin A protects you from deadly measles. Here’s what the study he cites actually says

    Source: The Conversation – Global Perspectives – By Evangeline Mantzioris, Program Director of Nutrition and Food Sciences, Accredited Practising Dietitian, University of South Australia

    RobsPhoto/Shutterstock

    Robert F. Kennedy Jr, who oversees the health of more than 340 million Americans, says vitamin A can prevent the worst effects of measles rather than urging more people to get vaccinated.

    In an opinion piece for Fox News, the US health secretary said he was “deeply concerned” about the current measles outbreak in Texas. However, he said the decision to vaccinate was a “personal one” and something for parents to discuss with their health-care provider.

    Kennedy mentioned updated advice from the Centers for Disease Control (CDC) to treat measles with vitamin A. He also cited a study he said shows vitamin A can reduce the risk of dying from measles.

    Here’s what the vitamin A study actually says and why public health officials are so concerned about Kennedy’s latest statement.

    Why is a measles outbreak so worrying?

    Measles is a highly contagious disease caused by a virus. It spreads easily including when an infected person breathes, coughs or sneezes.

    Measles initially infects the respiratory tract and then the virus spreads throughout the body. Symptoms include a high fever, cough, red eyes, runny nose and a rash all over the body.

    Measles can also be severe, can cause complications including blindness and swelling of the brain, and can be fatal. Measles can affect anyone but is most common in children.

    The Texan health department has confirmed 150-plus cases of measles and one death of an unvaccinated child during the current outbreak. While this is by far the largest measles outbreak in the US in 2025, the CDC has reported smaller outbreaks in several other states so far this year.

    Why vitamin A?

    Vitamin A is essential for our overall health. It has many roles in the body, from supporting our growth and reproduction, to making sure we have healthy vision, skin and immune function.

    Foods rich in vitamin A or related molecules include orange, yellow and red coloured fruits and vegetables, green leafy vegetables, as well as dairy, egg, fish and meat. You can take it as a supplement.

    Vitamin A can also be used therapeutically. In other words, doctors may prescribe vitamin A to treat a deficiency. Vitamin A deficiency has long been associated with more severe cases of infectious disease, including measles. Vitamin A boosts immune cells and strengthens the respiratory tract lining, which is the body’s first defence against infections.

    Because of this, the CDC has recently said vitamin A can also be prescribed as part of treatment for children with severe measles – such as those in hospital – under doctor supervision.

    One key message from the CDC’s advice is that people are already sick enough with measles to be in hospital. They’re not taking vitamin A to prevent catching measles in the first place.

    The other key message is vitamin A is taken under medical supervision, under specific circumstances, where patients can be closely monitored to prevent toxicity from high doses.

    Vitamin A toxicity can cause birth defects and increase the risk of fractures in elderly people. Vitamin A and beta-carotene (which the body turns into vitamin A) from supplements may also increase your risk of cancer, especially if you smoke.

    Taking too much vitamin A can lead to toxicity and cause birth defects.
    ChameleonsEye/Shutterstock

    How about the study Kennedy cites?

    Kennedy cites and links to a 2010 study, a type known as a systematic review and meta-analysis. Researchers reviewed and analysed existing studies, which included ones that looked at the effectiveness of vitamin A in preventing measles deaths.

    They found three studies that looked at vitamin A treatment by specific dose. There were different doses depending on the age of the children, measured in IU (international units). Having two doses of vitamin A (200,000IU for children over one year of age or 100,000IU for infants below one year) reduced mortality by 62% compared to children who did not have vitamin A.

    The 2010 study did not show vitamin A reduced your risk of getting measles from another infected person. To my knowledge no study has shown this.

    To be fair, Kennedy did not say that vitamin A stops you from catching measles from another infected person. Instead, he used the following vague statement:

    Studies have found that vitamin A can dramatically reduce measles mortality.

    It’s easy to see how a reader could misinterpret this as “take vitamin A if you want to avoid dying from measles”.

    We know what works – vaccines

    The World Health Organization recommends all children receive two doses of measles vaccine.

    The CDC states two doses of the measles vaccine (measles-mumps-rubella or MMR vaccine) is 97% effective against getting measles. This means out of every 100 people who are vaccinated only three will get it, and this will be a milder form.

    But these facts were missing from Kennedy’s statement. Should we be surprised? Kennedy is well known for his vaccine sceptism and for undermining vaccination efforts, including for the measles vaccine.

    As Sue Kressly, president of the American Academy of Pediatrics, told the Washington Post:

    relying on vitamin A instead of the vaccine is not only dangerous and ineffective […] it puts children at serious risk.

    Evangeline Mantzioris is affiliated with Alliance for Research in Nutrition, Exercise and Activity (ARENA) at the University of South Australia. Evangeline Mantzioris has received funding from the National Health and Medical Research Council, and has been appointed to the National Health and Medical Research Council Dietary Guideline Expert Committee.

    ref. Robert F. Kennedy Jr says vitamin A protects you from deadly measles. Here’s what the study he cites actually says – https://theconversation.com/robert-f-kennedy-jr-says-vitamin-a-protects-you-from-deadly-measles-heres-what-the-study-he-cites-actually-says-251465

    MIL OSI – Global Reports

  • MIL-OSI Australia: Business News ‘Politics & Business’ breakfast

    Source: Australian Government – Minister of Foreign Affairs

    Acknowledgements omitted

    I always enjoy the perspective of Western Australia and Perth which reflect your economic position and your geographic position, so close to Southeast Asia and so engaged with the regional economies.

    I know the business community thinks deeply about what it means to protect and promote Australia’s interests in an increasingly uncertain world.

    I know you think deeply about how we shore up Australia’s prosperity despite that uncertainty. I don,t need to tell this room, Western Australia is vital to that prosperity: when you succeed, the whole country prospers.

    That success includes WA resources, metals, critical minerals and rare earths but it also includes WA manufacturers and workers, your universities, research and technology, which are all globally prized.

    So what’s my role as Foreign Minister? Amongst other things and importantly, it is to help create opportunities, and promote and protect Australia’s interests as a reliable exporter of choice in an increasingly competitive international environment.

    Our foreign policy helps build and maintain the strategic conditions that enable our stability and prosperity.

    And you have to say that is a task that is not getting any easier.

    Each day, our assumptions are being tested.

    We live in a world of increasing strategic surprise. We live in a world that is ever more uncertain and unpredictable.

    We see the devastating human toll of conflicts including in Ukraine, Gaza and Sudan.

    Malign actors continue to engage in sabotage and terrorism.

    Bullies threaten to use nuclear weapons, and authoritarianism is spreading.

    Some countries are shifting alignment, high global inflation continues to put pressure on working people.

    And institutions that we helped build are being eroded and rules that we helped write are being challenged.

    These factors compound threats and risks in our own region from a changing climate, military buildup without transparency, and disruption of trade – as well as the risks inherent in great power competition.

    I recently released the 2025 Snapshot of Australia in the World, a summary of our foreign policy strategy, priorities and policy achievements.

    What it clearly shows is that even though we face a time of growing uncertainty, Australia is well-placed to protect our security, our stability and our prosperity.

    But that is only if we continue to build our disciplined focus on our region, because it is here where our interests are most at stake; if we invest not only in traditional but also in more diverse relationships; and if we work with partners to uphold international rules that protect us all.

    We have to apply ourselves to these tasks with ambition and calm, consistent and disciplined engagement.

    This is the approach the Albanese Government is taking with the United States.

    President Trump’s America First agenda envisages a very different role for America in the world, and that is what the American people have chosen.

    President Trump campaigned on change and none of us should try to minimise the implications of this change.

    And over the first seven weeks of the Trump Administration we have seen how broad those implications are around the world.

    Mindful of the scale of this change involving our most important strategic partner, there has been extensive engagement across senior levels of the Albanese Government.

    In addition to our relentless Ambassador in Washington, the Prime Minister has had two productive phone calls with the President.

    I had the honour of being the first Australian Foreign Minister ever to be invited to attend a Presidential Inauguration, and I was able to put the case for Australia to the Secretary of State Marco Rubio on his first day in office.

    The Deputy Prime Minister was Secretary Hegseth’s first international counterpart to meet with him following his confirmation.

    The Treasurer has made an early connection with his counterpart, US Secretary of the Treasury Scott Bessent.

    And our Trade and Tourism Minister has also been engaging with his counterparts.

    In those interactions we make the point that the US enjoys a two-to-one trade surplus with Australia and has since the Truman Presidency.

    We make the point that US exports to Australia face no tariffs.

    And that our trade and investment relationship is important for US industry and jobs. Half of Australia’s exports are inputs into US manufacturing and construction. And of course, we are a top 10 investor in the United States.

    And given the pool of funds under management in Australia’s superannuation sector that can only grow.

    Nevertheless, last week we saw that the second Trump administration has hardened its position in favour of tariffs as a centrepiece of its economic policy.

    And whereas the first Trump administration exempted 36 countries from steel tariffs and 32 countries from aluminium tariffs, this time not one single country has been exempted.

    Not Australia. Not Japan. Not anyone.

    And the degree of a country’s engagement has not changed the outcome.

    Indeed, the administration has been clear that the exemptions granted in its first term were a mistake.

    Our response to the Trump administration’s imposition of tariffs on Australia has been firm and it has been clear.

    As the Prime Minister has said, these measures are “entirely unjustified”.

    And “it is against the spirit of our two nations, enduring friendship and fundamentally at odds with the benefits our economic partnership has delivered over more than 70 years.”

    Steel and aluminium exports to the US represent 0.18 per cent of Australia’s total exports in 2023.

    We will continue to press the case for all Australian exporters, including steel and aluminium.

    We will continue to have advocate for the existing economy-wide access commitments under the Australia-United States Free Trade Agreement. They should be maintained.

    And we will also keep making the case for the many opportunities Australia has to offer.

    After the US announced their position, Peter Dutton said he would “do a deal” and “there’s no question about that”.

    Given not one leader of the 36 countries that got a deal last time got a deal this time, Australians are right to be incredulous about that claim.

    And they,re rightly concerned Peter Dutton would do a deal at any cost.

    Unlike Mr Dutton, we are not going to give away the farm – and we don,t have to.

    We will always put the interests of Australian industries and workers first.

    Remember, these tariffs do not necessarily mean that Americans won,t keep buying Australian products.

    And many nations want our exports. This state understands that possibly more than any part of Australia.

    We have a strong track record of supporting our exporters diversify their export markets, and regardless of what happens with US tariffs, that is a priority we will continue to pursue.

    One of the priorities I have brought to this job has been a focus on Southeast Asia, in part because of where I,m from originally, but in part because of my firm belief that ASEAN and the countries of Southeast Asia are critical to our next generation’s stability and prosperity.

    So just to our north, Indonesia stands as a major and growing power in our region and beyond.

    The world’s third largest democracy, projected to become the world’s fifth largest economy.

    So deepening our economic engagement with Indonesia is of enormous value to Australia, and part of our broader effort to diversify our economy, especially through Southeast Asia.

    Now we have our work cut out. When we came to government, Australian direct investment in Southeast Asia was lower than it was in 2014.

    Over this period, while international investment in the region had grown apace, Australia’s investment in it had gone backwards, both in relative and absolute terms.

    And by 2040, Southeast Asia is predicted to be the world’s fourth-largest economy after the United States, China and India.

    Australia’s trade and investment has simply not kept pace – and we need to turn this around.

    Australia has been central to the north Asian economic growth story, so we must be to the Southeast Asian economic growth story.

    That’s why we appointed Nicholas Moore AO as Australia’s Special Envoy to Southeast Asia and charged him with developing a Southeast Asia Economic Strategy to 2040.

    In the almost 18 months since its launch, we have made tangible progress.

    We have now implemented a number of initiatives responding to its recommendations, including new deal teams to identify and facilitate Australian investment in the region.

    New landing pads in Jakarta and Ho Chi Minh City, in addition to the existing hub in Singapore, to help our tech companies scale up.

    Business and investment missions, including three to Singapore, one of which was our largest ever outbound investment mission by value, representing a combined $2.5 trillion of assets under management.

    Improved visa access for businesspeople from the region and the establishment of the ASEAN-Australia Centre because we have to continue to build Southeast Asia literacy and enhance business and cultural ties.

    It’s no accident that Austrade had their best ever client results in Southeast Asia in 2024, with over $1 billion in commercial outcomes.

    We all need to play our part in diversification.

    Complacency, or business as usual, risks compromising our influence today and our prosperity tomorrow.

    Nobody today could claim they don,t understand the risk of putting too many eggs in one market.

    As you know, China’s growth has been a crucial driver of Australia’s prosperity and the world’s prosperity – and we know this has never been straightforward for business.

    Especially during the last term of government, when China’s doors were closed to many of our exports.

    Since the Albanese Government was elected you have seen a concerted effort to restore dialogue and stabilise the relationship with our largest trading partner.

    We pressed China to lift impediments on more than $20 billion of Australian exports – barley, wine, coal, timber logs, cotton, beef, hay and copper ores, concentrates, and lobsters.

    The final impediments on lobster were lifted in late December, and we have seen in just the first month of the crayfish trade resuming into China, sales have already reached $118 million.

    We know how important that is to Western Australia. In 2023-24, China received 56 per cent of exports from this state. And what we want is grow opportunities for our great exporters – both into China and elsewhere across our region.

    The China relationship will continue to face challenges.

    You see, the term stabilisation has never meant there would be no problems.

    It has always meant we should be able to engage directly with China in order to manage differences and problems that are inevitable – without these problems derailing our ability to talk to each other – as we saw in the past.

    And that is what we will keep doing – and it is what the Australian people expect of us, your government – to engage confidently, calmly and consistently, protecting our sovereignty and advancing our interests.

    We have seen in recent weeks that the same people who had no regard for the consequences for Australian exporters and jobs are at it again – trying to turn China into an election issue, with inflammatory language.

    This country, as you all know, built our prosperity in great part because we are a trading nation.

    A great trading nation has to grapple with a world where trade can be a vulnerability as well as an opportunity.

    And the whole country, all of us, government, business, the workforce – we have to manage these risks together.

    We can’t imagine the challenges away nor can we put other countries, interests ahead of ours.

    What we can do is recognise our challenges in the world are growing.

    That our interests are most at stake in our region.

    And that we must not just invest in our traditional relationships but also in diversified relationships.

    And if we do these things, we can be confident that together as Australians we can meet these challenges, and keep building a better future.

    MIL OSI News

  • MIL-OSI Asia-Pac: ASEAN invitees to get easier entry

    Source: Hong Kong Information Services

    The Government today launched a scheme to provide convenient immigration arrangements for individuals invited to Hong Kong from countries in the Association of Southeast Asian Nations (ASEAN). The policy is aimed at strengthening the city’s economic and trade exchanges, and its cultural co-operation, with the bloc. 

    Under the Immigration Facilitation Scheme for Invited Persons, relevant policy bureaus and departments will invite ASEAN nationals who they believe can make considerable contributions to Hong Kong’s economic development, or who they wish to attend important events in the city, to take advantage of expedited immigration arrangements.

    The Immigration Department will provide one-stop processing of applications from invitees through an electronic platform, relax the application criteria for self-service immigration clearance, and simplify the information required for visa applications.

    Stressing that ASEAN has a long-standing relationship with Hong Kong and is the city’s second largest trading partner, the Government said it attaches great importance to co-operation with ASEAN countries.

    It added that self-service immigration clearance services at Hong Kong’s control points will greatly enhance clearance efficiency for invitees.

    Click here for details of the scheme.

    MIL OSI Asia Pacific News

  • MIL-Evening Report: PSNA calls on NZ govt to condemn renewed Israel air strikes on Gaza – 230 killed

    Asia Pacific Report

    A national Palestinian advocacy group has called on the Aotearoa New Zealand government to immediately condemn Israel for its resumption today of “genocidal attacks” on the almost 2 million Palestinians trapped in the besieged Gaza enclave.

    Media reports said that more than 230 people had been killed — many of them children — in a wave of predawn attacks by Israel to break the fragile ceasefire that had been holding since mid-January.

    The renewed war on Gaza comes amid a worsening humanitarian crisis that has persisted for 16 days since March 1.

    This followed Israeli Prime Minister Netanyahu’s decision to block the entry of all aid and goods, cut water and electricity, and shut down the Strip’s border crossings at the end of the first phase of the ceasefire agreement.

    “Immediate condemnation of Israel’s resumption of attacks on Gaza must come from the New Zealand government”, said co-national chair John Minto of the Palestine Solidarity Network Aotearoa (PSNA) in a statement.

    “Israel has breached the January ceasefire agreement multiple times and is today relaunching its genocidal attacks against the Palestinian people of Gaza.”

    Israeli violations
    He said that in the last few weeks Israel had:

    • refused to negotiate the second stage of the ceasefire agreement with Hamas which would see a permanent ceasefire and complete withdrawal of Israeli troops from Gaza;
    • Issued a complete ban on food, water, fuel and medical supplies entering Gaza — “a war crime of epic proportions”; and
    • Cut off the electricity supply desperately needed to, for example, operate desalination plants for water supplies.

    ‘Cowardly silence’
    “The New Zealand government response has been a cowardly silence when the people of New Zealand have been calling for sanctions against Israel for its genocide,” Minto said.

    “The government is out of touch with New Zealanders but in touch with US/Israel.

    “Foreign Minister Winston Peters seems to be explaining his silence as ‘keeping his nerve’.

    Minto said that for the past 17 months, minister Peters had condemned every act of Palestinian resistance against 77 years of brutal colonisation and apartheid policies.

    “But he has refused to condemn any of the countless war crimes committed by Israel during this time — including the deliberate use of starvation as a weapon of war.

    “Speaking out to condemn Israel now is our opportunity to force it to reconsider and begin negotiations on stage two of the ceasefire agreement Israel is trying to walk away from.

    “Palestinians and New Zealanders deserve no less.”

    A Netanyahu “Wanted” sign at last Saturday’s pro-Palestinian rally in “Palestinian Corner”, Auckland . . . in reference to the International Criminal Court arrest warrants issued last November against the Israeli Prime Minister and former defence minister Yoav Gallant. Image: APR

    ‘Devastating sounds’
    Al Jazeera reporter Maram Humaid said from Gaza: “We woke up to the devastating sounds of multiple explosions as a series of air attacks targeted various areas across the Gaza Strip, from north to south, including Jabalia, Gaza City, Nuseirat, Deir el-Balah and Khan Younis.”

    “The strikes hit homes, residential buildings, schools sheltering displaced people and tents, resulting in a significant number of casualties, including women and children, especially since the attacks occurred during sleeping hours.

    The Palestinian Ministry of Health in Gaza said at least 232 people had been killed in today’s Israeli raids.

    The Palestinian resistance group Hamas called on people of Arab and Islamic nations — and the “free people of the world” — to take to the streets in protest over the devastating attack.

    Hamas urged people across the world to “raise their voice in rejection of the resumption of the Zionist war of extermination against our people in the Gaza Strip”.

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: Renewables are cheap. So why isn’t your power bill falling?

    Source: The Conversation (Au and NZ) – By Tony Wood, Program Director, Energy, Grattan Institute

    Steve Tritton/Shutterstock

    Power prices are set to go up again even though renewables now account for 40% of the electricity in Australia’s main grid – close to quadruple the clean power we had just 15 years ago. How can that be, given renewables are the cheapest form of newly built power generation?

    This is a fair question. As Australia heads for a federal election campaign likely to focus on the rising cost of living, many of us are wondering when, exactly, cheap renewables will bring cheap power.

    The simple answer is – not yet. While solar and wind farms produce power at remarkably low cost, they need to be built where it’s sunny or windy. Our existing transmission lines link gas and coal power stations to cities. Connecting renewables to the grid requires expensive new transmission lines, as well as storage for when the wind isn’t blowing or the sun isn’t shining.

    Notably, Victoria’s mooted price increase of 0.7% was much lower than other states, which would be as high as 8.9% in parts of New South Wales. This is due to Victoria’s influx of renewables – and good connections to other states. Because Victoria can draw cheap wind from South Australia, hydroelectricity from Tasmania or coal power from New South Wales through a good transmission line network, it has kept wholesale prices the lowest in the national energy market since 2020.

    While it was foolish for the Albanese government to promise more renewables would lower power bills by a specific amount, the path we are on is still the right one.

    That’s because most of our coal plants are near the end of their life. Breakdowns are more common and reliability is dropping. Building new coal plants would be expensive too. New gas would be pricier still. And the Coalition’s nuclear plan would be both very expensive and arrive sometime in the 2040s, far too late to help.

    Renewables are cheap, building a better grid is not

    The reason solar is so cheap and wind not too far behind is because there is no fuel. There’s no need to keep pipelines of gas flowing or trainloads of coal arriving to be burned.

    But sun and wind are intermittent. During clear sunny days, the National Energy Market can get so much solar that power prices actually turn negative. Similarly, long windy periods can drive down power prices. But when the sun goes down and the wind stops, we still need power.

    This is why grid planners want to be able to draw on renewable sources from a wide range of locations. If it’s not windy on land, there will always be wind at sea. To connect these new sources to the grid, though, requires another 10,000 kilometres of high voltage transmission lines to add to our existing 40,000 km. These are expensive and cost blowouts have become common. In some areas, strong objections from rural residents are adding years of delay and extra cost.

    So while the cost of generating power from renewables is very low, we have underestimated the cost of getting this power to markets as well as ensuring the power can be “firmed”. Firming is when electricity from variable renewable sources is turned into a commodity able to be turned on or off as needed and is generally done by storing power in pumped hydro schemes or in grid-scale batteries.

    In fact, the cost of transmission and firming is broadly offsetting the lower input costs from renewables.

    Transmission lines are essential – but building them is sometimes fraught.
    Naohisa goto/Shutterstock

    Does this mean the renewable path was wrong?

    At both federal and state levels, Labor ministers have made an error in claiming renewables would directly translate to lower power prices.

    But consider the counterpoint. Let’s say the Coalition gets in, rips up plans for offshore wind zones and puts the renewable transition on ice. What happens then?

    Our coal plants would continue to age, leading to more frequent breakdowns and unreliable power, especially during summer peak demand. Gas is so expensive as to be a last resort. Nuclear would be far in the future. What would be left? Quite likely, expensive retrofits of existing coal plants.

    If we stick to the path of the green energy transition, we should expect power price rises to moderate. With more interconnections and transmission lines, we can accommodate more clean power from more sources, reducing the chance of price spikes and adding vital resilience to the grid. If an extreme weather event takes out one transmission line, power can still flow from others.

    Storing electricity will be a game-changer

    Until now, storing electricity at scale for later use hasn’t been possible. That means grid operators have to constantly match supply and demand. To cope with peak demand, such as a heatwave over summer, we have very expensive gas peaking plants which sit idle nearly all the time.

    Solar has only made the challenge harder, as we get floods of solar at peak times and nothing in the evening when we use most of our power. Our coal plants do not deal well with being turned off and on to accommodate solar floods.

    The good news is, storage is solving most of these problems. Being able to keep hours or even days of power stored in batteries or in elevated reservoirs at hydroelectric plants gives authorities much more flexibility in how they match supply and demand.

    We will never see power “too cheap to meter”, as advocates once said of the nuclear industry. But over time, we should see price rises ease.

    For our leaders and energy authorities, this is a tricky time. They must ensure our large-scale transmission line interconnectors actually get built, juggle the flood of renewables, ensure storage comes online, manage the exit of coal plants and try not to affect power prices. Pretty straightforward.

    Tony Wood’s superannuation fund may have shares in companies positively or negatively affected by the issues covered in this article.

    ref. Renewables are cheap. So why isn’t your power bill falling? – https://theconversation.com/renewables-are-cheap-so-why-isnt-your-power-bill-falling-252391

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: Americans can’t stop Aussie kickers on college football fields – so they’re trying in court

    Source: The Conversation (Au and NZ) – By Adam Cohen, Senior Lecturer, University of Technology Sydney

    The National Rugby League has recently made headlines for trying to crack the American sporting landscape by hosting matches in Las Vegas.

    But the NRL’s great rival, the Australian Football League (AFL), has been the Australian export influencing American sport in a much greater fashion in the 21st century.

    While casual American football fans might not put much thought into the kicking aspect of the sport, increasingly, Australian rules players have been identified for their unique skills to fulfil the role of punter.

    A punter is a specialist kicker, who punts the ball downfield with the aim of limiting the opponent’s field position.

    This has led to an influx of Australians in United States college football teams, with some making it to the National Football League (NFL).

    Currently, there are five Australian-raised punters in the NFL — Mitch Wishnowsky, Michael Dickson, Tory Taylor, Cameron Johnston and Matt Hayball.

    Punting pushback

    It has never been more lucrative for athletes to play US college sport after a recent policy change allowing these athletes to be paid for name-image-likeness (NIL) deals.

    NIL refers to a person’s legal right to control how their image is used, including commercially. Until recently, college athletes were not allowed to profit from their fame but the rules have been relaxed.

    This has increased scrutiny within the US about who should be given those opportunities.

    Recent deterrents aimed to solve this dilemma include a class-action lawsuit aiming to limit Australian imports.

    The class action is based on six legal claims, including age discrimination, anti-trust and unfair trade practices laws, as well as violation of the US Constitution’s 14th Amendment, which states “no state shall deny any person within its jurisdiction the equal protection of the laws”.

    One US media investigation allegedly found:

    • transcripts that had been submitted to American universities that were doctored to improve athlete grades compared to their actual grades

    • Prokick (the main Australian company bringing athletes into the US system) misleading college football coaches by overstating athletes’ remaining years of eligibility, and omitting information about whether prospective punters previously attended university in Australia.

    Also, specific US states are considering a maximum number of international athletes on scholarships allowed at each school.

    Prokick founder, former AFL player Nathan Chapman, denied the allegations raised in the class action and US media reports.

    Many US college football teams have recruited Australian punters.

    Why Aussies are so appealing

    In the US, punting is a niche skill that gains very little attention. However, many Australians grow up kicking a ball instinctively and learning a variety of techniques.

    These skills have translated into punting, where hang time (how long the ball stays in the air), placement and spin are valuable.

    Former NFL punter and popular media personality Pat McAfee has often celebrated the AFL and touted the influence of the sport on punting.

    What began as just a handful of former AFL players leaving Australia to pursue college football and NFL opportunities has turned into a pipeline where Australians are beginning to dominate the position.

    A New York Times article in 2023 stated 61 out of 133 Division 1 (top tier) football programs had an Australian punter on their roster.

    In seven of the past 11 seasons, an Australian won the Ray Guy Award as the top punter in Division 1 football.

    Of the Australians who have gone on to play in the NFL, the Seattle Seahawks’ Dickson – who recently signed a four-year, $US14.5 million ($A22.9 million) contract – is recognised as one of the best in the league.

    Dickson has gone viral multiple times, which is extremely rare for a punter, for plays including a drop-kick and a one-handed scoop and kick.

    Punting pathways

    To play college football, Australians must deal with National Collegiate Athletic Association (NCAA) eligibility requirements. These include academic standards and amateur status.

    Many enter the system as mature-aged athletes, often in their early 20s (compared to 18-19 year old Americans competing for the same scholarships and roster spots), which gives them a physical and mental advantage over younger recruits.

    The main contributor to this is Prokick Australia.

    Prokick identifies and trains athletes with the potential to transition into American football, coaching them in punting mechanics, the rules of the game and the university recruiting process.

    Prokick has created established partnerships with coaching staff across the US, giving their clients an inside track on scholarship opportunities.

    Their website touts success stories, which include representing 270 athletes getting full scholarships with an estimated value of more than $A50 million.

    This success has led to alternative options, such as Kohl’s and Under Armour offering showcases, where punters can register and perform in front of college coaches.

    Beyond being good at kicking a football, a key step in being allowed to play for an US university involves submitting immigration materials to the US State Department. This includes academic documentation.

    This has led to several attempts to push back on Prokick’s influence in this space, including the class action.

    Where to from here?

    With college football and NFL teams placing increasing value on field position, the demand for Aussie punters is unlikely to slow down.

    As long as pathways like Prokick remain viable, Australians should continue to dominate one of the most specialist roles in American football, unless sweeping changes and restrictions are put in place.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    ref. Americans can’t stop Aussie kickers on college football fields – so they’re trying in court – https://theconversation.com/americans-cant-stop-aussie-kickers-on-college-football-fields-so-theyre-trying-in-court-251916

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Australia: Ex-HMAS Brisbane re-imagined by Cyclone Alfred

    Source: Government of Queensland

    Issued: 18 Mar 2025

    Open larger image

    Ex-HMAS Brisbane post Tropical Cyclone Alfred inspection.

    Sections of the ex-HMAS Brisbane, a former Royal Australian Navy warship that is one of Australia’s premier wreck-dive sites, have been redesigned by Tropical Cyclone Alfred.

    Steve Hoseck, Principal Ranger of Southern Marine Parks, Queensland Parks and Wildlife Service said rangers conducted an initial post-cyclone inspection of the popular dive site, located off Mooloolaba, over the weekend.

    “While the majority of the wreck remains in great shape, and appears unaffected by Alfred, a large forward section of the ship has undergone a major makeover,” Mr Hoseck said.

    “An entire section below the front funnel has detached and been relocated to the port side of the ship – this is an amazing demonstration of the power of the waves and water currents that were at play during the cyclone.”

    Mr Hoseck said Rangers are prioritising making safe the separated areas so diving can resume as soon as possible.

    “Once these works have been completed, we will open the site for guided external-only dives run by the two local dive operators.

    “The next priority is a full internal inspection of the wreck to assess if additional work is required before diver entry into the wreck is deemed safe.

    “This internal assessment is complex work that requires good sea conditions and could take several months to complete. Access during this time will be limited to guided dives only for safety.

    “A multi-beam survey in April will give us an indication of damage to external surfaces, and will be compared to previous surveys to determine if any further twisting or warping has occurred.

    “We recognise how important the ex-HMAS Brisbane site is to the local diving community and tourism industry and we are committed to getting the site safe and reopened so that visitors can experience its new creative expressions as soon as possible.

    “We ask that people stay away from the site until it is deemed safe.”

    “Once deemed safe, the ex-HMAS Brisbane will be an amazing dive, with new twists and unique perspectives thanks to Tropical Cyclone Alfred.”

    More information on the Ex-HMAS Brisbane and the conservation park is available at: ex-HMAS Brisbane Conservation Park.

    Media contact:                  DETSI Media Unit on (07) 3339 5831 or media@des.qld.gov.au

    MIL OSI News

  • MIL-OSI Australia: Minns Government seeks energy bill relief for cyclone region

    Source: New South Wales Government 2

    Headline: Minns Government seeks energy bill relief for cyclone region

    Published: 18 March 2025

    Released by: Minister for Energy and Climate Change, Minister for the North Coast, Minister for Small Business


    The Minns Labor Government has written to energy companies asking them to defer electricity bills and waive a fee for NSW households and businesses hit by ex-Tropical Cyclone Alfred, to further ease the pressure on those recovering from the natural disaster.

    Residents and business owners in northern NSW have experienced substantial disruptions to their power supply due to ex-Tropical Cyclone Alfred. It delivered heavy rain and severe winds to large areas of Northern NSW, causing extensive damage to the area’s electricity distribution network.

    A total of 84,000 homes and businesses experienced power outages across various communities from Tweed Heads to Grafton, and west to Armidale. Some lost power multiple times.

    Essential Energy will waive the daily access charge for customers for the period they were without power.

    While energy retailers have not played a role in relation to the power disruptions, Minister for Energy Penny Sharpe has written to 22 companies requesting their cooperation in supporting customers who live in local government areas included in the natural disaster declaration. The Minister has asked them to:

    • waive the daily power supply charge for customers for the period they were not supplied electricity (by passing on the waiver being provided to retailers by Essential Energy)
    • defer any electricity bills that are due to be sent to customers for 14 days
    • defer any disconnections or repayment requirements for 14 days for affected customers in debt or with any amount owing on their account
    • provide additional information about payment plan options and NSW Government financial support if customers find they are unable to pay their bill as a result of the cyclone impacts.

    The NSW Government along with the Australian Government is working together to provide support to the affected area. A personal hardship grant with payments of $180 for individuals and up to $900 per family is available through Service NSW for essential costs such as food, clothing, medicine and emergency accommodation. To be eligible, individuals must have been subject to an evacuation order or have experienced a power outage of more than 48 hours.

    Customers whose ability to repay their energy bills has been impacted by Ex-Tropical Cyclone Alfred can also apply for NSW Government Energy Accounts Payment Assistance (EAPA) support to help pay their energy bills. EAPA helps people experiencing difficulty paying their electricity and/or gas bill due to a short-term financial hardship, crisis or emergency to stay connected to essential services. EAPA can only be applied to current, unpaid energy bills.

    Minister for Energy, Penny Sharpe said:

    “It is important we provide as much support as possible to households and business owners who are recovering from ex-Tropical Cyclone Alfred.

    “I have written to energy retailers asking them to join Essential Energy in providing relief to customers in the natural disaster zone, and thank them in advance for any assistance they can offer.”

    Minister for Recovery, Small Business and the North Coast, Janelle Saffin said:

    “Every bit of support counts for families, households and businesses doing it tough in the wake of this natural disaster.

    “Thank you for your consideration of this request during this difficult time for the residents and businesses of the Northern Rivers and North Coast.”

    Further information:

    • Essential Energy is one of three distribution network operators in NSW. Essential Energy, Ausgrid and Endeavour Energy are responsible for the distribution lines in a specified region:
      • Essential Energy – Riverina, South Eastern region, Northern NSW and Central Tablelands
      • Ausgrid – Sydney’s north, Central Coast and Newcastle
      • Endeavour Energy – Blue Mountains, Western Sydney, Illawarra and South Coast
    • Energy retailers such as Origin Energy, AGL, Red Energy and EnergyAustralia buy electricity from the market pool and contract with generators to manage prices.
      • Retailers then sell electricity to households and businesses. Most customers only ever interact with their retailer, which sends them their quarterly bill.
      • There are 22 energy retailers with customers in the region affected by the natural disaster from 3 March 2025.
    • To assist customer recovery from the impacts of ex-cyclone Alfred and the extended periods of time without power, Essential Energy is offering financial and non-financial support. For more information visit the Essential Energy website.

    MIL OSI News

  • MIL-OSI Asia-Pac: CE: fee review will not affect care

    Source: Hong Kong Information Services

    Chief Executive John Lee said this morning that a review of charges and fees for public health services is part of wider reforms to healthcare and will not involve cutting back on expenditure or compromising care for those in need.

    Mr Lee was responding to questions from reporters about upcoming adjustments to fees for public hospital and medical services. He stressed that the Health Bureau has been instructed to observe three principles as it reviews the relevant fees.

    “First, it is not an expenditure cutting exercise. We shall spend no less money, just to readjust the spending distribution for the sake of efficiency and effectiveness.

    “Second, priority should be given to the most needed. This includes helping those with economic difficulties and those cases in which the patient suffers from emergency, the most serious, and critical illnesses.”

    Mr Lee outlined that the third principle is to reduce wastage of resources. He added that he has urged the bureau to finalise its review as soon as possible, with an aim to announce details before the end of March.

    MIL OSI Asia Pacific News

  • MIL-OSI Australia: Live life in the past lane

    Source: Government of Western Australia

    Wind back the clock and get a glimpse into the past during the City of Wanneroo’s Australian Heritage Festival celebrations this autumn.

    Running from 18 April to 18 May and coordinated by the National Trust, the Australian Heritage Festival is the country’s largest community-driven celebration of heritage.

    This year’s theme is Unearthed – revealing the past, bringing to light lesser-known histories and stories, and unearthing knowledge to empower younger generations as custodians of culture and tradition.

    To celebrate this theme, the City is running a series of free, family-friendly community events at the Cockman and Buckingham heritage houses, Wanneroo Regional Museum and a variety of other locations across the City.  

    Our free Heritage Festival events include:

    • The Antipodean Manifesto exhibition at Wanneroo Regional Gallery, Wednesdays to Saturdays, 18 April to 3 May.
    • A bees and beeswax wraps workshop at Buckingham House on 30 April.
    • Mischief and mysteries school holiday sessions at Wanneroo Museum, running various days between 19 and 26 April.
    • Sunday afternoons at Cockman House from 20 April to 11 May.
    • Embroidery workshops at various City libraries on 30 April, 7 and 14 May.
    • Friday Flicks: 40-year showcase at the Wanneroo Theatrette on 2, 9 and 16 May.
    • A Wanneroo in wartime bus tour, departing from Wanneroo Regional Museum, on 6 May.

    Find out more about these programs and events at wanneroo.wa.gov.au/heritagefestival.

    MIL OSI News

  • MIL-Evening Report: The next round in the US trade war has the potential to be more damaging for Australia

    Source: The Conversation (Au and NZ) – By Felicity Deane, Professor of Trade Law, Taxation and Climate Change, Queensland University of Technology

    Slladkaya/Shutterstock

    On April 2 the United States is set to implement a new wave of tariffs under its Fair and Reciprocal Trade Plan. Details of the plan that will impact all US trading partners are not yet known, but the US administration has suggested these tariffs will target any rules it considers “unfair”.

    This means the April 2 tariffs may take aim at a range of Australian domestic policies, such as biosecurity rules that govern food imports, and the government’s Pharmaceutical Benefits Scheme (PBS).

    The size of the hit is uncertain. One report indicates a relatively modest tariff between 2% and 8% is being considered, below the 25% rate imposed on steel and aluminium on March 12. But it will apply to a much larger set of exports.




    Read more:
    With Australian steel and aluminium set to incur US tariffs, global uncertainty will be our next challenge


    Australia and the US have been allies for over a century. The two nations celebrated a “century of mateship” in 2018. More formally, the two countries have a current free trade agreement, Australia-United States Free Trade Agreement (AUSFTA).

    The agreement was negotiated in good faith, and entered into force on January 1, 2005. It called for the elimination of tariffs between the two nations over time, and until now both parties have upheld their respective bargains. The so-called “reciprocal” tariff plan would breach that agreement.

    What sectors are likely to be targeted?

    The Trump reference to non-tariff barriers raises two main concerns for Australian products: meat and pharmaceuticals.

    These exports to the US are worth about A$3.3 billion and $1.6 billion a year respectively. That’s about five times the total value of our steel and aluminium exports to the US.

    In Australia, domestic beef products are subject to strict traceability rules. Similarly, imported beef has rigid biosecurity requirements as it is classified as a high-risk food.

    This is because of the potential risk of mad cow disease (Bovine Spongiform Encephalopathy). This disease was detected in the US in 2002 and triggered an Australian ban on US beef products.

    The ban was partially lifted in 2018, but some restrictions remain, which the US says are a barrier to trade. This was also raised by the Biden administration in a 2024 report on trade barriers.

    The US cannot force Australia to change its laws on the basis of tariffs – but they can make products coming from Australian suppliers more expensive and therefore restrict market access to the US, which many Australian producers rely on.

    A tariff on Australian-sourced beef products would also push up prices for American consumers. Trade Minister Don Farrell has warned the price of a McDonald’s burger may increase.

    If tariffs are placed on Australian beef, the government has warned that McDonalds burgers in the US will become more expensive.
    Shutterstock

    Medicines are also in the line of fire

    Turning to pharmaceuticals, the Australian PBS has been a sticking point between US and Australian trade negotiators for the past 20 years.  

    The PBS, which has been in place since 1948, ensures Australians have affordable access to essential medicines. It formed part of discussions during the free-trade negotiations and has been raised as a potential barrier to trade.

    The US argues innovation and unfettered market access for American drug companies should be prioritised over Australia’s reference pricing arrangements. Reference pricing means medicines with similar outcomes should have similar pricing.

    The reason the US has a problem with this scheme is because some of their companies are not able to charge higher prices for medicines.

    Although these are the categories of most concern, there is no assurance the “Fair and Reciprocal Plan” will be limited to beef and pharmaceuticals.

    For instance, there are no barriers imposed on the import of wine into Australia. But there has been some concern tariffs could be introduced regardless.

    Wine is often the target of trade wars and President Donald Trump has threatened the European Union with a 200% tariff on all wine and spirits entering the US. As Australian wine makers have only recently recovered from Chinese and Canadian tariffs, any US tariffs would deal a harsh blow to the industry.

    An old clip of the former Republican President Ronald Reagan went viral this week, highlighting his quite different view:

    Is there any avenue for appeal?

    There is one thing that is clear about these tariffs. Their imposition will be in violation of both the WTO rules and the free-trade agreement.

    Both have provisions to settle disputes and Australia does have options for filing complaints. However, the rule of law and existing norms of the international order do not appear to be persuasive to the Trump administration.

    Despite this, it is important to note the US cannot force Australia to change its longstanding laws that protect consumers and ensure accessibility to medicines. This remains the choice of the Australian government.

    If the tariffs are introduced in the range of 2% to 8%, there may not be a significant direct economic impact. But they will have other consequences. Trade negotiations, and international agreements, are largely based on goodwill. These acts of the US will erode much of what has been built up over the past century.

    The downturn we are seeing in financial markets has so far been dismissed by the Trump administration as necessary. But if the correction turns into a crash, it may give President Trump pause. Given his lack of interest in negotiating, this may be the only thing that could change his mind.

    Felicity Deane 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. The next round in the US trade war has the potential to be more damaging for Australia – https://theconversation.com/the-next-round-in-the-us-trade-war-has-the-potential-to-be-more-damaging-for-australia-252377

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Australia: Ray James appointed Veterans’ Representative to the Anzac Memorial Board of Trustees

    Source: New South Wales Government 2

    Headline: Ray James appointed Veterans’ Representative to the Anzac Memorial Board of Trustees

    Published: 18 March 2025

    Released by: Minister for Veterans


    Ray James OAM has been appointed as Veterans’ Representative to the Anzac Memorial Board of Trustees.

    Minister for Veterans David Harris, in his capacity as the Premier’s proxy and the Chair of the Trustees, appointed Mr James who was welcomed by the Trust at its regular meeting at the Memorial on Thursday, 13 March.

    Mr James’ long military career includes 20 years in the Royal Australian Navy, service in the Vietnam War and a further 26 years in the Royal Australian Navy Reserve.

    He is the most recent past President of RSL NSW, where he worked tirelessly to revitalise and rebuild RSL NSW.

    He has also served as a Trustee of the Anzac Memorial for a previous three-year term between 2020 and 2023.

    Mr James has remained an active member of RSL NSW since his term ended at that organisation in 2023 and continues to be a strong advocate for the veteran community.

    The Veterans’ Representative is nominated by the President of RSL NSW and joins the Trust Board which comprises the NSW Premier, Leader of the Opposition, Lord Mayor of Sydney, State President of the RSL NSW, the Government Architect, the State Librarian, the Secretary of the Department of Education, an Australian Defence Force representative, and community representative, as legislated Trustees under the Anzac Memorial Building Act 1923. 

    Mr James will hold the position on the Board of Trustees for three years.

    For more information on the Board of Trustees visit https://www.anzacmemorial.nsw.gov.au/board-trustees

    Minister for Veterans, David Harris said:

    “I am delighted that Mr James is joining the Trust and I look forward to working alongside him once again. He has a wealth of Defence and Government experience that he can bring to the Board.

    “Mr James is an active member of the veteran community and a tireless advocate for veterans. Since his tenure as President of RSL NSW ended in 2023, he has continued to raise awareness of the service and sacrifice of veterans and their families.

    “On behalf of the Trustees, I congratulate Mr James on his appointment and wish him well in the position.”

    MIL OSI News

  • MIL-OSI Australia: National Children’s Commissioner calls for urgent action to safeguard children in early learning and care

    Source: Australian Human Rights Commission

    National Children’s Commissioner Anne Hollonds is urging a national response to revelations about dangerous practices and regulatory failings across Australia’s childcare sector. 

    An ABC Four Corners investigation aired last night has exposed an ineffective regulatory system for Australia’s childcare providers which is failing to protect the safety, health and wellbeing of infants and young children.  

    Commissioner Hollonds: “The safety and wellbeing of our youngest and most vulnerable children should be of paramount concern for governments across Australia.  

    “There’s been a lot of commentary about ‘childcare deserts’ being a barrier to women seeking employment, and so governments have been focussed on increasing supply and improving affordability as well as increasing pay for childcare workers and early childhood educators.  

    “However, there has clearly been insufficient focus on the safety of infants and preschool age children in some of these centres.  

    “Australia has had a childcare quality framework in place since 2012, and the majority of childcare centres do prioritise child wellbeing. 

    “However, the ‘quality’ of early childhood education needs to start with the basics, and that means ensuring the safety and wellbeing of our youngest and most vulnerable children, without exception.  

    “We must urgently address any serious gaps in the regulatory scaffolding and child safeguarding framework that allows physical, sexual and emotional abuse of children in early childhood centres to continue unnoticed or unaddressed.   

    “Putting babies, toddlers and young kids at risk because of regulatory failings is unacceptable and we need urgent government action across our federation to address these dangerous gaps in how we protect children in this country. 

    “By not making child safety and wellbeing a priority for National Cabinet, we’re allowing our youngest citizens to fall into these gaps created by jurisdictional boundaries as well as fragmentation and complexity in the childcare industry.   

    “As I have consistently said, our whole approach to child safety and wellbeing in this country is in desperate need of systemic reform, and this includes our childcare sector.  

    “Governments need to stop tinkering around the edges and make the safety and wellbeing of children a priority for National Cabinet so we have accountability and evidence-based approaches at the heart of how we protect our kids and provide opportunities for them to thrive.” 

    ENDS | Media contact: media@humanrights.gov.au or +61 457 281 897

    MIL OSI News

  • MIL-Evening Report: After a century of Monday to Friday, could the 4-day week finally be coming to Australia?

    Source: The Conversation (Au and NZ) – By John L. Hopkins, Associate Professor of Management, Swinburne University of Technology

    The reality of shorter working hours could be one step closer for many Australians, pending the outcome of the federal election.

    The Greens, who could control crucial cross bench votes in a hung parliament, have announced plans for a four-day working week, with no loss of pay. They say the policy would alleviate stress and burn out, and increase women’s participation in the workforce.

    Earning the same money for fewer hours would appeal to most workers. But is it too good to be true? Could it really be rolled out cost free to all workplaces, especially to “client facing” companies and service providers?

    Or does research suggest the Greens could be onto something?

    The Greens’ plan

    The Greens’ policy would involve a new National Institute for the Four Day Work Week and a test case through the Fair Work Commission.

    A series of national trials would be set up in a number of different industries, whereby workers would work 80% of their normal hours, while maintaining 100% of their pay.

    According to Greens Senator Barbara Pocock, it’s a win-win for everyone:

    It can increase productivity, reduce absenteeism, improve recruitment and retention and give employees more time to manage their home life. This change will allow workers to create a working week that works for them.

    The 100:80:100 model

    The four-day work week being proposed in this instance is commonly regarded as the 100:80:100 model.

    It delivers 100% of the pay, for 80% of the hours, in return for maintaining 100% of productivity.

    This is unlike other forms of shorter working weeks, which compress five days’ worth of work into four longer days. This obviously disadvantages some employees.

    Recent research conducted by Swinburne University of Technology involved interviews with ten Australian firms that have already adopted the 100:80:100 model.

    They were a mixture of small and medium sized private sector businesses, including management consulting firms, a shipping and logistics company, and recruitment and marketing agencies.

    The research underlined the potential for a range of positive outcomes for both employers and employees.

    Workers reported having better work-life balance, more time to complete “life administration” tasks, and more time to invest in hobbies, exercise, wellness and self-care. Bosses cited productivity gains, reduced sick days, and significant improvements in recruitment and retention rates.

    However, the 100:80:100 model is viewed with scepticism in some quarters. There is still doubt that productivity and output would be maintained, or in some cases improved, when workers are working one day fewer per week.

    Also, there could be costs associated with the implementation of this work model for front-line roles, such as retail, schools, hospitals and nursing homes. Additional workers may need to be hired, at extra expense, to cover the hours dropped by the existing workforce.

    100 years of working 5 days a week

    The year 2026 will mark the 100th anniversary of the five-day work week.

    It was car maker Henry Ford who reduced the working week in the United States from six days to five. Other sectors and countries followed suit. This was at a time when the average life expectancy of Australian workers was just 55 and households typically only had one bread-winner.

    Despite the time saved by the many technological breakthroughs in the past 100 years – from the photocopier, desktop computer and fax machine, to the internet, mobile phones and AI – the average Australian is now working longer hours in paid and unpaid labour than ever before.

    The Greens point out Australian society is changing. More women and carers are either in the workforce or would be encouraged into the workforce by more flexible arrangements:

    yet we are constrained by archaic labour laws that see the fruits of our efforts swallowed up in profits for bosses and shareholders.

    The role of generative AI technologies in the workplace may also deliver benefits to workers. Separate Swinburne research has revealed an increasing expectation among workers that they will receive a share in the time saved by future technologies in the form of improved work-life balance and wellbeing gains.

    Time to enter the 21st century

    Earlier this year, 200 UK companies signed up to the 100:80:100 model, as part of a campaign to “reinvent Britain’s working week”. Large scale trials are also underway in Canada and several European countries.

    The global interest in a shorter working week is not surprising, and has likely been fuelled by the COVID pandemic, which has caused workers and employers to re-imagine their working lives.

    If the Greens are in a position to leverage any balance of power after the coming election, it could be Australia’s turn to recognise the conventional five-day working week is no longer fit for purpose.

    John L. Hopkins 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. After a century of Monday to Friday, could the 4-day week finally be coming to Australia? – https://theconversation.com/after-a-century-of-monday-to-friday-could-the-4-day-week-finally-be-coming-to-australia-252379

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI New Zealand: NZTA confirms speed limits reviews for additional state highway sections

    Source: New Zealand Transport Agency

    NZ Transport Agency Waka Kotahi (NZTA) has confirmed that formal speed reviews will be undertaken for sixteen additional sections of state highway which had been scheduled to automatically revert to previous higher speed limits.

    Under the Land Transport Rule: Setting of Speed Limits 2024, sections of state highway that are classified as urban connectors where speed limits have been lowered since 1 January 2020 are required to automatically reverse back to their previous higher speed limit by 1 July 2025.

    “Following publication of the list of auto-reversal locations in January this year, NZTA has received feedback on a number of urban connectors where the community is strongly in support of keeping the current lower speed limits, instead of seeing them reverse. Following careful consideration of this feedback and past evidence of community support, we can confirm that formal speed reviews on these urban connectors will now be undertaken,” says Vanessa Browne, NZTA Group General Manager Transport Services.

    The formal speed limit reviews will include public consultation, which will be open for six weeks from early April 2025. Further information will be available when consultation opens, including an online consultation survey.

    Once the consultation is completed, NZTA will analyse the feedback, alongside technical data and cost-benefit analyses, before decisions are made on the final speed limits for these sections of road. 

    List of state highway urban connectors subject to formal speed review and consultation

    Region 

    Locality 

    Section of State Highway 

    Approx length (km) 

    Current speed limit (km/h)  

    Previous speed limit (km/h) 

    Northland 

    SH1 Kaitaia North  

    From north of Wireless Road to north of North Park Drive 

    60 

    100/70 

    Northland 

    SH1 Kaitaia 50  

    From north of North Park Drive to south of North Park Drive 

    0.29 

    50 

    70 

    Northland 

    SH11 Te Haumi 

    From north of Smith Camp Road to south of Tohitapu Road 

    1.06 

    50 

    80 

    Northland 

    SH1 Moerewa 

    From east of Leaity Street to east of Sir William Hale Crescent east. 

    50 

    70 

    Waikato 

    SH1C Hamilton 

    From north east of Lorne Street to west of Howell Avenue 

    2.8 

    60 

    80 

    Waikato 

    SH26 Hamilton 

    From SH1 intersection to north east of Berkley Avenue 

    0.65 

    50 

    60 

    Waikato 

    SH1 Turangi 

    From south of Waiotaka Road to south of Te Arahori Street 

    2.1 

    60 

    80 

    Bay of Plenty 

    SH5 South Rotorua 50 

    70m northwest of Malfroy Road to south of the SH5/SH30 Old Taupō Road/Hemo Road roundabout 

    2.91 

    50 

    80 

    Bay of Plenty 

    SH30 Whakarewarewa to Tihiotonga 

    From centre of SH5/SH30 Old Taupō Road/Hemo Road roundabout to north east of Tarawera Road 

    3.83 

    50 

    50, 60, 70, 80 

    Bay of Plenty 

    SH30A 

    150m west SH30/SH30A intersection to SH30A eastern termination point 

    0.15 

    50 

    70 

    Gisborne 

    SH35 Okitu 

    From north of Sirrah Street to south-west of Wairere Road. 

    2.59 

    60 

    70 

    Gisborne 

    SH35 Gisborne 

    From east of Wheatstone Road to north-west of Coldstream Road. 

    1.8 

    60 

    80, 70 

    Manawatū – Whanganui 

    SH3 Whanganui 

    From north of Tirimoana Place to south of Turere Place 

    0.77 

    50 

    70 

    Top of the South 

    SH6 Marybank  

    From north east of Allisdair Street to south west of Atawhai Crescent North. 

    1.79 

    60 

    100, 80 

    Top of the South 

    SH6 Wakefield North 

    From north-east of Bird Lane to north-east of Franklyn Close 

    0.8 

    60 

    70 

    Canterbury 

    SH1 Rakaia township  

    Rakaia township urban area 

    1.1 

    50 

    70 

    Separate to the speed reviews listed above, NZTA has also undertaken consultation on 49 state highway locations (rural connectors and interregional connectors) across the country which are also subject to the reversals provisions of the Rule. This consultation closed on Thursday, 13 March 2025.  Decisions on the final speed limits for these sections of road will be made before 1 July 2025.

    For more information see:  

    www.nzta.govt.nz/new-speed-reviews(external link)

    MIL OSI New Zealand News