Category: Asia Pacific

  • MIL-OSI New Zealand: Universities – Anna Smaill named as 2025 International Institute of Modern Letters Writer in Residence – Vic

    Source: Te Herenga Waka—Victoria University of Wellington

    Acclaimed novelist Anna Smaill has been appointed as Te Herenga Waka—Victoria University of Wellington International Institute of Modern Letters (IIML) and Creative New Zealand Writer in Residence for 2025.

    Anna began her publishing career with a volume of poetry, The Violinist in Spring, which was released in 2005 by Te Herenga Waka University Press. Her first novel The Chimes won the prestigious award for Best Novel at the 2016 World Fantasy Awards. It was also longlisted for the Booker Prize and translated into four languages. Her second novel Bird Life was published in 2023 in the US, UK, and Australia to excellent reviews, with The Times (UK) calling it “a deeply affecting novel [that] transcend[s] cultural barriers while reaching through them to the essentially human”. Locally, it was longlisted for the Ockham Book Awards.

    While holding the residency at the IIML, Anna will work on a novel tentatively titled The Blazing, which she describes as “part archival thriller, part coming-of-age story”. Set in both the US and UK, the novel will be “an examination of the value and worth of art and history in the midst of cultural collapse, and will explore ideas of provenance and whakapapa. In testing how individual stories can ripple outward to effect historical change, it will follow a path back to Aotearoa New Zealand,” said Anna.

    Director of the International Institute of Modern Letters Damien Wilkins said, “Anna’s two novels put her in the front rank of writers in this country and we’re thrilled to have her in Bill Manhire House next year”.

    Commenting on the appointment, Anna said, “I am so grateful for the chance to work on my next book at the International Institute of Modern Letters in 2025, the place where I first started to take myself seriously as a writer. The residency position represents time and creative freedom. But even more it represents the collective mana of the institute and all the writers it has fostered. I feel very lucky to be part of it”.

    Anna takes up the residency at the IIML on 1 February 2025.

    In 2001, Anna completed an MA in Creative Writing at the IIML. She subsequently lived and studied overseas, receiving a PhD in English Literature from University College, University of London. She has worked as an academic and as a senior communications advisor. Most recently she was the team leader of Te Papa’s English writing team. Anna is also an accomplished literary critic, having published articles on writers such as Janet Frame and Bill Manhire.

    In 2015, Anna was a finalist in the Wellingtonian of the Year, Arts category. She also received a New Generation Award that year from the Arts Foundation.

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: Buy NZ Made – Tough Christmas ahead for small businesses

    Source: Buy NZ Made

    With the 2024 holiday shopping season set to be one of the most challenging on record, Buy NZ Made is urging Kiwis to support local businesses this Christmas.
    Buy NZ Made executive director Dane Ambler says rising costs, economic uncertainty, and ongoing global challenges have put immense pressure on small businesses across the country.
    “Christmas is traditionally a peak period for small businesses but the high cost of living is taking a bite out of disposable income and despite their resilience, many small businesses are finding it hard to keep the lights on.
    “Business and consumer confidence seems to be improving, inflation is falling, and it looks like New Zealand’s economy is turning a corner – but we’re not out of the woods yet. It is more important than ever for consumers to choose local products and services to help their small businesses thrive.”
    Small businesses make up 97% of New Zealand’s economy and are often family-owned and operated. Kiwis are encouraged to buy one locally-made item to help their local stay afloat this NZ Made Day – November 21.
    Ambler says every dollar spent locally can have a ripple effect.
    “Buying local means providing essential income and livelihood for many New Zealanders. It minimises transportation distances and emissions, contributing to a more sustainable future too.
    “So shop early, plan ahead, and prioritise local businesses when making your holiday purchases. You can make a significant difference for small business and ensure a brighter future for New Zealand’s economy.”

    MIL OSI New Zealand News

  • MIL-OSI Asia-Pac: New York ETO promotes Hong Kong’s startup ecosystem in North Carolina (with photos)

    Source: Hong Kong Government special administrative region

         â€‹The Director of the Hong Kong Economic and Trade Office, New York, Ms Maisie Ho, visited Raleigh, North Carolina from October 28 to 29 (Raleigh time) to strengthen ties with interlocutors in business, technology, and education sectors.

         Ms Ho attended the Raleigh Internet of Things (RIoT) Demo Night, an annual demonstration and networking event hosted by the RIoT initiative which fosters collaboration among start-ups, established companies, entrepreneurs and industry professionals. Before the event, she met with the Executive Director of RIoT, Mr Thomas Snyder and discussed potential partnership and exchange activities between start-ups and incubators in the Research Triangle Park of North Carolina and Hong Kong.

         On the same day, Ms Ho visited Innovate Carolina, the central team for innovation, entrepreneurship and economic development at the University of North Carolina at Chapel Hill (UNC Chapel Hill). She met with the Director of New Ventures and Partnerships, Dr Bryant Moore, and the Director of Economic Development and Innovation Hubs, Ms Sheryl Waddell, to learn more about Innovate Carolina and explore possible collaborations in the future. During the meeting, Ms Ho introduced Hong Kong’s growing start-up ecosystem and strategic focuses, as well as the various talent attraction schemes available to entrepreneurs and young professionals graduating from the UNC Chapel Hill. The UNC Chapel Hill is on the list of eligible universities under Hong Kong’s Top Talent Pass Scheme.

         Ms Ho also met with the Chief Executive Officer and President of First Flight Venture Centre, Ms Krista Covey. The centre is one of the most prominent incubators in the Research Triangle Park. During the meeting, Ms Ho introduced the latest measure in the 2024 Policy Address in attracting international start-up accelerators to establish a presence in Hong Kong through the I&T Accelerator Pilot Scheme.

         In addition, she discussed areas of mutual interests during her meeting with the Vice President for Advocacy of business organisation of the Chamber for Greater Chapel Hill-Carrboro, Mr Ian Scott.

         Ms Ho was accompanied by the Head of Business and Talent Attraction / Invest Promotion of Invest Hong Kong in New York, Mr Ranjit Unnithan, during her visit to Raleigh.            

    MIL OSI Asia Pacific News

  • MIL-OSI: Finward Bancorp Announces Earnings for the Quarter and Nine Months Ended September 30, 2024

    Source: GlobeNewswire (MIL-OSI)

    MUNSTER, Ind., Oct. 29, 2024 (GLOBE NEWSWIRE) — Finward Bancorp (Nasdaq: FNWD) (the “Bancorp”), the holding company for Peoples Bank (the “Bank”), today announced that net income available to common stockholders was $10.0 million, or $2.35 per diluted share, for the nine months ended September 30, 2024, as compared to $6.9 million, or $1.60 per diluted share, for the corresponding prior year period. For the quarter ended September 30, 2024, the Bancorp’s net income totaled $606 thousand, or $0.14 per diluted share, as compared to $143 thousand, or $0.03 per diluted share, for the three months ended June 30, 2024, and as compared to $2.2 million, or $0.51 per diluted share, for the three months ended September 30, 2023. Selected performance metrics are as follows for the periods presented:

                                 
    Performance Ratios   Quarter ended,   Nine months ended,
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
        September 30, June 30,   March 31,   December 31, September 30, September 30,   September 30,
          2024       2024       2024       2023       2023       2024       2023  
    Return on equity     1.60 %     0.39 %     24.97 %     4.92 %     6.55 %     4.50 %     6.68 %
    Return on assets     0.12 %     0.03 %     1.77 %     0.29 %     0.42 %     0.64 %     0.44 %
    Tax adjusted net interest margin     2.67 %     2.67 %     2.57 %     2.80 %     2.87 %     2.64 %     3.04 %
    Noninterest income / average assets     0.55 %     0.50 %     2.57 %     0.53 %     0.46 %     1.21 %     0.51 %
    Noninterest expense / average assets     2.80 %     2.79 %     2.86 %     2.60 %     2.59 %     2.82 %     2.67 %
    Efficiency ratio     97.32 %     98.56 %     59.41 %     87.49 %     86.88 %     80.16 %     83.68 %
                                                             

    “The Bank’s position continued to improve in the third quarter while we prepared for the Fed to begin their easing cycle. Margin and expenses were stable, with minimal benefit from the Fed’s late-quarter rate cut. We believe the Bank is poised to see margin expansion as lower rates work their way through the liability side of the balance sheet,” said Benjamin Bochnowski, chief executive officer. “We remain vigilant on credit, and we continued to build capital during the quarter. We also fully exited the Bank Term Funding Program well in advance of its March 2025 maturity.”

    Highlights of the current period include:

    • Net Interest Margin – The net interest margin was 2.53% for both the three months ended September 30, 2024 and the three months ended June 30, 2024. The tax-adjusted net interest margin (a non-GAAP measure) was 2.67% for both the three months ended September 30, 2024 and the three months ended June 30, 2024. The net interest margin for the nine months ended September 30, 2024, was 2.50%, compared to 2.89% for the nine months ended September 30, 2023. The tax-adjusted net interest margin (a non-GAAP measure) for the nine months ended September 30, 2024, was 2.64%, compared to 3.04% for the nine months ended September 30, 2023. See Table 1 at the end of this press release for a reconciliation of the tax-adjusted net interest margin to the GAAP net interest margin.
    • Funding – As of September 30, 2024, deposits totaled $1.7 billion, a decrease of $7.9 million or 0.5%, compared to June 30, 2024. Core deposits totaled $1.2 billion at both September 30, 2024 and June 30, 2024. Core deposits include checking, savings, and money market accounts and represented 67.9% of the Bancorp’s total deposits at September 30, 2024. As of September 30, 2024, balances for certificates of deposit totaled $562.2 million, compared to $541.2 million on June 30, 2024, an increase of $21.0 million or 3.9%. The decrease in total portfolio deposits is primarily related to cyclical flows and continued adjustments to deposit pricing. In addition, as of September 30, 2024, borrowings and repurchase agreements totaled $128.0 million, an increase of $65 thousand or 0.2%, compared to June 30, 2024. The increase in short-term borrowings was the result of cyclical inflows and outflows of interest-earning assets and interest-bearing liabilities. During the quarter, the Bancorp terminated its involvement in the Bank Term Funding Program (the “BTFP”) and paid off its outstanding balance of $60 million, in full, through a utilization of excess liquidity and FHLB advances. As of September 30, 2024, 72% of our deposits are fully FDIC insured, and another 7% are further backed by the Indiana Public Deposit Insurance Fund. The Bancorp’s liquidity position remains strong with solid core deposit customer relationships, excess cash, debt securities, and access to diversified borrowing sources. As of September 30, 2024, the Bancorp had available liquidity of $686 million including borrowing capacity from the FHLB and Federal Reserve facilities.
    • Securities Portfolio – Securities available for sale balances increased by $10.4 million to $350.0 million as of September 30, 2024, compared to $339.6 million as of June 30, 2024.  The increase in securities available for sale was due to a combination of portfolio runoff and a decrease of accumulated other comprehensive loss (“AOCL”). AOCL was $48.2 million as of September 30, 2024, compared to $58.9 million on June 30, 2024, an improvement of $10.7 million, or 18.2%. The yield on the securities portfolio decreased to 2.37% for the three months ended September 30, 2024, down from 2.43% for the three months ended June 30, 2024. Management did not execute any securities sale transactions during the quarter but will continue to monitor the securities portfolio for additional restructuring opportunities.
    • Lending – The Bank’s aggregate loan portfolio totaled $1.5 billion on both September 30, 2024 and June 30, 2024. During the three months ended September 30, 2024, the Bank originated $70.4 million in new commercial loans, compared to $48.7 million during the three months ended June 30, 2024 and $73.2 million during the three months ended September 30, 2023. The loan portfolio represents 78.7% of earning assets and is comprised of 62.6% commercial-related credits. At September 30, 2024, the Bancorp’s portfolio loan balances in commercial real estate owner occupied properties totaled $236.9 million or 15.7% of total loan balances and commercial real estate non-owner occupied properties totaled $302.8 million or 20.1% of total loan balances. Of the $302.8 million in commercial real estate non-owner occupied properties balances, loans collateralized by office buildings represented $42.4 million or 2.8% of total loan balances.
    • Gain on Sale of Loans – Gains from the sale of loans for the nine months ended September 30, 2024 totaled $810 thousand, an increase from $729 thousand for the nine months ended September 30, 2023. During the nine months ended September 30, 2024, the Bank originated $22.5 million in new fixed rate mortgage loans for sale, compared to $30.4 million during the nine months ended September 30, 2023. During the nine months ended September 30, 2024, the Bank originated $17.6 million in new 1-4 family loans retained in its portfolio, compared to $31.8 million during the nine months ended September 30, 2023. Total 1-4 family originations for the quarter ended September 30, 2024, totaled $20.1 million, an increase of $1.3 million compared to $18.8 million for the quarter ended June 30, 2024. These retained loans are primarily construction loans and adjustable-rate loans with a fixed-rate period of 7 years or less. The Bank continues to sell longer-duration fixed rate mortgages into the secondary market.
    • Asset Quality – At September 30, 2024, non-performing loans totaled $13.8 million, compared to $11.4 million at June 30, 2024, an increase of $2.4 million or 21.4%. The Bank’s ratio of non-performing loans to total loans was 0.92% at September 30, 2024, compared to 0.75% at June 30, 2024. The Bank’s ratio of non-performing assets to total assets increased from 0.61% at June 30, 2024 to 0.73% at September 30, 2024. Management maintains a vigilant oversight of nonperforming loans through proactive relationship management. The allowance for credit losses (ACL) totaled $18.5 million at September 30, 2024, compared to $18.3 million at June 30, 2024, an increase of $186 thousand or 1.0% and is considered adequate by management. For the quarter ended September 30, 2024, recoveries, net of charge-offs, totaled $186 thousand. The allowance for credit losses as a percentage of total loans was 1.23% at September 30, 2024, and the allowance for credit losses as a percentage of non-performing loans, or coverage ratio, was 134.1% at September 30, 2024.
    • Operating Expenses  Non-interest expense as a percentage of average assets was 2.80% for the quarter ended September 30, 2024, as compared to 2.79% for the quarter ended June 30, 2024. Increases in non-interest expenses quarter over quarter were primarily attributable to slightly higher federal deposit insurance premium and higher occupancy and equipment expenses. The Bank remains focused on identifying additional operating efficiencies and third-party expense reductions through the remainder of this year and beyond. Compensation and benefits expense is down 1.2% for the nine months ended September 30, 2024, compared to September 30, 2023.
    • Capital Adequacy  As of September 30, 2024, the Bank’s tier 1 capital to adjusted average assets ratio was 8.38%, an improvement of 0.06% compared to 8.32% at June 30, 2024. The Bank’s capital continues to exceed all applicable regulatory capital requirements as set forth in 12 C.F.R. § 324. The Bancorp’s tangible book value per share was $31.28 at September 30, 2024, up from $28.67 as of June 30, 2024 (a non-GAAP measure). Tangible common equity to total assets was 6.51% at September 30, 2024, up from 5.95% as of June 30, 2024 (a non-GAAP measure). Excluding accumulated other comprehensive losses, tangible book value per share increased to $42.47 as of September 30, 2024, from $42.33 as of June 30, 2024 (a non-GAAP measure). See Table 1 at the end of this press release for a reconciliation of the tangible book value per share, tangible book value per share adjusted for other accumulated comprehensive losses, tangible common equity as a percentage of total assets, and tangible common equity as a percentage of total assets adjusted for accumulated other comprehensive losses to the related GAAP ratios.

    Disclosures Regarding Non-GAAP Financial Measures
    Reported amounts are presented in accordance with GAAP. In this press release, the Bancorp also provides certain financial measures identified as non-GAAP. The Bancorp’s management believes that the non-GAAP information, which consists of tangible common equity, tangible common equity adjusted for accumulated other comprehensive losses, tangible book value per share, tangible book value per share adjusted for accumulated other comprehensive losses, tangible common equity/total assets, tax-adjusted net interest margin, and efficiency ratio, which can vary from period to period, provides a better comparison of period to period operating performance. The adjusted net interest income and tax-adjusted net interest margin measures recognize the income tax savings when comparing taxable and tax-exempt assets. Interest income and yields on tax-exempt securities and loans are presented using the current federal income tax rate of 21%. Management believes that it is standard practice in the banking industry to present net interest income and net interest margin on a fully tax-equivalent basis and that it may enhance comparability for peer comparison purposes. Additionally, the Bancorp believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. Refer to Table 1 – Reconciliation of Non-GAAP Financial Measures at the end of this document for a reconciliation of the non-GAAP measures identified herein and their most comparable GAAP measures.

    About Finward Bancorp
    Finward Bancorp is a locally managed and independent financial holding company headquartered in Munster, Indiana, whose activities are primarily limited to holding the stock of Peoples Bank. Peoples Bank provides a wide range of personal, business, electronic and wealth management financial services from its 26 locations in Lake and Porter Counties in Northwest Indiana and Chicagoland. Finward Bancorp’s common stock is quoted on The NASDAQ Stock Market, LLC under the symbol FNWD. The website ibankpeoples.com provides information on Peoples Bank’s products and services, and Finward Bancorp’s investor relations.

    Forward Looking Statements
    This press release may contain forward-looking statements regarding the financial performance, business prospects, growth and operating strategies of the Bancorp. For these statements, the Bancorp claims the protections of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this communication should be considered in conjunction with the other information available about the Bancorp, including the information in the filings the Bancorp makes with the SEC. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties. Forward-looking statements are typically identified by using words such as “anticipate,” “estimate,” “project,” “intend,” “plan,” “believe,” “will” and similar expressions in connection with any discussion of future operating or financial performance.

    Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include: the Bank’s ability to demonstrate compliance with the terms of the previously disclosed consent order and memorandum of understanding entered into between the Bank and the Federal Deposit Insurance Corporation (“FDIC”) and Indiana Department of Financial Institutions (“DFI”), or to demonstrate compliance to the satisfaction of the FDIC and/or DFI within prescribed time frames; the Bank’s agreement under the memorandum of understanding to refrain from paying cash dividends without prior regulatory approval; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates, market liquidity, and capital markets, as well as the magnitude of such changes, which may reduce net interest margins; inflation; further deterioration in the market value of securities held in the Bancorp’s investment securities portfolio, whether as a result of macroeconomic factors or otherwise; customer acceptance of the Bancorp’s products and services; customer borrowing, repayment, investment, and deposit practices; customer disintermediation; the introduction, withdrawal, success, and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with mergers, acquisitions, and divestitures; economic conditions; and the impact, extent, and timing of technological changes, capital management activities, regulatory actions by the Federal Deposit Insurance Corporation and Indiana Department of Financial Institutions, and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms. Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Bancorp’s reports (such as the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K) filed with the SEC and available at the SEC’s Internet website (www.sec.gov). All subsequent written and oral forward-looking statements concerning matters attributable to the Bancorp or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Except as required by law, The Bancorp does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statement is made.

    In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, capital impacts of strategic initiatives, market conditions, and regulatory and accounting considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends.

    Finward Bancorp
    Quarterly Financial Report
                                 
    Performance Ratios   Quarter ended,   Nine months ended,
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
        September 30, June 30,   March 31,   December 31, September 30, September 30,   September 30,
          2024       2024       2024       2023       2023       2024       2023  
    Return on equity     1.60%       0.39%       24.97%       4.92%       6.55%       4.50%       6.68%  
    Return on assets     0.12%       0.03%       1.77%       0.29%       0.42%       0.64%       0.44%  
    Yield on loans     5.22%       5.11%       5.02%       5.09%       5.02%       5.12%       4.87%  
    Yield on security investments     2.37%       2.43%       2.37%       2.57%       2.41%       2.39%       2.39%  
    Total yield on earning assets     4.73%       4.64%       4.52%       4.64%       4.51%       4.64%       4.39%  
    Cost of interest-bearing deposits     2.47%       2.37%       2.36%       2.22%       1.95%       2.40%       1.58%  
    Cost of repurchase agreements     4.04%       3.86%       3.88%       3.78%       3.83%       3.93%       3.59%  
    Cost of borrowed funds     4.56%       4.95%       4.62%       4.41%       4.48%       4.70%       4.58%  
    Total cost of interest-bearing liabilities     2.63%       2.55%       2.53%       2.38%       2.16%       2.57%       1.82%  
    Tax adjusted net interest margin (1)     2.67%       2.67%       2.57%       2.80%       2.87%       2.64%       3.04%  
    Noninterest income / average assets     0.55%       0.50%       2.57%       0.53%       0.46%       1.21%       0.51%  
    Noninterest expense / average assets     2.80%       2.79%       2.86%       2.60%       2.59%       2.82%       2.67%  
    Net noninterest margin / average assets     -2.24%       -2.29%       -0.29%       -2.08%       -2.13%       -1.60%       -2.16%  
    Efficiency ratio     97.32%       98.56%       59.41%       87.49%       86.88%       80.16%       83.68%  
    Effective tax rate     -51.88%       -6.72%       9.48%       -30.85%       -22.20%       7.01%       0.30%  
                                 
    Non-performing assets to total assets     0.73%       0.61%       0.64%       0.61%       0.54%       0.73%       0.54%  
    Non-performing loans to total loans     0.92%       0.75%       0.78%       0.76%       0.66%       0.92%       0.66%  
    Allowance for credit losses to non-performing loans   134.12%       161.17%       159.12%       163.90%       192.89%       134.12%       192.89%  
    Allowance for credit losses to loans receivable     1.23%       1.22%       1.25%       1.24%       1.27%       1.23%       1.27%  
    Foreclosed real estate to total assets     0.00%       0.00%       0.00%       0.00%       0.00%       0.00%       0.00%  
                                 
    Basic earnings per share   $ 0.14     $ 0.03     $ 2.18     $ 0.36     $ 0.52     $ 2.35     $ 1.60  
    Diluted earnings per share   $ 0.14     $ 0.03     $ 2.17     $ 0.35     $ 0.51     $ 2.35     $ 1.60  
    Stockholders’ equity / total assets     7.69%       7.16%       7.32%       6.99%       5.70%       7.69%       5.70%  
    Book value per share   $ 36.99     $ 34.45     $ 35.17     $ 34.28     $ 27.68     $ 36.99     $ 27.68  
    Closing stock price   $ 31.98     $ 24.52     $ 24.60     $ 25.24     $ 22.00     $ 31.98     $ 22.00  
    Price to earnings per share ratio     56.21       182.60       2.82       17.77       10.67       10.19       10.28  
    Dividends declared per common share   $ 0.12     $ 0.12     $ 0.12     $ 0.12     $ 0.31     $ 0.36     $ 0.93  
                                 
    Common equity tier 1 capital to risk-weighted assets   11.10%       10.94%       10.89%       10.43%       10.17%       11.10%       10.17%  
    Tier 1 capital to risk-weighted assets     11.10%       10.94%       10.89%       10.43%       10.17%       11.10%       10.17%  
    Total capital to risk-weighted assets     12.14%       11.95%       11.92%       11.36%       11.12%       12.14%       11.12%  
    Tier 1 capital to adjusted average assets     8.38%       8.32%       8.24%       7.78%       7.81%       8.38%       7.81%  
                                 
                                 
    Non-GAAP Performance Ratios   Quarter ended,   Nine months ended,
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
        September 30,   June 30,   March 31,   December 31, September 30, September 30,   September 30,
          2024       2024       2024       2023       2023       2024       2023  
    Net interest margin – tax equivalent     2.67%       2.67%       2.57%       2.80%       2.87%       2.64%       3.04%  
    Tangible book value per diluted share   $ 31.28     $ 28.67     $ 29.30     $ 28.31     $ 21.63     $ 31.28     $ 21.63  
    Tangible book value per diluted share adjusted for AOCL   $ 42.47     $ 42.33     $ 42.36     $ 40.31     $ 39.96     $ 42.47     $ 39.96  
    Tangible common equity to total assets     6.51%       5.95%       6.09%       5.77%       4.46%       6.51%       4.46%  
    Tangible common equity to total assets adjusted for AOCL     8.83%       8.79%       8.81%       8.22%       8.23%       8.83%       8.23%  
                                 
    (1) Tax adjusted net interest margin represents a non-GAAP financial measure. See the non-GAAP reconciliation table section captioned “Non-GAAP Financial Measures” for further disclosure regarding non-GAAP financial measures
    Quarter Ended                        
    (Dollars in thousands) Average Balances, Interest, and Rates  
    (unaudited) September 30, 2024   June 30, 2024  
      Average Balance   Interest   Rate (%)   Average Balance   Interest   Rate (%)  
    ASSETS                        
    Interest bearing deposits in other financial institutions $ 44,365     $ 665   6.00   $ 60,378     $ 800   5.30  
    Federal funds sold   682       9   5.28     1,263       10   3.17  
    Securities available-for-sale   342,451       2,031   2.37     337,226       2,047   2.43  
    Loans receivable   1,506,967       19,660   5.22     1,501,584       19,174   5.11  
    Federal Home Loan Bank stock   6,547       107   6.54     6,547       96   5.87  
    Total interest earning assets   1,901,012     $ 22,472   4.73     1,906,998     $ 22,127   4.64  
    Cash and non-interest bearing deposits in other financial institutions   32,198               18,054            
    Allowance for credit losses   (18,482 )             (18,788 )          
    Other noninterest bearing assets   155,996               158,358            
    Total assets $ 2,070,724             $ 2,064,622            
                             
    LIABILITIES AND STOCKHOLDERS’ EQUITY                        
    Interest-bearing deposits $ 1,451,414     $ 8,946   2.47   $ 1,455,007     $ 8,610   2.37  
    Repurchase agreements   43,074       435   4.04     41,388       399   3.86  
    Borrowed funds   95,224       1,085   4.56     85,940       1,064   4.95  
    Total interest bearing liabilities   1,589,712     $ 10,466   2.63     1,582,335     $ 10,073   2.55  
    Non-interest bearing deposits   287,507               291,618            
    Other noninterest bearing liabilities   41,696               45,029            
    Total liabilities   1,918,915               1,918,982            
    Total stockholders’ equity   151,809               145,640            
    Total liabilities and stockholders’ equity $ 2,070,724             $ 2,064,622            
                             
                             
    Return on average assets   0.12 %             0.03 %          
    Return on average equity   1.60 %             0.39 %          
    Net interest margin (average earning assets)   2.53 %             2.53 %          
    Net interest margin (average earning assets) – tax equivalent   2.67 %             2.67 %          
    Net interest spread   2.10 %             2.09 %          
    Ratio of interest-earning assets to interest-bearing liabilities   1.20x                 1.21x            
                             
    Year-to-Date                        
    (Dollars in thousands) Average Balances, Interest, and Rates
    (unaudited) September 30, 2024   September 30, 2023
      Average Balance   Interest   Rate (%)   Average Balance   Interest   Rate (%)  
    ASSETS     `                  
    Interest bearing deposits in other financial institutions $ 51,522     $ 2,317   6.00   $ 31,171     $ 1,112   4.76  
    Federal funds sold   919       29   4.21     1,158       38   4.38  
    Certificates of deposit in other financial institutions               1,169       44   5.02  
    Securities available-for-sale   348,269       6,239   2.39     369,897       6,631   2.39  
    Loans receivable   1,504,197       57,713   5.12     1,519,981       55,481   4.87  
    Federal Home Loan Bank stock   6,547       285   5.80     6,547       221   4.50  
    Total interest earning assets   1,911,454     $ 66,583   4.64     1,929,923     $ 63,527   4.39  
    Cash and non-interest bearing deposits in other financial institutions   29,183               18,723            
    Allowance for credit losses   (18,670 )             (17,619 )          
    Other noninterest bearing assets   155,433               154,227            
    Total assets $ 2,077,400             $ 2,085,254            
                             
    LIABILITIES AND STOCKHOLDERS’ EQUITY                        
    Interest-bearing deposits $ 1,464,682     $ 26,350   2.40   $ 1,455,410     $ 17,258   1.58  
    Repurchase agreements   40,879       1,204   3.93     33,170       892   3.59  
    Borrowed funds   90,423       3,189   4.70     102,864       3,537   4.58  
    Total interest bearing liabilities   1,595,984     $ 30,743   2.57     1,591,444     $ 21,687   1.82  
    Non-interest bearing deposits   291,161               326,431            
    Other noninterest bearing liabilities   41,540               30,178            
    Total liabilities   1,928,685               1,948,053            
    Total stockholders’ equity   148,715               137,201            
    Total liabilities and stockholders’ equity $ 2,077,400             $ 2,085,254            
                             
                             
    Return on average assets   0.64 %             0.44 %          
    Return on average equity   4.50 %             6.68 %          
    Net interest margin (average earning assets)   2.50 %             2.89 %          
    Net interest margin (average earning assets) – tax equivalent   2.64 %             3.04 %          
    Net interest spread   2.07 %             2.57 %          
    Ratio of interest-earning assets to interest-bearing liabilities   1.20x                 1.21x            
                             
    Finward Bancorp
    Quarterly Financial Report
                         
    Balance Sheet Data                    
    (Dollars in thousands)   (Unaudited)   (Unaudited)   (Unaudited)       (Unaudited)
        September 30, June 30,   March 31,   December 31, September 30,
          2024       2024       2024       2023       2023  
    ASSETS                    
                         
    Cash and non-interest bearing deposits in other financial institutions   $ 23,071     $ 19,061     $ 16,418     $ 17,942     $ 17,922  
    Interest bearing deposits in other financial institutions     48,025       63,439       54,755       67,647       52,875  
                         
    Total cash and cash equivalents     71,649       83,207       71,780       86,008       71,648  
                         
    Securities available-for-sale     350,027       339,585       346,233       371,374       339,280  
    Loans held-for-sale     2,567       1,185       667       340       2,057  
    Loans receivable, net of deferred fees and costs     1,508,242       1,506,398       1,508,251       1,512,595       1,525,660  
    Less: allowance for credit losses     (18,516 )     (18,330 )     (18,805 )     (18,768 )     (19,430 )
    Net loans receivable     1,489,726       1,488,068       1,489,446       1,493,827       1,506,230  
    Federal Home Loan Bank stock     6,547       6,547       6,547       6,547       6,547  
    Accrued interest receivable     7,442       7,695       7,583       8,045       7,864  
    Premises and equipment     47,912       48,696       47,795       38,436       38,810  
    Foreclosed real estate                 71       71       71  
    Cash value of bank owned life insurance     33,312       33,107       32,895       32,702       32,509  
    Goodwill     22,395       22,395       22,395       22,395       22,395  
    Other intangible assets     2,203       2,555       2,911       3,272       3,636  
    Other assets     40,882       44,027       43,459       45,262       56,423  
                         
    Total assets   $ 2,074,662     $ 2,077,067     $ 2,071,782     $ 2,108,279     $ 2,087,470  
                         
    LIABILITIES AND STOCKHOLDERS’ EQUITY                    
                         
    Deposits:                    
    Non-interest bearing   $ 285,157     $ 286,784     $ 296,959     $ 295,594     $ 312,635  
    Interest bearing     1,463,653       1,469,970       1,450,519       1,517,827       1,471,402  
    Total     1,748,810       1,756,754       1,747,478       1,813,421       1,784,037  
    Repurchase agreements     43,038       42,973       41,137       38,124       48,310  
    Borrowed funds     85,000       85,000       90,000       80,000       100,000  
    Accrued expenses and other liabilities     38,259       43,709       41,586       29,389       36,080  
                         
    Total liabilities     1,915,107       1,928,436       1,920,201       1,960,934       1,968,427  
                         
    Commitments and contingencies                    
                         
    Stockholders’ Equity:                    
                         
    Preferred stock, no par or stated value;                    
    10,000,000 shares authorized, none outstanding                              
    Common stock, no par or stated value; 10,000,000 shares authorized;                              
    shares issued and outstanding: September 30, 2024 – 4,313,940                    
    December 31, 2023 – 4,298,773                    
    Additional paid-in capital     69,916       69,778       69,727       69,555       69,482  
    Accumulated other comprehensive loss     (48,241 )     (58,939 )     (56,313 )     (51,613 )     (78,848 )
    Retained earnings     137,880       137,792       138,167       129,403       128,409  
                         
    Total stockholders’ equity     159,555       148,631       151,581       147,345       119,043  
                         
    Total liabilities and stockholders’ equity   $ 2,074,662     $ 2,077,067     $ 2,071,782     $ 2,108,279     $ 2,087,470  
                         
    Finward Bancorp
    Quarterly Financial Report
                                   
    Consolidated Statements of Income   Quarter Ended,     Nine months ended,
    (Dollars in thousands)   (Unaudited)   (Unaudited)   (Unaudited)       (Unaudited)     (Unaudited)   (Unaudited)
        September 30,   June 30,   March 31,   December 31, September 30,   September 30,   September 30,
          2024       2024       2024       2023       2023         2024       2023  
    Interest income:                              
    Loans   $ 19,660     $ 19,174     $ 18,879     $ 19,281     $ 19,161       $ 57,713     $ 55,481  
    Securities & short-term investments     2,812       2,953       3,105       2,975       2,617         8,870       8,046  
    Total interest income     22,472       22,127       21,984       22,256       21,778         66,583       63,527  
    Interest expense:                              
    Deposits     8,946       8,610       8,794       8,180       7,066         26,350       17,258  
    Borrowings     1,520       1,463       1,410       1,361       1,579         4,393       4,429  
    Total interest expense     10,466       10,073       10,204       9,541       8,645         30,743       21,687  
    Net interest income     12,006       12,054       11,780       12,715       13,133         35,840       41,840  
    Provision for credit losses           76             779       244         76       1,246  
    Net interest income after provision for credit losses     12,006       11,978       11,780       11,936       12,889         35,764       40,594  
    Noninterest income:                              
    Fees and service charges     1,463       1,257       1,153       1,507       1,374         3,873       4,517  
    Wealth management operations     731       763       633       672       572         2,127       1,812  
    Gain on sale of loans held-for-sale, net     338       320       152       352       192         810       729  
    Increase in cash value of bank owned life insurance   205       212       193       193       193         610       573  
    Gain (loss) on sale of real estate           15       11,858             2         11,873       (13 )
    Loss on sale of securities, net                 (531 )                   (531 )     (48 )
    Other     130       6       17       11       64         154       441  
    Total noninterest income     2,867       2,573       13,475       2,735       2,397         18,916       8,011  
    Noninterest expense:                              
    Compensation and benefits     6,963       7,037       7,109       6,290       6,729         21,109       21,365  
    Occupancy and equipment     2,181       2,120       1,915       1,520       1,711         6,205       4,898  
    Data processing     1,165       1,135       1,170       1,269       1,085         3,470       3,465  
    Federal deposit insurance premiums     435       397       501       492       474         1,333       1,511  
    Marketing     209       212       158       191       235         579       649  
    Other     3,521       3,516       4,151       3,755       3,259         9,465       8,547  
    Total noninterest expense     14,474       14,417       15,004       13,517       13,493         43,895       41,715  
    Income before income taxes     399       134       10,251       1,154       1,793         10,785       6,890  
    Income tax expenses (benefit)     (207 )     (9 )     972       (356 )     (398 )       756       21  
    Net income   $ 606     $ 143     $ 9,279     $ 1,510     $ 2,191       $ 10,029     $ 6,869  
                                   
    Earnings per common share:                              
    Basic   $ 0.14     $ 0.03     $ 2.18     $ 0.36     $ 0.52       $ 2.35     $ 1.60  
    Diluted   $ 0.14     $ 0.03     $ 2.17     $ 0.35     $ 0.51       $ 2.35     $ 1.60  
                                   
    Finward Bancorp
    Quarterly Financial Report
                               
    Asset Quality   (Unaudited)   (Unaudited)   (Unaudited)       (Unaudited)
    (Dollars in thousands)   September 30,   June 30,   March 31,   December 31,   September 30,
                2024       2024       2024     2023     2023  
    Nonaccruing loans   $ 13,806     $ 11,079     $ 11,603   $ 9,608   $ 9,840  
    Accruing loans delinquent more than 90 days           294       215     1,843     233  
    Securities in non-accrual     1,440       1,371       1,442     1,357     1,155  
    Foreclosed real estate                 71     71     71  
      Total nonperforming assets   $ 15,246     $ 12,744     $ 13,331   $ 12,879   $ 11,299  
                               
    Allowance for credit losses (ACL):                    
      ACL specific allowances for collateral dependent loans   $ 1,821     $ 1,327     $ 1,455   $ 906   $ 554  
      ACL general allowances for loan portfolio     16,695       17,003       17,351     17,862     18,876  
        Total ACL   $ 18,516     $ 18,330     $ 18,806   $ 18,768   $ 19,430  
                               
    (Dollars in millions)                   Minimum Required To Be
                Minimum Required For   Well Capitalized Under Prompt
        Actual   Capital Adequacy Purposes   Corrective Action Regulations
    September 30, 2024   Amount   Ratio   Amount   Ratio   Amount   Ratio
    Common equity tier 1 capital to risk-weighted assets   $ 176.3   11.10 %   $ 71.9   4.50 %   $ 103.9   6.50 %
    Tier 1 capital to risk-weighted assets   $ 176.3   11.10 %   $ 95.9   6.00 %   $ 127.9   8.00 %
    Total capital to risk-weighted assets   $ 194.0   12.14 %   $ 127.9   8.00 %   $ 159.8   10.00 %
    Tier 1 capital to adjusted average assets   $ 176.3   8.38 %   $ 84.7   4.00 %   $ 105.8   5.00 %
                             
    Table 1 – Reconciliation of the Non-GAAP Performance Measures                          
                               
    (Dollars in thousands) Quarter Ended,   Nine months ended,
    (unaudited) September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023   September 30, 2023   September 30, 2024   September 30, 2023
    Calculation of tangible common equity                          
    Total stockholder’s equity $ 159,555     $ 148,631     $ 151,581     $ 147,345     $ 119,043     $ 159,555     $ 119,043  
    Goodwill   (22,395 )     (22,395 )     (22,395 )     (22,395 )     (22,395 )     (22,395 )     (22,395 )
    Other intangibles   (2,203 )     (2,555 )     (2,911 )     (3,272 )     (3,636 )     (2,203 )     (3,636 )
    Tangible common equity $ 134,957     $ 123,681     $ 126,275     $ 121,678     $ 93,012     $ 134,957     $ 93,012  
                               
    Calculation of tangible common equity adjusted for accumulated other comprehensive loss                        
    Tangible common equity $ 134,957     $ 123,681     $ 126,275     $ 121,678     $ 93,012     $ 134,957     $ 93,012  
    Accumulated other comprehensive loss   48,241       58,939       56,313       51,613       78,848       48,241       78,848  
    Tangible common equity adjusted for accumulated other comprehensive loss $ 183,198       $ 182,620       $ 182,588       $ 173,291       $ 171,860     $ 183,198       $ 171,860  
                               
    Calculation of tangible book value per share                          
    Tangible common equity $ 134,957     $ 123,681     $ 126,275     $ 121,678     $ 93,012     $ 134,957     $ 93,012  
    Shares outstanding   4,313,940       4,313,940       4,310,251       4,298,773       4,300,881       4,313,940       4,300,881  
    Tangible book value per diluted share $ 31.28     $ 28.67     $ 29.30     $ 28.31     $ 21.63     $ 31.28     $ 21.63  
                               
    Calculation of tangible book value per diluted share adjusted for accumulated other comprehensive loss                        
    Tangible common equity adjusted for accumulated other comprehensive loss $ 183,198     $ 182,620     $ 182,588     $ 173,291     $ 171,860     $ 183,198     $ 171,860  
    Diluted average common shares outstanding   4,313,940       4,313,940       4,310,251       4,298,773       4,300,881       4,313,940       4,300,881  
    Tangible book value per diluted share adjusted for accumulated other comprehensive loss $ 42.47     $ 42.33     $ 42.36     $ 40.31     $ 39.96     $ 42.47     $ 39.96  
                               
    Calculation of tangible common equity to total assets                          
    Tangible common equity $ 134,957     $ 123,681     $ 126,275     $ 121,678     $ 93,012     $ 134,957     $ 93,012  
    Total assets   2,074,662       2,077,067       2,071,782       2,108,279       2,087,470       2,074,662       2,087,470  
    Tangible common equity to total assets   6.51 %     5.95 %     6.09 %     5.77 %     4.46 %     6.51 %     4.46 %
                               
    Calculation of tangible common equity to total assets adjusted for accumulated other comprehensive loss                        
    Tangible common equity adjusted for accumulated other comprehensive loss $ 183,198     $ 182,620     $ 182,588     $ 173,291     $ 171,860     $ 183,198     $ 171,860  
    Total assets   2,074,662       2,077,067       2,071,782       2,108,279       2,087,470       2,074,662       2,087,470  
    Tangible common equity to total assets adjusted for accumulated other comprehensive loss   8.83 %     8.79 %     8.81 %     8.22 %     8.23 %     8.83 %     8.23 %
                               
    Calculation of tax adjusted net interest margin                          
    Net interest income $ 12,006     $ 12,054     $ 11,780     $ 12,715     $ 13,133     $ 35,840     $ 41,840  
    Tax adjusted interest on securities and loans   678       677       699       722       730       2,054       2,234  
    Adjusted net interest income   12,684       12,731       12,749       13,437       13,863       37,894       44,074  
    Total average earning assets   1,901,012       1,906,998       1,945,501       1,920,127       1,930,118       1,911,454       1,929,923  
    Tax adjusted net interest margin   2.67 %     2.67 %     2.57 %     2.80 %     2.87 %     2.64 %     3.04 %
                               
    Efficiency ratio                          
    Total non-interest expense $ 14,474     $ 14,417     $ 15,004     $ 13,517     $ 13,493     $ 43,895     $ 13,493  
    Total revenue   14,873       14,627       25,255       15,450       15,530       54,756       15,530  
    Efficiency ratio   97.32 %     98.56 %     59.41 %     87.49 %     86.88 %     80.16 %     86.88 %
                               

    FOR FURTHER INFORMATION
    CONTACT SHAREHOLDER SERVICES
    (219) 853-7575

    The MIL Network

  • MIL-OSI New Zealand: Protecting the Pahurehure Inlet and Manukau Harbour East coastlines

    Source: Auckland Council

    At its most recent meeting, the Policy and Planning Committee endorsed the latest two Shoreline Adaptation Plans – Pahurehure Inlet and Manukau Harbour East. Collectively, these plans cover the coast from Karaka Point in the south to Onehunga.

    Shoreline Adaptation Plans are living plans that focus on how we manage Auckland Council-owned coastal land and assets. This includes reserves, public facilities, transport and water infrastructure, as well as any associated coastal defence structures like seawalls.

    Councillor Richard Hills, Chair of the Policy and Planning Committee welcomes these Shoreline Adaptation Plans and emphasises their importance as a strategic guide.

    “We’ve seen the impacts of climate change on our coastlines, public assets and our coastal communities have directly experienced the effects. This is about working with mana whenua and Aucklanders to plan for the future of our shorelines,” says Cr Hills.

    “It’s great to see more and more of these plans adopted and encouraging to see the level of involvement from the community as we have these important conversations.”

    What is included in these plans?

    Our Shoreline Adaptation Plans recommend one of four adaptation strategies for each stretch of shoreline and can apply a mix of these strategies. These are:

    Hold the line

    • The coastal edge is fixed at a certain location.
    • Defence of the coastal edge may be through nature-based options (like beach nourishment) or engineered hard structures (like sea walls).

    Limited intervention

    • Generally focussed on maintaining and making the area safe.
    • The coastal edge does not need to be fixed and can be altered.

    No active intervention

    • Natural processes are allowed to continue.
    • No investment into coastal hazard protection or flood protection and reserved for coastlines that are not exposed or vulnerable to coastal hazards.

    Managed retreat

    • Assets and the way the land is used are relocated or realigned to reduce risk.
    • Any relocation is planned and undertaken over time.
    • Managed retreat does not signal abandonment of ‘at risk’ areas – it is about identifying a process to reconfigure council assets to accommodate natural coastal processes and build a more resilient shoreline.

    Strategies are recommended over short-term (now to 20 years) medium-term (20 to 60 years) and long-term (60 to 100+ years) timeframes reflective of projected sea level rise over the coming decades of 0.5 to 1m. This long-term view of our changing coastal areas is a first step in adaptive planning and lays a foundation for consistent coastal management.

    Paul Klinac, Auckland Council General Manager, Engineering, Assets and Technical Advisory explains that these high-level strategies provide guidance on how council-owned coastal land and assets can be adapted over time to sustainably manage the escalating impacts of coastal hazards and climate change.

    “The development of shoreline adaptation plans across the region is funded through the Long-term Plan 2024-2034 as part of the climate action investment package,” says Mr Klinac.

    “Shoreline Adaptation Plans – like the ones for the Pahurehure Inlet and Manukau Harbour East – will help guide us in future decision-making around these public assets. This could be reserve management, operational maintenance and renewal of coastal structures or initiation of new capital works projects. This will be alongside ongoing monitoring of council-owned coastal assets and the surrounding coastal environment.”

    Pahurehure Inlet Shoreline Adaptation Plan

    The Pahurehure Inlet Shoreline Adaptation Plan includes the area of the coastline from the Puhinui Creek in the north up to Karaka Point south. This coastline covers the Manurewa, Papakura and Franklin local board areas.

    It recommends limited and no active intervention for many areas of the Pahurehure Inlet shoreline over the next 100 years.

    It also suggests a ‘hold the line’ approach for specific areas, including Karaka Harbourside, Conifer Grove and Keith Park, due to an increased risk from coastal inundation over time. This is to maintain existing infrastructure and highly valued coastal connections from coastal erosion.

    Lastly, it states a ‘managed retreat’ approach to support proactive adaptation planning in the mid to long-term for Waikirihinau / Bottle Top Bay, Youngs Point and in the Drury Creek area should be adopted. This is as the increasing risk from coastal hazards will impact the long-term use of the land in these areas.

    Manukau Harbour East Shoreline Adaptation Plan

    The Manukau Harbour East Shoreline Adaptation Plan includes the area of the coastline from the Puhinui Creek in the south to Taumanu Reserve in the north. This coastline includes the Ōtara-Papatoetoe, Māngere-Ōtāhuhu and Maungakiekie-Tāmaki local board areas.

    It states that limited intervention is the best approach for many areas of this shoreline over the next 100 years and continuing to maintain existing coastal management practices.

    It also recommends a ‘hold the line’ approach for specific areas due to the highly modified shoreline and the location of significant (council-owned) infrastructure like the Māngere Wastewater Treatment Plant.

    This also reflects iwi values and aspirations and the importance of ensuring we are managing past land use decisions and asset owner requirements alongside community values and uses.

    Managed retreat (in the longer-term) is identified where space is constrained and there will be a need to ensure that valued community activities avoid hazard areas to remain safe and functional.

    Get involved

    The remaining shoreline adaptation plans are continuing to be developed and will be completed in 2025. Plans will continue to be presented to the Policy and Planning Committee for approval.

    Tell us what you think over the course of 2024 and for some areas, we’re also asking for your feedback on our draft adaptation strategies – head to akhaveyoursay.nz to see what plans are currently open for feedback.

    You can also help by joining the conversation and telling us what you value about your local coastline today by visiting our regional interactive map – drop pins to leave comments on coastal areas not yet open. 

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: EIT student decides to become teacher to help raise literacy and mathematics standards among Māori | EIT Hawke’s Bay and Tairāwhiti

    Source: Eastern Institute of Technology – Tairāwhiti

    7 seconds ago

    Johnson Hauraki is in his second year of the Bachelor of Teaching (Primary) at EIT Tairāwhiti.

    Johnson Hauraki (Ngāti Porou, Tuhoe) has always wanted to be a teacher, but it was only when he started at EIT Tairāwhiti that he realised that he could play a role in raising literacy and mathematics standards among Māori.

    Johnson is finishing his second year of the Bachelor of Teaching (Primary), having first done the NZ Certificate in Study and Career Preparation (Level 4) in 2022. Born and bred in Tairāwhiti, Johnson went straight from Gisborne Boys High to EIT.

    Johnson, 20, says that he has wanted to be a teacher since primary school.

    “I thought it would be quite rewarding to have an impact on a student’s life and then also see them come back when they get older and remember what you did for them.”

    “With teaching I want to be able to raise the literacy and the mathematics among Māori students.”

    He says that while he would not mind teaching in mainstream schools, he also likes the idea of going to a kura kaupapa.

    The Bachelor of Teaching (Primary) requires students to undertake placements at local schools.

    He says that he would have no hesitation in recommending EIT as a place to study because of the environment.

    “It was so different to high school, where it is very structured. At EIT, while you have things that you are required to do, you also have more freedom to make decisions.”

    Johnson says that his association with EIT will not come to an end when he finishes his teaching degree, as he plans to enrol in a te reo Māori programme when he is finished.

    As for where he wants to teach, Johnson says that he will be prepared to leave Gisborne to pursue his career.

    Emma McFadyen, EIT Tairāwhiti Site Coordinator and Lecturer, Primary Education, said: “Developing teachers for Te Tairāwhiti is central to the EIT/Te Pūkenga Bachelor of Teaching (Primary) programme, as well as being a degree recognised internationally.”

    “Being raised in the region provides Johnson with unique opportunities to give back to his community, along with the potential to spread his wings and explore his horizons. I’m excited to see where Johnson chooses to go in the future.”

    MIL OSI New Zealand News

  • MIL-OSI Australia: Used car ratings provide a roadmap to second hand safety

    Source: New South Wales Government 2

    Headline: Used car ratings provide a roadmap to second hand safety

    Published: 30 October 2024

    Released by: Minister for Regional Transport and Roads, Minister for Transport


    Used Car Safety Ratings released today show the wide gap between a safe second-hand vehicle and a poor performer in a crash.

    The NSW Government is urging used car buyers – particularly young people and their parents looking for a first car – to use the guide to buy a car that protects most for a particular price point.

    The annual guide shows a driver of the lowest rated vehicle is ten times more likely to be killed or seriously injured in a crash than a driver in the safest vehicle.

    Footage released today by the NSW Government shows the dramatic difference in outcomes when a 2012 Great Wall V200 and a 2012 Holden Colorado were crashed head on.

    The one star-rated Great Wall is decimated in the crash, putting driver and passenger at risk of serious injury while the four-star Colorado provided significantly better safety protection.

    The 2024 Used Car Safety guide rates 404 vehicles manufactured since 2000. Of those, 110 earned an “excellent” five-star rating – four more than in 2023 and 55 more than in 2022.

    The best of the five-star vehicles are marked as a ‘Safer Pick’, with 60 per cent of those vehicles available to purchase second hand for less than $10,000.

    Safer picks include:

    Mazda 3 (2013 – 2019)

    Toyota Camry (2011 – 2022)

    Volkswagen Touareg (2011 – 2019)

    Cars that received a very poor one-star rating include:

    Ford Fiesta (2004 – 2008)

    Hyundai Accent (2000 – 2006)

    Toyota Camry (1997- 2002)

    Holden Commodore VT/VX (1997 – 2002)

    The vast majority of the vehicles given a ‘Safer Pick’ rating were manufactured from 2008 onwards, demonstrating the benefits of more advanced safety equipment and design improvements like electronic stability control and advanced occupant protection systems.

    The ratings, which are in their 32nd year, were produced by Monash University in partnership with Transport for NSW and other transport agencies around Australia and New Zealand to help motorists choose the safest used car that fits their budget, needs, and lifestyle.

    The guide is available at https://towardszero.nsw.gov.au/sites/default/files/2024-10/ucsr-brochure-2024.pdf

    Minister for Roads John Graham said:

    “The hunt for a second-hand car has generally focused on a car that will not break down. No one wants to buy a lemon.

    “What is just as important is considering which used car delivers the safest performance for your budget. Your choice might literally save your life. 

    “The Used Car Safety Ratings guide provide simple, reliable safety information at no cost into the hands of vehicle buyers.

    “I urge parents of young people who may be looking for a first car to consider safety above all else and if you can buy a vehicle that is the safest in its category or price point, do so.

    “A driver behind the wheel of the lowest-rated vehicle is ten times more likely to be killed or seriously injured compared to a driver in the safest vehicle. The choice is that clear.”

    “With more than 60 per cent of the best-rated cars available for $10,000 or less, you don’t have to pick the most expensive car on the market to make a safer choice.

    Minister for Regional Transport and Roads Jenny Aitchison said:

    “For drivers in regional NSW, distances of travel are longer and many people use older vehicles, so choosing a vehicle with a high safety rating increases your chances of surviving a crash.

    “The 2024 Used Car Safety Ratings guide helps regional drivers find the safest options, ensuring they are well-protected no matter where their journey takes them.

    “Cost of living, particularly in regional areas, is an important issue for the Government and that is why we are encouraging everyone considering purchasing a second-hand car to use this guide to ensure they choose a safe vehicle.”

    MIL OSI News

  • MIL-OSI Australia: Australia joins global conventions to protect workers’ rights and safety

    Source: Australian Government – Minister of Foreign Affairs

    Australia has now ratified all ten International Labour Organization’s (ILO) Fundamental Conventions, reaffirming the Albanese Government’s commitment to protect workers’ rights and safety.

    The final Fundamental Convention – Promotional Framework for Occupational Safety and Health Convention 187 – was ratified by Australia overnight [29 October] in a tripartite ceremony in Geneva, Switzerland, with representatives of the Australian Council of Trade Unions and the Australian Chamber of Commerce and Industry.

    The Convention promotes nationwide policies, systems and programs to support a safe and healthy working environment, and prevent occupational injuries, diseases and deaths.

    This achievement underscores the Government’s belief in upholding international rules, norms and standards, and securing a safe and healthy working environment for all.

    Ratification ensures Australian Governments continue to promote labour standards and protect workers from occupational harm, in line with international best practice.

    For more information on the ILO’s Fundamental Conventions, see International Labour Standards.

    Quotes attributable to Minister for Foreign Affairs, Penny Wong:

    “While our Government is making sure that Australians make more and keep more of what they earn, we are also ensuring that their working conditions are safe and supportive.

    “This is a major milestone for Australian workers. We are demonstrating Australia’s leadership and ongoing commitment to workers’ rights, as well as internationally agreed rules, norms and standards.”

    Quotes attributable to Minister for Employment and Workplace Relations, Murray Watt:

    “By ratifying these conventions, Australia sends a powerful message: we respect the fundamental rights of all workers.

    “As such, Australia upholds all fundamental international labour rights and is a fair, safe and secure place to work and do business.

    “Through the Albanese Government’s workplace law changes and ratifying these Conventions, we are delivering secure jobs and better pay to Australian workers.

    “Australia is committed to workplace health and safety as a fundamental principle and right at work.”

    MIL OSI News

  • MIL-OSI Australia: Reforming transfer balance cap for Successor Fund Transfers

    Source: Australian Department of Revenue

    The Income Tax Assessment Amendment (Superannuation) Regulations 2024External Link commenced on 6 July 2024.

    We’re working with you to put these changes in place to ensure individuals with a capped defined benefit income stream (CDBIS) aren’t negatively impacted by an SFT.

    Funds should contact us if:

    • you’ve been part of an SFT since 1 July 2017,
    • CDBIS members have been negatively impacted and
    • you’ve not been contacted by us to discuss remediation.

    You can lodge an enquiry through our Super Enquiry Service.

    Looking for the latest news for Super funds? – You can stay up to date by visiting our Super funds newsroom and subscribingExternal Link to our monthly Super funds newsletter and CRT alerts.

    MIL OSI News

  • MIL-OSI Asia-Pac: Fatal traffic accident in Kwai Chung

    Source: Hong Kong Government special administrative region

    Fatal traffic accident in Kwai Chung
    Fatal traffic accident in Kwai Chung
    ************************************

         Police are investigating a fatal traffic accident happened in Kwai Chung last night (October 29) in which a woman died.           At around 10.30pm yesterday, a taxi driven by a 66-year-old man was travelling along Kwai Chung Road towards Tsuen Wan. Upon approaching 997-999 Kwai Chung Road, the taxi reportedly knocked down the 75-year-old woman who was crossing the road.     Sustaining multiple injuries, the woman was rushed to Princess Margaret Hospital in unconscious state and was certified dead at 0.25am today (October 30).     The taxi driver was arrested for dangerous driving causing death and is being detained for enquiries.     Investigation by the Special Investigation Team of Traffic, New Territories South is underway.     Anyone who witnessed the accident or has any information to offer is urged to contact the investigating officers on 3661 1300.

     
    Ends/Wednesday, October 30, 2024Issued at HKT 6:59

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Australia: Partnerships for Local Action and Community Empowerment (PLACE) announcement

    Source: Ministers for Social Services

    Good morning, it’s great to be with you all today.

    I’d like to begin by acknowledging the Traditional Owners of the lands on which we meet and pay my respects to elders past and present. I extend this acknowledgement and respect to all First Nations people joining us today.

    I would also like to acknowledge my colleague the Treasurer – the Honourable Jim Chalmers, who has been my partner in Government on this PLACE journey.

    To our philanthropic partners, thank you for your support and co-investment to make PLACE a reality.

    A big thank you of course to Our Place, Carlton Primary School, Gowrie Victoria and the City of Melbourne who are hosting us today.

    We’re here today because our Government has made a commitment to deliver an overhaul to the way Australia tackles disadvantage.

    Implementing this commitment requires us to work together differently with our partners and local communities, by shifting from traditional and siloed top-down support programs to an approach where we partner and collaborate, share decision-making and goals, and continue to learn from each other to drive better targeted and coordinated investment and effort. By innovating how we work with local communities and how we learn from each other, we will be able to drive a greater positive impact and deliver better outcomes with communities across Australia.

    Partnerships for Local Action and Community Empowerment, or PLACE for short, demonstrates how we will work differently. PLACE will support local communities, government, philanthropy and other stakeholders to work together around a shared understanding of complex problems and a shared commitment to action.

    The Government, together with our philanthropic partners, is proud to be jointly investing $38.6 million over five years to establish PLACE and to launch it into the world today.

    PLACE will be a not-for-profit, independent national organisation that will support communities to identify tailored, place-based solutions to address their needs and aspirations in areas they identify such as the early years, health, education, employment, youth justice and net zero.

    The need for PLACE emerged from community, who called for a national hub that could support a different way of working with community, and that recognised community was best placed to understand their needs and how best to create positive change.

    PLACE will provide this support by connecting community with best practice, building workforce capacity and capability, sharing research, data, tools and information, and supporting collaborative solutions with communities to accelerate progress on the things that matter most to them.

    A key feature of PLACE that distinguishes it from other community initiatives is its structure. It was imperative for us that the essence of working differently with community was embedded in the structure of PLACE. This is reflected in the shared governance arrangements that we have with our philanthropic partners and the community to put community at the centre of the PLACE, and ensure community views are always heard.

    We also want the Government’s involvement in PLACE to be different – that is not just connected to PLACE through the traditional grant agreement, where we are at arm’s length, but also as an active participant in its governance and in the work with communities to meet their needs and their identified priorities.

    I am delighted to be announcing PLACE here at the Carlton Learning Precinct, which is an integrated child and family centre and primary school. The Precinct is part of a diverse multicultural community, and where more than 85 per cent of students at Carlton primary speak a first language other than English.

    The Precinct is the result of work over many years between Carlton Primary School and local community members to meet the needs and aspirations identified by the community and their families and children. Since 2019, these early efforts have been amplified with the support of Our Place, Gowrie Victoria and the City of Melbourne.

    The Precinct includes maternal child health nurses, a Services Australia visiting service and adult employment and education services. Local leaders continue to work together with and listens to the community to ensure these services are co-ordinated to meet community needs and to stop families falling through the cracks. This integrated approach has already led to a 20 per cent increase in school enrolments since 2022.

    The Precinct also offers an insight into the practical benefits PLACE will have for communities like Carlton, including include offering:

    • tools, frameworks, and guidance to help define and measure the impact of the Precinct, and
    • specialised courses to equip Precinct staff and members manage complex, multi-stakeholder collaborations more effectively.

    It is our vision, together with our philanthropic partners, that PLACE will support the efforts of communities like in the Carlton Learning Precinct, and ultimately the projects PLACE works on will be underpinned by working together differently with and listening to community..

    The establishment of PLACE reflects a commitment to working differently, listening to what works locally and working in close collaboration with communities, philanthropy, and across governments to support accelerate positive change in local communities.

    PLACE is a key priority highlighted by the Investment Dialogue for Australia’s Children, and I am proud that we have been able to bring it to fruition together with our philanthropic partners.

    I want to thank the Department of Social Services for the strong and productive working relationship it has established with philanthropy and their significant work in getting us to this point.

    I’m excited to see what comes out of PLACE to help those communities and Australians experiencing disadvantage that need it most to thrive.

    Thank you.

    MIL OSI News

  • MIL-OSI: Oportun Announces Next Step to Optimize Capital Structure and Drive Improved Profitability

    Source: GlobeNewswire (MIL-OSI)

    SAN CARLOS, Calif., Oct. 29, 2024 (GLOBE NEWSWIRE) — Oportun (Nasdaq: OPRT) (“Oportun”, or the “Company”), a mission-driven financial services company, announced today another important step in its plans to optimize the Company’s capital structure and drive improved profitability. Following an extensive review of a range of alternatives led by the Board of Directors, Oportun has entered into a Credit Agreement to refinance its existing corporate financing facility with a new $235 million Senior Secured Term Loan (“Term Loan”). The refinancing will improve Oportun’s operational and balance sheet flexibility with covenants that reflect the performance improvements made by the Company to date, including the agreement to sell the Company’s credit card portfolio, and reward accretive actions and cash flow generation. The Term Loan will be provided by two firms (the “Lenders”), funds managed by Castlelake L.P., a global alternative investment manager specializing in asset-based private credit that led the refinancing, and funds managed by Neuberger Berman, a private employee-owned investment manager. The Term Loan will carry a 15% fixed rate and mature in November 2028.

    “After a thorough and competitive process, where multiple strategic options were considered, the Board of Directors determined that this transaction, which was the least dilutive financing option available, would best position Oportun for the future by further strengthening the Company’s balance sheet and liquidity as well as enhancing the ability for Oportun to generate consistent cash flow and deliver increased stockholder value,” said Neil Williams, Lead Independent Director of Oportun’s Board of Directors.

    “With this refinancing and the operational and balance sheet flexibility the Term Loan will provide, we’re even better positioned to build on our progress. We expect to build on that momentum in 2025 through improving credit performance, identifying high-quality originations, and further enhancing our GAAP and adjusted profitability on a per-share basis” said Raul Vazquez, CEO of Oportun.

    “As we continue our longstanding relationship with Oportun, this refinancing illustrates the confidence we have in the Company’s ability to execute its long-term strategy, underpinned by focusing on its core products while identifying high-quality loan originations” said John Lundquist, Partner at Castlelake.

    “We’re pleased to remain a capital partner to Oportun alongside Castlelake, and the revised structure provides the Company with the funding and flexibility to responsibly grow the business and service the needs of its customers,” said Peter Sterling, Head of Specialty Finance at Neuberger Berman. “This transaction reflects the confidence we have in the quality of Oportun’s underwriting and the sustainability of its business model.”

    In connection with providing the Term Loan, the Lenders will receive warrants, at an exercise price of $0.01 per share, equal to 9.8% of the fully-diluted shares outstanding of the Company, excluding out-of-the-money options, on a pro-forma basis for the warrants, which as of September 30, 2024 was equal to 4,860,706 warrants, and the Lenders are entitled to Board observer rights. Even given the dilutionary impact from the newly issued warrants, the Company believes it will be able to drive increased profitability on a per share basis through focus on its core products, improving credit performance and maintaining cost discipline.

    The new Term Loan provides a lower interest rate than the existing senior secured term loan being refinanced and Oportun is committed to paying off at least $40 million of the principal by February 1, 2026, with the flexibility to make additional pre-payments of $10 million at any time without penalty, and an additional $10 million without penalty after the one-year anniversary of closing. Management expects the Term Loan to close during the week of November 11, 2024, following and subject to customary closing conditions, as well as the closing of the credit card portfolio sale transaction, which was previously announced on September 25, 2024.

    Preliminary Financial Results – Third Quarter 2024
    Based upon management’s current expectations, the Company will report Total Revenue, Annualized Net Charge-Off Rate, Net Loss, Adjusted EBITDA and Adjusted Net Income (Loss), for the third quarter as follows:

    Metric Preliminary Guidance
       3Q24  3Q24
     Total Revenue  $249-251 million  $248 – $252 million
     Annualized Net Charge-Off Rate  11.9%  12.3%  +/- 15 bps
     Net Loss  $(30) – $(32) million  N/A
     Adjusted EBITDA 1  $28 – 31 million  $23 – $26 million
     Adjusted Net Income (Loss) 1  $(2) – $1 million  N/A
     See About Non-GAAP Financial Measures for more detail.  
         

    The Company expects to deliver resilient third quarter top-line performance with Total Revenue in line with its guidance range. The Company’s tightened credit posture contributed to delivering annualized net charge-offs 25 bps better than the edge of its guidance range. On a GAAP basis, the Company expects a net loss of $30 to 32 million driven by non-cash fair value marks, including a $35 million mark-to-market adjustment on its ABS notes due to their weighted average price increasing from 96.0% to 97.8% as benchmark interest rates declined and credit spreads tightened significantly. Given strong Total Revenue, improved credit performance and continued expense discipline, the Company also expects to be near break-even to profitable on an Adjusted Net Income basis. The Company expects Adjusted EBITDA to be $28 to $31 million, which will be $2 to $5 million above the top end of its guidance range.

    Furthermore, management is providing the following preliminary set of expectations regarding Oportun’s full year 2025 operating performance:

    • GAAP EPS between $0.25 and $0.50
    • Adjusted EPS between $1.00 and $1.25
    • Annualized net charge-off rate between 11% and 12%

    “We are pleased with our expected quarterly results and are looking forward to an even better 2025,” said Jonathan Coblentz, CFO of Oportun. “As these results and our future expectations demonstrate, we continue to make significant progress towards driving sustainable, profitable earnings growth, and shareholder value.”

    Concurrent with this press release, Oportun has posted a business update presentation on its investor relations website, investor.oportun.com. The presentation further describes the Term Loan, the Company’s operating strategy, recent performance improvements, and preliminary performance expectations going into 2025.

    Evercore acted as financial advisor and Orrick, Herrington & Sutcliffe LLP and Wilson Sonsini Goodrich & Rosati served as legal advisors to the Company on the transaction.

    About Oportun
    Oportun (Nasdaq: OPRT) is a mission-driven financial services company that puts its members’ financial goals within reach. With intelligent borrowing, savings, and budgeting capabilities, Oportun empowers members with the confidence to build a better financial future. Since inception, Oportun has provided more than $18.7 billion in responsible and affordable credit, saved its members more than $2.4 billion in interest and fees, and helped its members save an average of more than $1,800 annually. For more information, visit Oportun.com.

    About Castlelake
    Castlelake, L.P. is a global alternative investment manager focused on asset-based investments. Founded in 2005, Castlelake manages approximately $24 billion of assets on behalf of a diversified global investor base. The Castlelake team comprises more than 220 experienced professionals, including 80 investment professionals, across seven offices in North America, Europe and Asia. For more information, please visit www.castlelake.com.

    About Neuberger Berman
    Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies – including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds – on behalf of institutions, advisors and individual investors globally. Neuberger Berman’s investment philosophy is founded on active management, engaged ownership and fundamental research, including industry-leading research into material environmental, social and governance factors. Neuberger Berman is a PRI Leader, a designation awarded to fewer than 1% of investment firms. With offices in 26 countries, the firm’s diverse team has over 2,750 professionals. For nine consecutive years, Neuberger Berman has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). The firm manages $443 billion in client assets as of June 30, 2023. For more information, please visit Neuberger Berman’s website at www.nb.com.

    Forward-Looking Statements
    This press release contains forward-looking statements. These forward-looking statements are subject to the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this press release, including statements as to future performance and financial position; the Company’s preliminary financial results for the third quarter of 2024; the Company’s full year 2025 outlook; expectations regarding the impact of the Term Loan, including expected timelines; the anticipated closing of the Company’s credit card portfolio sale transaction; our planned products and services; achievement of the Company’s strategic priorities and goals and the plans and objectives of management for our future operations, are forward-looking statements are forward-looking statements. These statements can be generally identified by terms such as “expect,” “plan,” “goal,” “target,” “anticipate,” “assume,” “predict,” “project,” “outlook,” “continue,” “due,” “may,” “believe,” “seek,” or “estimate” and similar expressions or the negative versions of these words or comparable words, as well as future or conditional verbs such as “will,” “should,” “would,” “likely” and “could.” These statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause Oportun’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Oportun has based these forward-looking statements on its current expectations and projections about future events, financial trends and risks and uncertainties that it believes may affect its business, financial condition and results of operations. These risks and uncertainties include those risks described in Oportun’s filings with the Securities and Exchange Commission, including Oportun’s most recent annual report on Form 10-K and most recent quarterly report on Form 10-Q. These forward-looking statements speak only as of the date on which they are made and, except to the extent required by federal securities laws, Oportun disclaims any obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. In light of these risks and uncertainties, there is no assurance that the events or results suggested by the forward-looking statements will in fact occur, and you should not place undue reliance on these forward-looking statements.

    Preliminary Information
    Numbers are as of September 30, 2024, and are unaudited, preliminary and subject to change upon completion of the Company’s closing process and quarterly review procedures. As a result, the Company’s final results may vary materially from the preliminary results included in this press release. Oportun undertakes no obligation to update or supplement the information provided in this press release until the Company releases its financial statements for the three months ended September 30, 2024. The preliminary financial information included in this press release reflects the Company’s current estimates based on information available as of the date of this press release. This preliminary financial and operational information should not be viewed as a substitute for full financial statements prepared in accordance with GAAP and is not necessarily indicative of the results to be achieved for any future periods. This preliminary financial information could be impacted by the effects of financial closing procedures, final adjustments, and other developments.

    About Non-GAAP Financial Measures
    This press release presents information about the Company’s Adjusted EBITDA, Adjusted Net Income (Loss) and Adjusted EPS, which are non-GAAP financial measures provided as a supplement to the results provided in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company believes non-GAAP measures can be useful measures for period-to-period comparisons of its core business and provide useful information to investors and others in understanding and evaluating its operating results. Non-GAAP financial measures are provided in addition to, and not as a substitute for, and are not superior to, financial measures calculated in accordance with GAAP. In addition, the non-GAAP measures the Company uses, as presented, may not be comparable to similar measures used by other companies. Reconciliations of non-GAAP to GAAP measures can be found below.

    As previously announced on March 12, 2024, beginning with the quarter ended March 31, 2024, the Company has updated its calculation of Adjusted EBITDA and Adjusted Net Income for all periods. To align with these updated calculations, we also updated Adjusted EPS. Comparable prior period non-GAAP financial measures are included in addition to the previously reported metrics.

    Adjusted EBITDA
    The Company defines Adjusted EBITDA as net income, adjusted to eliminate the effect of certain items as described below. The Company believes that Adjusted EBITDA is an important measure because it allows management, investors and its board of directors to evaluate and compare operating results, including return on capital and operating efficiencies, from period to period by making the adjustments described below. In addition, it provides a useful measure for period-to-period comparisons of Oportun’s business, as it removes the effect of income taxes, certain non-cash items, variable charges and timing differences.

    The Company believes it is useful to exclude the impact of income tax expense, as reported, because historically it has included irregular income tax items that do not reflect ongoing business operations.
    The Company believes it is useful to exclude depreciation and amortization and stock-based compensation expense because they are non-cash charges.

    The Company believes it is useful to exclude the impact of interest expense associated with the Company’s corporate financing facilities, including the senior secured term loan and the residual financing facility, as it views this expense as related to its capital structure rather than its funding.

    The Company excludes the impact of certain non-recurring charges, such as expenses associated with our workforce optimization, and other non-recurring charges because it does not believe that these items reflect ongoing business operations. Other non-recurring charges include litigation reserve, impairment charges, debt amendment and warrant amortization costs related to our corporate financing facilities.

    The Company also excludes fair value mark-to-market adjustments on its loans receivable portfolio and asset-backed notes carried at fair value because these adjustments do not impact cash.

    Adjusted Net Income
    The Company defines Adjusted Net Income as net income adjusted to eliminate the effect of certain items as described below. The Company believes that Adjusted Net Income is an important measure of operating performance because it allows management, investors, and the Company’s board of directors to evaluate and compare its operating results, including return on capital and operating efficiencies, from period to period, excluding the after-tax impact of non-cash, stock-based compensation expense and certain non-recurring charges.

    The Company believes it is useful to exclude the impact of income tax expense (benefit), as reported, because historically it has included irregular income tax items that do not reflect ongoing business operations. The Company also includes the impact of normalized income tax expense by applying a normalized statutory tax rate.

    The Company believes it is useful to exclude the impact of certain non-recurring charges, such as expenses associated with our workforce optimization, and other non-recurring charges because it does not believe that these items reflect its ongoing business operations. Other non-recurring charges include litigation reserve, impairment charges, debt amendment and warrant amortization costs related to our corporate financing facilities.

    The Company believes it is useful to exclude stock-based compensation expense because it is a non-cash charge.

    The Company also excludes the fair value mark-to-market adjustment on its asset-backed notes carried at fair value to align with the 2023 accounting policy decision to account for new debt financings at amortized cost.

    Adjusted EPS
    The Company defines Adjusted EPS as Adjusted Net Income divided by weighted average diluted shares outstanding.

    Reconciliation of Non-GAAP Financial Measures

    Adjusted EBITDA    
      Three Months Ended September 30,
      2024   2023  
    (dollars in millions)    
      Net Income (loss) $(32) – (30) $(21.1 )
      Adjustments:    
    Income tax expense (benefit)  (10.2) – (9.5)   (16.2 )
    Corporate debt interest 12.6   15.0  
    Depreciation and amortization 13.5   13.9  
    Workforce optimization expenses   0.5  
    Stock-based compensation expense 3.2   4.3  
    Other non-recurring charges 2.9   0.3  
    Fair value mark-to-market adjustment 38.0-38.3   16.5  
    Adjusted EBITDA $28.0-31.0 $13.2  
    Adjusted Net Income (Loss)    
      Three Months Ended September 30,
      2024     2023  
    (dollars in millions)    
      Net Income (loss) $(32) – (30) $(21.1 )
      Adjustments:    
        Income Tax Expense (benefit)  (10.2) – (9.5)     (16.2 )
        Stock-based compensation expense 3.2     4.3  
    Workforce optimization expense     0.5  
    Impairment     1.3  
    Other non-recurring charges 2.9     0.3  
    Fair value mark-to-market adjustment 33.3 – 34.7     14.9  
    Adjusted income before taxes $ (2.8) – 1.3     (16.1 )
    Normalized income tax expense (0.8) – 0.3     (4.3 )
    Adjusted income $ (2.0) – 1.0 $(11.8 )
    Forward-looking Adjusted Net Income and Adjusted EPS    
      FY 2025
      Low High
    (dollars in millions)    
      Net Income $12.6 $25.1
      Adjustments:    
        Income tax expense (benefit)   4.7   9.3
        Stock-based compensation expense   14.4   14.4
    Other non-recurring charges   6.4   6.4
    Fair value mark-to-market adjustment   30.8   30.8
    Adjusted income before taxes $68.9 $86.0
    Normalized income tax expense   18.7   23.2
    Adjusted Net Income $50.2 $62.8
    Diluted Weighted Average Shares Outstanding (millions)   50.2   50.2
    Diluted EPS $0.25 $0.50
    Adjusted EPS $1.00 $1.25
         

    Investor Contact

    Dorian Hare
    (650) 590-4323
    ir@oportun.com

    Media Contact for Oportun
    Michael Azzano
    Cosmo PR for Oportun
    (415) 596-1978
    michael@cosmo-pr.com

    Media Contact for Castlelake
    Remy Marin / Alex Hinson
    Prosek Partners for Castlelake
    (212) 279 3115
    Rmarin@prosek.com / ahinson@prosek.com

    The MIL Network

  • MIL-OSI: Aimfinity Investment Corp. I Announces Extension of the Deadline for an Initial Business Combination to October 28, 2024

    Source: GlobeNewswire (MIL-OSI)

    Wilmington, Delaware, Oct. 29, 2024 (GLOBE NEWSWIRE) —  Aimfinity Investment Corp. I (the “Company” or “AIMA”) (Nasdaq: AIMAU), a special purpose acquisition company incorporated as a Cayman Islands exempted company, today announced that, in order to extend the date by which the Company mush complete its initial business combination from October 28, 2024 to November 28, 2024, on October 28, 2024, I-Fa Chang, manager of the sponsor of the Company, has deposited into its trust account (the “Trust Account”) an aggregate of $60,000 (the “Monthly Extension Payment”).

    Pursuant to the Company’s third amended & restated memorandum and articles of association (“Current Charter”), effectively April 23, 2024, the Company may extend on a monthly basis from April 28, 2024 until January 28, 2025 or such an earlier date as may be determined by its board to complete a business combination by depositing the Monthly Extension Payment for each month into the Trust Account. This is the seventh of nine monthly extensions sought under the Current Charter of the Company.  

    About Aimfinity Investment Corp. I

    Aimfinity Investment Corp. I is a blank check company incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. The Company has not selected any business combination target and has not, nor has anyone on its behalf, initiated any substantive discussions, directly or indirectly, with any business combination target with respect to an initial business combination with it. While the Company will not be limited to a particular industry or geographic region in its identification and acquisition of a target company, it will not complete its initial business combination with a target that is headquartered in China (including Hong Kong and Macau) or conducts a majority of its business in China (including Hong Kong and Macau). 

    Additional Information and Where to Find It

    As previously disclosed, on October 13, 2023, the Company entered into that certain Agreement and Plan of Merger (as may be amended, supplemented or otherwise modified from time to time, the “Merger Agreement”), by and between the Company, Docter Inc., a Delaware corporation (the “Company”), Aimfinity Investment Merger Sub I, a Cayman Islands exempted company and wholly-owned subsidiary of Parent (“Purchaser”), and Aimfinity Investment Merger Sub II, Inc., a Delaware corporation and wholly-owned subsidiary of Purchaser (“Merger Sub”), pursuant to which the Company is proposing to enter into a business combination with Docter involving an reincorporation merger and an acquisition merger. This press release does not contain all the information that should be considered concerning the proposed business combination and is not intended to form the basis of any investment decision or any other decision in respect of the business combination. AIMA’s stockholders and other interested persons are advised to read, when available, the proxy statement/prospectus and the amendments thereto and other documents filed in connection with the proposed business combination, as these materials will contain important information about AIMA, Purchaser or Docter, and the proposed business combination. When available, the proxy statement/prospectus and other relevant materials for the proposed business combination will be mailed to stockholders of AIMA as of a record date to be established for voting on the proposed business combination. Such stockholders will also be able to obtain copies of the proxy statement/prospectus and other documents filed with the Securities and Exchange Commission (the “SEC”), without charge, once available, at the SEC’s website at www.sec.gov, or by directing a request to AIMA’s principal office at 221 W 9th St, PMB 235 Wilmington, Delaware 19801.

    Forward-Looking Statements

    This press release contains certain “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, both as amended. Statements that are not historical facts, including statements about the pending transactions described herein, and the parties’ perspectives and expectations, are forward-looking statements. Such statements include, but are not limited to, statements regarding the proposed transaction, including the anticipated initial enterprise value and post-closing equity value, the benefits of the proposed transaction, integration plans, expected synergies and revenue opportunities, anticipated future financial and operating performance and results, including estimates for growth, the expected management and governance of the combined company, and the expected timing of the transactions. The words “expect,” “believe,” “estimate,” “intend,” “plan” and similar expressions indicate forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to various risks and uncertainties, assumptions (including assumptions about general economic, market, industry and operational factors), known or unknown, which could cause the actual results to vary materially from those indicated or anticipated.

    Such risks and uncertainties include, but are not limited to: (i) risks related to the expected timing and likelihood of completion of the pending business combination, including the risk that the transaction may not close due to one or more closing conditions to the transaction not being satisfied or waived, such as regulatory approvals not being obtained, on a timely basis or otherwise, or that a governmental entity prohibited, delayed or refused to grant approval for the consummation of the transaction or required certain conditions, limitations or restrictions in connection with such approvals; (ii) risks related to the ability of AIMA and Docter to successfully integrate the businesses; (iii) the occurrence of any event, change or other circumstances that could give rise to the termination of the applicable transaction agreements; (iv) the risk that there may be a material adverse change with respect to the financial position, performance, operations or prospects of AIMA or Docter; (v) risks related to disruption of management time from ongoing business operations due to the proposed transaction; (vi) the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of AIMA’s securities; (vii) the risk that the proposed transaction and its announcement could have an adverse effect on the ability of Docter to retain customers and retain and hire key personnel and maintain relationships with their suppliers and customers and on their operating results and businesses generally; (viii): risks relating to the medical device industry, including but not limited to governmental regulatory and enforcement changes, market competitions, competitive product and pricing activity; and (ix) risks relating to the combined company’s ability to enhance its products and services, execute its business strategy, expand its customer base and maintain stable relationship with its business partners.

    A further list and description of risks and uncertainties can be found in the prospectus filed on April 26, 2022 relating to AIMA’s initial public offering, the annual report of AIMA on Form 10-K for the fiscal year ended on December 31, 2022, filed on April 17, 2023, and in the Registration Statement/proxy statement that will be filed with the SEC by AIMA and/or its affiliates in connection with the proposed transactions, and other documents that the parties may file or furnish with the SEC, which you are encouraged to read. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements relate only to the date they were made, and Aimfinity, Docter, and their subsidiaries undertake no obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable regulation.

    No Offer or Solicitation

    This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of any potential transaction and does not constitute an offer to sell or a solicitation of an offer to buy any securities of AIMA, Purchaser or Docter, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act.

    Participants in the Solicitation

    AIMA, Docter, and their respective directors, executive officers, other members of management, and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of AIMA’s shareholders in connection with the proposed transaction. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of AIMA’s shareholders in connection with the proposed business combination will be set forth in the proxy statement/prospectus on Form F-4 to be filed with the SEC.

    Contact Information:

    Aimfinity Investment Corp. I
    I-Fa Chang
    Chief Executive Officer
    ceo@aimfinityspac.com
    (425) 365-2933
    221 W 9th St, PMB 235
    Wilmington, Delaware 19801

    The MIL Network

  • MIL-OSI Economics: Samsung Sets New Benchmark in TV Security With FIPS 140-3 Certification

    Source: Samsung

     
    Samsung Electronics today announced that its proprietary cryptography module, Samsung CryptoCore,1 has earned the prestigious FIPS 140-3 certification2 from the National Institute of Standards and Technology (NIST). This certification underscores Samsung’s commitment to providing industry-leading security and data protection for Smart TV users.
     
    “As home entertainment systems become more connected, it becomes critical for technology companies to safeguard the personal data that enables the seamless connectivity enjoyed by so many,” said Yongjae Kim, Executive Vice President and Head of the R&D Team, Visual Display Business at Samsung Electronics. “By integrating the FIPS 140-3-certified CryptoCore into our Smart TVs, Samsung is taking our commitment to secure home entertainment a step further and ensuring that our users can freely experience the value of our products.”
     
    Beginning in 2025, Samsung CryptoCore will be fully integrated into Tizen OS,3 Samsung’s Smart TV operating system, enhancing the security of key products such as TVs, monitors and digital signage. With Samsung CryptoCore embedded in Tizen OS, personal data linked to Samsung accounts will be securely encrypted, SmartThings authentication information will be protected from external hacking threats and content viewed on TVs will benefit from enhanced copyright protection.
     
    Since 2015, Samsung has equipped its Smart TVs with Samsung Knox,4 a security platform that has earned Common Criteria (CC) certification5 for 10 consecutive years. But with its newly acquired FIPS 140-3 certification, Samsung has strengthened its defenses against hacking and data breaches even further, proactively protecting personal information with advanced encryption technology.
     
    Recognized by governments in 10 countries,6 the FIPS 140-3 certification requires comprehensive testing of cryptographic modules to ensure their security, integrity and reliability. For users, this means Samsung Smart TVs offer cutting-edge protection against privacy breaches, allowing them to enjoy their content, connect smart devices and engage with IoT services securely and without concerns.
     

     
    1 Samsung CryptoCore is a software library that encrypts and decrypts data during both transmission and storage.2 Federal Information Processing Standard (FIPS) 140-3 covers the security requirements for cryptographic modules.3 Tizen OS 9.0.4 Samsung Knox provides privacy protection on its Smart TVs through features like Tizen OS Monitoring, Phishing Site Blocking and Knox Vault. Knox Vault is available only on the QN900D and QN800D models.5 Common Criteria (CC) certification is a global security standard recognized by 31 countries for IT product integrity.6 Recognized in the United States, Canada, UK, Germany, France, South Korea, Japan, Singapore, Australia and New Zealand.

    MIL OSI Economics

  • MIL-Evening Report: Commonwealth takes bold step to protect freedom of expression

    Talamua Media

    The Commonwealth Heads of Government adopted the Commonwealth Principles on Freedom of Expression and the Role of the Media in Good Governance at their summit meeting in Apia, Samoa, last week.

    These Principles highlight the importance of freedom of expression and media freedom to democracy.  They state that Commonwealth governments “should consider repealing or amending laws which unduly restrict the right to freedom of expression”.

    The Commonwealth Human Rights Initiative and the Commonwealth Journalists Association called on states to take practical and effective steps to end arbitrary and excessive restrictions on free expression. The Commonwealth as a whole must audit progress and engage with civil society to ensure that these Principles are implemented in reality.

    Freedom of expression is not just a right in itself — it is the foundation that allows us to exercise and defend all other human rights, and is safeguarded under international law.

    However, as we know all too well, this right is under threat.

    According to UNESCO, in Commonwealth countries alone, 178 journalists were killed between 2006 and 2020. Furthermore, the impunity rate for the killings of journalists during that same time is 96 percent — which is notably higher than the global impunity rate of 87 percent.

    Reporters Without Borders (RSF) has documented 547 journalists imprisoned globally as of the end of 2023, with legal harassment often used as a tool to stifle dissent and investigative reporting.

    Restrictive, colonial-era laws
    Many Commonwealth countries still maintain restrictive, colonial-era laws that curtail free expression, suppress diverse voices, and inhibit the transparency that is essential for democracy.

    In the Commonwealth:

    • 41 countries continue to criminalise defamation; 48 countries still retain laws related to sedition; and
    • 37 still have blasphemy or blasphemy-like laws.
    Who Controls The Narrative? cover. Image: APR screenshot

    These details are set out in a soon to be released report by the Commonwealth Human Rights Initiative (CHRI) and the Commonwealth Journalists Association (CJA), with other Commonwealth partners, entitled Who Controls the Narrative? Legal Restrictions on Freedom of Expression in the Commonwealth.

    “These laws, often enforced through criminal sanctions, have a chilling effect on activists, journalists, iand others who fear retaliation for speaking truth to power”, said William Horsley of the Commonwealth Journalists Association.

    “This has led to an alarming rise in self-censorship and a decline in the independent and dissenting voices that are vital for holding governments accountable.”

    Civil society response
    The Principles were first put forward by a group of civil society organisations in response to  a general deterioration in legal protections and the working environment for journalists.

    The CJA convened other civil society organisations, including the CHRI, Commonwealth Lawyers Association and the Institute of Commonwealth Studies, before Commonwealth member states reviewed and adopted the Principles in the form which was adopted by heads of government at the 2024 CHOGM.

    States are “urged to take concrete and meaningful steps to implement them within their domestic frameworks, as set out in the CHOGM Samoa Communiqué“.

    The joint report Who Controls the Narrative? Legal Restrictions on Freedom of Expression in the Commonwealth reveals the increasing use of criminal law provisions, including those related to defamation, sedition, blasphemy, and national security, to restrict freedom of expression and media freedom within the Commonwealth.

    The report is the product of extensive collaboration between Commonwealth partners, legal experts, academics, human rights advocates, and media professionals, and provides a comprehensive analysis of the legal frameworks governing freedom of expression and outlines clear pathways for reform.

    In addition to analysing legal restrictions on free speech in Commonwealth states, the report puts forward actionable recommendations for reform.

    These include regional and national-level proposals, as well as broader Commonwealth-wide recommendations aimed at strengthening legal frameworks, promoting judicial independence, encouraging media pluralism, and enhancing international accountability mechanisms.

    Reforms essential
    These reforms are essential for establishing an environment where free expression can thrive, allowing individuals to speak without fear of reprisal.

    “While many member states share a colonial legal legacy that includes repressive laws still in effect today, they also share a commitment to democratic governance and the rule of law as set out in the Commonwealth Charter,” said Sneh Aurora, director of the Commonwealth Human Rights Initiative.

    “The Commonwealth has the potential to lead by example in promoting freedom of expression through legal reform, ensuring that criminal laws are not misused to silence dissent.

    “The Principles provide an important opportunity for Commonwealth governments to bring their national laws in line with international human rights laws.”

    Republished with permission from Talamua Online.

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Australia: New public forecourt is the next chapter for State Library

    Source: New South Wales Government 2

    Headline: New public forecourt is the next chapter for State Library

    Published: 30 October 2024

    Released by: Minister for the Arts, Minister for Lands and Property


    The forecourt to the State Library of NSW will be transformed into a new public domain as the institution prepares to celebrate its 200-year anniversary in 2026.

    The Minns Labor Government is focused on building better communities, with a new development application lodged with the City of Sydney to turn the forecourt into a new 3,400 square metre public domain.

    This submission has been lodged by Property and Development NSW (PDNSW) and proposes to integrate public art and native plants around a new grassed plaza, that supports library events and community activities. It will double the size of the current forecourt to create a vibrant new public space.

    The works propose to realign Sir John Young Crescent and Hospital Road, improving safety for pedestrians and drivers, to provide better links to the Royal Botanic Gardens and The Domain. The existing Shakespeare Memorial, originally presented to the city in 1914, will be relocated closer to the library in the forecourt area.

    The State Library welcomed over one million visitors (a 30% increase on 2022/23) during the June 2024 fiscal year, with more than 300,000 readers and visitors anticipated during September and November for this year’s HSC period.

    If approved, the new State Library forecourt proposal could deliver public outcomes consistent with the Macquarie Street East Precinct 20-year vision and masterplan. At the other end of Macquarie Street, early works have provided the space for another new public plaza, next to the Registrar General’s Building, to be known as QEII Place in memory of Her Late Majesty Queen Elizabeth II.

    For more information, visit https://www.dpie.nsw.gov.au/housing-and-property/our-business/precinct-development/macquarie-street-east-precinct.

    Minister for Roads and Minister for the Arts John Graham said:

    “The State Library of NSW is the oldest continuously operating library in Australia that remains a vital and contemporary institution loved by readers, researchers and the thousands of students who use it every day.  

    “The plan to create and deliver a new public space that celebrates the library’s 200-year anniversary in 2026 is another chapter in the State Library’s own story.

    “Supporting the delivery of this new public domain, the proposed road and traffic changes will improve public access to other Sydney cultural institutions and this area around Macquarie Street.

    Minister for Lands and Property and Minister for Small Business Steve Kamper said:

    “The Minns Labor Government is focused on building better communities. This project is the next step in our vision to create a vibrant, connected arts and culture destination.”

    “We have submitted plans that strive to create spaces in the Macquarie Street East Precinct that are welcoming and safe for all. We want to encourage families and students to utilise our public spaces and access our free cultural institutions.”

    State Librarian of New South Wales Dr Caroline Butler-Bowden said:

    “The State Library is a much-loved public institution with historic spaces and galleries, world-renowned collections, and dynamic events and learning programs. It offers something for everyone – readers, families, researchers, students, local and international visitors – every day of the week.

    “The new public forecourt will help grow the Library as a vibrant cultural heart of the city, inviting everyone to freely explore and enjoy this truly unique place.”

    MIL OSI News

  • MIL-OSI Australia: Transcript – Ports Australia conference

    Source: Australian Ministers for Infrastructure and Transport

    **CHECK AGAINST DELIVERY**

    As always, I begin by acknowledging the Muwinina People as the custodians of this land. We acknowledge and pay our respects to all Tasmanian Aboriginal Communities.

    Tasmania is one of the most beautiful places in our nation and a fitting setting for the Ports Australia Conference.

    We recognise the ongoing custodianship that Indigenous Australians have shown towards these lands and I extend this respect to all First Nations people joining us today.

    Thank you as well to Mike for that kind introduction, and to Stewart, your Chair, thank you very much for the invitation and for all the work that you do throughout the course of the year.

    It is wonderful to see so many public and private leaders from around the world come together.

    I would also like to extend a particular welcome to the Minister for Infrastructure for the Kingdom of Tonga.

    Like Australia, your nation relies on shipping. It is wonderful to have you here.

    I also want to recognise Dr Patrick Verhoeven, the Managing Director of the International Association of Ports and Harbours, and Jens Meier, the CEO of Hamburg Port Authority, who have travelled such a long way.

    Your presence underlines the inherently global nature of this industry, and I hope you enjoy your time here in our beautiful country.

    This is in fact my second time in Tasmania in the last two weeks. 

    Last week I was in the north, this week I’m in the south.

    On both these visits, I have had the pleasure of engaging with Tasmania’s proud maritime industry.

    Last week, I was in Burnie to commission the new shiploader – a project which replaced an essential piece of infrastructure that had been in place for five decades.

    The new shiploader doubles the capacity of the old, and can serve ships up to Panamax size, creating local jobs and growing local industry.

    It is a project that pays tribute to both the maritime past and future of this great state, as well as setting the local economy up for decades of success to come.

    It also speaks to how essential maritime logistics are to our day-to-day lives.

    At the port I could see woodchips going to China, as well as cars and supermarket produce coming into the state.

    It is too easy to miss the magic that defines our modern world, but when you take even a moment to think about it, it is truly extraordinary. 

    That port in Burnie on the north coast of Tasmania is connected to a global network that stretches to every corner of our planet. 

    Everything that we rely on, relies in turn on shipping – which is why it is such a pleasure to be here today with some of the many, many hardworking people who underpin this essential industry.

    Events like these are key to fostering a strong, robust sector – and year after year, Ports Australia does a wonderful job bringing you together and advocating for your industry.

    I stand here today as a minister in a government that knows that ports are a primary driver of our economy and workforce. 

    As well as facilitating international trade and the movement of goods throughout the region, our ports are strategic assets and critical infrastructure.

    They are vital to sustaining our island nation. 

    The most recent report from Ports Australia shows exactly this. 

    Ports move an overwhelming 99 per cent of Australia’s international trade by volume, and importantly, over 694,000 local jobs are facilitated by Australia’s port activities. 

    This works out to a staggering one in every 20 jobs across the nation. 

    Container transport has seen a huge increase.

    As have vehicle imports. 

    The most recent numbers show that cruise ships have soared to 18% higher than pre-pandemic numbers.

    You take our goods to the world, and you bring the world to us.

    Of course, these numbers, while good news, bring pressures of their own. 

    This story of growth underlines the need to ensure that our infrastructure, our investments and our policies are positioned to support a sustainable, reliable and productive supply chain. 

    That’s why our government is making investments like those at the Port of Burnie, and it is also why my department led a review earlier this year into the national freight and supply chain strategy. 

    In total, 71 submissions were received from a variety of stakeholders, including from maritime and associated peak bodies.

    Of course, I acknowledge and thank Ports Australia for their submission and engagement throughout the Review process.  

    The review found that while the foundations of the strategy remain strong, productivity, resilience, decarbonisation and data should be strengthened in the strategy and new National Action Plan.

    We are already doing the work of refreshing the strategy and action plan to address the findings of the review, and I look forward to updating you further in due course.

    But, of course, the findings of the review touch on challenges that are faced across our entire economy and society – none more so than the need to act to mitigate climate change. 

    The Albanese Government is committed to reducing greenhouse gas emissions to 43% below 2005 levels by 2030 and to achieving net zero emissions by 2050. 

    Achieving these ambitious economy-wide targets will require concerted action across all sectors, including this one. 

    Right now, transport contributes 21 percent of Australia’s direct emissions. 

    Adding to that challenge, transport is one of the hardest sectors to abate.

    So, our work here is vital.

    That is why we released the Transport Net Zero Roadmap for consultation earlier this year. 

    While that roadmap covered all modes of transport, it was of particular importance for the maritime sector.

    As we know, decarbonisation will rely on a combination of low carbon liquid fuels (LCLFs), hydrogen, electrification and efficiency improvements.

    Of these, LCLFs offer the clearest pathway for decarbonisation within liquid fuel-reliant sectors that cannot readily electrify in the near-term. 

    This includes maritime, aviation, heavy vehicle and rail, as well as mining, manufacturing and agricultural sectors.

    The bad news is that we need a lot of liquid fuels, but the good news is that Australia is well-placed with comparative advantages in the production of LCLFs: 

    • We have rich renewable energy resources; 
    • We use advanced farming practices that embody low carbon emissions;  
    • We are able to achieve economies of scale;
    • We have significant refining and port infrastructure; 
    • And we have the ability to both enable and encourage domestic fuel consumption, as well as support export capability.

    As part of our Future Made in Australia agenda, the Government is fast-tracking support for an LCLF industry.

    The government announced $18.5 million as part of the recent Budget, to support a domestic LCLF industry through the development of a certification scheme for those fuels.

    And $1.7 billion over the next ten years will go towards a Future Made in Australia Innovation Fund.

    This funding will be used in part to support nascent LCLF production technologies through research and development, to help de-risk developments, and to attract private sector investment.

    And we will continue to work with industry on further steps as needed.

    By successfully building a local LCLF industry we will increase fuel security, strengthen regional economies, diversify income streams for farmers, and meet our decarbonisation objectives – it’s hard to find a bigger win-win than that. 

    To speak even more specifically to the challenges of this sector, we’ve created a Maritime Emission Reduction National Action Plan, the MERNAP for short.

    The MERNAP aims to support Australia’s national emissions reduction targets, contribute to the global decarbonisation of shipping, and future-proof the Australian maritime sector to avoid costly and disruptive transitions later, ensuring an equitable transition, particularly for the maritime workforce, safeguarding jobs and skills for the future.

    The vision is that by 2050, Australia will fully leverage the global maritime decarbonisation transition, benefiting our ports, vessels, and the broader energy sector. 

    This will showcase Australia’s unique comparative advantages while supporting a fair and balanced transition for the industry.

    The MERNAP Consultative Group has played a vital role in shaping this action plan, and I’d like to acknowledge those here today, including: Maritime Industry Australia Limited, the Maritime Union of Australia, and of course, Ports Australia.

    To support the development of MERNAP, we undertook extensive public consultations that revealed to us that the future of the maritime sector will be powered by multiple energy sources, all of which will require new skills, and see us facing new challenges around technology readiness for alternative fuels. 

    Safety, operational efficiencies, and strong partnerships across the value chain will be critical to driving this transition.

    The Albanese Government remains committed to ensuring that Australia’s maritime industry is prepared for the future, ready to contribute to our national emissions targets, and able to thrive in a decarbonised global economy – including through initiatives like Green Shipping Corridors – partnering with nations, such as New Zealand, Singapore and South Korea. 

    I have focused a lot on what fuels our maritime sector, but there is, of course, an even more important element – the people who run it.

    I am proud to say that our plan to establish a Strategic Fleet is underway. 

    This fleet will provide assistance in times of crisis, supply chain disruption, or natural disaster. And it will support industries reliant on shipping, such as heavy manufacturing.

    Tenders to participate in the Strategic Fleet Pilot will close on 29 November. 

    Through this process, three vessels that will be privately owned and commercially operated will be selected for the pilot. 

    This is a major step towards fulfilling our commitment to establish a Strategic Fleet of up to twelve Australian flagged and crewed vessels. 

    This will strengthen our sovereign maritime capabilities while supporting our maritime workforce. 

    The creation of a strategic fleet is a central government policy that will shape our workforce for decades to come. 

    I strongly encourage all interested parties to take part in this process and to consider what role they can play.

    The tender process is being managed by my Department, which is seeking innovative tenders that will deliver the objectives of the Pilot Program. 

    These include providing the Commonwealth with certainty of access to the strategic fleet, to move cargo in times of need, crisis or national emergency. And to support of the needs of Defence —including in training and logistical capacities.

    The Albanese Government is seeking to have pilot vessels on the water as soon as possible.

    While it is not a silver bullet to solve all of the issues of our current and emerging seafarer shortage, the Strategic Fleet and the work being undertaken by Industry Skills Australia through the Maritime Industry Workforce Plan, will support our maritime workforce by increasing the amount of Australian qualified seafarers at a time of a growing global shortage. 

    The independent reviews of the Shipping Registration Act and the Coastal Trading Act being conducted by Ms Lynelle Briggs AO and Emeritus Professor Nicholas Gaskell will also contribute to the modernisation of Australia’s shipping regulatory framework, ensuring the Acts are fit for purpose and support the long-term sustainability of an Australian Maritime Strategic Fleet, and the maritime industry more broadly. 

    Public consultation has commenced and I encourage you all to make your voices heard.

    As you can see, there is a lot to do in your sector and we are a government that is determined to get on with doing it.

    The reforms the Albanese Government is delivering will do our part to support a productive, resilient supply chain, while positioning Australia to thrive in the new net zero economy.

    Thank you for having me, and all the best with the rest of your conference.

    ENDS

    MIL OSI News

  • MIL-OSI Australia: Report of the Inspector of the National Anti-Corruption Commission

    Source: Australia Government – Attorney General

    The Inspector of the National Anti-Corruption Commission, Ms Gail Furness SC, has published the Report of her investigation into the National Anti-Corruption Commission’s (NACC) decision not to investigate referrals from the Royal Commission into the Robodebt Scheme.

    MIL OSI News

  • MIL-OSI New Zealand: Holding firearms offenders to account

    Source: New Zealand Police (District News)

    The sentencing of Matua Parkinson in the Whakatāne District Court today marks the completion of a collaborative effort by Police and the Firearms Safety Authority-Te Tari Purēke to hold firearms offenders to account.

    Parkinson is a former firearms licence holder who pleaded guilty in June to unlawful possession of five Alfa Carbine rifles which he supplied to an unlicensed person.

    Parkinson, aged 49, admitted travelling from his Tauranga home to two Gun City stores in Auckland where he paid almost $11,000 in cash for five Alfa Carbines in June 2022. The firearms have not been recovered.

    Detective Inspector Albie Alexander said Parkinson’s offending put the public and Police at risk.

    “Parkinson has held high positions of responsibility in the community, including an elected health board official and been captain of the All Blacks Sevens. Alongside such roles he was also required to meet the legal obligations to be a fit and proper person to hold a firearms licence,” DI Alexander says.

    “Any diversion of lawfully purchased firearms to unlicensed people, potentially gang members, criminals or extremists, poses a significant safety threat to the public and to frontline Police officers.

    “The National Organised Crime Group is aware of multiple examples of sawn-off Alfa Carbine rifles being used to commit crimes, including homicides. More than 70 percent of firearms seized from offenders are standard rifles and shotguns, easily obtained by a so-called ‘A-Category’ licence holder.

    “Today’s sentencing brings an end to court proceedings involving Parkinson, but the full impact of his offending is ongoing as the Alfa Carbines he supplied to unlicensed people remain in circulation and are most likely in the hands of criminals.

    DI Alexander says Police and colleagues from the Firearms Safety Authority-Te Tari Purēke collaborated to revoke Parkinson’s firearms licence and remove all firearms from his possession when his alleged offending became known in 2023.

    Firearms Safety Authority Executive Director Angela Brazier says the law requires licence holders to act in the interests of personal and public safety and maintain their fit and proper status at all times.

    “Holding a firearms licence is a privilege reserved for those who follow the law. The vast majority of licence holders are law abiding who have no trouble meeting their responsibilities.

    “For a criminal few, offending will become a lot harder over time with the new Firearms Registry. When fully rolled out it will help flag unusual patterns of firearms purchasing in real time and help to reduce the flow of lawfully held firearms to the illegal market,” says Angela Brazier.

    ENDS 

    Issued by Police Media Centre 

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: Summer walking season off to a good start

    Source: Department of Conservation

    Date:  30 October 2024

    DOC’s seasonal experiences (including Milford, Kepler, Routeburn, Tongariro Northern Circuit and Whanganui Journey Great Walks) open across October and November for the peak summer season that runs from now until the end of April.

    DOC Heritage and Visitor Director Catherine Wilson, shares her top advice for all those planning to get into nature over the next few months, whether on a Great Walk, a day hike or somewhere further off the beaten track.

    “Spring is a beautiful but unsettled time in the outdoors. Rivers can rise quickly from rain or snowmelt and avalanche danger can continue through spring and early summer.

    “We’re keen to ensure outdoor adventures are truly memorable experiences for all the right reasons. We also want people to be mindful that, as it gets busier, their behaviour can make all the difference for our species and places.

    “DOC’s website and visitor centres hold important safety information for anyone preparing to head out. Those planning tramping trips should check the latest weather and safety information, pack the right gear with extra layers and plenty of food and water, and let others know where they are going and when they expect to return.

    “We ask people to help protect the land, water and wildlife in the natural areas they visit – give wildlife space, never feed the birds, use toilets provided and take litter away with them or put it in a bin.”

    “We’re also reminding people of the importance of paying their hut and campsite fees to make a fair contribution and help keep these facilities available in future. Visitors paying the New Zealand rate on the Great Walks will need to carry proof of ‘ordinary residency’ to show rangers and visitor centres.

    Catherine Wilson says bookings are looking promising for the coming season with Great Walks bookings up 19% on the same time last year.

    “Milford, Routeburn and Kepler are close to or at capacity, but there is still plenty of space available across the network of 11 walks.

    “International bookings are similar to last year accounting for approximately 25% of all bednights.

    And it’s not just Great Walks people should plan ahead and book for this season, says Catherine Wilson.

    “DOC will be continuing with a free booking system for Tongariro Alpine Crossing as we work to manage visitor pressures and safety on this popular day hike.

    “Bookings for huts and campsites outside of the Great Walks, are very strong this year, up 40% on the same time last year as weather-damaged facilities re-open and additional popular facilities become bookable.”

    How to be a low impact tramper

    Make a commitment to Aotearoa by protecting nature, being prepared, keeping New Zealand clean and showing respect.

    Contact

    For media enquiries contact:

    Email: media@doc.govt.nz

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: Treaty Principles Bill – statement of opposition

    Source: Post Primary Teachers Association (PPTA)

    Te Huarahi Māori Motuhake (THMM), the national Māori governing body of the Post Primary Teachers’ Association, PPTA Te Wehengarua, are united in our opposition to the Treaty Principles Bill. We share the view that the Bill is based upon ‘a disingenuous historical narrative that distorts the language of Te Tiriti and undermines social progress and cohesion.

    The principles of Te Tiriti o Waitangi provide a mechanism to address Treaty breaches and improve relations between the Crown and iwi and hapū and should not be used to alter the intent of Te Tiriti o Waitangi.  Tampering with these principles is a regression of the last 50 years of positive movement forward for Te Tiriti relations. Tangata whenua, educationalists and tangata Tiriti have worked hard over many years to understand and enact practices that give life to Te Tiriti o Waitangi, and we want to ensure this hard work is not wasted.

    The cultural development to honour Te Tiriti o Waitangi in public education is threatened through this Bill. This is an attempt to rewrite history and change the intent of our tīpuna. It will also absolve the Crown’s obligation to work with and actively protect the rights and interests of Māori, particularly the educational needs of ākonga Māori and mātauranga Māori. We oppose any actions that deliberately undermine the status of tangata whenua and relinquish the Crown’s obligation to uphold Te Tiriti o Waitangi.

    Te Huarahi Māori Motuhake leads cultural knowledge, expertise, and insight essential for crafting policies and practices to ensure the Association’s constitutional objective, ‘affirm and advance Te Tiriti o Waitangi’, is upheld and culturally led at PPTA Te Wehengarua. Te Huarahi Māori Motuhake are adamant in our opposition to the Treaty Principles Bill and are committed to affirm and advance Te Tiriti o Waitangi. We will work tirelessly to ensure the promises within Te Tiriti o Waitangi are upheld.

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: Podiatry prescribers will boost patient care

    Source: New Zealand Government

    Health Minister Dr Shane Reti and Associate Minister David Seymour say it’s great news that podiatrists will soon be able to prescribe medicines, meaning patients with painful foot and leg conditions don’t have to make a separate trip to the doctor.

    “This simple step means a big change for people suffering from painful foot injuries and leg conditions, and it’s also an important recognition for podiatrists,” says Dr Reti.

    “I’m very pleased to announce that the Government intends to take the proposed changes to Cabinet before the end of this year.

    “The change will see podiatrists joining other health professions with designated prescribing authority, including specifically trained nurses, dieticians, and pharmacists.

    “The change will bring New Zealand into line with a number of other countries, including Australia, Canada, the US and UK.”

    David Seymour says the change allows for more direct access to health care, and savings for both people and the health system.

    “For too long, podiatrists have been restricted to providing a limited number of pharmacy-only or restricted medicines for skin care treatments or small surgical procedures.

    “That limits their scope. Additionally, stepping up with additional training and allowing a greater level of prescribing by podiatrists will assist those with high health needs and reduce the costs and delays for patients if additional doctor’s visit had been required.

    “The change will also make better use of the country’s nearly 500 podiatrists who usually work in community settings, and in rural areas.

    “We know conditions like shin splints and bunions can be extremely painful and that getting pain relief that is only available on prescription has often meant needing to see a GP as well. 
    “As a Government, we want to make healthcare as easy to access as possible, and this change is an important step towards that,” says David Seymour.  

    The change also recognises the often pivotal role podiatrists play in reducing the risk of limb amputations for people with chronic health conditions like diabetes.

    The Ministry of Health is currently developing the list of medicines that specially trained podiatrists will be able to prescribe, and list is likely to be completed in the first half of next year.

    MIL OSI New Zealand News

  • MIL-OSI Australia: 239-2024: List of unregistered treatment providers: Treatment provider unacceptable – Ema Çevre Sağlığı ilacama ve Gida San.Tic.Ltd. Sti. (AEI: TR4013SB)

    Source: Australia Government Statements – Agriculture

    30 October 2024

    Who does this notice affect?

    Stakeholders in the import and shipping industries—including vessel masters, freight forwarders, offshore treatment providers, Biosecurity Industry Participants, importers, customs brokers, principal agents and master consolidators.

    What has changed?

    Following the identification of critical non-compliance, the department has listed Ema Çevre Sağlığı ilacama ve Gida San.Tic.Ltd. Sti. (AEI: TR4013SB) as…

    MIL OSI News

  • MIL-OSI New Zealand: Trade Minister travels to Doha for GCC trade discussions

    Source: New Zealand Government

    Trade Minister Todd McClay will hold trade discussions with Gulf Cooperation Council (GCC) trade ministers in Doha this week.

    Minister McClay will meet with all six GCC Trade Ministers, as well as the GCC Secretary General.

    “This will be my seventh visit to the region this year including two Ministerial meetings with Saudi Arabi following reengagement at the WTO Ministerial Meeting in Abu Dhabi in February of this year,” Mr McClay says.

    “New Zealand’s goods and services exports to the Gulf region totalled $2.6 billion in the year to June 2024.

    “The GCC is an important economic partner for New Zealand and an important part of meeting our ambitious target of doubling exports by value in ten years.

    “Growing New Zealand’s trade relationships is part of our plan to grow the economy, lift incomes for kiwis, and create jobs.”

    MIL OSI New Zealand News

  • MIL-OSI Australia: Interview with Greg Jennett, Afternoon Briefing, ABC News

    Source: Australian Treasurer

    GREG JENNETT:

    In the fight against inflation and ever rising grocery prices, farmers have been caught in the middle of debate on the effect of pricing on customers. The Minister responsible for competition, Andrew Leigh, has been taking a close look at the farming sector. We spoke to him earlier. Andrew Leigh, good to have you back with us. Now, you’ve given a speech today on competition, pointing out that it’s definitely lacking in the agriculture or farming sector. They feel it in lots of ways, according to your presentation, through the harvesters, they buy and maintain seeds and spray that they put in the field and cattle they sell at the yard. So, you’ve highlighted it. What’s the solution?

    ANDREW LEIGH:

    Well, Greg, as you say, farmers are the meat in the market concentration sandwich. You often get a lot of farmers, but just a few suppliers, and just a few people they can sell to. Part of the answer is the Food and Grocery Code of Conduct being made mandatory rather than voluntary as it was under the Liberals and Nationals. That ensures that farmers get a fairer deal when they’re negotiating with supermarkets. Part of it is also about banning unfair contract terms, which we did when we came to office. Those unfair contract terms were hurting small farmers in areas like fertiliser contracts or potato grower retailing, and that ensures that the small guy gets a better deal.

    JENNETT:

    What’s the argument against strong entities with big networks of dealers, typically in small country towns. So, you might buy for instance, a John Deere tractor and sure you are completely tethered then to the local dealer, the local repairer, the software, they own, but around that sits local jobs as well. Why would you want to disrupt those big strong entities with their networks across the land?

    LEIGH:

    Well, the same argument was made with cars where dealers argued that only they should be able to fix their cars. But the decision that the parliament made, which I was pleased to kick off from July 2022, was that there ought to be a right to repair, a sharing of the information. These pieces of farm machinery are now incredibly advanced, John Deere has more software engineers than mechanical engineers on staff. And so we’re looking carefully at whether there ought to be a right to repair, whether it’s possible to in the first instance, strike an arrangement between those independent repairers and the farm suppliers and so anyone can fix their machinery if they have the right qualifications.

    JENNETT:

    Do they exist, these independent repairers, or exist in large enough number to make a difference?

    LEIGH:

    No, you go to exactly the right question, Greg. When you’re talking about independent mechanics, there’s thousands of them across the country. When you talk about independents to fix farm machinery, there’s fewer of them around. But the problem is really acute for farmers because if a harvester can’t operate for a week, that can be the difference of thousands of dollars in the price that the farmer receives. So, with that risk of spoilage, you do need to get a quicker fix and an independent repair sector may be part of the answer.

    JENNETT:

    Might it be necessary when you look at the conglomerates that make seed and sprays for agriculture – most of them are very large multinationals – might it be necessary to consider having a power to break them up?

    LEIGH:

    Look, we haven’t gone for divestment, but we are concerned about the degree of market concentration and that’s why we’ve introduced into parliament the biggest merger shake up in 50 years. Jim Chalmers introduced that in the parliament just in the last sittings. And that’s a really key part of economic reform for us, continuing the competition legacy of the Hawke and Keating governments.

    JENNETT:

    If you push this agenda all the way through in all the areas of agriculture that we’re discussing here, possible to estimate price reductions for consumers, those of us who buy food made by Australian farmers, grown by Australian farmers at Australian supermarkets?

    LEIGH:

    The best estimate we’ve got, Greg, is if we return the economy to the levels of competition that prevailed at the turn of the millennium, is that we’d boost GDP by somewhere between one and 3 per cent. That’s in line with estimates that suggested that the National Competition Policy reforms of the 1990s benefited the typical Australian by about 2.5 per cent. These are massive gains and they’re key in dealing with cost‑of‑living issues. [A lack of] competition drives down prices and drives up wages. It also reduces innovation and productivity if you have a lack of competition in the market. So, we need a more competitive and dynamic economy for our farmers and for people who work in other sectors.

    JENNETT:

    Inevitably, you touch on trade in your speech and there’s some big clouds sitting over global trade at the moment, principally from the United States. There’s an event happening there in a week’s time. If the US erects higher tariff walls, particularly on Chinese goods, with the suggestion from candidate Trump of a 60 per cent tariff. What do you estimate the effect on China’s demand for raw ingredients produced by Australia? How much could that drop off by virtue of a US tariff change?

    LEIGH:

    Australia has been a strong advocate of open markets and the Cairns Group of agricultural free trading nations was spearheaded by Australia in order to get a better deal at the World Trade Organisation. Obviously, the Americans will make their own decision. But I’m a passionate free trader because I believe that’s strongly in the interests of Australian consumers and producers. Our farmers in particular have benefited from freer trade and that old era of ‘protection all round’ meant that farmers paid too much for their machines and got too little for their exports as a result of retaliatory tariffs.

    JENNETT:

    Would there be a balancing out here? Sure. China’s demand under the scenario I’ve described, China’s demand for iron ore and coal might drop off because they’re selling fewer goods manufactured into the United States. But by the same token, goods already made need to go somewhere else. Could Australian consumers benefit by China offloading product that might otherwise have been intended for the United States?

    LEIGH:

    Greg, a medium‑sized economy that is engaged with the world like Australia, benefits when trade barriers are low. As Joan Robinson, the great Cambridge economist put it, it’s always worth taking the rocks out of your own harbours, better yet if your trading partners take the rocks out of theirs. So, our interest is strongly in a rules‑based trading system and in low tariffs around the world. Governments in Australia have consistently argued for that. It’s in the national interest and it boosts wages and means Australians get better prices for the goods they buy.

    JENNETT:

    So, are you nervous about what you’re hearing from political debate emanating from the US?

    LEIGH:

    Well, of course we’re all watching the US election and it’s a fascinating show every 4 years, but that’s a decision for the American people.

    JENNETT:

    All right, we might come back to that when we actually get a result in a week or so time. Andrew, one final one. Can’t let you go without asking because we’re asking almost everyone on travel. Would it be better if a blanket rule were put in place for politicians against airline upgrades pertaining to private or unofficial travel? I don’t mean work related travel, but private travel. Would it be cleaner if such a rule existed?

    LEIGH:

    Look, I’d certainly be relaxed about that, Greg. I’m somebody who flies most of my domestic flights economy rather than business. That’s meant that in the past from time ‑to‑time I’ve received upgrades. Doesn’t happen if you book business. But of course that then means the taxpayer’s paying twice as much.

    JENNETT:

    Ever been upgraded on personal travel unexpectedly?

    LEIGH:

    It’s happened to me before. You don’t ask for it, and it’s not something that’s ever changed my decision. I don’t think there’s anyone who’s been as vociferous a critic of Qantas in the parliament as me. I’ve been very strongly critical of their cancellations of Sydney‑Canberra flights and a strong advocate of more competition in the aviation sector. Indeed, I gave a speech on it recently.

    JENNETT:

    Ok, so just to be clear, any personal upgrade you believe was unconnected to your line of work as a politician? Because that’s the grey line here around the Anthony Albanese episodes, isn’t it?

    LEIGH:

    Yeah. I have no idea on what basis they make those decisions. Certainly, I report as the Prime Minister has done, and it’s never affected my decisions. I’ll continue to be a strong advocate for more competition in the aviation sector.

    JENNETT:

    Understood. You certainly have been that. Andrew Leigh, we thank you, as always.

    MIL OSI News

  • MIL-OSI Australia: Release of Centrepay Discussion Paper Report

    Source: Ministers for Social Services

    The Australian Government is considering comprehensive customer and stakeholder feedback on the Centrepay program, following extensive consultation with the community.

    In May the government released the Centrepay Reform Discussion Paper, and invited the public to share their views and experiences with Centrepay.

    In particular, the review sought input from the community on safeguards and protections for customers to reduce financial harm, and ensuring the right products and services are available through the program.

    The government has published a Centrepay Discussion Paper Report, capturing feedback from Centrepay users, peak advisory groups, business and across government.

    Responses to the Discussion Paper highlighted that customers expect to be in control when managing their finances and recognised the need for greater protections through enhanced gatekeeping and enforced business compliance, and accessibility of information and support.

    Consultation has been at the core of the Centrepay reform process. Services Australia has been working alongside peak advisory community groups and across government, meeting regularly with stakeholders such as Anglicare, Mob Strong Debt Help, the Australian Council of Social Services, and Economic Justice Australia.

    Services Australia has also conducted community consultation activities across Australia, including in remote areas, to hear firsthand feedback on how Centrepay can support and empower those who use it.

    This feedback will help inform the reform needed to ensure Centrepay is an effective budgeting tool that helps Australians have greater control over their finances.

    Quotes from the Hon. Bill Shorten MP, Minister for Government Services:

    “We thank every individual, organisation, and advocacy group who took the time to respond to the Centrepay discussion paper.”

    “Their contributions will be invaluable as we work towards the improvements needed to ensure Centrepay meets the expectations of customers and the community.”

    “Priority work to reform Centrepay is ongoing and we’ll have more to say regarding the next steps soon.”

    “Services Australia will continue to work with customers, peak community advisory groups, business and across government to ensure Centrepay is an effective budgeting tool that helps Australians have greater control over their finances.”

    MIL OSI News

  • MIL-OSI New Zealand: Lasting and integrated solutions needed to improve school attendance – PPTA

    Source: Post Primary Teachers Association (PPTA)

    Commenting on the release of an Education Review Office report into the issues, he agreed with the agency that the current model for managing school attendance was not designed to succeed.

    “The issues causing the increase in chronic non-attendance over the last 10 years are complex and varied. If we want to see a long-term reduction in these rates, schools and school attendance services need more staffing, more time and more resources.

    “Schools and attendance services are stretched to the limit. They don’t have the time and resources that these issues need. Young people who are chronic non-attenders, and their whānau, need a lot of ongoing time, attention and support that currently just is not there.”

    Chris Abercrombie said the report made it clear there was no quick fix, evidenced by the fact that the attendance of many students who return to school after chronic non-attendance, starts to slip again after about two months. “When these students return to school, it is a challenge to reintegrate them – schools need more support for this.

    “We need lasting, meaningful and integrated solutions – both at the community level, with other agencies and supports, and at the school level with appropriate funding and resourcing for gateway, alternative education and activity centres, pastoral care and learning support.

    “Alternative education has been chronically under-resourced for years, a point which has been made previously by ERO.

    “It’s deeply disappointing that the Govenrment has chosen to pour hundreds of millions of dollars into a vanity project such as charter schools, when  issues such as chronic non-attendance are crying out for adequate funding.”

    PPTA also had serious concerns about the report’s recommendations for more parental prosecutions. “All this will do is put people who are struggling financially further into debt, and / or give them a criminal record.”.

    Governments needed to be bold and brave enough to address the underlying causes of chronic non-attendance. These included poverty, housing insecurity, and mental health.

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: REMINDER: SH2 resurfacing through Dannevirke gets underway

    Source: New Zealand Transport Agency

    A reminder that resurfacing takes place this week on a stretch of State Highway 2 (SH2) in Dannevirke.

    This asphalt resurfacing work has begun today, on SH2 Stanley Street, between Denmark Street and Miller Street and will take 4 days.

    During day-time work hours, a detour will be in place for northbound traffic; southbound traffic will continue to flow freely on SH2. The detour is suitable for all vehicle types.

    Crews will be working from 6.30am to 5pm each day between Tuesday 29 October and Friday 1 November (weather permitting).

    During these work hours, northbound traffic will be detoured via Rawhiti Street, Queen Street, Allan Street and onto Cole Street, before rejoining SH2.

    A temporary speed limit of 30km/h will be in place for southbound traffic near the worksite. Outside of work hours, SH2 will be open with a reduced speed limit in place.

    This resurfacing work will improve the durability and long-term condition of this section of road. A one-way daytime closure allows crews to complete the work as efficiently and safely as possible while keeping traffic moving, and minimising ongoing disruption and long delay times.

    Resident and business access remains and northbound road users are advised to follow the detour to get to your destination. The detour is expected to add less than 5 minutes to journey times.  

    Other works underway or coming up on SH2

    • State Highway 2, resealing: Maintenance works are taking place near Tamaki River Rd from  today (29 October) til 15 November, between 6am – 7pm each day. Daytime stop/go will be in place.
    • State Highway 2, rebuild:Crews are starting rebuild works on SH2 north of Ball Rd, between Woodville and Dannevirke, slightly earlier than expected from today (29 October). It’s expected to take 4-5 weeks. Daytime stop/go will be in place.
    • State Highway 2, resurfacing: Asphalting works are underway on SH2 near the Mangatera Stream Bridge, north of Dannevirke. Stop/go is in place at night, with works expected to finish on Saturday 12 October.
    • State Highway 2, rebuild: From 31 October – 28 November, road rebuild work will take place on SH2 in Papatawa, north of Ball Road, between Woodville and Dannevirke. Daytime stop/go will be in place.

    For more information about the 2024/2025 road maintenance season, please visit:

    NZTA’s Manawatū-Whanganui maintenance and operations webpage

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: REMINDER: State Highway 60 Tākaka Hill summer maintenance work begins next week

    Source: New Zealand Transport Agency

    Night and day-time closures get underway on State Highway 60 Tākaka Hill next week, with maintenance work planned for the route.

    It is deliberately timed for November to ensure the highway is clear for all drivers over the summer holidays.

    Between Sunday, 3 November, and Sunday, 24 November, the road will be closed every Sunday to Thursday from 8 pm to 5:30 am with a short opening around 1 am for queued traffic.

    Then from Monday, 25 November, until Friday, 29 November the highway will be closed from 9 am to 3 pm. During this time, the road will be reopened every 90 minutes to let traffic through.

    Contractors will spend the first two weeks of night-time closures asphalting parts of the road surface on both sides of the hill. They will also carry out other work, such as clearing water channels, fixing slips and guard rails, and completing general maintenance.

    Because of the road’s narrowness and to keep contractors safe, the road must be closed while the work is done. It will also allow the maintenance to be completed much faster.

    Chipsealing will then be carried out during the day-time closures. This work must be done during the day when conditions are warm and dry to ensure the chipseal is effective.

    NZTA/Waka Kotahi appreciates the Tākaka Hill is a vital transport link for residents and local businesses which is why day-time access on the route is ensured. Day closures are timed to avoid the school bus run and peak commuting times.

    Contractors will make the most of the closure to speed up repair work at the underslip site on the Riwaka side of the hill. The aim is to have this section of road repaired and reopened to two lanes before Christmas.

    This work will be disruptive, and its important people travelling on State Highway 60 between Golden Bay and Motueka factor it into their travel plans.

    Once asphalting work on Tākaka Hill is completed during the night closures, contractors will move onto SH60 Commercial Street in Takāka. More information on this work will be shared soon.

    Works schedule: 

    • Work is from Sunday, 3 November, to Friday, 29 November 2024.

    Night closures:

    • The closure will be in place between Riwaka Valley Road, Riwaka and Aaron Creek Road, Upper Tākaka and will run from Sunday, 3 November to Sunday, 24 November (no work on Friday or Saturday nights).
    • The closures will be between 8 pm and 5:30 am.
    • The road will open once each night around 1 am for traffic at two road closure points.
    • Vehicles travelling over the hill need to be at the Aaron Creek Road closure point by 12:30 am or at the Riwaka Valley Road closure point by 1 am.
    • Access will be available for residents, businesses, and emergency services.

    Day closures:

    • The closure will be in place between Riwaka Valley Road, Riwaka and Aaron Creek Road, Upper Tākaka and will run from Monday, 25 November to Friday, 29 November.
    • The closures will be between 9 am and 3 pm.
    • During this time there will be openings every 90 minutes at 10:30 am, 12 noon and 1:30 pm.
    • It will take some time to clear queued traffic so plan ahead for delays.
    • Traffic management will be set up between 6 am and 9 am and will be removed between 3 pm and 6 pm.
    • Access will be available for residents, businesses, and emergency services.

    Works location:

    Summer Maintenance Season – tips and advice

    MIL OSI New Zealand News

  • MIL-OSI Asia-Pac: Speech by FS at Cathay Pacific Airways Cocktail Reception in Riyadh, Saudi Arabia (English only) (with photo/video)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Financial Secretary, Mr Paul Chan, at the Cathay Pacific Airways Cocktail Reception in Riyadh, Saudi Arabia today (October 29, Riyadh time):Lavinia (Chief Customer and Commercial Officer of Cathay Pacific, Ms Lavinia Lau), ladies and gentlemen,     Good evening. I am delighted to be here, with you, tonight, just one day after the exhilarating inaugural flight of Cathay Pacific’s relaunched Hong Kong to Riyadh service.     For that, for reconnecting Hong Kong and Saudi Arabia through this vital new route, and the huge potential it brings, I am grateful to Cathay Pacific. Your dedication to excellence in service is internationally recognised. And this flight resumption is a clear testament to Cathay’s commitment to Hong Kong and our strategic development.     I can tell you that the high-powered delegation I’ve brought with me to Riyadh is equally exciting. They count more than 100 Hong Kong financial, business and entrepreneurial leaders, eager to connect with Saudi business. With you.     During our three-day stay here in Riyadh, we’re meeting with business, finance and technology companies, with investors and government leaders, too. Our goal is clear: to expand ties with Saudi Arabia, building friendship and exploring the many mutually beneficial collaboration opportunities this renewed connection will surely create.     The new service, in short, marks a new chapter for the ever-growing ties between our two cities, our two regions.     It helps, and enormously, that Hong Kong is the global gateway to China. We are also part of China’s “Air Silk Road” initiative, seeking to enhance connectivity, economic and trade cooperation, as well as cultural exchange with countries and regions along the Belt and Road.     Saudi Arabia sits at the crossroad between three continents. The resumption of flights underlines the strategic importance of the country’s location, and will boost economic, cultural, business and people-to-people ties between Saudi Arabia and China, Hong Kong included; and all the more so, between the East and West.     With this reinstated service, I know the people of Hong Kong would be eager to dive into all sorts of adventures around different Saudi cities, your timeless culture, deserts, World Heritage sites and so much more. And, yes, Hong Kong also looks forward to welcoming you to Asia’s world city, the East meets West centre of international cultural exchange. And good times, too.     Ladies and gentlemen, please join me now in a toast: to Cathay Pacific, to the continuing growth of Hong Kong-Saudi ties and to the promising future that awaits our two economies and peoples.     I know you will enjoy this very special evening.     Thank you.

    MIL OSI Asia Pacific News