Category: Asia Pacific

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

    Source: China State Council Information Office

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

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

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

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

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

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

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

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

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

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

    MIL OSI China News

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

    Source: Minister for Trade

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

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

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

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

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

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

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

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

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

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

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

    Sara: So, you you’re not sure?

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

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

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

    Sara: What’s your understanding?

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

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

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

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

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

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

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

    Sara: What do you understand the rules to be?

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

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

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

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

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

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

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

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

    Minister for Trade: Thanks, Sally.

    MIL OSI News

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

    Source: New Zealand Government

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

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

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

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

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

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

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

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

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

    MIL OSI New Zealand News

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

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

    Matt Byrne/STCSA

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

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

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

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

    It is absolutely compelling and all too recognisable.

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

    Uproarious comedy

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

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

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

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

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

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

    A brilliant cast

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

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

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

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

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

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

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

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

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

    A future classic

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

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

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

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

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

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

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

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

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

    MIL OSI AnalysisEveningReport.nz

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

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

    DimaBerlin/Shutterstock

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

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

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

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

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

    First a quick recap of menopause

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

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

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

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

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

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

    What are the different MHT formulations?

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

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

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

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

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

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

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

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

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

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

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

    Patches vs tablets and gels

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

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

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

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

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

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

    What if you need to switch?

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

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

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

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

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

    What if you’re new to MHT?

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

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

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

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

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

    MIL OSI AnalysisEveningReport.nz

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

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich

    VIDEO

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Since Trump took office in 2025, Heinrich:

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

    MIL OSI USA News

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

    Source: Greenpeace

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

    MIL OSI New Zealand News

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

    Source: Republic Of China Taiwan 2

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

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

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

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

    MIL OSI Asia Pacific News

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

    Source: Republic Of China Taiwan 2

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

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

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

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

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

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

    MIL OSI Asia Pacific News

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

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

    Segment and Other Results

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

     

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

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

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

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

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

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

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

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

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

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

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

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

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

    The MIL Network

  • MIL-OSI USA: ICYMI: Delaying RFK Jr. Confirmation Vote on Senate Floor, Warren Highlights Kennedy’s Egregious Conflicts of Interest, “Long History of Promoting Anti-Science Conspiracy Theories”

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren

    February 12, 2025

    Warren, Democrats hold Senate floor for 30 hours to oppose “dangerous” RFK Jr. confirmation 

    “Kennedy’s actions speak louder than his latest words, and time and time again, Kennedy has shown us who he is: An anti-science conspiracy peddler who is willing to gamble with American lives. We know who he is, we need to pay attention.”

    “(W)hile you and your family are forced to deal with the grave consequences of Kennedy’s conspiracy-driven health care decisions, Kennedy could set himself up to make millions of dollars off his anti-vaccine crusade – just like he’s been doing for decades. ” 

    Video of Remarks (YouTube)

    Washington, D.C. – On the floor of the United States Senate, Senator Elizabeth Warren, a member of the Senate Finance Committee, joined Democrats in delaying a final vote to confirm Robert F. Kennedy Jr. for Secretary of the Department of Health and Human Services. Senator Warren warned that American families and children would pay the price for Mr. Kennedy’s “conspiracy-driven health care decisions,” while his serious ethics conflicts remain unresolved. 

    Senator Warren called on her colleagues to oppose his nomination. The Senate is scheduled to vote on Mr. Kennedy’s confirmation on the morning of February 13, 2025. 

    Transcript: Floor Speech Opposing the Confirmation of Robert F. Kennedy Jr., Nominee for Secretary of Health and Human Services
    U.S. Senate Floor
    February 12, 2025 
    As Delivered

    Senator Elizabeth Warren: Thank you, Mr. President. And I want to say thanks to the Senator from Minnesota for her leadership on this point. I know that the great research institutions in Minnesota that count on her support are out there fighting thanks to Donald Trump, as they are in Massachusetts. And the people all around this country that rely on those research institutions, who are looking for those cures, for those better treatments, for those opportunities in their lives that right now Donald Trump and his co-president, Elon Musk, seem to want to cut off. So we will stay in this fight. We will indeed. 

    I am here today because Americans didn’t vote to bring back measles.

    Americans didn’t vote to bring back polio.

    Americans didn’t vote to bring back dangerous diseases that we thought we had wiped out decades ago. 

    Americans didn’t vote to get rid of critical vaccines that we know — based on science — we know save lives.

    But that is what Robert F. Kennedy Jr.’s vision would mean for Americans. That is the vision Donald Trump will empower him to carry out.

    Kennedy not only worked to undercut vaccines at home and abroad, he’s made a lot of money doing it. In fact, Kennedy has made millions off of peddling harmful conspiracy theories that hurt real people. He opposed the life-saving Covid vaccine just six months into the pandemic. And he’s set himself up so that he and his family could make millions more from putting Americans’ health at risk.

    One thing is very clear: We cannot trust Robert Kennedy to make health care decisions that will affect every person in this country.

    Right now, millions of Americans are sitting down for dinner with their kids. And I hope we just think for a minute about what RFK Jr.’s plans would mean for them.

    Will their teeth decay because Kennedy took fluoride out of our water based on some conspiracy theory? 

    Will they have to worry about getting measles at school because Kennedy is spreading anti-vax conspiracies on government letterhead? 

    Will parents have to risk their kids getting polio—and maybe dying—by sending them to daycare because Kennedy used HHS rules to open the door to a flood of bogus lawsuits that forced manufacturers to pull the vaccines?

    Look, here’s the thing: Robert Kennedy has spent years on an anti-vaccine crusade, spreading baseless conspiracy theories under the guise of protecting children, so we don’t need to guess the level of harm he will cause; his past already tells us everything we need to know.   

    In July 2018, two children died immediately after receiving a measles vaccine that nurses had incorrectly mixed with a muscle relaxant. Within weeks, the Samoan Health Ministry publicly confirmed the nursing error and charged the nurses with manslaughter. Nevertheless, leading anti-vaccine groups, including Kennedy’s own organization, Children’s Health Defense, exploited public fears to question the reports and spread baseless claims.

    On August 5th, 2018, Kennedy’s organization, Children’s Health Defense, posted on Facebook, and I will quote the post. “Were these once-healthy children the only two to receive MMR that day? If not, why were they the only ones to die? Research needs to determine susceptibility so that no child is ever injured.” Del Bigtree, Kennedy’s partner and former campaign manager, also released a video linking the tragedy to false claims about measles, and telling his followers to “share it with everyone you know. This is how we are changing the world.” 

    Now, amidst public distrust and a paused vaccine program in Samoa, the vaccination rates plummeted. About 10 months later, once the Samoan government had finally stood up against the disinformation and resumed the vaccine program, Kennedy visited the island to meet with the Prime Minister.

    Later, recognizing the blowback that comes with how much went wrong when a conspiracy theory cost people their lives, Kennedy has since denied that his visit had anything to do with vaccines and said that anything suggesting otherwise was an “industry propaganda trope.” In other words, totally false. “Industry propaganda trope.” 

    Kennedy lied. A blog post that Kennedy himself wrote in 2021 admits he went to Samoa to meet with the Prime Minister, who wanted to discuss the possibility of “measur(ing) health outcomes following the ‘natural experiment’ created by the nation’s respite from vaccines.” 

    Think about what that means. Another way to say it is that Kennedy was interested in taking advantage of how the vaccination rate had plummeted, caused by misinformation, so that they could conduct uncontrolled trials on whether unvaccinated kids were healthier than vaccinated kids, a conspiracy theory he has spread widely. You see, at the time, one of his traveling partners was working on a similar study with two anti-vaccine activists, which was ultimately retracted following an investigation that “raised several methodological issues and confirmed that the conclusions were not supported by strong scientific data.” 

    Now, there’s no surprise here. The Prime Minister declined Kennedy’s outrageous proposal – he didn’t want his country to be Kennedy’s guinea pig. He didn’t want unvaccinated children to be studied to see what happened to them when measles or other diseases broke out. But that didn’t stop him from spreading his message. On this trip to Samoa, he met with various anti-vaccine influencers, one of whom said the meeting was “profoundly monumental for (the) movement.” A few months after Kennedy left, in October 2019, the vaccination rate in Samoa hit an historic low of 31%, down from 74% the prior year – and no surprise, a massive measles outbreak erupted. So here is Kennedy telling us now he had nothing, nothing to do with this, his trip to Samoa had nothing to do with the measles vaccine and calling any claim “industry propaganda trope.” And yet, he himself posted a blog about meeting with the Prime Minister and talking about a study to measure health outcomes following a natural experiment of studying children–some with no vaccination and some that were vaccinated. And the anti-vax groups that he met with talked about how profoundly important it is, then Mr. Kennedy leaves, vaccination rates drop down to 31%.

    The measles outbreak was truly tragic. In total, more than 70 children died, right up until a door-to-door vaccination campaign brought the disaster to an end.

    As HHS Secretary, Kennedy would be responsible for whether we keep our children vaccinated or subject them to, in his words, the same “natural experiment” he was interested in testing in Samoa.

    Is that what we want for our kids? Is that what we want for our elderly parents? That is a living nightmare — and it could truly be our reality with Kennedy heading up the Department of Health and Human Services. And all the while that this is going on, while Kennedy is promoting this anti-vax theory, he and his family are profiting off of the plan.

    Now, I’ve been sounding the alarm about Kennedy since the minute Donald Trump announced that he would nominate him for HHS Secretary. It’s not just that he’s unqualified — his long history of promoting anti-science conspiracy theories make him disqualified.

    This is a man who claimed “there is no vaccine that is safe and effective.” “No vaccine.” 

    He said that the polio vaccine “killed many, many more people” than polio ever did. Now, Kennedy came to our committee and said don’t worry, he swears anti-vaccine. But he’s spent his entire career on an anti-vaccine crusade, spreading baseless conspiracy theories under the guise of protecting children and making millions in the process.

    And when, in Senate hearings, he was confronted with his own words, he simply denied saying them.  Denied saying them— despite the videotapes, the transcripts, the blog posts, and the people who heard them. Kennedy thinks he knows what he needs to say to try to get the job that will put him in charge of our vaccine program, so he says he didn’t say exactly what he said.

    Kennedy’s actions speak louder than his latest words, and time and time again, Kennedy has shown us who he is: An anti-science conspiracy peddler who is willing to gamble with American lives. We know who he is, we need to pay attention.

    Let’s do a quick count of some of the ways that, as HHS Secretary, Kennedy could make the anti-vaccine lawsuits — and his own payouts — even bigger. What could Kennedy do? Well, as Secretary of HHS: 

    • He could publish his anti-vaccine conspiracies, but this time on U.S. government letterhead — something that might impress a jury in a subsequent trial. 
    • He could appoint people to the CDC vaccine panel who share his anti-vax views and let them do his dirty work.
    • He could tell the CDC vaccine panel to remove a particular vaccine from the vaccination schedule. 
    • He could remove vaccines from a special compensation program, which would “open up manufacturers to mass torts (lawsuits).” 
    • He could “make more injuries eligible for compensation even if there’s no causal evidence.” 
    • He could change vaccine court processes to make it easier to bring junk lawsuits that could get vaccines pulled from the market.
    • He could turn over FDA (data) to his friends at the law firm, and they could use it however benefits their lawsuits. 

    In short, as HHS Secretary, Kennedy would have the power to make health care decisions that would affect millions of Americans — for working Americans, kids, seniors — on everything from vaccines to abortion to life-saving drugs. Kennedy would have the capacity, as head of HHS, to make it easier to sue vaccine manufacturers. And in an area where the profit margins on vaccines are quite modest, if those lawsuits mount up, vaccines could simply disappear from the market altogether. Manufacturers could decide, “you know, it’s just not worth the lawsuits. We’ll go produce other drugs.” 

    Those kinds of decisions are critically important, and the consequences are grave. For many Americans, they may be the difference between life and death. And they can change lives forever.

    So, while you and your family are forced to deal with the grave consequences of Kennedy’s conspiracy-driven health care decisions, Kennedy could set himself up to make millions of dollars off his anti-vaccine crusade – just like he’s been doing for decades. 

    Remember, the very first ethics agreement that Kennedy submitted to us on the Senate Finance Committee, he said that even while serving as HHS Secretary, he planned to keep his financial stake in ongoing litigation — including vaccine-related litigation. That means that from the jump, Kennedy’s plan was to keep making money off the backs of lawsuits against vaccine manufacturers, some of which directly related to the very products he would have the power to regulate as Secretary of HHS. So, there he is. He has the power to regulate these drugs. He has the power to make life a little better or a little worse for the vaccine manufacturers. He has the power to make it more likely that lawsuits against vaccine manufacturers would succeed. And his initial plan was even while he sat there as Secretary of HHS, he was going to keep on making money from that. 

    This was a damning conflict of interest, so we called it out. Kennedy told us okay, okay, he would submit an updated ethics agreement. Sounds good? What was his update?

    Well, he said instead of personally keeping the millions he’d make off these ongoing lawsuits… he would hand that money directly to his son. Later, he confirmed that the son he’s handing his interests off to is the one who works at Wisner Baum—the same law firm that Kennedy has maintained his very lucrative arrangement with over years, so far netting him a reported $2.5 million just in the last few years. And Kennedy has made clear that he can use his tools as HHS Secretary to open up the door for more anti-vax litigation, and once he’s through as Secretary of HHS, go right back to Wisner Baum and cash in on the new flood of cases that Kennedy himself has unleashed.

    So that is Kennedy’s idea of “fixing” an ethics issue.

    And beyond that, Kennedy has flip-flopped countless times in his answers to the Finance Committee. He is untrustworthy. He has made so many contradictory statements that it’s come to the point it is hard to believe anything he says is true.

    For example, Kennedy originally said he was not an attorney of record in any of these vaccine-related lawsuits. But we did a little homework and we found at least five cases related to the vaccine litigation that hadn’t been disclosed where Kennedy seems to be an attorney of record. That is important because what it means is that Kennedy is a lot closer to these cases than he’s revealing — cases that he and his family will be able to make bank off even as he serves as HHS Secretary. 

    The importance of this litigation can’t be overstated. Just 20 years ago, we watched vaccine makers pull their products off the market because they didn’t have protection from these kinds of lawsuits. The consequence of Kennedy’s ability to make those lawsuits easier is also the ability to shut down access and manufacturing for vaccines for every one of us. And I think that is a terrible mistake.

    Kennedy claims that he is taking on Big Pharma, but that is the lie he is peddling to hide his conflicts. I pressed him on real ways to take on the industry, including using marching-in on Big Pharma’s patents when they use taxpayer funds to bring drugs to market and then turn around and jack up prices on hardworking Americans, and by having the government negotiate prices directly with Big Pharma on behalf of Medicare beneficiaries. But Kennedy, after talking a big game about taking on Big Pharma, said no, he doesn’t support march-in rights and no, he didn’t want to commit to defending Medicare price negotiations, two proven methods to take on the drug industry and put money back into Americans’ pockets. So whose side is he on? 

    Well, one thing is for sure: RKF Jr. is on the side of his own bottom line. He has also refused to share a list of cases that he stands to benefit from. Now, I told you. He said nope, he was not attorney of record on any cases. We dug around and we found five. How many more are there? Well, here’s what Kennedy said when we said, just give us a list of the cases that you’re participating in so we can take a look at the possible conflicts. His answer? The list is so long and the conflicts so clear that, evidently, it would be more damning than what we already know. 

    Kennedy’s list of ethics issues and financial issues are a mile long—and there’s still too much that he refuses to reveal. Think about this. He’s already told us enough about his conflicts, about how he plans to keep making money, even while he was Secretary of HHS. He revealed all that right upfront. He said “Yep, I’m going to make money while I’m Secretary of HHS.” 

    And yet on basic questions like can you just give us a list of the cases that you participated in? He says, “No, I can’t do that,” which really makes you ask what on Earth is he hiding? He is dodging questions from the Senate, he is contradicting himself, and he keeps changing his answers in order to muddy the waters and really make it hard to understand what’s going on.

    Look, no one is fooled about what is happening here. Kennedy has said he’ll, “slam shut the revolving door,” between government agencies and the companies they regulate. But what he won’t agree to is cut off his own family’s steady stream of money flowing in from lawsuits that he personally can directly affect while he is Secretary of HHS. 

    Kennedy knows that these conflicts are serious. And that’s why he scrambled to update his ethics agreement and hand off his interests to his son in a desperate attempt to “fix” things.

    Video of Senator Warren’s full remarks can be found here. 

    MIL OSI USA News

  • MIL-OSI China: Nation’s rail network continued to break records in 2024

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

    Remarkable progress was made in China’s railway sector in 2024, with the improvement of the nation’s transportation infrastructure contributing to economic growth and improving lives.

    As of the end of last year, China’s railway network had stretched to 162,000 kilometers, with 48,000 km dedicated to high-speed rail, further pressing its advantage as the global leader in high-speed rail. The network also expanded into more remote and mountainous areas, where constructing railways was once considered impossible.

    Freight train services linking China and Europe saw steady growth in 2024. Launched in 2011, the total number of China-Europe freight train services surpassed 100,000 last year.

    One of the highlights of the year was the debut of the CR450 prototypes, the next generation of high-speed trains that are faster, greener and more comfortable than those in current operation. Once they enter commercial operation, speeds will be increased to 400 km/h from the current 350 km/h. This development underscores China’s commitment to advancing transportation technology and improving efficiency.

    China’s railway freight and passenger volumes both reached record highs last year, playing a key role in supporting socioeconomic development. According to China State Railway Group, the national railway operator, in 2024, China’s national railway handled a record 4.08 billion passenger trips, with daily traffic reaching a high of nearly 21.45 million. The network also moved 3.99 billion metric tons of cargo, marking the eighth consecutive year of growth.

    Expansion milestones

    On a crisp September morning during China’s Mid-Autumn Festival, Luo Wei and her family stood at Chengdu East Railway Station, excited but unsure. They were embarking on a last-minute trip to Jiuzhaigou, a picturesque UNESCO World Heritage Site nestled in the mountains of western Sichuan province. In the past, such a journey would have been an exhausting multi-day ordeal. The eight-hour road trip from Chengdu to Jiuzhaigou is notorious for its winding roads through the mountains and steep drop-offs below. But this time, they were about to board a new train service that would transform the experience.

    In 1 hour and 39 minutes, they reached their destination, smoothly gliding through the mountains aboard a cutting-edge bullet train. Although a two-hour bus ride linking the railway station and the scenic area still awaits, it was much better than the previous eight-hour journey from Chengdu. No more hours spent cramped in a car on winding roads. It was a glimpse into the future of transportation in China, where high-speed rail has turned what once felt like an impossible journey into a comfortable, efficient reality.

    “We thought it might be different to see Jiuzhaigou by train, especially with our 10-year-old son,” Luo said, reminiscing about the challenging, fun-filled backpacking and self-driving trips she and her husband had taken several times during their school years.

    “It (the train journey) was certainly easier, and the trip was far more comfortable — much more suitable for a family outing, especially with a child,” she said.

    “Before, a round trip to Jiuzhaigou would take at least three days. Now we can do it in just a day.”

    The 69-km newly opened railway from Zhengjiangguan to Huangshengguan links this remote yet breathtaking region to China’s extensive railway network for the first time.

    Over a century ago, Sun Yat-sen, a pioneering Chinese revolutionary leader, envisioned a modernized China in his book The International Development of China. His plan included the construction of 1.6 million km of roads and approximately 160,000 km of railways. Last year, while Sun’s vision for railways became a reality, the development of China’s high-speed rail has in all likelihood exceeded his expectations.

    Last year, more than 3,100 km of new rail was built, including 2,457 km of high-speed rail, linking key cities and regions.

    Since 2012, the total length of China’s rail network has grown by more than 65 percent, while high-speed rail has expanded over fourfold.

    Compared to 2012, when China’s total railway length was 98,000 km with 9,356 km of high-speed rail, the country’s rail infrastructure has undergone an impressive transformation.

    Li Jingwei, deputy head of the development and reform department of China State Railway Group, highlighted the accelerated pace of construction.

    “Since 2012, the expansion of China’s high-speed rail has intensified, with an average of over 3,000 km of new high-speed rail lines put into operation annually,” Li said.

    Notably, China is the only country to achieve commercial operation of high-speed rail at 350 km/h, showcasing technological prowess, he said.

    “From snowy forests in the northern part of China to the water towns in the eastern region, and from the desert to the sea, China’s high-speed rail traverses major rivers and rugged mountains, and connects all regions,” Li said.

    He added that the high-speed railway network covers more than 96 percent of cities with populations over 500,000, including the Hong Kong Special Administrative Region.

    By 2030, China aims to have built a world-class modern railway network covering about 180,000 km, including around 60,000 km of high-speed rail. This expansion will create a more efficient and interconnected transportation system, allowing passengers to travel between major cities in just one to three hours and ensuring the swift movement of cargo across the country.

    The expansion of the network has not only reduced travel times but also increased connectivity between major cities and more isolated areas, including regions with challenging terrain, where building roads is already difficult, let alone railways. This is particularly true in the rugged mountains of Sichuan and the Xizang autonomous region, where new rail lines have brought services to remote locations, boosting regional development and tourism.

    Greater access

    The improvement of China’s railway network has had a transformative effect on the tourism industry.

    Yin Wei, head of a travel agency in Jiuzhaigou, with 12 years of experience in the industry, has witnessed dramatic changes in travel patterns over the years. He said the new rail line has had an enormous impact on tourism.

    “The travel time from Chengdu to Jiuzhaigou has been greatly shortened,” he said.

    “Tourists have eagerly awaited this rail line, and we received a lot of inquiries,” he said. “In the past, our tours typically lasted five days, but now, visitors can experience it in just one or two days.”

    The agency has already started developing tailored weekend getaway packages for tourists.

    “Visitors can arrive on Friday and spend two days exploring Jiuzhaigou and Huanglong, or even come for a one-day trip to enjoy the snowy scenery in the morning and return by evening. It’s incredibly appealing to tourists,” he said.

    Yin believes the easy access will benefit not only Jiuzhaigou but also the surrounding attractions, leading to an overall increase in tourism revenue for the region.

    Ferrying freight

    While passenger services have seen dramatic improvements, China’s railway network is also revolutionizing global trade. A notable milestone was achieved on Dec 3 when freight train X8083 — carrying goods such as electronics, home appliances, auto parts and daily necessities — arrived in Duisburg, Germany, marking the 100,000th journey between China and Europe. The train, which departed from Chongqing on Nov 15, took 18 days to reach the German city.

    As a cornerstone of the Belt and Road Initiative, the China-Europe freight train has evolved into a critical link for trade and connectivity, fostering open cooperation, mutual benefit and economic integration among the countries along the route.

    In 2024, the service hit a significant benchmark with 19,000 China-Europe freight trains operated, transporting 2.07 million containers — an increase of 10 percent and 9 percent, respectively, compared to the previous year.

    Since launching in 2011, the service has transformed global trade by enhancing connectivity between China and Europe. It has maintained a strong track record for safety, stability and efficiency, making it an indispensable component of the international logistics network.

    Li Chao, deputy director of the Policy Research Office of China’s National Development and Reform Commission, said: “The China-Europe freight train service is a vital carrier of open cooperation, fostering mutual benefit and supporting the Belt and Road Initiative. It provides a new, all-weather, high-capacity, green and low-carbon transport route that has become a valuable international public good.”

    The service is notably less affected by natural environmental factors, offering higher reliability compared to other forms of transportation. With costs just one-fifth of air freight and transit times a quarter of sea transport, the freight train has become a preferred choice for many businesses. In 2023, it accounted for over 7 percent of the total trade between China and Europe.

    Over the past 13 years, the network has expanded rapidly, growing from a handful of routes into a comprehensive service covering most of the Eurasian region. Today, it connects 227 cities in 25 European countries, 100 cities in 11 Asian countries, and is continually expanding. This broadening network has significantly transformed the logistics landscape between China and Europe, offering businesses more efficient options across diverse regions.

    The range of goods transported via the China-Europe freight train is also diversifying. It now handles over 50,000 types of goods across 53 categories, including automobiles, machinery, electronics and epidemic prevention materials, according to China State Railway Group, the service’s operator.

    The rail service has benefited both Chinese and international consumers and businesses. For example, Zhejiang Mundiver Import & Export, a company engaged in trade with Spain, has seen significant improvements in its logistics operations. Since 2014, when the China-Europe freight train began operating from Yiwu, Zhejiang province, the company has been using the service to import goods from Europe.

    Kong Zhijian, the company’s marketing manager, said: “Before the rail service, we relied on sea transport, which took about 45 days and required a secondary transfer at Ningbo Port. Now, goods can be delivered directly to Yiwu from Europe in less than 20 days.”

    The faster transit time has helped streamline their business operations, particularly with products like wine. “This shorter shipping cycle helps us manage cash flow more effectively, which is crucial for our business,” Kong added.

    The impact of the rail service extends beyond China. It has also brought significant economic benefits to cities along the route. For instance, Duisburg Port has become a major logistics hub, attracting over 100 logistics companies and creating more than 20,000 jobs.

    The progress of railways has always been driven by technology and innovation. In this regard, China also made remarkable strides in 2024, with faster trains now on track.

    Next generation

    On Dec 29, China unveiled two CR450 high-speed train prototypes, which are capable of reaching a test speed of 450 km/h and an operational speed of 400 km/h. They will be the fastest high-speed trains in the world once they enter commercial service, surpassing China’s current CR400, which operates at 350 km/h.

    It was one of the most exciting developments in the railway sector in 2024. This leap in speed and comfort reflects China’s ongoing leadership in high-speed rail technology.

    The two prototypes, with their futuristic design, have reduced weight by 10 percent to improve fuel efficiency. To decrease rolling resistance, the development team wrapped the trains’ running gear — such as the wheels, axles and suspension system — partly, marking a breakthrough in railway engineering.

    The interiors of the prototypes are also cutting-edge. In business class, the seats can be adjusted to a meeting mode, allowing them to be arranged face-to-face, transforming the compartment into a conference room at any time.

    In economy class, the seats are ergonomically designed for greater comfort, with curves that better suit the body. In response to passenger smartphone use, small tables in economy class now feature a rack that enables passengers to prop up their phones to watch videos.

    Inside the train, lighting adjusts automatically in response to the brightness outside, enhancing passenger comfort. The luggage storage areas have also been made more spacious, reducing congestion. The interior has been redesigned for greater comfort and convenience, increasing cabin space by 4 percent. Adjustable luggage racks and versatile storage areas can accommodate passengers’ needs, including bicycles, wheelchairs and other large items. These upgrades anticipate potential regulatory changes in passenger transport.

    Sui Fusheng, a researcher at the Institute of Acoustics at the Chinese Academy of Sciences, highlighted the challenge of balancing weight reduction with noise control. He led a team dedicated to optimizing the noise management for the prototypes.

    “To reduce weight is detrimental to noise control, and increasing speed also exacerbates noise, so we have to overcome these two critical factors to ensure a comfortable passenger experience,” he said.

    “The results have been good; the ride experience is similar to that of the current CR400 running at 350 km/h,” he added.

    To balance noise control and weight reduction, the team developed integrated composite materials that offer both thermal insulation and soundproofing. These innovations not only reduce material costs and complexity but also enhance passenger comfort by effectively managing temperature and noise levels.

    The team’s solutions have laid the groundwork for quieter, more efficient high-speed rail travel, Sui added.

    “China’s high-speed rail system has made a historic leap, evolving from a follower to a global leader. Its high-speed rail technology has now set an international benchmark,” said Li Yongheng, an official from China State Railway Group, referring to the development of the CR450.

    “To further strengthen and expand China’s leadership in high-speed rail technology, and to better support Chinese modernization, our company, together with relevant ministries, organizations, research institutes, universities and enterprises, has formed an innovative team to tackle critical technological challenges,” he added.

    The CR450 represents the culmination of years of innovation in high-speed rail, making it a fitting symbol of China’s railway sector in 2024 — a year marked by groundbreaking achievements, record-breaking passenger and freight volumes, and a continually expanding network that links China to the rest of the world.

    Looking ahead

    These breakthroughs in railway technology are not just abstract concepts — they’re transforming the way people experience travel. On that September morning, Luo Wei and her family were not just passengers on a train — they were part of a story of transformation that is reshaping the future of travel, trade and global connectivity. The ease and efficiency of their journey to Jiuzhaigou were a microcosm of the larger changes sweeping across China.

    As China looks ahead, its railway sector remains a symbol of the country’s ambition to lead the world in technological innovation and sustainable development. With the CR450 on the horizon and a growing railway network connecting regions far and wide, China is poised to continue pushing the boundaries of what’s possible in transportation. And with it, the world will continue to move faster, more efficiently and more sustainably.

    For Luo Wei and countless others, the high-speed rail of 2024 is a journey into tomorrow — one that is already well underway.

    MIL OSI China News

  • MIL-OSI New Zealand: Oriental fruit fly restrictions lifted – Papatoetoe/Māngere area

    Source: Auckland Council

    Controls on the movement of fruit and vegetables in Auckland’s Papatoetoe and Māngere have been lifted after no further evidence of the Oriental fruit fly was found in the area.

    Biosecurity New Zealand, part of the Ministry for Primary Industries (MPI) announced the update today.

    “It’s great to see that restrictions are now lifted. Thank you to our communities, residents and businesses in these areas for their support – from following the movement controls, keeping an eye out for fruit flies to safely disposing of fruit in the provided bins,” says Phil Brown Auckland Council Acting General Manager, Environmental Services.

    Six-week intensive operation

    The decision to end the operation follows six weeks of intensive fruit fly trapping and inspections of hundreds of kilograms of fruit.

    With restrictions now lifted, the Biosecurity New Zealand signs and wheelie bins will be removed from the affected area in Papatoetoe over the next few days.

    This also means that all kerbside collections, including food scraps, are back to normal.

    We encourage you to take full advantage of the food scraps collection service and join thousands of Aucklanders who have already helped turn over 30,000 tonnes of food scraps into clean energy.

    Here’s some summer tips to beat the heat and you can also request an additional food scraps bin by contacting us.

    A quick response

    Biosecurity New Zealand quickly placed legal controls on the movement of fruit and vegetables in Papatoetoe and Māngere on 4 January 2025 after a single male Oriental fruit fly was identified from a national surveillance trap.

    Since then, no further adult fruit flies, eggs, larvae or pupae have been found. MPI are satisfied that the Controlled Area Notice restrictions can be lifted, and response operations can be closed.

    Restrictions are lifted but stay vigilant. If you think you’ve spotted an Oriental fruit fly, eggs, or larvae/maggots in your fruit, call Biosecurity New Zealand (MPI) right away at 0800 80 99 66.

    MPI will continue as normal to check Biosecurity New Zealand’s 7800 fruit fly traps around the country, including some 200 traps in Papatoetoe and Māngere.

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: Southern Seabirds Trust Seabird Smart Awards

    Source: New Zealand Governor General

    E kui mā, e koro mā, e huihui mai nei I tenei ra, tēnei aku mihi nui ki a koutou. Kia ora mai tātou katoa.

    I’d like to specifically acknowledge: Mr Bill Mansfield, Chair of the Southern Seabirds Trust; Ms Janice Molloy, Trust Convenor; and Mr Al Brown, chef, restauranteur and food communicator.

    And to all our award recipients and guests here this evening – tēnā koutou katoa.

    It is my great pleasure to welcome you all to Government House Auckland for this year’s Seabird Smart Awards – the first of these awards I’ve had the pleasure of hosting as Governor-General. I must firstly note that my husband, Dr Davies, is a great seabird enthusiast – and that he was especially delighted to hear we would be hosting these awards here tonight.

    As a country, New Zealand has a particular affinity for birds – and I’m sure it wouldn’t be an overstatement to say that they’re a significant part of our national character. I was proud to learn that Aotearoa has a greater diversity of seabirds breeding on its shores and islands, and feeding in its waters, than any other country in the world. 

    In December last year, Dr Davies and I had the pleasure of visiting the Chatham Islands, and hearing about some of the remarkable seabird life in that beautiful and remote place. We learned about the Chatham Islands tāiko, with its extraordinary burrows, sometimes five metres in length, dug to avoid land-based predators – and the tōrea, with its uniquely-speckled eggs, designed, as they are, to blend in perfectly with those distinctive, grey-speckled sands of Rēkohu.

    Two such beautiful creatures, living in perfect harmony with their natural environment – and both tragically on the verge of extinction. I understand that some ecologists have referred to seabirds as ‘ecosystem engineers’ – with entire islands and coastal ecosystems relying on their presence to survive and thrive, making their loss all the more significant and damaging.

    As both direct and indirect human activity is responsible for this loss of seabird life, we bear a corresponding responsibility to do all we can to reverse this loss and protect these precious creatures. As Governor-General, I am pleased to be able to recognise the work of some of those carrying that mantle of responsibility here this evening.

    It was American writer and naturalist, Aldo Leopold, who said that conservation is ‘a positive exercise of skill and insight, not merely a negative exercise of abstinence and caution.’ Each of this evening’s recipients embodies these words – through the positive actions you’ve taken, the skill and insight you’ve demonstrated, and, in turn, the deep care you’ve shown for New Zealand’s seabird life.

    I also wish to take this opportunity to recognise Bill, as Chair, and Janice, and Convenor and Founder of the Southern Seabirds Trust, as well as all your staff, volunteers, and sponsors – for the powerful work that you do, working alongside the fishing industry in New Zealand and internationally, to foster seabird-safe practices.

    It brings me great pleasure to note that His Majesty King Charles III, as Patron of the Southern Seabirds Trust, and passionate conservationist, has also passed on his heartfelt congratulations to all those involved in this evening, and who have been honoured with an award tonight. I understand that a copy of the letter from Buckingham Palace will be available to award recipients, and is also on display for all those in attendance here this evening.

    Inspired by his time on Easter Island, the great Chilean poet, Pablo Neruda, wrote The Art of Birds, which includes the following lines I thought fitting for this occasion:

    I’m an incorrigible birder,
    I cannot reform my ways –
    though the birds
    do not invite me
    to the treetops,
    to the ocean
    or the sky,
    to their conversation, their banquet,
    I invite myself,
    to watch them
    without missing a thing…
    And bird by bird I’ve come to know the earth:
    and received those wings in my soul.

    My sincerest thanks and congratulations once again to all of this evening’s recipients – and to all those here tonight who contribute so significantly to the wellbeing of New Zealand’s rare, diverse, and truly precious seabird life.

    Nō reira, tēnā koutou, tēnā koutou, tēnā tātou katoa.

    MIL OSI New Zealand News

  • MIL-OSI Australia: Speech – Address at Parliament House

    Source: Australian Executive Government Ministers

    The Albanese government is committed to putting Australian consumers at the heart of the telecommunications industry.

    We want to ensure that all Australians have access to reliable, high-quality and affordable telecommunications services, supported by a strong regulatory and consumer safeguards framework.

    That is why this government has been actively reviewing the telecommunications consumer protection framework and making appropriate changes. 

    This includes implementing new rules to better support consumers who are experiencing financial hardship and, more recently, directing the Australian Communications and Media Authority, or ACMA, to make new rules to support people who are experiencing domestic, sexual and family violence.

    The Albanese government understands how critical telco services are for everyone, including those facing vulnerable circumstances, people living in our regions, First Nations Australians and those who rely upon connectivity to support their families and provide services to their communities.

    Accordingly, we want to ensure that the telco industry is working for Australians, that they have the best consumer safeguards in place to protect their interests, and that there is a strong, clear recourse if telcos do the wrong thing.

    Nobody wants an industry that sees penalties as the ‘cost of doing business’.

    We’ve listened to wideranging feedback from industry, regulators, the Telecommunications Industry Ombudsman and consumer advocates to develop these reforms.

    The Telecommunications Amendment (Enhancing Consumer Safeguards) Bill will improve compliance and enforcement of telecommunications consumer safeguards and constitute a comprehensive package of reforms to those arrangements. 

    They will help to ensure that the ACMA is an empowered and effective regulator and that appropriate incentive structures are in place to drive better behaviour by telcos.

    The bill improves compliance and enforcement of consumer safeguards in several important ways. 

    Schedule 1 will establish a carriage service provider registration scheme. 

    The scheme will increase visibility of carriage service providers and enable the ACMA to stop providers who pose unacceptable risk to consumers or cause significant consumer harm from operating in the market. 

    Increased visibility of the market will provide improved pathways for the ACMA (and other government agencies) to educate carriage service providers on their regulatory obligations, streamline complaints and compliance processes and create better overall market accountability. 

    Empowering the ACMA to stop providers operating in the market will provide a deterrent for significant noncompliance and increase trust by consumers in registered providers—including new or smaller ones. 

    Schedule 2 of the bill will make industry codes directly enforceable. 

    This allows the ACMA to take immediate and appropriate action to address consumer harm and will incentivise industry compliance.

    Currently, the ACMA cannot take direct enforcement action against breaches of industry codes, no matter how significant, without first issuing a direction to comply, and the ACMA can only take further action if noncompliance continues.

    The proposed changes remove this two-step enforcement process so that the ACMA can act quickly and appropriately to address consumer harm arising from code breaches and hold telcos to account.

    Schedule 3 will increase the maximum general civil penalty for breaches of industry codes and industry standards from $250,000 to 30,300 penalty units, which is currently $9.9 million. 

    This aligns with penalties currently available for breaches of service provider determinations, meaning the penalty amount for these three types of regulatory instruments will be aligned. 

    The schedule will also modernise the penalty framework for these instruments to allow penalties based on the value of the benefit obtained from the conduct or the turnover of the relevant telco—allowing for greater penalties in certain circumstances. 

    Overall, this penalty framework better aligns with those in other relevant sectors like energy and banking, and under the Australian consumer law.

    Schedule 4 of the bill expands and clarifies the authority of the Minister for Communications to increase any infringement notice penalty the ACMA can issue for breaches of telecommunications rules. 

    Taken together, the reforms in the bill strengthen consumer protections and enhance compliance and enforcement of telecommunications consumer safeguards, for the benefit of the whole community.

    They reflect the Albanese government’s commitment to making sure Australians are appropriately protected and supported in their interactions with telecommunications service providers.

    Importantly, these reforms have received strong support from stakeholders, including the:

    • Australian Communication Consumer Action Network;

    • Consumer Action Law Centre;

    • Telecommunications Industry Ombudsman;

    • Australian Communications and Media Authority; and

    • Communications Alliance.

    This comprehensive support, from consumer groups, regulators and industry alike, demonstrates the importance of these commonsense reforms and is representative of close engagement with these key stakeholders over the past year in particular.

    I thank them for their ongoing engagement and support and acknowledge the important work they do.

    Noting this level of strong support for these reforms, and the important outcomes they enable for Australian telco consumers, I encourage all representatives in this place to give it their support as well.

    I commend the bill to the House. 

    MIL OSI News

  • MIL-OSI Economics: Money Market Operations as on February 12, 2025

    Source: Reserve Bank of India


    (Amount in ₹ crore, Rate in Per cent)

      Volume
    (One Leg)
    Weighted
    Average Rate
    Range
    A. Overnight Segment (I+II+III+IV) 5,77,339.01 6.27 5.15-6.60
         I. Call Money 13,411.47 6.29 5.15-6.40
         II. Triparty Repo 4,03,454.35 6.26 6.20-6.51
         III. Market Repo 1,58,648.59 6.30 5.75-6.60
         IV. Repo in Corporate Bond 1,824.60 6.44 6.40-6.49
    B. Term Segment      
         I. Notice Money** 249.11 6.26 5.75-6.40
         II. Term Money@@ 272.00 6.40-7.00
         III. Triparty Repo 465.70 6.27 6.25-6.35
         IV. Market Repo 1,331.46 6.35 6.35-6.35
         V. Repo in Corporate Bond 0.00
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Wed, 12/02/2025 1 Thu, 13/02/2025 1,93,865.00 6.26
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Wed, 12/02/2025 1 Thu, 13/02/2025 2,561.00 6.50
    4. SDFΔ# Wed, 12/02/2025 1 Thu, 13/02/2025 48,110.00 6.00
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       1,48,316.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo Fri, 07/02/2025 56 Fri, 04/04/2025 50,010.00 6.31
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       8,756.81  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     58,766.81  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     2,07,082.81  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on February 12, 2025 9,14,470.49  
         (ii) Average daily cash reserve requirement for the fortnight ending February 21, 2025 9,12,240.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ February 12, 2025 1,23,688.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on January 24, 2025 -34,103.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    ^ As per the Press Release No. 2024-2025/2013 dated January 27, 2025.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/2140

    MIL OSI Economics

  • MIL-OSI Economics: Secretary-General of ASEAN delivers video remarks at the ASEAN-Japan Young Women Entrepreneurs’ Summit

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, delivered a video message at the ASEAN-Japan Young Women Entrepreneurs’ Summit, held in Kuala Lumpur, Malaysia, on 13 February 2025. Dr. Kao encouraged women entrepreneurs to embrace innovation, digitalisation and sustainable business practices in their entrepreneurial journey.  Dr. Kao welcomed the sustained partnership between the ASEAN-Japan Centre and the ASEAN Coordinating Committee on Micro, Small and Medium Enterprises. He added they have been key drivers in facilitating MSMEs’ integration into the ASEAN Economic Community, especially in ensuring women’s participation in economic activities. The ASEAN-Japan Young Women Entrepreneurs’ Summit contributes to the ASEAN-Japan Economic Co-Creation Vision and aligns with Malaysia’s ASEAN Chairmanship this year, under the theme “Inclusivity and Sustainability.

    The post Secretary-General of ASEAN delivers video remarks at the ASEAN-Japan Young Women Entrepreneurs’ Summit appeared first on ASEAN Main Portal.

    MIL OSI Economics

  • MIL-OSI Australia: Parliament passes world-leading scams prevention framework

    Source: Australian Ministers 1

    The Albanese Government has legislated the world’s toughest anti-scam laws to make Australia the hardest target for scammers. 

    Australians will be safer online and their money more secure as a result of the new laws. 

    The laws establish the Scams Prevention Framework, focused on stopping scams from reaching Australians. 

    The Framework requires designated entities to prevent, detect, disrupt, respond and report scams and attempted scams. 

    Initially, the Government will designate banks, telcos, and social media companies under the Framework. These businesses will be subject to comprehensive and enforceable sector-specific rules for what they must do to protect Australians.

    For example, the rules may include:

    • Social media companies being required to verify advertisers on their platforms – a critical step to ridding their pages of fake scam ads
    • Banks being required to confirm the identity of payees – so people know exactly where their money is going  
    • Telecommunications companies being required to detect and disrupt scam numbers sending texts and calls to innocent Australians.

    Businesses will have substantial incentive to have ironclad scams defences, with fines of up to $50 million applied on those who fail to meet their obligations. 

    Victims will have clear pathways to compensation if the business fails to meet robust standards.

    The Government has invested over $180 million to fight scams including establishing the National Anti-Scams Centre and funding ASIC to bust fake investment websites that promote scams. 

    Australians should never have to fight criminal scammers on their own. Labor made fighting scams an issue for government, as well as businesses. 

    This is landmark legislation that will set Australia up for a stronger and safer future where people’s money is safer online. 

    Quotes attributable to the Assistant Treasurer and Minister for Financial Services, the Hon Stephen Jones MP: 

    “Our laws give Australia the strongest defences against scammers and put us ahead of the world in scams prevention and protection.

    “This is a promise we made ahead of the 2022 election and will make a genuine difference in the lives of every Australian.

    “These new laws will keep Australia one step ahead of criminal scammers.”

    Quotes attributable to Minister for Communications, the Hon Michelle Rowland MP:

    “Cracking down on criminals trying to rip off hardworking Australians is a priority for this Government.

    “The Scams Prevention Framework will help further strengthen scam defences, and I encourage the telecommunications sector and social media platforms to work with the regulators to develop the enforceable industry codes that will provide Australian consumers the best protection from the scourge of scams.

    “We will continue to protect hard-working Australians from increasingly sophisticated and organised scammers.”

    MIL OSI News

  • MIL-OSI Australia: State Memorial for David Polson AM

    Source: New South Wales Government 2

    Headline: State Memorial for David Polson AM

    Published: 13 February 2025

    Released by: The Premier


    The NSW Government is today announcing that the family of David Polson AM has the accepted the offer of a State Memorial Service.

    Mr Polson, who passed away on 10 February 2025, made significant contributions to the LGBTQIA+ community over his lifetime.

    His family accepted the NSW Government’s offer of a State Memorial, following his death at Sydney’s St Vincent’s Hospital on Monday, aged 70.

    The State Memorial will be held on the morning of Wednesday, 12 March.

    As one of the first 400 men diagnosed with HIV/AIDS in Australia in the 1980s at the age of 29, Mr Polson was a long-term survivor, with his commitment to advocacy supported by the 28 HIV drug trials he volunteered for over almost four decades.

    In 2021, he was recognised as a Community Champion by the National Association of People Living with HIV, Gilead Sciences and Positive Life NSW for his services to HIV education and awareness.

    In 2023, he was awarded Member of the Order of Australia for ‘significant service to community health through HIV education and advocacy’.

    He was the Emeritus Founding Chair of Qtopia Sydney, Sydney’s first Queer Museum that opened in Darlinghurst in 2024.

    More details on the March 12 State Memorial will be available in the coming weeks at NSW Government State Services.

    Premier of New South Wales, Chris Minns said:

    “David Polson was a ‘trailblazer’ for bravely continually challenging the HIV stigma.

    “His experience and advocacy contributed to life saving medications and significant advancements with a far-reaching international impact for those living with HIV.

    “I have been honoured to work with David over a number of years as he continued to advocate for the LGBTQIA+ community including later in his life and know that his legacy will live on in the community for generations.”

    Leader of the Government in the Legislative Council, Penny Sharpe said:

    “There are people alive today because of the courage and bravery of David Polson.

    “It is a fitting tribute that he has a state memorial to acknowledge his work and share the story of LGBTQIA+ activism in NSW and David’s role in it.

    “David Polson was a genuine hero of the community whose life profoundly helped others.”

    MIL OSI News

  • MIL-OSI Australia: Meet the City’s Search for a Star winners

    Source: Government of Western Australia

    Seven talented local singers will take the stage to perform with a live orchestra in front of thousands thanks to the Search for a Star competition.

    The seven winners were carefully selected following multiple auditions and will all perform at the City’s blockbuster Symphony Under the Stars event at Kingsway Regional Sporting Complex on 22 February.

    The winners range in age as well as musical experience, with each of the local talents being either residents or students within the City.

    The unique experience to perform with a 70-piece orchestra will be matched by the impressive crowds, with the event drawing 12,000 people last time it was held at Kingsway.

    Sofia Gale
    Performing Skyfall by Adele

    At just 16 years old, Sofia’s musical experience is impressive, having already performed in front of nearly 12,000 people at RAC Arena.

    A student of the Gail Meade Performing Arts Centre in Wangara for over 12 years, Sofia has a mix of singing, songwriting and theatre experience.

    “I’ve always been a theatre kid at heart,” she said. “But, around 11 or 12, I found a love for songwriting – not only was it therapeutic, but it was a release for me.”

    Sofia has released four singles to date, with one of her tracks winning a West Australian Music song of the year award, with her music drawing comparisons to Birdy and Olivia Rodrigo.

    Sofia will now further her career accomplishments by performing alongside a live orchestra for the first time.

    “What a phenomenal opportunity it is, to give local performers and local singers the chance to perform with such an orchestra,” she said.

    “We’ve already started rehearsals now and even when I’m not rehearsing with them, I’m just listening to them play so beautifully. I feel so honoured to be a part of this.”

    Meagen Reyes
    Performing I Will Always Love You & I Wanna Dance With Somebody by Whitney Houston

    Coming from a family of musicians, Meagen will be living out a dream on behalf of her parents and siblings when she takes the stage.

    The youngest of five children, the 28-year-old started her musical career as just two years old, joining her family band.

    “All of my siblings were taught how to sing by my mum, my dad knows how to sing as well and plays the guitar,” she said.

    “At the age of around two or three I was already singing on stage, not knowing how to read but memorising songs just by listening to them.”

    Meagen said she jumped at the opportunity to enter the competition and play with a live orchestra.

    “I was chosen as one of the winners and that was such a relief, because I really wanted to sing with the orchestra, as a singer it’s such a different experience,” she said.

    “I’ve sung for live bands and with backing tracks, but a live orchestra is so different because it’s a full ensemble. They’re relying on you to sing it correctly.”

    Meagen said the competition was a great opportunity to springboard the singing careers of younger artists, but also provided a rare opportunity for more experienced local artists.

    “Having an event like Search for a Star Wanneroo is such a good opportunity for talents everywhere in Perth, not just young talents but even people like me being nearly 30,” she said.

    “It’s great that I still have the chance to do things like this within the City.”

    Krystal Biddulph
    Performing Fix You by Coldplay

    An experienced dancer, performing since age three, Krystal has put one of her passions to the side after 15 years to pursue a career in singing.

    The talented singer has a gained a growing following thanks to nearly three years busking around the Perth CBD which she continues to do.

    “I’m very excited about Symphony Under the Stars, obviously, there would have been a lot of amazing applicants,” she said.

    Krystal is no stranger to playing in front of a big crowd, having performed at RAC Arena in front of 14,000 during a Wildcats game last year as well as featuring on Australian Idol.

    “I’m most excited for singing in front of an orchestra, it’s something that I’ve never done before but something I want to do,” the 18-year-old said.

    “Everything sounds better with an orchestra, even rehearsing with them I have the best time, it just makes me even more excited to get on stage and perform in front of people with them.”

    Caoimhe Power
    Performing Stop by Spice Girls & Shallow by Lady Gaga and Bradley Cooper

    Caoimhe’s singing journey started in Scotland at age nine before moving to WA with her family, immediately joining her high school music program.

    The Banksia Grove resident said she was stunned when she learned she was one of the winners.

    “When I got the email about being one of the winners I was in complete shock, I was so happy, so excited and so grateful, because I knew there were so many amazing competitors,” she said.

    “I felt so honoured that I was one of the winners picked to be able to sing and do what I love – it was honestly amazing.”

    At the age of just 16, Caoimhe will take the stage along with four other winners in a group performance, as well as a duo with last year’s Search for a Star winner Kade De Luca.  

    “I’m so excited to be able to perform in front of so many people,” she said.

    “It is just so crazy that I was chosen to sing with a 70-piece orchestra.

    “It’s amazing that we get to take part in this huge opportunity right at our doorstep and I think it’s great that we get to perform with people similar to our age and with the same love for music.”

    Tegan Mumba
    Performing Stop by Spice Girls

    Tegan has been singing since the age of four and notably performed at the RAC Arena in 2019 for Grease the Musical aged just 10.

    The 16-year-old said she is looking forward to recreating the thrill on stage alongside the Joondalup Symphony Orchestra.

    “When I found out I was a winner I was so excited, I called my dance teacher right away and told my mum,” the Yanchep local said.

    “I’m super excited to perform in front of all these people. Knowing that my singing could make someone’s day makes me even more excited.

    “I think the competition is a great opportunity for so many kids to be able to get their names out there. People will have all their eyes on us and I think it’s great for many aspiring teens.”

    Jade Alexander
    Performing Stop by Spice Girls

    Jade is a recent addition to the City, having immigrated from South Africa just a year ago.

    With extensive musical experience in her homeland often entering singing competitions, Jade had no hesitation in applying for the City’s Search for a Star. 

    “In South Africa I entered a lot of singing competitions and then when we moved here, I got the opportunity to do some gigs,” the 16-year-old said.

    “My mum found this competition and she saw how big of an opportunity it was to enter, and we grabbed it with both hands.

    “I’m so excited and I still can’t believe it. It’s one of my bucket list items to perform with an orchestra, so being able to do it is surreal.

    “We’ve done two rehearsals with the orchestra. It’s so cool to be able to hear the instruments live and the whole orchestra really creates an atmosphere.”

    Emily Mackenzie
    Performing Stop by Spice Girls

    Emily is a multi-talented local artist who started her performing arts journey at age eight when she started doing theatre shows.

    That path led her to performing in The Boy from Oz at Crown Theatre, with her first theatre appearance happening at age eight.

    The 18-year-old Hocking local also plays piano and guitar and said she holds a real appreciation for the talented Joondalup Symphony Orchestra.

    “I’m pretty excited to go in front of such a big audience,” she said.

    “I think it’s just a really great opportunity to get more experience to do more shows like this in the future. 

    “I haven’t performed with an orchestra before, but I love live music. The live orchestra feels more alive, rather than just a speaker and to have so many people making the music is a pretty cool thing.”

    MIL OSI News

  • MIL-OSI: Nokia and Cellcard upgrade residential fiber broadband network in Cambodia

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    Nokia and Cellcard upgrade residential fiber broadband network in Cambodia

    • Cellcard deploys Nokia’s next-generation XGS-PON solution, providing multi-gigabit broadband access to homes and businesses across Cambodia.
    • Cellcard uses Nokia’s Lightspan and Altiplano solutions to automate and increase the performance of its residential fiber broadband network.  
    • The upgraded network will enable Cellcard to provide enhanced broadband services and support new high-speed, low-latency applications such as Augmented Reality (AR) and Virtual Reality (VR).

    13 February 2025
    Phnom Penh, Cambodia – Nokia today announced that CAMGSM PLC, commercially known as Cellcard, will migrate its fiber network from GPON to XGS-PON using Nokia’s Lightspan and Altiplano broadband solutions. The modernized network will improve end-user experiences and provide up to 10Gb/s internet speeds to customers. It will also help Cellcard increase competitive advantage and enhance the reliability, flexibility, and scale of its fiber network to better support evolving customer demands.

    Under the agreement, Cellcard will deploy Nokia’s Lightspan Optical Line Terminals (OLTs) and its Altiplano Access Controller in the capital city of Phnom Penh, Siem Reap, and other major cities across the region. Nokia’s Altiplano Access Controller provides a cloud-native platform with a complete suite of network management and SDN control functions that will enable Cellcard to better visualize, automate and optimize the broadband access services it offers. Using Nokia’s Lightspan access nodes, Cellcard will also be able to establish a future-ready network that can seamlessly evolve to 25G PON and immediately address the growing demand for more capacity.

    Asitha De Costa, ICT Division CIO at Cellcard, said: “We are dedicated to delivering a best-in-class network experience to our customers, especially as data consumption continues to rise and individuals rely more on digital infrastructure for their professional and personal activities. We are delighted to collaborate with Nokia for the first time in our fiber networks domain to enhance the residential broadband experience of our subscribers. The new network will enable our users to enjoy high-bandwidth-consuming applications like gaming while enhancing network efficiency through automation.”

    Ajay Sharma, Head of South-East Asia North Sales, Network Infrastructure at Nokia, said: “We remain committed to helping service providers across the world transition to XGS-PON and automation to better support the growing demand for 10Gb/s services and need for improved network utilization and operational efficiencies. Our field-proven Lightspan and Altiplano solutions will help Cellcard modernize its fiber broadband network and enable them to reduce its power expenditure and lower its carbon emissions. This significant project reinforces our longstanding partnership with Cellcard.”

    Resources and additional information
    Product page: Altiplano Access Controller
    Product page: Lightspan FX fiber access nodes

    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 Communications, Asia Pacific
    Email: cordia.so@nokia.com

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

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    The MIL Network

  • MIL-OSI Economics: Q&A: Transforming ADB’s Gender Mainstreaming Approaches

    Source: Asia Development Bank

    Article | 13 February 2025

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    Since 1 January 2025, ADB started to apply an updated approach to its corporate gender targets and project gender categorization system. This is part of the bank’s recently approved Corporate Results Framework (CRF) 2025-2030. Given that ADB has significantly surpassed Strategy 2030’s gender mainstreaming targets, the bank is raising its ambition to further accelerate progress and promote more transformative approaches to gender equality. This is aligned with ADB’s thematic evaluation on gender which highlighted the need to revise its gender mainstreaming categorization system and its application.

    Samantha Hung, Director, Gender Equality Division, ADB

    Why is ADB updating its gender mainstreaming approaches?

    ADB significantly surpassed the corporate gender mainstreaming targets set in 2019 under Strategy 2030. These changes are intended to further strengthen ADB’s efforts to proactively design projects that advance progress in gender equality and women’s empowerment. It also aims to promote gender transformative approaches in line with Sustainable Development Goal 5 (SDG 5).

    In addition, ADB is enhancing its efforts to address evolving and emerging gender challenges. The COVID-19 pandemic, along with the resulting socioeconomic instability and polycrises, has intensified gender inequalities. Women have faced disproportionate job losses, increased rates of gender-based violence, and a greater burden of unpaid care work within households.

    What are the key changes in ADB’s corporate gender targets and project gender categorization system?

    In ADB’s new corporate results framework, key gender updates include the following:

    • Updated definition of a gender performance indicator that contributes towards a project gender mainstreaming category. Under the previous project gender mainstreaming categorization system, a gender performance indicator includes a wide range of direct and indirect gender equality measures. Starting in 2025, ADB is streamlining its definition of a gender performance indicator considering only those that directly contribute to closing gender gaps and inequalities and/or support women’s empowerment. This goes beyond indicators that focus on participation and inclusion (e.g. participation of women and girls in training workshops) and universal infrastructure designs (e.g. street lighting, sidewalks). The indicator should be specific, measurable, achievable, relevant, and time-bound (SMART), with explicitly stated quantitative baselines and targets.
    • Renaming of gender mainstreaming categories. Depending on the gender performance indicators included in the project design and monitoring framework, ADB assigns its projects into one of four categories, namely Gender Equity Theme (GEN), Effective Gender Mainstreaming (EGM), Some Gender Elements (SGE), and No Gender Elements (NGE). Starting in 2025, ADB is renaming GEN to Gender Equality Objective. This transition from “gender equity” to “gender equality” shifts the emphasis from the process of reducing gender disparities to ADB’s primary objective of achieving equal outcomes for all. NGE is also now renamed to Indirect Gender Benefits (IGB). While there are no gender performance indicators in an IGB project, this shift reflects how all ADB projects and programs address gender equality concerns, albeit indirectly or as part of safeguarding measures. There are no changes to the EGM and SGE categories.
    • New corporate target of 60% of committed operations classified as GEN or EGM. Considering the updated definition of gender performance indicator, ADB aims for 60% of its operations to be classified as GEN or EGM by 2030. This target aims to be both ambitious and realistic as ADB adjusts to the revised criteria. The target is also 5 percentage points higher than the original forecasted target of 55% originally set in 2019 under the previous CRF.

    What is the importance of these updates to ADB projects and partners?

    This approach raises ADB’s ambitions for gender equality in its public and private sector operations, guiding the bank to focus on more meaningful and transformative project designs. While addressing gendered challenges in developing member countries, this initiative also enhances the bank’s capacity to deliver impactful results, contribute to the achievement of SDG 5 in the region, and support partners to deliver greater gender outcomes.

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    MIL OSI Economics

  • MIL-OSI New Zealand: ACT welcomes reforms to respect fishers

    Source: ACT Party

    Welcoming the Oceans and Fisheries Minister’s announcement of reforms to the Fisheries Act, ACT Oceans and Fisheries spokesperson Mark Cameron says:

    “Access to healthy fisheries is practically a Kiwi birthright. Our fishers understand this, and they know their livelihoods depend on sustainable practices.

    “Sadly, the fishing sector has been overregulated and stigmatised by landlubbing activists with no idea of practical realities at sea. The anti-fisher agenda was exemplified by Labour’s Fisheries Amendment Bill, which only ACT opposed.

    “Now, fishers have real hope of relief from unnecessary red tape. The new Government has a chance to secure the future of our fisheries while respecting the men and women who work at sea.

    “The focus on improving privacy protections for our fishers is particularly commendable. The use of onboard cameras has helped our understanding of fish stocks and bycatch, but the use of footage must respect privacy and be sensitive to the realities of work at sea.

    “The approach to dealing with discards under the Quota Management System is welcome. The previous penalty regimes were impractical for many in the coastal and commercial fishing fleets, especially considering technological advancements and efforts made to minimise bycatch. We need a more practical application of the law that encourages investment and innovation within the industry.

    “I encourage all fishers to engage with this consultation process. It’s about securing provincial livelihoods and our nation’s economic future. Let’s ensure these reforms truly support the backbone of our seafood industry, providing the certainty and support needed for future growth.”

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: Growing the economy means shrinking the Government

    Source: ACT Party

    “The Government’s Going for Growth agenda shows New Zealand has turned the corner. Governments ignored economic growth, taking wealth for granted and wasting billions until we started feeling poor,” says ACT Leader David Seymour.

    “This Government’s focus on growth is team effort. ACT’s impact can be seen in a number of priority areas.

    “To develop talent, we’ve implemented the attendance action plan, opened the first charter schools, and changed the Accredited Employer Work Visa. We’re removing red tape in Early Childhood Education and continuing reforms to get job seekers into work.

    “For competitive business settings, we’ve repealed so-called ‘Fair Pay Agreements’, extended 90-Day Trials to all businesses, and revoked difficult requirements for accessing credit. We’re leading an inquiry into rural banking practices, reforming health and safety laws, reforming the Holidays Act and Employment Relations Act, conducting sector reviews for regulation of Agricultural and Horticultural Products, and Hairdressing and Barbering, improving Government Procurement Rules, and progressing the Regulatory Standards Bill.

    “To promote global trade and investment, we’re reforming the Overseas Investment Act and have launched a new Minerals Strategy and Critical Minerals List.

    “For innovation, technology and science, we’re liberalising genetic engineering laws.

    “To deliver infrastructure for growth, we’re reforming and replacing the Resource Management Act and have established National Infrastructure Funding and Financing Limited. We’re developing the 30-year National Infrastructure Plan, and finalising the first Regional Deal between central and local government.

    The big challenge

    “The big challenge for growth is shrinking the Government part of the economy. There are only two halves to any economy, the public and the private sector, and it’s the private sector that provides the growth.

    “Every dollar taxed to fund the public sector is a dollar a consumer can’t spend, or a business can’t reinvest in new jobs. Business is about taking risk, every percentage point taken in tax makes it less rewarding when the risks work out. Rational people invest less when taxes are higher.

    “In that sense, the Government still has a big hill to climb, and it’s the mountain of waste left by the last Government. Pre-COVID, government spending amounted to 28 per cent of the economy, now it is 34. The Government must be relentless in reducing its spending.

    “It is not only taxing and spending that holds people back, but regulating. Every compliance fee, every delay waiting for Government permission is a cost put on business. Like taxes, regulations drain the energy from business.

    “That’s why it’s essential that the Government cuts red tape at every opportunity. We must run the ruler over rules that don’t make sense, then delete them. The commitment to passing the Regulatory Standards Bill is a landmark shift in the battle against red tape in favour of wealth and innovation.

    “I’m proud of ACT’s contributions to this Government, especially the many contributions in this plan. For the first time in decades, we have a Government where it’s understood that Government activity and private activity compete for time and money. To grow the economy, we must shrink the Government.”

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: Wanted: Young tradie to take ACT MP’s seat in Youth Parliament

    Source: ACT Party

    ACT MP Cameron Luxton – Parliament’s only LBP builder – is on a mission to find a young tradie to take his seat in this year’s Youth Parliament.

    “Tradies and practical people are underrepresented in politics, and that includes Youth Parliament,” says Mr Luxton.

    “If you’re on the path to university, good luck, but you’re not what I’m looking for. We’ve got enough academics and lawyers in politics already.

    “I’m looking for a young person who’s already in work, paying tax and offering practical skills to the world in exchange for an honest wage.

    “Whether you’ve left school early to take up an apprenticeship, or you’re working at a building site on the weekend, I hope you’ll send me a letter of introduction at [email protected].”

    Youth Parliament is held every three years and is an opportunity for young New Zealanders to learn about democracy and have their voices heard.

    Young people aged 16 to 18 years (as at Friday 28 February 2025) are eligible to apply.

    The programme will run from 28 April to 29 August, with the two-day event taking place on 1 and 2 July at Parliament in Wellington.

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: NZ banks should follow Macquarie’s lead, ditch the climate cabal

    Source: ACT Party

    ACT Rural Communities spokesperson Mark Cameron is renewing calls for Kiwi banks to leave the Net Zero Banking Alliance in the wake of the withdrawal of Australia’s Macquarie Group.

    “First it was the big American banks, then Canada’s banks, and now Macquarie Group is the first of the big Australian banks to pull out of the alliance, with pressure mounting on other Aussie banks to do the same.

    “The Net Zero Banking Alliance was set up to change lending practices for the sake of climate goals. But there’s been a political sea change and the appetite for woke banking has disappeared. If the banks think punishing farmers and miners is necessary to satisfy a political agenda, they’re mistaken, and it’s time that message got through.

    “If there was previously a commercial advantage for banks to join the alliance, that advantage is fading fast as one bank after another gets out. The longer New Zealand’s banks and their parent companies remain in the UN’s cabal of banking wokery, the more out of touch they look.

    “As part of the inquiry into banking practices I’m leading alongside Cameron Brewer, we’ve called the four biggest banks back to answer more questions. The inquiry has unearthed deep concerns, especially from rural communities, over the debanking of legitimate sectors and a perceived unequal playing field between town and country.

    “I will be asking what is driving banks to act in this way. It would be concerning if the actions of the government through international agreements or through the way we regulate at home is encouraging banks to move beyond commercial incentives and punish rural communities.

    “ACT continues to question the role of regulation in anti-farmer, anti-miner banking practices. The Financial Markets Authority imposes emissions reporting requirements on banks. We warned in 2021 that these rules would impact loans on farmers, and we still have that concern.”

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: Wānaka McDonald’s saga exposes bureaucratic barriers

    Source: ACT Party

    Responding to news that the resource consent for a McDonald’s in Wānaka has been declined, ACT Environment spokesperson Cameron Luxton says:

    “A legitimate business has been blocked from investing, hiring locals, and selling products to willing buyers. This is an economic own-goal for Wānaka, and it shows how our planning regime stifles development.

    “McDonald’s spent a year of time and resource fighting bureaucracy and bureaucratic NIMBYism while offering to make major compromises. We’re meant to be going for growth, but you have to wonder why anyone wanting to build or expand a business would even bother when this is the potential outcome.

    “Clearly there was demand for a McDonald’s, but would-be customers now miss out because noisy opponents were able to weaponise a planning regime that is hostile to development.

    “We’ve all got opinions on McDonald’s, but no-one is forced to buy a Big Mac. As far as the law is concerned, what ought to matter is that the building is sturdy, the food is safe, and the property rights of neighbours aren’t impacted. The opinions of lobby groups, busybodies, and would-be competitors shouldn’t come into it.

    “My colleague Simon Court is working to replace the Resource Management Act with a system that respects property rights. That means letting people build, and letting people enjoy the products and services of their choice. This can’t come soon enough.

    “This saga also highlights a failure in the culture of our health authorities. The National Public Health Service spent precious resources opposing this restaurant. That’s not democracy, it’s wasteful bureaucratic interference.”

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: Speech for the opening of Wakefield Hospital

    Source: New Zealand Government

    AcknowledgementsGood afternoon, everyone. Thank you for being here.It’s a pleasure to join you here today to officially open this beautiful facility at Wakefield Hospital.I’d like to acknowledge the Evolution Healthcare leadership team, and their esteemed guests here today including investors, and mana whenua.I’d also like to acknowledge: 

    Evolution Board Chair, Scott Pickering
    Group CEO, Simon Keating
    Chief Executive of Hospitals & Day Surgeries, Michael Quirke
    General Manager, Carole Kaffes
    Health New Zealand Deputy Chief Executive, Robyn Shearer
    Deputy Commissioner of Health New Zealand, Ken Whelan
    And the Kapa Haka group from South Wellington Intermediate School

    And finally, I would like to thank and acknowledge the staff and clinicians providing exceptional care to patients here at Wakefield and other providers across the Wellington region. 
    Health TargetsAs you’re all aware, improving our health system is one of this Government’s top priorities.Last year we announced an ambitious new direction for health, reinvigorating five health targets to ensure that all New Zealanders can access timely, quality healthcare.We all know that you cannot manage what you do not measure.It is only with clear, measurable targets that we can understand and improve the performance of the health system. Targets focus resources, attention, and accountability.Targets save lives.The five health targets are tightly focused on things that really matter: faster cancer treatment, increased childhood immunisation, shorter stays in EDs and shorter wait times for assessments and treatment.Achieving these targets will require a back-to-basics approach in our public system to make sure our hospitals and community health services work smoothly and efficiently as a system, enabling our greatest asset – our frontline health workers – to provide the best possible care.The health system continues to be under significant pressure, and there is always a demand for more money. I am proud of the record investment this Government has made in health, but we need to also ensure we get value for money.  Role of Private Hospital SectorMeeting those targets will require working in a more collaborative way, especially when it comes to reducing waitlists for elective treatment.When we left office in 2017, 97.3 percent of New Zealanders were getting elective surgeries within four months. When Labour left office, it had dropped to 62.1 percent. It will take time to turn this around, but it is a top priority of mine.Partnering with the private health sector is a key part of our plans to deliver for Kiwis. Aside from ensuring our public systems are working as efficiently as possible, we also need to consider how we can make best use of the capacity and expertise the private health sector can offer.Wakefield Hospital is a strong provider for the people in the Capital, Coast and Hutt Valley districts, as well as supporting referrals from out of the region with people travelling from as far afield as Waikato and the South Island.In the 23/24 financial year, Wakefield Hospital treated 450 patients on behalf of Capital, Coast and Hutt Valley, and along with Bowen and Royston hospitals, meant Evolution Healthcare was the largest private provider for outsourcing in the Central Region.It is great to be here to celebrated the redevelopment of this hospital today and to congratulate everyone who has worked to deliver this project. The new Wakefield development includes seven new operating theatres, specialist cardiology and surgical treatment capacity, a 37-bed inpatient ward with capacity to expand an additional 32 inpatient beds. All this will increase the opportunities to deliver more for the Wellington Region and to grow opportunities to work closely with Wellington Hospital to provide more services and improve patient outcomes.Looking forward, the goal must be to create a mutually beneficial partnership that supports the health system and provides greater certainty for the private health sector.A key part of the strategy is a nationally supported approach to planning and outsourcing, and longer-term contracts and agreements which will help ensure patients get the treatment they need in a timely manner. By standardising referral arrangements and focusing on jointly managing waitlists by using all available capacity more effectively, Health New Zealand can prevent unnecessary delays and ensure that patients are referred to the right provider at the right time.As Minister of Health, my focus is and always will be on improving patient outcomes. Patients will be my number one priority, ensuring they get the timely and quality care they need and deserve. ConclusionI want to again thank you for the opportunity to join you here this afternoon, and for your ongoing dedication and investment into caring for New Zealanders. Congratulations to everyone who has been part of delivering this project, and to those who will be ensuring it delivers timely and quality care for patients in the Wellington Region. 

    MIL OSI New Zealand News

  • MIL-OSI Asia-Pac: InvestHK backs supply chain drive

    Source: Hong Kong Information Services

    With the Government committed to establishing Hong Kong as a multinational supply chain management centre, Invest Hong Kong (InvestHK) believes that the city’s unique advantages can attract more businesses to establish multinational supply chain management centres here.

    Supply chain management encompasses the administration of all processes from the procurement of raw materials and the production of goods to their delivery to customers.

    “Currently and globally, all the enterprises are undergoing major transformation of diversifying their sourcing bases, diversifying their end market, so there is cause for elevating their supply chain management to a multinational level,” stated Associate Director-General of Investment Promotion Arnold Lau.

    “For companies who want to set up these supply chain management centres in Hong Kong, their physical goods do not necessarily need to go through Hong Kong.”

    As an international financial, shipping and trade hub, Hong Kong has a strong trade foundation supported by comprehensive infrastructure. Mr Lau stressed that the city’s robust financial system and deep market offer various financing options for enterprises. Additionally, its large talent pool and advantageous geographical location are also attractive to businesses seeking to establish multinational supply chain management centres.

    Sany Group, a Mainland engineering machinery company ranked among the top 500 firms on the Forbes Global 2000 list, has established a settlement platform in Hong Kong for its global import and export orders, taking full advantage of the city’s world-class financial and professional services.

    Sany Hong Kong Group Board Member and General Manager Jacky Chen reflected on the city’s advantages, saying: “Hong Kong’s advanced banking system and capital market offer enterprises diverse services, including international settlement, cross-boundary financing, and risk management. In light of exchange rate fluctuations, these advantages offered by Hong Kong are particularly dominant.”

    He added: “We chose to set up a settlement platform here for three reasons: a well-structured taxation system, relatively low financing costs, and the absence of foreign exchange controls on funds.”

    For its part, China Brilliant Group, a Mainland supply chain service provider, acquired and rented warehouses in Hong Kong a decade ago to leverage the city’s cross-boundary logistics network and geographical advantages, with a view to enhancing the group’s international trade efficiency.

    Vice President Wayne Yu stated that Hong Kong’s first-rate ports and airport, its overall transportation efficiency and its excellent logistics infrastructure combine to significantly reduce cargo shipping times and logistics costs.

    He added: “Hong Kong boasts a long-standing foundation in foreign trade, high-quality professional services, airport and other infrastructure, as well as reliable trade financing channels, making it an ideal location for establishing a multinational supply chain management centre.”

    InvestHK has 34 global offices, including five in the Mainland, offering free support services to local companies interested in establishing, or expanding, operations in Hong Kong.

    InvestHK and the Hong Kong Trade Development Council are stepping up collaborative efforts to help businesses make the most of Hong Kong as a platform. InvestHK is striving to attract more Mainland enterprises to establish international or regional headquarters in Hong Kong and provides one-stop, diversified professional advisory services to assist them in doing so.

    Complementing these efforts, the Hong Kong Trade Development Council assists such firms to go global, partly through organising exhibitions and trade fairs.

    MIL OSI Asia Pacific News