Source: ASEAN
Secretary-General of ASEAN Dr. Kao Kim Hourn this evening attended the ASEAN Festival of Arts held in the historic city of Melaka that brought together cultural troupes from ASEAN Member States and ASEAN Plus Three Partners, as well as Timor-Leste, who put together a dance extravaganza, reflecting the cultural vibrancy and rich heritage of ASEAN.
The post Secretary-General of ASEAN attends the ASEAN Festival of Arts appeared first on ASEAN Main Portal.
Source: People’s Republic of China – State Council News
Xi advocates high-quality development of greater BRICS cooperation at milestone summit
KAZAN, Russia, Oct. 24 — Chinese President Xi Jinping on Wednesday called on BRICS countries to work for the high-quality development of greater BRICS cooperation as leaders gathered here for the 16th BRICS Summit.
In his address to the summit, Xi emphasized the need for BRICS countries to seize the historical opportunity and work together to strengthen solidarity and cooperation among Global South nations.
STRENGTHENING SOLIDARITY
During a small-group meeting, President Xi welcomed new members to the BRICS family and extended invitations to many other countries to become partner countries.
Xi pointed out that the enlargement of BRICS is a major milestone in its development history, and a landmark event in the evolution of the international situation. It is for their shared pursuit and for the overarching trend of peace and development that BRICS countries have come together, he said.
Stressing that the world is undergoing accelerated changes unseen in a century, marked by new trends of multipolarity and the risks of a “new Cold War,” Xi said BRICS countries should seize the historical opportunity, take proactive steps, remain committed to the original aspiration and mission of openness, inclusiveness and win-win cooperation, conform to the general trend of the rise of the Global South, seek common ground while reserving differences, work in concert to further consolidate common values, safeguard common interests, and strengthen BRICS countries through unity.
“We must work together to build BRICS into a primary channel for strengthening solidarity and cooperation among Global South nations and a vanguard for advancing global governance reform,” Xi said.
Xi stressed that the more turbulent the world is, the more BRICS countries should uphold the banner of peace, development and win-win cooperation, refining the essence of BRICS and demonstrating its strength. BRICS countries should raise the voice of peace, advocating a new path to security that features dialogue over confrontation and partnership over alliance.
Xi also urged BRICS countries to jointly pursue a path of development, advocate a universally beneficial and inclusive economic globalization, and stay committed to the principle of common development. He said BRICS countries should consolidate the foundation of cooperation, deepen cooperation in traditional areas such as agriculture, energy, minerals, economy and trade, expand cooperation in emerging areas such as green, low-carbon and artificial intelligence, and safeguard trade, investment and financial security.
ADVANCING DEVELOPMENT
As the high-profile gathering unfolded amid global uncertainties, BRICS embarked on a new chapter, cementing its growing influence on the world stage.
President Xi, addressing the leaders in an expanded format, put forward five suggestions: building a BRICS committed to peace, innovation, green development, justice, and closer people-to-people exchanges.
“We must build on this milestone summit to set off anew and forge ahead with one heart and one mind,” Xi said. “China is willing to work with all BRICS countries to open a new horizon in the high-quality development of greater BRICS cooperation.”
This year’s summit also marked another major milestone with the decision to invite a number of nations as partner countries, further advancing the group’s development.
During Wednesday’s meetings, leaders exchanged views on BRICS cooperation and crucial international issues of shared concern under the theme “Strengthening Multilateralism for Just Global Development and Security.” Central to their discussions were global and regional security, sustainable development, climate change, and reforms in global economic governance.
A notable focus of the summit was the call for increased funding to support the sustainable development of developing countries. Egyptian President Abdelfattah al-Sisi said that BRICS aims to “strengthen a multipolar international system,” particularly through facilitating “innovative and effective” financing for developing nations.
Russian President Vladimir Putin said that “the trend for the BRICS’ leading role in the global economy will only strengthen.” He cautioned against the ongoing risks posed by geopolitical tensions, unilateral sanctions, and protectionism. “A key task is to promote the use of national currencies to finance trade and investment,” Putin said.
Brazilian President Luiz Inacio Lula da Silva, who participated in the summit via video link due to a head injury, said, “It’s not about replacing our currencies, but we need to work so that the multipolar order we aim for is reflected in the international financial system.”
BRICS has already made strides with the New Development Bank (NDB), headquartered in Shanghai. On Wednesday, the BRICS countries agreed to support the NDB in implementing its general strategy for 2022-2026 and in expanding local currency financing.
In a declaration issued at the 16th BRICS Summit, they also agreed to jointly build the NDB into a new type of multilateral development bank for the 21st century, support its further expansion of membership, and expedite the review of membership applications from BRICS countries in accordance with its general strategy and related policies.
Leaders also advocated for a fairer global order for the Global South. South African President Cyril Ramaphosa said that BRICS is an inclusive bloc capable of changing the trajectory of the Global South. “To do this we must realize the full potential of our economic partnership, to ensure sustainable development for all and not just for some,” he said.
“The period of unilateralism is coming to an end,” said Iranian President Masoud Pezeshkian, calling for a more equitable global system.
GROWING APPEAL
The term BRIC was initially coined in 2001 by Jim O’Neill, former chief economist at Goldman Sachs, as an investment concept referring to emerging market economies of Brazil, Russia, India and China. With South Africa’s inclusion in 2010, BRICS officially took shape.
In a recent interview with Xinhua, O’Neill acknowledged the need for policymakers to collaborate in creating an optimal system that benefits all. “I think as we pass through time, we will find a new equilibrium where countries will be more at ease with what other countries are doing,” he said.
In recent years, BRICS has garnered attention from countries around the world. Over 30 countries, including Thailand, Malaysia, Türkiye, and Azerbaijan, have either formally applied for or expressed interest in joining the group. Many other developing countries are also seeking stronger cooperation with BRICS.
The growing interest from countries seeking to join BRICS cooperation each year demonstrates that in today’s troubled world, BRICS is not only important but essential, said Bunn Nagara, director and senior fellow at the Belt and Road Initiative Caucus for Asia-Pacific.
“China, led by President Xi, has contributed significantly to BRICS’ success with a progressive and enlightened approach,” said Nagara.
BRICS is seen as a vital platform for developing countries to pursue growth and address global imbalances.
The enlargement of BRICS is “important in tipping the financial and technological balance in favor of the majority Global South rather than the minority Global North,” Webby Kalikiti, a lecturer and researcher at the Department of History, University of Zambia noted. He believed that the future of the world depends on the cooperative energies of all countries and the transition to a multipolar world.
Ahmed Al-Ali, a political and strategic researcher at the Gulf Research Center in Dubai, believed that BRICS aims to foster a more equitable, effective, and rational international system.
It will play a crucial role in promoting development and growth opportunities for Global South countries, while also ensuring the sustainability of economic and social progress, said Al-Ali.
Similarly, Sithembiso Bhengu, a senior research fellow with the Sociology Department, University of Johannesburg said that “the BRICS mechanism presents real possibilities for making the globe a fairer community of nations, with possibilities for mutual support and cooperation towards our respective goals in modernization and development.”
Source: Australian Department of Revenue
The Australian Taxation Office (ATO) is urging Australians who have not yet lodged their income tax returns to lodge, or get on the books with a registered tax practitioner before 31 October, to avoid potential penalties.
ATO Assistant Commissioner Rob Thomson said over 9.4 million Australians have already lodged, with a further 1.5 million self-preparer taxpayers expected to need to lodge this year.
‘The ATO is receiving a spike of lodgments, with an average of almost 60 thousand individuals lodging each day in October as the deadline approaches. In fact, we’ve had over 1 million lodgments so far this month alone.’
‘Firstly, a reminder to those who’ve done the right thing and deliberately held off finalising their tax return until pre-filled information is available, now’s the time to log back into the App or myTax, finalise and press lodge.’
‘For those who haven’t yet started, it’s not scary or complicated. People with simple affairs will find that you should be able to lodge your tax return in the time it takes to cook a frozen pizza,’ Mr Thomson said.
‘We’re all guilty of sometimes leaving things to the last minute, but taking half an hour this weekend to complete your tax return will save you time and money in the long run, as penalties can apply if you lodge late.’
If you need a helping hand, or have more complex tax affairs, you may like to engage with a registered tax practitioner. To check whether an agent is registered, visit the Tax Practitioners’ Board RegisterExternal Link.
‘If you’re going to engage a registered tax professional and you’re not already on their books, you should do this before 31 October,’ Mr Thomson said.
Additionally, the Tax Help program is a free and confidential service open to people who earn $60,000 or less each year and have simple tax affairs. The program is available until the end of October.
*Approximate values as at 17 October 2024
Source: Australian Department of Revenue
Detectives from the VIPER and Lunar taskforces have this morning charged eight people with Commonwealth offences for their part in directing and assisting an organised crime syndicate.
It will be alleged the syndicate was leasing stores, employing staff as supervisors, store managers and couriers and commencing deliveries under the guise of operating the stores as legitimate gifts and confectionary stores, while selling only illicit tobacco and related products.
Investigators have obtained transactional records which reflect the syndicate earned over $30 million in a 12-month period through the sale of illicit tobacco in these stores.
Supported by the Australian Federal Police (AFP), the Australian Taxation Office (ATO), Australian Border Force’s (ABF) Illicit Tobacco Taskforce and Therapeutic Goods Administration (TGA), officers today executed more than 27 search warrants across Victoria as part of an ongoing investigation targeting serious organised crime in the illicit tobacco market.
With assistance from Taskforce Lunar, the Armed Crime Squad, the Illicit Firearms Squad, Financial Crime Squad, Criminal Proceeds Squad, Joint Organised Crime Taskforce, Echo Taskforce, Cybercrime Squad, Joint Anti-Child Exploitation Team, Wyndham, Knox, Hobsons Bay, Echuca, Cobram, Ararat, Northern Grampians and Geelong Crime Investigation Units, Westgate Divisional Response Unit, Eastern Region Crime Squad and State Highway Patrol, search warrants were executed from 5am this morning at tobacco stores, warehouses and residential addresses statewide.
Three industrial properties in Truganina were searched, as well as residential addresses in Truganina, Hoppers Crossing (3), Glen Waverley, Lara, Grovedale, Footscray and Mount Cottrell, and tobacco stores in Herne Hill, Bell Park, Grovedale, Werribee (2), Dallas, Kensington, Boronia, Ararat (3), Kyabram, Echuca (2) and Yarrawonga.
A 25-year-old Hoppers Crossing man was arrested at Melbourne Airport just before 6:00 am.
He has since been charged with the Commonwealth offence of directing the activities of a criminal organisation, possess tobacco products with the intent of defrauding the revenue (Customs Act 1901), possess proceeds of crime and sell/distribute e-cigarettes.
He will appear at Melbourne Magistrates’ Court later today.
Directing the activities of a criminal organisation carries a maximum penalty of 15 years in prison.
Four other people were arrested and have been charged with the same offences.
They include:
Five other people were arrested, including:
During the warrants, police seized a Lamborghini Coupe and Range Rover from the Hoppers Crossing address, at least 600,000 illicit tobacco sticks, over 75 kgs of loose-leaf tobacco and a significant quantity of cash from the residential addresses as well as utilities and vans investigators will allege were used in the distribution of illicit tobacco.
Searches of the tobacco stores are still underway with total seizures to be confirmed.
The investigation commenced in December 2023 to specifically target and disrupt the trade of illicit tobacco and e-cigarettes linked to this organised crime syndicate.
Over 130 members were involved in today’s activities, including the entirety of the VIPER Taskforce office.
Victoria Police continues to support local councils and the Victorian Department of Health who have responsibility for tobacco and vape enforcement and compliance.
Detectives continue to work alongside external agencies such as the ABF, Australian Criminal Intelligence Commission, AFP, TGA, ATO and interstate counterparts.
Victoria Police has identified a number of state, national and global organised crime syndicates involved in the illicit tobacco conflict.
These syndicates are comprised of personnel from Middle Eastern organised crime groups and outlaw motorcycle gangs who are then engaging local networked youth and youth gangs to carry out the offending.
Investigators continue to appeal to anyone, especially store owners and staff, who have information about these incidents and who is responsible to come forward.
Anyone with information about these incidents or with further information about serious and organised crime linked to the illicit tobacco trade is urged to contact Crime Stoppers on 1800 333 000 or submit a confidential crime report at www.crimestoppersvic.com.auExternal Link
Crime Command Assistant Commissioner Martin O’Brien said:
“Organised crime syndicates and their serious offending linked to the infiltration of the tobacco industry remain a top priority for Victoria Police.
Those involved have the potential and the propensity to commit serious acts of violence and given their complete disregard for the safety of others, pose a serious risk to the community. Their criminality cannot be tolerated.
The disruption of this syndicate today will have a substantial impact on the illicit tobacco trade. These were significant players who we believe were directing the activity of a criminal organisation, turning a huge profit at the expense of others.
We have said a number of times that Victoria Police is focused on targeting syndicate leaders, directors, facilitators and organisers. That remains critical for us, and we are doing absolutely everything we can to bring this criminality to an end and to make involvement in illicit tobacco as hostile a proposition as possible for organised crime groups.”
Assistant Commissioner Tony Smith said:
“ABF continues to work closely with our partners to disrupt and deter attempts by criminal syndicates seeking to profit from the illicit tobacco trade in Australia.
We remain committed to seizing illicit tobacco and dismantling these supply chains which we know criminals use to make immense profits as well as to fund a whole host of other nefarious criminal enterprises.”
Acting Assistant Commissioner Justin Clarke said:
“Today’s whole of government response has been a successful step forward in addressing the Victorian tobacco dispute. These arrests and seizures show our commitment to stamping out illicit tobacco and removing it from our communities.
With the help of our partners, we continue to support coordinated efforts to detect, disrupt, and dismantle these organised crime syndicates who use profits from illicit tobacco to fund other serious illegal activities.
Organised crime costs Australians around $60 billion each yearExternal Link and the illicit tobacco trade not only takes away vital funding from essential community services, but it also disadvantages small businesses who do the right thing.”
Source: Australian Department of Revenue
We use a risk-based approach to:
By doing this we strengthen community confidence that they are paying the right amount of tax.
Information and findings we gather from working with medium and emerging private groups improves our awareness of the population and risk environment. It also complements our development of a range of differentiated response strategies.
Through the medium and emerging private groups tax performance program, we have improved our knowledge and understanding of:
We have learned from our work across the different industries and risks over the past few years. We are well-positioned and capable to respond to existing and emerging risks and issues with effective strategies and tailored activity.
The program covers both:
Our focus is on engaging with:
The program doesn’t cover private groups or businesses that are already part of the:
We use data-matching and analytic models to identify wealthy individuals and link them to associated entities. We consider the group of entities together.
The private group approach helps us understand your business better. It enables us to provide a tailored experience, including focusing on specific potential areas of risk and entities within the group.
For more, read about the:
We continue to improve our understanding of medium and emerging business and the environment within which you operate.
To support our understanding, we use sophisticated data and analytics techniques. We use intelligence and insights gathered through our engagements to identify trends, priority and emerging risks specific to medium and emerging private groups.
Through our increased understanding, we tailor our approach and develop strategies to support you to identify and mitigate tax risks within your private group.
We’ll work with you by:
Our engagement with you may include:
We will work with you to resolve any concerns or issues that arise from our risk modelling and analysis of data from:
We will streamline our engagement with you for simple issues and potential risks. We may require an extensive review for complex matters involving multiple issues and risks.
Our reviews focus on specific risks and issues. In most cases, we aim to complete our reviews within 180 days.
Reviews generally focus on issues that can be resolved by getting more information from you. For example, this could be completing a specific action such as lodging an outstanding return or schedule.
We monitor many potential risks and issues. Some focus areas include:
We encourage and support good tax governance as it helps taxpayers to meet their taxation obligations. However, it’s not a risk factor we consider in the program reviews.
We also undertake goods and services tax (GST) integrated reviews as part of the program.
These reviews consider potential GST risks or issues. We will request information and documentation from you in support of your GST treatment.
Medium and emerging groups have certain characteristics and attributes. See more about the:
There are around 273,000 private groups that are part of the program. These groups report holding approximately $3.2 trillion in net assets and contributing more than $61.3 billion in tax revenue.
A typical medium and emerging group consists of 5 entities with a mix of:
The profile of a typical medium and emerging group includes:
Typical medium and emerging group
The population is mainly located on the east coast (over 84%) and distributed across Australia as follows:
Medium and emerging groups by location
The program includes more than 1.4 million entities. Group structures may be complex and some groups may have many associated entities.
There may be a combination of various entity types with companies, partnerships and trust structures operating within and outside of consolidated groups.
The program includes:
Medium and emerging groups by entity type
A wide range of different industries are represented in the population. The 5 main industries represent more than half of businesses.
The industries include:
Medium and emerging groups by industry type
The population:
Effective tax governance means having oversight frameworks with clear processes and procedures. This supports decision making and ensures you meet your tax and super obligations.
When we engage with you as part of the medium and emerging program, we don’t consider or review your tax governance processes. However, good tax governance does help support taxpayers to meet their taxation obligations.
To ensure your risks are mitigated and to improve certainty that the group is paying the right amount, you need:
Clearly defining and documenting the roles and responsibilities within a group and sharing them with advisors is a key governance requirement.
To ensure correct tax treatment and reporting, it is important to maintain:
Well-designed control systems and reporting frameworks with good governance, checking and review are key to:
In broad terms a business with a focus on ensuring risk and issue mitigation will apply:
For more information you can:
For more support, see:
Source: Australian Department of Revenue
Rebecca Saint, Deputy Commissioner, Public Groups and
Virginia Gogan, Senior Director Public Groups
Speech at The Tax Institute’s National GST Conference
17 October 2024
(Check against delivery)
Thank you to the Tax Institute for having us at this conference. It’s a pleasure to come speak to you all today.
It’s been 5 years since responsibility for GST compliance for large business moved to Public Groups. The move has allowed us to better combine our expertise in GST with our deep insights into large business.
Supported by Government funding to improve assurance and compliance in the large market, we embarked on an ambitious program to generate long term change in the market. We’ve taken on a number of difficult long-term systemic issues, such as governance (including systems and controls), apportionment issues related to financial supplies and product classification.
Whilst there is still a way to go, we are encouraged by the positive results and we are starting to envisage the future world of GST compliance for large business beyond what you see today. We will cover some of this in our presentation today.
We will cover:
Firstly, it’s useful to set the scene with some key facts and figures.
The significant monetary contribution and position of influence of large business in the tax system shapes the way we think about compliance for this market. Understanding these drivers also helps in understanding the rationale as to why Government directs funding to specific programs in this market.
Public and multinational businesses are the largest contributors to the GST system.
In the 2023 financial year, GST revenue was around 14% of the ATO’s overall net tax collections. In the same year, over 60% of the $77.3 billion in net GST liabilities collected by the ATO were from public and multinational businesses.
This is reflected in PG populations with:
The numbers demonstrate the important role of large business in the level of GST contribution and Government budgets. The heavy reliance on large business for revenue collection is not unique to GST and we see similar reliance for corporate tax. However, the settings of GST mean the concentration of GST collection differs to that income tax. For income tax, corporate tax is highly concentrated in large mining and resource companies, the big banks and a few retailers or telcos. In comparison we see GST as being more spread across the Top 100 and Top 1,000 populations with the bulk of collections coming from the wholesale, retail and services sectors – miners’ exports are GST-free, and banks are mostly input taxed.
We often talk about the role that large business play beyond their significant revenue contribution. The perception of compliance by large business supports the health of the tax system as a whole. The willingness of individual and small business taxpayers to voluntarily meet their obligations is indirectly impacted by whether they consider there is fairness in the system.
Whilst public scrutiny more commonly focusses on the income tax contribution and compliance of large business, ultimately perceptions of tax compliance generally are important. At one level GST compliance is more observable to the broader community, with many engaging directly with GST treatments through roles in different parts of the supply chain and consumers engaging with marketing of GST free supplies. This provides both positive and downside opportunities for business.
A key platform for our engagement with public and multinational businesses is through the Justified Trust assurance programs. These programs are important in giving us high levels of confidence that we know which large businesses are meeting their Australian income tax and GST obligations. This gives Government and the community confidence that the right amount of tax is being paid by large business.
We are specifically funded to undertake the justified programs with GST being funded by the GST Compliance Program and income tax being funded through the Tax Avoidance Taskforce.
Under the assurance programs, the ATO provides positive assurance that taxpayers are paying the right amount of tax, rather than confirming that certain risks do not arise. Whilst the pillars of justified trust are the same for income tax and GST, our compliance stance for the taxes differs. We will explore some of these differences when discussing the programs.
The Top 100 program covers the largest public and multinational businesses. Top 100 taxpayers are under continual monitoring for income tax. However, for GST, for those taxpayers that have met the governance requirements and achieved at least overall medium assurance, we will generally adopt a periodic review stance. The exception being for high-risk industries such as financial services who may have more intensive engagement.
What this means for the vast bulk of GST remitters, is that if they meet the necessary requirements in their initial assurance review, our justified trust engagement will be more limited until a refresh year. However, we will continue to monitor their affairs at some level.
We have now completed an initial assurance review for one or more GST reporters in around 88% of the top 100 economic groups. This means that the vast bulk of Top 100 taxpayers could already be benefiting from periodic review stances. There may be opportunity to evolve this approach further, which we will talk about later in this presentation.
We have recently re-focussed our efforts in the Top 100 program to real time engagement. The program has always been intended to work this way – given our focus is on prevention before correction, however we have not lived up to this ideal.
The shift to real-time is designed to provide greater tax certainty for Top 100 taxpayers and the ATO. Transactions and business changes will be considered closer to the time of event and may include both income tax and GST considerations. This may include both income tax and GST. Compliance teams will make decisions as to what if any further investigation or verification may be required. Pre-lodgment Compliance Reviews (PCRs) will be on strict time-lines, to prevent gap or open years arising. We have made changes to our internal work processes to make this happen.
The shift to real time will come with mutual obligations for business and the ATO. Top 100 taxpayers will have agreed disclosure frameworks that set out the principles of what and the timing of disclosures throughout the year. For GST, there are also specific disclosure requirements for certain industries given the GST risks that arise – such as for large banks.
The Top 1000 program assures the largest public and multinational businesses outside of the Top 100. It is an integrated review where we assure both income tax and GST as part of a combined assurance review.
We have completed 735 reviews for GST across the various phases of the program. 395 entities have received a GST assurance rating, with 59 of these receiving an assurance rating for a second time. The increasing number of second time reviews, particularly for income tax, is giving us insights to the ‘stickiness’ of tax assurance ratings and improvements for big business.
Due to differences in timing as to when the programs commenced, income tax is ahead of GST. Positively, we have seen most taxpayers either maintain or improve their ratings. We have observed similar positive trends for GST although the numbers are much less. This insight is what gives us confidence that we can take a more tailored lighter approach to assurance for taxpayers that have already demonstrated high levels of compliance.
In March this year, we announced a recalibration of the entities that would be included in the program. We originally used a $250 million total business income threshold to determine who came within the program. However, over the 8 years since commencement we have observed considerable growth in population. As a result, the Top 1000 program has been covering more than 1000 entities which was not enabling us to achieve a 4-year rolling review cycle.
Going forward, we will be applying an assurance approach to taxpayers that are the largest 1000 outside of the Top 100 population. Based on our current analysis, for the 2025 financial year, the largest 1000 had a turnover of approximately $350 million.
We now also differentiate between two different groups in the Top 1000. About a third of the largest 1000 taxpayers exceed $1 billion in turnover. Given the significance of that level of economic activity, these entities will be classed as our ‘significant taxpayers’, and we will apply a different approach to assure them. The remaining entities will form our ‘general taxpayer’ population.
Differentiating within the population allows us to take different approaches in our assurance program. It also provides opportunities for us to consider opportunities for different services for ‘significant taxpayers’, given their size and contribution.
In addition to our Justified Trust program, we have risk-based engagements on specific GST risks. These risk-based engagements are important to ensure we continue to target the highest priority GST risks for public and multinational business, including for entities outside our Top 100 and Top 1000 programs.
Each year we publish a raft of information to provide insights about the tax performance and compliance of large business. This includes the findings reports for our Justified Trust programs, with the latest reports for 2024 being published in September.
At the highest level, this is a good news story. For GST, in both programs, we have observed an increase in the number of taxpayers obtaining high assurance.
For Top 100 taxpayers:
For Top 1000 taxpayers:
We are also seeing marked improvements in GST governance. We rate GST governance using stage ratings. At least a stage 2 rating, which means your documented GST control framework exists and has been designed effectively, is required to obtain overall high assurance.
For Top 100 taxpayers:
For Top 1000 taxpayers:
We also continue to see improvements in GST Analytical Tool, or GAT ratings, with the majority of taxpayers being able to reconcile the accounting and GST results and explain any differences with reference to objective evidence. A stage 2 or 3 GAT rating was attained by 86% of taxpayers in the Top 100. In the Top 1000, the majority of taxpayers achieved a high assurance rating for the GAT, with 74% of taxpayers able to reconcile the accounting and GST results and able to explain any differences with reference to objective evidence.
The GAT is a useful tool for taxpayers to check how their various streams of economic activity are treated for GST purposes and have confidence in relation to their GST outcomes. Taxpayers are encouraged to embed the GAT as part of their own governance processes.
Notwithstanding improvements in governance and tax control frameworks, we continue to see a significant rate of voluntary disclosures of GST errors with the root cause being deficiencies in governance controls and systems.
In the Top 1000, about 40% of combined assurance reviews carried out in 2024 involved a voluntary disclosure for GST – either at the notification of the review, or throughout the review. For the voluntary disclosures we received in our Top 1000 reviews in the 2024 financial year, almost 30% of those taxpayers had previously made a voluntary disclosure when they had been subject to a prior review in our Top 1000 program, with some of those being disclosures for the same issue previously identified (with penalties being applied as appropriate).
In the Top 100, about 44% of the completed reviews had issues or concerns with correct reporting of GST obligations. The amounts of these errors were commonly not material in dollar terms. However, in some cases the amounts of errors were large and, in a small number of cases, failure to take reasonable care penalties applied due to the taxpayer’s circumstances.
Where errors are identified, we focus on understanding how the error occurred and reviewing the taxpayer’s processes and procedures to make sure they are designed effectively to prevent the error from recurring.
We acknowledge even taxpayers that have a strong governance framework in place will have errors from time to time. Whilst a voluntary disclosure may be an indication of a good governance process to detect errors, the timing of these indicate that it is not necessarily happening as a result of the governance processes in place, but rather as a result of our review notification. In some cases, we also see recurrent errors being made.
We see best practice processes where businesses have a process for detecting and remediating errors on a regular basis, not just as a result of ATO contact. We encourage all businesses to embed such processes. If the ATO is to lessen the intensity through the justified trust program, we need to be confident that businesses have got appropriate processes in place to address these issues.
As you would be aware, the Commissioner has published draft guidance on Division 93 of the GST Act earlier this year, which is about the four-year time limit on claiming input tax credits or fuel tax credits.
You should actively consider Division 93 when periods are close to the expiry of the 4-year entitlement period, given that putting in an amendment request is not sufficient for input tax credits to be taken into account in an assessment. That is, the amendment request actually needs to be processed by the ATO within the 4-year limit.
If you are submitting an amendment request for periods close to the expiry of the 4-year period, I encourage you to proactively consider the application of Division 93 in the circumstances. We strongly recommend that you not wait until year 4 and do sweeps much more frequently to reduce the potential impact.
If you are making the voluntary disclosure to one of our case teams, it will take our case teams some time to consider the requests. We also may require evidence to verify the entitlement to the additional input tax credits. We also appreciate that in many cases taxpayers may wish to engage with the team prior to finalising amendments to protect against penalties, which is a practice we encourage – but you should be conscious of, and proactively raise, any periods that are close to expiry of the four-year period. Again, we encourage you not to leave this to the last year.
In circumstances where taxpayers seek to change long standing positions to uplift GST recovery, you can expect this will attract additional scrutiny – for instance where an apportionment methodology is changed for periods to increase the rates claimed. You can expect that this will likely take us longer to review and may require further engagement and information from you. You should factor this into your timeframes.
Just as the Division 93 Miscellaneous tax ruling raises issues for taxpayers to consider, there are also aspects that the ATO will need to consider in our compliance activities. In those cases where there may be additional liabilities and additional input tax credits may also arise, there may be a reluctance of taxpayers to provide an extension to the period of review. This is perhaps understandable if the taxpayer is at risk of the ATO making adjustments, and for those periods there is no legal basis for the Commissioner to give the taxpayer any GST credits that they would otherwise have been entitled to as a result of the audit adjustment. In these cases, both the ATO and the taxpayer will need to co-operate to ensure timely and efficient resolution of issues.
We continue to have a focus on financial services and insurance to ensure compliance with the specific provisions that apply in this area. The types of issues we have recently seen that cause us concern are:
Generally, we encourage taxpayers in the financial services and insurance industry to review the relevant practical guidance we have issued. This includes considering the use of the GST data tests for the financial services and insurance industry as part of reviewing the correctness of GST reporting – these are also the ones we incorporate into our reviews.
Touching on one point raised earlier in the conference, we do want to urge caution around market views on the application of the appeal decision of the Full Federal Court in Commissioner of Taxation v Hannover Life Re of Australasia Ltd.
That appeal, in relation to overheads, was decided on the particular unchallenged facts and evidence before the Court. The legal analysis adopted in respect to considering the application of Division 11 remains consistent with the ATO’s conventional understanding of relevant legal precedent on the topic. In particular:
The ATO does not consider that any published guidance or advice need be changed in light of the decision. That is the ATO considers the outcome results in a ‘business as usual’ outcome. For instance, we do not agree there is any broader impact in relation to apportionment for credit cards, or for super funds. We encourage taxpayers to read our Decision Impact Statement for the decision.
Taxpayers will continue to need to consider the extent to which particular acquisitions relate to input taxed supplies, and to the extent apportionment is required, their apportionment models should appropriately adhere to the relevant legal principles in determining any applied extent of credible purpose rate. To try and emulate the conclusions of the Hannover case in relation to ‘overheads’, without consideration of the relationship between particular acquisitions and supplies, may result in an overclaiming of GST.
The ATO does not consider that the decision offers any judicial justification for any substantially new apportionment method for ‘overheads’. Accordingly, taxpayers should be wary of any claim that the case can permit a material uplift in GST recovery, even if their circumstances have some similarities to the Hannover case. Such an approach may risk a shortfall occurring.
We also encourage taxpayers to take note of our recent guidance (PDF 107KB) This link will download a file around the eligibility of super funds and investor-directed portfolio services investment platforms to claim reduced input tax credits on adviser fees.
As our colleague Andrea Wood discussed earlier today, the ATO has been working to provide public advice and guidance on priority food and health product classification issues, with the aim of providing certainty and stability to the industry.
We recently published a further draft of our Determination on food of a kind marketed as a prepared meal. This incorporates a practical compliance approach to assist taxpayers in determining whether or not certain salad products are food of a kind marketed as a prepared meal. This incorporates threshold tests that refer to objective attributes involving size and composition.
We’ve developed this approach to address industry feedback that more practical guidance is needed to provide certainty on how to correctly classify these products. We have released the guidance on prepared meals in draft because we recognise this is a new approach and we are seeking industry feedback. This forms part of a layered approach to provide certainty to the market – including principled public advice and guidance, and detailed food list updates that cover more specific categories of products.
There has been significant work and consultation in providing ATO public advice and guidance to ensure clarity on priority issues involving food and health products – including the guidance on combination foods, and sunscreen products, and upcoming guidance on formula products.
We have also published a webpage that we will regularly update with emerging GST issues for food and health products, to promote consistency and give the industry early insights into practical issues we are observing.
The product classification cluster has also published a self-review guide and checklist to assist taxpayers in the industry to undertake regular self-reviews of their GST classification, which I strongly encourage all industry participants to use as part of reviewing the GST classification of their food and health products.
We expect that in future we will undertake further compliance activity to ensure consistent adoption of the views in ATO guidance once finalised – likely in the form of targeted mailouts focusing on manufacturers and wholesalers.
We work to ensure consistency across the market, and encourage taxpayers to review our recent guidance to ensure they have appropriate governance controls to ensure correct classification of products.
We have had a focus on ensuring a good understanding of what risks arise in the property, construction and retirement village segments of the public and multinational market, through both our assurance programs and risk-based engagements.
In particular we have had a recent focus on build to rent developments – we have observed that taxpayers are treating the relevant supplies as being input taxed in line with our expectations, and the main issues arising have involved adjustments (for instance, failure to make adjustments under Division 135 when a property is acquired as a GST-free going concern).
We will continue to engage with taxpayers across a variety of business models – including purpose built student accommodation, retirement villages, accommodation providers and hybrid property types.
In addition to our assurance programs, we engage in a targeted way where we potential correct reporting risks may arise (for instance, in the gambling industry under Division 126 and the sharing economy), or in relation to refunds that may be high risk.
While we have observed some improvements following the release of the relevant legislative instrument in 2023, we continue to have concerns about situations where recipient created tax invoices are issued without appropriate agreements, or issued to the incorrect supplier or to suppliers who are no longer GST-registered, or in some cases were never GST-registered. These issues can lead to GST shortfalls.
Another one of our risk focus areas is ensuring that Australian GST obligations are being met by offshore entities making supplies to Australian consumers.
Since the introduction of the laws that require offshore supplies of digital products and services, and low value imported goods, to register and remit GST on these supplies, we have collected $7.8 billion in revenue. In the 2024 financial year, we collected $1.6 billion in revenue, which was a 14.7% increase from the prior year.
We currently have 2,685 non-residents registered under these measures, which is also a 13.8% increase from the prior year.
We are making better use of data, particularly banking data, to improve our holistic understanding of the offshore population and tailoring our risk treatment strategies to obtain greater assurance that offshore businesses who fall within the Australian GST regime are registered, are lodging, and paying the correct amount of GST.
Our leadership in OECD Working Party 9 (WP9) on Consumption Tax allows us to play a significant role in global collaboration to better understand the impact of global digitalisation and develop administrative best practice to address fraud and non-compliance in digital trade. We will continue to leverage our strong domestic and global relationships to support multilateral arrangements that enable the exchange of crucial GST information such as payment data, enhanced intelligence sharing, and compliance insights through international administrative cooperation. This will allow us to bridge critical data gaps and more efficiently and effectively manage international GST risks.
I want to touch on the role that advisors play in the system. The Commissioner in his keynote address earlier today recognised the important role that advisors play in supporting taxpayers to meet their tax obligations.
The ATO has been focussed on the role of advisors in supporting large business. This includes initiatives such as the Large Market Advisor Principles, which we facilitated by working closely with the big 4 advisory firms. These principles provide an objective and transparent basis against which firms, their clients and the community, can be confident that the firms are not engaged in marketing or promotion of tax avoidance or other high-risk arrangements. All firms offering tax advisory services may choose to adopt the principles and we actively encourage firms to do so.
The ATO’s focus is not limited to advisors in the large-market and we have dedicated programs in other business lines. We work closely with other lines and co-ordinate our actions in relation to advisors working across markets. For us this is predominantly the Private Wealth line.
Most tax professionals act in a way that supports the integrity of the tax system. However, we’ll act quickly where we detect advisors who undermine the integrity of the system or facilitate non-compliance by large business. Whilst we are not the regulator of the tax profession, we have teams with responsibility for monitoring and addressing advisor behaviours.
Ultimately, we’re interested in tax risk. In this respect, we are agnostic as to which advisor a business may choose. However, if an advisor is directly linked to possible facilitation and promotion of tax schemes or is influencing their clients to adopt high risk tax positions, we will take action. This may include seeking the client list of the advisor and using that as a basis for determining the targets of our compliance activity. In this way, we can shut down schemes more quickly and effectively.
An important part of our approach to large business is to provide transparency to taxpayers on our risk parameters. This includes working with the tax profession to explain areas of concern at an early stage, to support them in providing appropriate advice to taxpayers. This enables taxpayers to make informed decisions about their levels of compliance risk. Our goal is to only have taxpayers entering into disputes with us where they know what our position is and have made a conscious decision to operate contrary to it.
We accept that there will be differences of opinion on the operation of the law. However, we expect advisors to clearly articulate the risk of dispute with the ATO to their clients when providing advice. This is consistent with the principles in the Large Market Advisor Principles and other professional obligations such as the recent Revisions to the Code Addressing Tax Planning and Related ServicesExternal Link released by the International Ethical Standards Board for AccountantsExternal Link.
Behaviours we have seen that cause us concern for GST include practitioners who advise clients to claim refunds without appropriate evidence to substantiate the claims or which are contrary to published ATO views without making their client fully aware of the tax technical and tax administrative risks of that course, and even in some cases, that it might not align with (or be directly contrary to) the client’s tax governance and tax risk policies. We note that commonly such arrangements are associated with retrospective input tax credit claims, with the adviser’s fees being calculated as a percentage of GST refund received.
Whilst not illegal, these business models bring high levels of risk for businesses. We have long been concerned with the exercise of “grave digging”. We have an even greater level of concern when there is a lack of substantiation and taxpayers seemingly are not advised of the legal and compliance risk associated with the activities.
We have also observed issues with independence requirements of initiatives in our justified trust program. In an attempt to help businesses, we introduced an initiative that allowed businesses to engage an independent agent to conduct data testing as an alternative to the ATO doing this. Engaging an advisor on a contingency fee basis in these circumstances represents a clear conflict of interest and cannot be independent. We have since updated our guidance to reflect this.
The solution is not to put in place arrangements that seemingly separate the ‘grave digging’ activity from the independent data testing engagement. We will not accept these engagements as being independent either.
We want to actively support the vast bulk of advisors that are doing the right thing and prevent those operating in the grey space from gaining a commercial advantage. We recognise the important work that tax professionals do in supporting large business GST compliance, and we value the strong relationships we have with the profession. This includes your engagement with us in the development of our approaches via consultation. We will continue to invest in growing this partnership.
As our programs gain maturity and we continue to see the embedding of positive behaviours, in particular improved governance and systems controls, being embedded in business we are able to move toward a new phase for our justified trust programs.
A key part of our vision for future engagement with the market is the introduction of the supplementary annual GST return. We recently announced the introduction of this return following consultation with the Large Business Stewardship Group and other stakeholders.
The return allows us to collect information from business that allows us to more readily identify changes in business and GST positions. As we have again noted today, governance and systems is the key risk for most businesses in the large market. Having observed improvements in this aspect, are considering moving to a more targeted risk-based type approach for suitable taxpayers. However, we first need to be confident that the relevant standards are maintained.
The return will allow us to monitor this without having to conduct one on one engagements for all taxpayers. The good news for highly compliant businesses is that if you maintain your standard and lodge the return, you can reduce the likelihood of intensive justified trust reviews. For some in the Top 1000 program, you may not be selected for a justified trust review for GST.
The return is straightforward to complete and targeted at understanding how taxpayers have actioned recommendations from our earlier review, and key updates on governance and GST compliance for the year. It will also effectively give a single view of GST risk for the entity in a similar way to how the Reportable Tax Position Schedule gives a view of key corporate tax risks to the organisation and the ATO.
We have recently provided detailed guidance and a copy of the return on our website.
The way the supplementary annual GST return is designed to work, where we obtain a baseline level of assurance over a taxpayer as part of our assurance programs, and we can maintain the level of confidence that we have in the taxpayer’s investment in correct reporting and GST governance through the supplementary annual GST return, we can use this to tailor our future engagement.
There are five parts to the return:
For Top 100 taxpayers, we will use the information to:
As we complete some more refresh reviews for this population over the coming 12 months, we will be able to better assess whether positive behaviours, and in particular improvements to governance, remain embedded within business. Assuming this level of confidence increases, we see opportunity for an even greater role for return in determining the level of our investment in the justified trust program in this population.
For Top 1000 taxpayers:
To help support full implementation of this new requirement, we will undertake a pilot of the return with a small number of Top 100 and Top 1000 taxpayers as part of their assurance reviews. This will enable us to test the usability of the questions as part of their assurance reviews prior to the broader roll-out. If you are part of this group, we will reach out to you soon.
All taxpayers who received a GST assurance review report by 30 June 2024 will need to lodge annually from the 2025 financial year. The key due dates for the first lodgments for the 2025 financial year include 21 August 2025 for December balancers, and 21 February 2026 for June balancers.
You’ll be required to lodge a Supplementary annual GST return for the 2024–25 financial year if you received one of the following on or before 30 June 2024:
We will have a direct communication campaign to notify those who need to lodge. I encourage you to read our webpage material and to raise any questions with us at SAGR@ato.gov.au.
Moving forward, as we assure additional taxpayers under our programs, they will be required to lodge a return starting from the financial year following the financial year you received your GST assurance report. The introduction of the return emphasises the benefits of obtaining higher assurance ratings in the initial assurance review, as in combination with the information provided annually, this puts the entity in the best position for streamlined future engagement with us for GST.
Reflecting on the last five years, the ATO and large business have made substantial progress in being able to demonstrate and improve GST compliance. The ATO has invested heavily in key initiatives that provide greater and better targeted tax certainty for large businesses (including in relation to governance and tax frameworks). We are observing strong positive signs (and in some cases improvements) of compliance. As a result, we are starting to envisage the future of GST compliance for large business, one where the intensity and in some case frequency of our justified trust reviews can be lessened. However, for this to occur we need objective evidence of high levels of compliance, we need to be confident these levels can be sustained, and we need information that will allow us to monitor ongoing GST performance. We continue to encourage large business to help us achieve this.
Source: Australian Department of Revenue
These Australian Government entities are registered on the Peppol network. They appear on the Peppol Directory along with hundreds of state, territory and local government organisations, and thousands of other Australian businesses who can receive eInvoices.
If you supply to any of the entities listed below and can send eInvoices you may be paid faster. For more information visit Getting PaidExternal Link on the Department of Finance’s website or talk to your contract manager in the Government entity about any specific requirements.
|
ABN |
Entity name |
|---|---|
|
73 147 176 148 |
Administrative Review Tribunal |
|
80 246 994 451 |
Aged Care Quality and Safety Commission |
|
50 802 255 175 |
Asbestos and Silica Safety and Eradication Agency |
|
92 661 124 436 |
Attorney-General’s Department |
|
26 331 428 522 |
Australian Bureau of Statistics |
|
34 864 955 427 |
Australian Centre for International Agriculture Research |
|
54 488 464 865 |
Australian Charities and Not-for-profits Commission |
|
97 250 687 371 |
Australian Commission on Safety and Quality In Health Care |
|
55 386 169 386 |
Australian Communications and Media Authority |
|
94 410 483 623 |
Australian Competition & Consumer Commission |
|
11 259 448 410 |
Australian Crime Commission |
|
84 425 496 912 |
Australian Digital Health Agency |
|
21 133 285 851 |
Australian Electoral Commission |
|
17 864 931 143 |
Australian Federal Police |
|
19 892 732 021 |
Australian Film Television & Radio School |
|
63 384 330 717 |
Australian Financial Security Authority |
|
81 098 497 517 |
Australian Fisheries Management Authority |
|
69 405 937 639 |
Australian Government Solicitor |
|
47 996 232 602 |
Australian Human Rights Commission |
|
31 162 998 046 |
Australian Industrial Chemicals Introduction Scheme |
|
63 257 175 248 |
Australian Institute of Criminology |
|
64 001 053 079 |
Australian Institute of Family Studies |
|
65 377 938 320 |
Australian Maritime Safety Authority |
|
33 020 645 631 |
Australian National Audit Office |
|
13 059 525 039 |
Australian Office of Financial Management |
|
56 253 405 315 |
Australian Organ & Tissue Donation and Transplantation Authority |
|
79 635 582 658 |
Australian Prudential Regulation Authority |
|
99 470 863 260 |
Australian Public Service Commission |
|
61 321 195 155 |
Australian Radiation Protection and Nuclear Safety Agency (ARPANSA) |
|
35 931 927 899 |
Australian Renewable Energy Agency |
|
35 201 451 156 |
Australian Research Council |
|
86 768 265 615 |
Australian Securities & Investments Commission |
|
37 467 566 201 |
Australian Security Intelligence Organisation |
|
22 323 254 583 |
Australian Signals Directorate |
|
72 581 678 650 |
Australian Skills Quality Authority |
|
67 374 695 240 |
Australian Sports Commission |
|
67 250 046 148 |
Australian Submarine Agency |
|
51 824 753 556 |
Australian Taxation Office |
|
11 764 698 227 |
Australian Trade and Investment Commission |
|
32 770 513 371 |
Australian Transaction Reports & Analysis Centre (AUSTRAC) |
|
65 061 156 887 |
Australian Transport Safety Bureau |
|
64 909 221 257 |
Australian War Memorial |
|
92 637 533 532 |
Bureau of Meteorology |
|
21 075 951 918 |
Cancer Australia |
|
44 808 014 470 |
Civil Aviation Safety Authority |
|
43 669 904 352 |
Clean Energy Finance Corporation |
|
72 321 984 210 |
Clean Energy Regulator |
|
60 585 018 782 |
Climate Change Authority |
|
41 640 788 304 |
Comcare Australia |
|
64 703 642 210 |
Commonwealth Grants Commission |
|
34 190 894 983 |
Department of Agriculture, Fisheries and Forestry |
|
68 706 814 312 |
Department of Defence |
|
69 289 134 420 |
Department of Defence Army & Air Force Canteen Service |
|
12 862 898 150 |
Department of Education |
|
96 584 957 427 |
Department of Employment and Workplace Relations |
|
61 970 632 495 |
Department of Finance |
|
47 065 634 525 |
Department of Foreign Affairs & Trade |
|
83 605 426 759 |
Department of Health and Aged Care |
|
33 380 054 835 |
Department of Home Affairs |
|
74 599 608 295 |
Department of Industry, Science and Resources |
|
86 267 354 017 |
Department of Infrastructure, Transport, Regional Development, Communications and the Arts |
|
52 997 141 147 |
Department of Parliamentary Services |
|
36 342 015 855 |
Department of Social Services |
|
18 526 287 740 |
Department of the House of Representatives |
|
49 775 240 532 |
Department of the Parliamentary Budget Office |
|
23 991 641 527 |
Department of the Senate |
|
92 802 414 793 |
Department of the Treasury |
|
23 964 290 824 |
Department of Veterans’ Affairs & the Repatriation Commission and the Military Rehabilitation and Compensation Commission |
|
96 257 979 159 |
Digital Transformation Agency |
|
13 051 694 963 |
Director of National Parks |
|
99 696 833 561 |
Domestic, Family and Sexual Violence Commission |
|
12 212 931 598 |
eSafety Commissioner |
|
93 614 579 199 |
Fair Work Commission |
|
49 110 847 399 |
Federal Court of Australia |
|
20 537 066 246 |
Food Standards Australia New Zealand |
|
40 465 597 854 |
Future Fund Board of Guardians |
|
53 156 699 293 |
Future Fund Management Agency |
|
80 091 799 039 |
Geoscience Australia |
|
12 949 356 885 |
Great Barrier Reef Marine Park Authority |
|
27 598 959 960 |
Independent Health and Aged Care Pricing Authority |
|
26 424 781 530 |
Independent Parliamentary Expenses Authority |
|
59 912 679 254 |
Indigenous Land and Sea Corporation |
|
51 248 702 319 |
Inspector-General of Taxation |
|
38 113 072 755 |
IP Australia |
|
13 679 821 382 |
Murray-Darling Basin Authority |
|
47 446 409 542 |
National Anti-Corruption Commission |
|
36 889 228 992 |
National Archives of Australia |
|
87 361 602 478 |
National Blood Authority |
|
75 149 374 427 |
National Capital Authority |
|
56 552 760 098 |
National Competition Council |
|
25 617 475 104 |
National Disability Insurance Agency |
|
40 816 261 802 |
National Emergency Management Agency |
|
27 855 975 449 |
National Gallery of Australia |
|
88 601 010 284 |
National Health and Medical Research Council |
|
15 337 761 242 |
National Health Funding Body |
|
30 429 895 164 |
National Indigenous Australians Agency |
|
22 385 178 289 |
National Offshore Petroleum Safety and Environmental Management Authority |
|
67 890 861 578 |
National Transport Commission |
|
72 581 678 650 |
National Vocational Education and Training Regulator |
|
40 293 545 182 |
NDIS Quality and Safeguards Commission |
|
61 900 398 761 |
North Queensland Water Infrastructure Authority |
|
87 904 367 991 |
Office of National Intelligence |
|
41 425 630 817 |
Office of Parliamentary Counsel |
|
80 959 780 601 |
Office of the Auditing and Assurance Standards Board |
|
92 702 019 575 |
Office of the Australian Accounting Standards Board |
|
85 249 230 937 |
Office of the Australian Information Commissioner |
|
53 003 678 148 |
Office of the Commonwealth Ombudsman |
|
41 036 606 436 |
Office of the Director of Public Prosecutions |
|
43 884 188 232 |
Office of the Fair Work Ombudsman |
|
15 862 053 538 |
Office of the Gene Technology Regulator |
|
27 478 662 745 |
Office Of the Inspector-General of Aged Care |
|
67 332 668 643 |
Office of the Inspector-General of Intelligence & Security |
|
67 582 329 284 |
Office of the Official Secretary to the Governor-General |
|
87 767 208 148 |
Office of the Special Investigator |
|
30 620 774 963 |
Old Parliament House |
|
78 094 372 050 |
Productivity Commission |
|
45 307 308 260 |
Professional Services Review |
|
99 528 049 038 |
Regional Investment Corporation |
|
45 852 104 259 |
Royal Australian Mint |
|
25 203 754 319 |
Rural Industries Research & Development Corporation |
|
81 840 374 163 |
Safe Work Australia |
|
46 741 353 180 |
Screen Australia |
|
32 745 854 352 |
Seafarers Safety Rehabilitation and Compensation Authority |
|
90 794 605 008 |
Services Australia |
|
17 090 574 431 |
Snowy Hydro Limited |
|
91 314 398 574 |
Special Broadcasting Service Corporation |
|
70 588 505 483 |
Sport Integrity Australia |
|
50 658 250 012 |
Tertiary Education Quality and Standards Agency |
|
18 108 001 191 |
The Department of the Prime Minister and Cabinet |
|
40 939 406 804 |
Therapeutic Goods Administration |
|
57 155 285 807 |
Torres Strait Regional Authority |
|
47 641 643 874 |
Workplace Gender Equality Agency |
Source: Organization for Security and Co-operation in Europe – OSCE
Headline: OSCE-supported Green Economic Forum 2024 facilitates green growth in Central Asia
Edil Baisalov, Deputy Chairperson of the Cabinet of Ministers of the Kyrgyz Republic speaks in front of 500 participants of the Green Economic Forum 2024. (OSCE/Chyngyz Zhanybekov) Photo details
Bishkek, 23 October 2024 – Over 500 participants from Central Asia gathered at the Green Economic Forum 2024 to set priorities for advancing sustainable development across the region. The event brought together government officials, international experts, and business leaders to explore strategies for green economic growth, environmental sustainability, and regional co-operation.
Key discussions focused on renewable energy, eco-friendly construction, waste management, and green financing. The forum provided a platform for knowledge sharing and collaboration, helping governments and businesses identify joint actions for green projects, ahead of the upcoming UN Climate Change Conference (COP-29) in Baku.
In his opening remarks, Edil Baisalov, Deputy Chairperson of the Cabinet of Ministers of the Kyrgyz Republic, emphasized the forum’s importance in linking economic growth with environmental protection. “The green economy is not just a concept, it is a solution for achieving a balanced, long-term development that safeguards our natural resources,” noted Baisalov.
Ambassador Alexey Rogov, Head of the OSCE Programme Office in Bishkek, underscored the significance of regional collaboration. “Promoting a green economy is essential for achieving sustainable development goals in the face of climate change. Today’s discussions fosters stronger partnerships between businesses, governments, and industry associations, paving the way for innovative solutions in Central Asia,” Ambassador Rogov stated.
The forum also provided an opportunity for local businesses to showcase their eco-friendly products/ solutions at the exhibition held during the event. Entrepreneurs exchanged contacts and ideas, facilitating regional business connections and laying the groundwork for future contracts, which will boost cross-border collaboration on green innovations.
The forum’s outcomes contribute to shaping national strategies and policies, driving the region’s transition towards a low-carbon and resource-efficient economy.
Translation. Region: Russian Federation –
Source: State University Higher School of Economics – State University Higher School of Economics –
Photo: freepic.com
21 countries and 52 universities open their doors every semester to HSE students participating in the international academic mobility program. In the fall semester of this year, Sofia Malyukova, a third-year student of the bachelor’s program, went to study at the Ca’Foscari State University (Venice, Italy) under the academic mobility program.Foreign languages and intercultural communication» Foreign language schools National Research University Higher School of Economics.
Her training in Ca’Foscari, whose rich history spans over 150 years, will last for two modules: from September 2024 to February 2025.
— I have dreamed of studying in Italy since the 10th grade, and today, thanks to the HSE School of Foreign Languages, my dream has come true. I chose the Ca’Foscari University of Venice thanks to the positive feedback from students of our educational program who had already studied in Venice and were absolutely delighted with this university. In addition, the process of creating a curriculum turned out to be quite easy, since Ca’Foscari offers an extensive list of subjects for international students.
— I studied Italian from the age of 14 with a teacher, outside the school curriculum, because I was always attracted by the culture and history of Italy, and language is the key to understanding the soul of the country. Now my level of Italian is C1-C2, which allows me not only to communicate freely at the university, but also to feel confident outside of it.
Having entered the first year of the bachelor’s degree program at the School of Foreign Languages (SFL) of the National Research University Higher School of Economics, I decided to choose French as my second foreign language because I wanted to learn another language from scratch. And I continue to intensively develop my Italian skills thanks to the variety of extracurricular activities of the HSE School of Foreign Languages related to Italian: I take part in annual International scientific and practical conference for students and postgraduates “Lingua e cultura italiana: soft power in the XXI century”, and also help with the preparation of events for the Italian Club of the HSE University School of Economics.
— The program for this semester is intense. I will study English and French, the theory of the first foreign language, the theory of teaching a foreign language, intercultural communication. Mobility at Ca’Foscari University will certainly bring me new unique experience for my future career. This university is one of the strongest in the field of linguistics. Here I will be able to expand my knowledge in a unique intercultural academic environment and learn how cultural differences affect corporate interaction, which is especially important for my specialization “Intercultural Corporate Communication”, which I will begin studying this academic year.
— Venice certainly made a strong impression on me right away. It is a city that seems like a fairy tale and almost unreal, especially when you see it for the first time. Walking along narrow streets, crossing numerous bridges, you understand that every corner here breathes history. Venice is a city of contrasts. On the one hand, it is a tourist center, which is felt most strongly in the city center. But once you turn aside, go deeper into lesser-known neighborhoods, you find yourself in quiet, almost deserted places, where it seems that time has stopped.
Of course, at first we had to get used to the absence of familiar streets, avenues and cars. Instead, locals travel by water trams (vaporetto), which is very convenient and fast.
As for the climate, there is very high humidity, which is especially noticeable during the rainy season (usually late October and February). On rainy days, the streets can be slightly flooded, a phenomenon called “high water” (aqua alta), and then you have to go around the streets next to the canals. So living on the water is not only romantic, but also difficult. On the other hand, it has its charm: Venice is surrounded by water, and you always feel it.
When I was choosing a place to live, I wanted to live not in Venice itself, but on the mainland, where there are more amenities for living. That’s why I found an apartment in the small town of Mestre, 15 minutes from Venice. These cities are connected by regular buses and trains, so there are no problems with transportation.
And for students in Venice, there is a special transport card that allows you to move around Venice and the nearby cities (Mestre and Marghera) by bus, tram and vaporetto. Some campuses of Ca’Foscari University are located near vaporetto stops, so students also actively use this transport. However, in Italy there are often strikes during which employees of the transport industry do not work, so you have to plan your routes in advance.
— Studying at the University of Venice is an unforgettable experience due to the intercultural exchange, as students from all over the world study here. Among my friends there are not only Italians, but also guys from Japan, Korea, Turkey, America, Great Britain, Russia.
All foreign students are treated very kindly, including by teachers who value foreign students very much and are always ready to help. All Italians are very hospitable and open, so I immediately felt at home among them.
At the university, classes usually start early in the morning, but some subjects can be held in the evening, depending on the course. The class lasts for an hour and a half, which is universal for all Italian universities. In addition to classes at the Italian university, I take some compulsory subjects of my educational program at the National Research University Higher School of Economics online.
Overall, my workload here is distributed very conveniently, thanks to which I have time to devote to additional education, my hobbies and travel around Italy. For example, I have already managed to visit seven cities: Rome, Milan, Florence, Verona, Peschiera del Garda, Padua and Treviso.
As for the canteen, the university has one, but not all campuses. For example, some campuses are just classrooms in historical buildings, where there is no canteen. Moreover, breaks between classes last only 15 minutes, so it is best to take a snack from home to avoid standing in line at the canteen. I cook at home most often, but I also like to try different dishes of Italian cuisine. Sometimes we get together with foreign friends at Italians, cook pasta together and chat, exchanging impressions and telling each other about our cultures.
Studying here is a unique cultural experience that I will definitely not forget. Venice teaches you not to rush, to enjoy the moment and the beauty around you. There is a special magic in Venice that cannot be explained in words, but can only be felt by seeing the city with your own eyes.
— First of all, it was necessary to draw up an individual curriculum and coordinate it with the educational office. I chose the subjects that I would study in Italy and transfer upon my return. Therefore, it is very important that the content of the curriculum corresponds to the subjects studied at that time in our educational program at the School of Foreign Languages of the National Research University Higher School of Economics.
The motivation letter was also an important document, as it was where I could explain how the opportunity to participate in the mobility program was connected with my academic and career goals and why my candidacy should be selected. The motivation letter is the only opportunity to “talk” to the admission committee, so it is very important to talk about your experience, personal qualities and plans for the future. Do not be afraid to fully disclose your achievements and show your desire for new heights!
In addition to the motivation letter, letters of recommendation from teachers play a significant role. In my experience, it is important that they reflect various aspects of your activities. For example, I attached recommendations that covered not only my academic successes, but also extracurricular achievements (active participation in the life of the HSE School of Foreign Languages and the HSE School of Foreign Languages Italian Club, experience of volunteering at Olympiads and working as a teaching assistant).
My main advice is to start preparing for the competition in advance and carefully work through each document. Approach this process as responsibly as possible and keep in mind that the commission pays attention not only to your academic achievements, but also to how you show yourself outside of your studies. Show your activity and interests, tell how the academic mobility program is connected with your plans for the future, and then your chances of successfully passing the selection will increase significantly.
And of course, don’t be afraid of anything. Follow your dream, dare and be sure that getting the coveted letter that you have passed the competitive selection for the academic mobility program is quite possible. Good luck!
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
US Senate News:
Source: United States Senator for Vermont – Bernie Sanders
WASHINGTON, Oct. 24 – In a letter sent yesterday to the automative giant that is responsible for Chrysler, Dodge, Jeep, and more, Sens. Bernie Sanders (I-Vt.), Chairman of the Senate Committee on Health, Education, Labor, and Pensions (HELP), Gary Peters (D-Mich.), Richard Durbin (D-Ill.), Debbie Stabenow (D-Mich.), Tammy Duckworth (D-Ill.), and 18 of their colleagues urged Stellantis CEO Carlos Tavares to honor the collective bargaining agreement signed last year with the United Auto Workers (UAW) and the promises the company made to strengthen and expand good-paying union jobs in America.
“We are writing to express our growing concerns about the failure of Stellantis, under your leadership, to honor the commitments it made to the United Auto Workers (UAW) in last year’s collective bargaining agreement…” wrote the senators. “We urge Stellantis not to renege on the promises it made to American autoworkers and to provide details on the timelines for these investments.”
In the contract ratified last year, Stellantis committed to:
Make nearly $19 billion in new investments and product commitments in the U.S.;
Re-open the plant in Belvidere, Illinois that was “indefinitely idled” last year;
Establish a parts and customer care Mega Hub in Belvidere;
Continue to manufacture the Dodge Durango in Detroit through 2025; and
Manufacture the next generation Dodge Durango in Detroit starting in 2026.
Instead, Stellantis has taken actions that undermine the commitments made to the UAW and leave “behind thousands of American workers who built the company into the auto giant it is today,” wrote the senators. These actions may include moving the next generation Dodge Durango out of the U.S. and into “low-cost” countries like Mexico, as well as delaying planned investments to reopen and expand the Belvidere assembly plant.
This year, Stellantis has spent over $8 billion on stock buybacks and dividends to benefit its wealthy executives and stockholders. During the first six months of this year, Stellantis has generated over $6 billion in profits, making it one of the most profitable auto companies in the world. The company has also benefited from billions of dollars in financial assistance from American taxpayers and the federal government. In July, the Department of Energy announced Stellantis would receive nearly $335 million in federal dollars to support Belvidere Assembly Plant’s conversion to electric vehicle production.
“Last year, while blue collar auto workers in Belvidere were being laid off indefinitely, you were able to receive a 56 percent pay raise, boosting your total compensation to $39.5 million, which made you the highest paid executive among traditional auto companies,” wrote the senators. “We believe that if Stellantis can afford to spend over $8 billion this year on stock buybacks and dividends, it can live up to the contractual commitments it made to the UAW. This is especially true given the billions of dollars in financial assistance American taxpayers have spent to support your company and the enormous sacrifices autoworkers have been forced to make over many decades.”
Joining Sanders, Peters, Durbin, Stabenow, and Duckworth on the letter are Sens. Tammy Baldwin (D-Wis.), Richard Blumenthal (D-Conn.), Sherrod Brown (D-Ohio), Cory Booker (D-N.J.), Laphonza Butler (D-Calif.), Bob Casey (D-Pa.), Kirsten Gillibrand (D-N.Y.), Mazie Hirono (D-Hawaii), Amy Klobuchar (D-Minn.), Ben Ray Luján (D-N.M.), Ed Markey (D-Mass.), Chris Murphy (D-Conn.), Jack Reed (D-R.I.), Jacky Rosen (D-Nev.), Chuck Schumer (D-N.Y.), Tina Smith (D-Minn.), Chris Van Hollen (D-Md.), and Elizabeth Warren (D-Mass.).
To read the full letter, click here.
Source: GlobeNewswire (MIL-OSI)
SAN JOSE, Calif. and DENVER, Oct. 24, 2024 (GLOBE NEWSWIRE) — Iterate.ai, whose AI platform enables enterprises to build production-ready AI applications and ready-to-use products for private AI requirements and the AI PC era, has partnered with Intel to bring Generate, Iterate.ai’s secure AI Manager application, to Intel AI PCs.
From summarizing customer comments to analyzing inventory to providing logo designs and much more, Generate gives businesses an essential personal AI assistant and instant go-to resource for business guidance and generative AI needs. Generate utilizes RAG and multiple secure vector databases and runs LLMs locally on AI PCs using its advanced capabilities. The Generate framework enables businesses to benefit from multiple small and large language models. With this partnership, Intel is including Generate in application bundles for use on Intel Meteor Lake AI PCs and Intel’s upcoming Lunar Lake AI PCs.
As a private LLM manager and personal AI assistant, Generate utilizes LLMs optimized for Intel’s AI PC architecture to provide businesses with increased productivity and seamless user experiences. Generate can run on a private cloud in an on-premise data center—or even locally on an AI PC, with no internet connection required. That flexibility maximizes the application’s security, prevents data leakage, and conforms to stringent IT regulations. Users can simply point Generate at documents and data in a private cloud or stored locally, ask questions or make requests, and quickly receive results to drive their businesses forward.
Generate’s capabilities and benefits for businesses include:
“Generate on Intel AI PCs is a business’s ally and oracle when it comes to boosting productivity and navigating decisions that eliminate inefficiency, spur creativity, and drive growth,” said Brian Sathianathan, CTO and co-founder Iterate.ai. “Business owners can ask everything from ‘How do I build an e-commerce site?’ to ‘What are the red flags in this office lease?’ to ‘How can I do SEO well?’ and receive precise answers to their specific business and needs. We’re proud to partner with Intel to provide businesses with this valuable resource.”
“We are excited to collaborate with Iterate.ai to bring the AI capabilities offered by Generate to Intel AI PCs,” said Justin Christiansen, GM Software and Services Partners at Intel. “This unleashes the productivity benefits of generative AI to Intel AI PC users with enhanced privacy and security as the applications run locally on the device. Users can confidently gain insights and efficiencies leveraging private documents to answer questions, generate content, instantly retrieve information and more.”
About Iterate.ai
Iterate.ai is at the forefront of empowering businesses with state-of-the-art AI solutions, like Generate and its AI low code platform, Interplay. Interplay is cloud-agnostic and can run AI on the edge and in secure private environments. With six patents granted (including “drag-and-drop AI”) and nearly a dozen more pending, Iterate.ai’s platform offers corporate innovators a low-risk, systematic way to scale in-house, near-term digital innovation initiatives. With its largest office in San Jose, CA and Denver, CO, Iterate.ai has a global presence with other offices in North America (Texas, Washington, Arizona), Europe (Stockholm), and Asia (India, Sri Lanka, Singapore).
Contact
Kyle Peterson
kyle@clementpeterson.com
Source: Australian Department for Social Services
23 October 2024
A recent decision by the Administrative Appeals Tribunal regarding income apportionment (Secretary, Department of Social Services and FTXB) has been appealed to the Full Federal Court by the respondent to the Tribunal proceedings.
I have carefully considered the legal position and I remain confident in the interpretation of the law advanced by my Department, and I will be making submissions to that effect during the appeal process.
The raising and review of debts potentially affected by income apportionment was paused in July 2021. Recovery of debts potentially affected by income apportionment has been paused since October 2023.
In April 2024, Services Australia restarted a limited number of internal reviews, explanations of decisions and new debt raising activities, in line with the Department’s interpretation of the law. This was in response to the Commonwealth Ombudsman’s recommendations in their 2023 reports, Lessons in Lawfulness and Accountability in Action. These reports emphasised the need for the Department to reach a firm legal position and restart debt activity in a timely manner. The Department achieved this, in consultation with Services Australia, the Ombudsman, and welfare rights stakeholders.
I have reconsidered this position in light of the appeal to the Full Federal Court. To minimise the potential future impact of an adverse decision on individuals, I have directed Services Australia to redirect resources to other work until the appeal is resolved (effectively pausing internal reviews, explanations of decisions and raising of new debts potentially affected by income apportionment).
However, I am aware that there are individuals, who for personal and related compelling reasons, require resolution of a debt potentially affected by income apportionment. Not having access to an internal review is preventing these people from seeking further external review and/or addressing their concerns. Accordingly, if an individual in this situation contacts Services Australia and asks that their review proceed, their internal review or explanation of decision will be progressed in accordance with the Department’s interpretation of the law. Individuals will be given information about the Full Federal Court appeal and their review and appeal rights will be explained. They will also be made aware that their debt may change in the future, should a Court determine a different interpretation of the law. Services Australia will also progress any reviews or explanation of decisions it is aware of where an individual has already requested it be progressed as part of the recommencement activities in April this year.
Services Australia will continue identifying, processing and recovering debts which are not affected by income apportionment.
People with concerns or questions about their debt can also contact Services Australia’s income apportionment line on 1800 560 870. Further information is also available at Information about income apportionment – Managing your money – Services Australia.
Ray Griggs AO CSC
Secretary
Last updated:
Source: The Conversation – UK – By Saurabh Singhal, Associate professor, Lancaster University
Coffee is a drink that punctuates many of our lives. Millions of us depend on this dark liquid to start the morning, or to break up the day.
It has also become quite an expensive habit. But before we baulk at paying £5 for a flat white, it’s worth thinking about the price paid by the coffee farmers who provide its base ingredient.
For behind every latte and espresso lies the toil and stress of coffee farmers, who face serious challenges to bring their popular product to the rest of the world. Harvests can be devastated by extreme weather events or pests and plant diseases, while volatile market prices add another layer of worry, making future income uncertain.
This volatility exists in other crops, but especially so for coffee, the price of which is extremely unpredictable. It can rise and fall frequently because of the weather, market demand and the state of the global economy.
Coffee trees take up to four years to grow and produce beans, and cutting them down is expensive, so farmers can’t easily change how much coffee they produce based on price changes.
But price volatility means that farmers can’t be sure about their income at harvest time, which can be incredibly stressful. And our research shows just how much that unpredictability affects farmers’ mental health.
Our work focused on farmers in Vietnam, a country where coffee production has soared over the last three decades. From accounting for just 1.2% of world output in 1989, Vietnam is currently the second largest producer in the world (after Brazil) producing just under 30 million 60kg bags a year. Vietnam produces mainly “robusta” coffee beans, grown by small farmers in the central highlands region of the country.
Using data from a long-running observational survey to assess mental health, we looked at how Vietnamese coffee farmers experienced symptoms of depression including sadness, hopelessness, lack of concentration and poor sleep – and how these were linked to monthly international robusta coffee prices.
Using a range of techniques to interpret the data, we found clear evidence that being exposed to coffee price fluctuations increased depressive symptoms among farmers of the crop. They also had lower overall wellbeing because of greater mental stress and worry over their economic future – and drank more alcohol.
The impact of all of this uncertainty is significant. According to the World Health Organization, poor mental health is a major contributor to the global burden of disease, especially in low-income countries where mental illness and poverty are closely linked.
Estimates suggest that as much as 80% of the world’s depressive disorder burden is borne by low and middle income countries. But these issues are often overlooked, even though they are crucial to addressing poverty.
There are ways to tackle the mental health effects of coffee price volatility. Initiatives to promote price stability in the global coffee markets and financial literacy among farmers, would be worth pursuing. So too would work to improve mental health support within farming communities, providing resources for coping with stress and building resilience.
Coffee lovers around the world can also play their part by choosing the their drink carefully. Fairtrade certification for example, was set up to help reduce coffee price volatility and the resulting poverty it caused.
It guarantees a minimum price for certified coffee, covering the average cost of sustainable production and reducing the financial risks farmers face. Fairtrade-certified farmers also receive a premium to invest in projects that improve the quality of life for their communities.
And research suggests it is succeeding. A 2005 study of coffee farmers in Nicaragua revealed that Fairtrade farmers are less concerned about the possibility of losing their farm in the coming year compared to conventional farmers. And using data from Costa Rica, research from 2022 has found fair trade certification was effective in increasing farmers’ income.
So the next time you savour your morning cup of coffee, take a moment to consider the people who cultivated the beans which made the drink. Coffee farmers deserve our appreciation – but also our help in establishing fairer, more stable market conditions which safeguard their livelihoods and mental health.
Saurabh Singhal received funding from the University of Copenhagen.
Finn Tarp has over the years received funding from a variety of donors and research funding agencies for work in Vietnam on on development issues . This is relevant only in the sense that is has helped inform about living conditions in the country.
– ref. Coffee price volatility harms the mental health of farmers – https://theconversation.com/coffee-price-volatility-harms-the-mental-health-of-farmers-236833
Source: Reserve Bank of India
|
The Reserve Bank of India issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949, to Indian Mercantile Co-operative Bank Limited (IMCBL), Lucknow vide Directive DOS.CO.OCCD.185569/12.28.007/2021-22 dated January 28, 2022 for a period of six months upto July 27, 2022, as modified from time to time, which were last extended upto October 27, 2024 vide Directive DOR.MON/D-36/12.28.007/2024-25 dated July 19, 2024. The Reserve Bank of India is satisfied that in the public interest, it is necessary to further extend the period of operation of the Directive beyond October 27, 2024. 2. Accordingly, the Reserve Bank of India, in the exercise of powers vested in it under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, hereby extends the Directive for a further period of three months from close of business of October 27, 2024 to close of business of January 27, 2025, subject to review. 3. Other terms and conditions of the Directives under reference shall remain unchanged. (Puneet Pancholy) Press Release: 2024-2025/1365 |
Source: Amnesty International –
Rohingya face persecution from rebel Arakan Army and Myanmar military
Bangladesh has forcibly returned more than 5,000 Rohingyas this year
Refugee camps desperately short of essential supplies and services
‘We quickly hid in the mud, sitting down in the muddy water, and then another bomb exploded, killing my parents, sisters and many others’ – 18-year-old woman
‘Those lucky enough to make it to Bangladesh do not have enough to eat, a proper place to sleep, or even their own clothes’ – Agnès Callamard
Newly arrived Rohingya refugees in Bangladesh need urgent access to food, shelter and medical attention after enduring the worst violence against their communities since the Myanmar military-led campaign in 2017, Amnesty International said today.
New testimony gathered by Amnesty shows how Rohingya families forced to leave their homes in Myanmar have been caught in the middle of increasingly fierce clashes between the Myanmar military and the Arakan Army, one of many armed groups opposing the junta. Hundreds of thousands of people have been internally displaced and upwards of tens of thousands of Rohingya have crossed the border or are waiting to cross the border to seek refuge in Bangladesh.
The recent escalation in Myanmar’s Rakhine State started in October 2023 with the launch of a rebel counter-offensive by the Arakan Army and two other armed groups that has posed the biggest threat to military control since the 2021 coup. Myanmar’s military has responded by stepping up indiscriminate air strikes that have killed, injured and displaced civilians.
In Bangladesh, authorities have been pushing Rohingya fleeing the conflict back into Myanmar, while those who reached the Bangladesh camps told of a desperate shortage of essential supplies and services there.
Agnès Callamard, Amnesty International’s Secretary General, said:
“Once again, the Rohingya people are being driven from their homes and dying in scenes tragically reminiscent of the 2017 exodus.
“We met people who told us they lost parents, siblings, spouses, children and grandchildren as they fled fighting in Myanmar. But this time, they are facing persecution on two fronts, from the rebel Arakan Army and the Myanmar military, which is forcibly conscripting Rohingya men.
“Those lucky enough to make it to Bangladesh do not have enough to eat, a proper place to sleep, or even their own clothes.
“The interim Bangladesh government and humanitarian relief organisations must work together so that people can have access to essential services such as food, adequate shelter and medical care.
“Bangladesh must also ensure that it does not forcibly return people to escalating conflict. Meanwhile, the international community needs to step up with funds and assistance for those living in the refugee camps.”
First-person accounts of killings
In September, Amnesty interviewed 22 people in individual and group settings who recently sought refuge in Bangladesh, joining more than one million Rohingya refugees, the majority having arrived in 2017 or earlier.
The new arrivals said the Arakan Army unlawfully killed Rohingya civilians, drove them from their homes and left them vulnerable to attacks, allegations the group denies. These attacks faced by the Rohingya come on top of indiscriminate air strikes by the Myanmar military that have killed both Rohingya and ethnic Rakhine civilians.
Many Rohingya, including children, who were fleeing the violence to Bangladesh drowned while crossing by boat.
Bangladesh blocks Rohingya seeking safety
The people Amnesty interviewed in Bangladesh had recently fled Maungdaw Township in northern Rakhine State, which the Arakan Army tried to capture from the Myanmar military after seizing Buthidaung Township in May.
Many were survivors of a drone and mortar attack that took place on 5 August on the shores of the Naf River that divides Myanmar and Bangladesh.
All those interviewed stressed that their urgent priority now was access to basic services in the camp, including aid, shelter, money, security, food and healthcare.
They were also terrified of being sent back to Myanmar. But Amnesty International found that Bangladeshi border authorities have forcibly returned Rohingya people fleeing the violence, in violation of the international law principle of non-refoulment, which prohibits returning or transferring anyone to a country where they are at risk of serious human rights violations.
A 39-year-old Rohingya man told Amnesty that he fled Maungdaw with his family on 5 August and on the early morning of following day when they were near the Bangladesh shore their boat started taking on water before tipping over.
He said he passed out and woke up on the beach to see dead bodies washed ashore. He later discovered that all six of his children, aged between two and 15, had drowned. He said his sister also lost six of her children.
He said: “The border guards were nearby, but they did not help us.” Residents told him later that Bangladeshi border guards prevented them from helping.
Instead, the Bangladesh border guards detained him and he and the others who were with him were sent back to Myanmar the next evening; they found another boat and returned. According to one credible estimate, there have been more than 5,000 cases of refoulement this year, with a spike following the 5 August attacks.
“Sending people back to a country where they are at real risk of being killed is not only a violation of international law; it will also force people to take greater risks while making the journey to avoid detection, such as traveling by night or on longer routes,” Callamard said.
Denied essential support in refugee camps
The Rohingya who made it to the refugee camps are living off the generosity of relatives there. New arrivals in particular expressed concern that they were unable to register with the UN refugee agency for essential support. As a result, many are going without meals, and are afraid to venture out for fear of deportation, even when in need of medical care.
Interviewees also mentioned the deteriorating security situation in the camps, due mainly to the presence of two Rohingya armed groups: the Rohingya Solidarity Organisation and the Arakan Rohingya Salvation Army. Myanmar’s shifting conflict dynamics in Rakhine State have meant that some Rohingya militants have aligned with the junta in Myanmar. As a result, Rohingya refugees in Bangladesh fear that they or their family members could be snatched and forcibly taken back and conscripted to fight there.
A 40-year-old woman said:
“We are constantly afraid of moving from one place to another because we don’t have any documents. We are newcomers here, and we have also heard about people being abducted.”
In a meeting with Amnesty, Bangladesh officials rejected the allegations of refoulement but said border guards “intercept” people trying to cross the border. They also stressed that the country cannot accommodate any more Rohingya refugees.
The vast majority hoped for resettlement in a third country.
Trapped between the Arakan Army and Myanmar military
The Myanmar military has persecuted Rohingya for decades and expelled them en masse in 2017. It is now forcing them to join the army as part of a nationwide military service law. The Myanmar military has also reportedly reached an informal “peace” pact with the Rohingya Solidarity Organisation, an older Rohingya armed group that has reemerged as a force in recent months. These complex developments have further inflamed tensions between the Rohingya and the ethnic Rakhine, whom the Arakan Army purports to represent.
The rise in fighting nationwide has also resulted in mounting allegations of abuses by armed groups fighting against the military. Many Rohingya described the fatal consequences of being trapped between the two sides.
“Every time there is a conflict, we get killed,” one Rohingya interviewee told Amnesty.
A 42-year-old shopkeeper said that on 1 August, a munition of unknown origin landed outside his house in Maungdaw, killing his four-year-old son. On 6 August, the Arakan Army – who he identified by their badges – entered his village in Maungdaw and relocated all the Hindu and Buddhist families to another area they said was safe, while the Rohingya families were left in place.
“They began causing unrest [using it as a base to launch attacks] in the village, which forced us, the Muslim families, to leave on 7 August. We were the only ethnic group left in the village. It seemed like they did this intentionally,” he said.
When he later took shelter in downtown Maungdaw on 15 August, he said he saw Arakan Army “snipers” shoot two Rohingya civilians. “I witnessed the Arakan Army kill a woman right on the spot with gunfire while she went to a pond to collect water … there was another man who was sitting and smoking in front of his house and he too was shot right in his head and killed.”
On 13 October, in response to Amnesty’s questions, the Arakan Army said these allegations were unsubstantiated or not credible. It said it issued warnings for civilians to leave Maungdaw ahead of its operations and helped evacuate people, that it instructs its soldiers to distinguish between civilians and combatants, and that in case of breaches, it takes disciplinary action.
Since late last year, Amnesty has separately documented Myanmar military air strikes that have killed civilians and destroyed civilian infrastructure in Rakhine State. This year, the impact of the Myanmar military conscripting Rohingya has added to the historical, systemic discrimination and apartheid already experienced by Rohingya.
“I felt really bad that they were involving us in their fight, even though we had nothing to do with it. It felt like they were laying the foundation to get us killed,” a 63-year-old cattle trader said.
Families wiped out
On 5 August, the intensity of bombardments and gunfights between the Myanmar military and Arakan Army forced scores of people from Maungdaw to seek shelter in sturdier homes near the Naf river border with Bangladesh.
Recalling that day, the Rohingya cattle trader said the Arakan Army was:
“getting closer to our village, capturing the surrounding villages … they flew drones in the sky, holding them there for about an hour, and could drop bombs from the drones whenever and wherever they wanted with remote control. They killed so many people”.
That afternoon, many recounted seeing a drone and hearing multiple blasts. The cattle trader said he heard eight to 10 blasts, and that bombs were exploding “before even touching the ground”. He saw a small unmanned aerial device flying near the crowd that looked like a “rounded-shaped drone” with something attached underneath.
He said his wife, daughter, son-in-law, and two of his grandchildren were killed, while the youngest grandchild, aged one, was seriously injured and later had her lower left leg amputated at the knee in Bangladesh.
One 18-year-old woman from Maungdaw said she lost both parents and two of her sisters, aged seven and five, during the blast. At the time of the attack, her father was carrying one of her sisters while her mother carried the other. When they reached the Maungdaw shore in the afternoon in search of boats to cross to Bangladesh, an explosion occurred.
“We quickly hid in the mud, sitting down in the muddy water, and then another bomb exploded, killing my parents, sisters and many others,” she said. “I saw it all with my own eyes – my parents and sisters were killed when the bomb shrapnel hit them.”
She said she saw about 200 bodies on the shore, a figure cited independently by another interviewee.
Almost everyone who Amnesty spoke to said they lost at least one relative while trying to flee Myanmar. Medical records shared with Amnesty from the days after the attack show treatment for bomb blast injuries after arriving in Bangladesh. Since August there has been a dramatic increase in treatment of war wounds from those fleeing Myanmar.
In its response to Amnesty, the Arakan Army said that the Myanmar military or aligned armed groups were likely those most responsible and that eyewitnesses or survivors may be affiliated with militant groups.
Callamard said:
“The Arakan Army must allow an independent, impartial and effective investigation into possible violations carried out during their operations. Both the Arakan Army and the Myanmar military must abide by international humanitarian law.
“We continue to call on the UN Security Council to refer the entire situation in Myanmar to the International Criminal Court.”
The 2021 military coup in Myanmar has had a catastrophic impact on human rights. Myanmar’s military has killed more than 5,000 civilians and arrested more than 25,000 people. Since the coup, Amnesty has documented indiscriminate air strikes by the Myanmar military, torture and other ill-treatment in prison, collective punishment and arbitrary arrests.
Source: United States Army
Back to
U.S. Army Southern European Task Force, Africa
VICENZA, Italy — Every year, retired U.S. Army Staff Sgt. Ed Furnish says he gets to celebrate two birthdays—one in September and one in October. The first is his actual birthday; the second is the anniversary of U.S. Army Southern European Task Force, Africa (SETAF-AF) —an organization that holds a special meaning in his life since he was stationed here in 1959, when he arrived as a 17-year-old from a small farm in Indiana.
Now 82 years old, Furnish was the oldest attendee at SETAF-AF’s 69th anniversary and had the honor of cutting the birthday cake alongside the youngest Soldier, Pfc. Daely Goodwin, at the celebration. They were joined by U.S. Army Maj. Gen. Andrew C. Gainey, commanding general of SETAF-AF.
Throughout his military career, Furnish served with SETAF-AF—then called SETAF until 2020—in the logistics division. After retiring from the military, he spent 34 years as a civil servant, living in Vicenza for many of those years working for SETAF-AF and U.S. Army Garrison Italy.
“SETAF means home,” said Furnish. “I married my wife, an Italian from nearby Castelfranco. All three of my children attended school here, and my youngest daughter was born in the hospital on post.”
Over the last eight decades, Furnish has witnessed SETAF-AF evolve, adapting to new missions and expanding its reach across continents. Initially, the unit operated as part of NATO’s defense in Southern Europe, with a particular focus on protecting Italy. When Furnish arrived in Vicenza in 1959, SETAF consisted of 6,000 Soldiers and was divided into three major elements: a headquarters command, missile command and a logistical command. The command spanned three installations in Verona, Vicenza and Livorno.
“I think SETAF started out with a purpose in 1955, and now there’s an even bigger purpose for SETAF-AF. They’re going to keep growing,” Furnish said.
He also saw Vicenza evolve from a city recovering from the destruction of World War II to a bustling center of activity. Yet, for Furnish, one thing that has not changed in over 65 years is the core of Italian culture.
“Italy has always had fantastic food and wine—none of that has changed,” he said. “The Italian way of life hasn’t changed either. Life may be faster-paced now, but their culture remains the same as it was when I arrived in 1959.”
During the 69th anniversary ceremony, Furnish joined other U.S. and Italian military dignitaries, including Magda Maselli, the daughter of Phil Maselli, who served SETAF-AF for 43 years. A journal belonging to Phil Maselli, which documented the early history of SETAF-AF, was presented to Gainey during the event.
“We have worked side-by-side with our Italian hosts to promote peace and security,” said Gainey. “I’m proud to be part of that legacy, and today we have an opportunity to honor two individuals whose contributions shaped our shared history.”
Before the cake cutting, Gainey recognized both Furnish and Maselli for their contributions and long-standing service to SETAF-AF.
“I think it’s great that SETAF continues to recognize this every year, showing the younger generation that the tradition is going to carry on,” Furnish concluded.
About SETAF-AF
SETAF-AF provides U.S. Africa Command and U.S. Army Europe and Africa a dedicated headquarters to synchronize Army activities in Africa and scalable crisis-response options in Africa and Europe.
Follow SETAF-AF on: Facebook, Twitter, Instagram, YouTube, LinkedIn & DVIDS
Source: GlobeNewswire (MIL-OSI)
Kevin Frey Appointed to Board of Directors
Dr. K. Brad Stamm to Retire from Board of Directors
ARCHBOLD, Ohio, Oct. 24, 2024 (GLOBE NEWSWIRE) — F&M Bank (“F&M”), an Archbold, Ohio-based bank owned by Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO), announced updates to its Board of Directors. On October 22, 2024, Kevin Frey was appointed to the Board of Directors of both the Company and the Bank. In addition to this new appointment, F&M announced the retirement of Dr. K. Brad Stamm from the Board of Directors.
“On behalf of F&M’s Board of Directors, I am thrilled to welcome Kevin to our team. With deep roots in our legacy market and a wealth of experience as Vice President of Frey & Sons, he brings invaluable insights that will strengthen our connection to the communities we serve,” said F&M’s Chairman Andrew Briggs. “We look forward to his contributions as we continue to grow while staying true to the values guiding F&M for generations.”
Frey is the Vice President of Frey & Sons, Inc., a family-owned real estate brokerage and auction company that was incorporated in 1963 and is headquartered in Archbold, Ohio. Frey is the Principal Broker and lead Auctioneer for Frey & Sons. The company specializes in real estate auctions and sales in Northwest Ohio and heavy equipment auctions across the Midwest. Frey also manages a portfolio of multifamily, commercial, and agricultural properties and is a member of the Board of Directors for Yoder & Frey, Inc., a farm and machinery auction yard. Frey received a Bachelor of Arts in accounting from Goshen College and worked as a Certified Public Accountant from 1996-2003. He is a member of the National Association of Realtors, Ohio Association of Realtors, National Auctions Association, and Ohio Auctioneers Association.
Dr. Stamm joined the Board in November of 2016 and served with distinction throughout his tenure. He is the President and Educational Consultant of Stamm Management Group. A celebration in honor of Dr. Stamm’s contributions was held on October 22, 2024. His final day as a Board member will be October 25, 2024.
“Brad has been an instrumental part of our Board for nearly eight years, and his dedication and leadership will be greatly missed,” said President and CEO of F&M, Lars Eller. “We wish him all the best and express our deepest gratitude for his service to F&M.”
About F&M Bank:
F&M Bank is a local independent community bank that has been serving its communities since 1897. F&M Bank provides commercial banking, retail banking and other financial services. Our locations are in Butler, Champaign, Fulton, Defiance, Hancock, Henry, Lucas, Shelby, Williams, and Wood counties in Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay, Steuben and Wells counties. The Michigan footprint includes Oakland County, and we have Loan Production Offices in West Bloomfield, Michigan; Muncie, Indiana; and Perrysburg and Bryan, Ohio.
Safe harbor statement
Private Securities Litigation Reform Act of 1995. Statements by F&M, including management’s expectations and comments, may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Actual results could vary materially depending on risks and uncertainties inherent in general and local banking conditions, competitive factors specific to markets in which F&M and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions, capital market conditions, or the effects of the COVID-19 pandemic, and its impacts on our credit quality and business operations, as well as its impact on general economic and financial market conditions. F&M assumes no responsibility to update this information. For more details, please refer to F&M’s SEC filing, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Such filings can be viewed at the SEC’s website, www.sec.gov or through F&M’s website www.fm.bank.
| Company Contact: | Investor and Media Contact: |
| Lars B. Eller President and Chief Executive Officer Farmers & Merchants Bancorp, Inc. (419) 446-2501 leller@fm.bank |
Andrew M. Berger Managing Director SM Berger & Company, Inc. (216) 464-6400 andrew@smberger.com |
Source: United States of America – Department of State (video statements)
As part of the United States-Republic of Korea-Japan Trilateral Meeting on DPRK Human Rights, the Department of State hosted an Open Session with DPRK Human Rights Survivors on October 18 in Washington D.C. The open session featured opening remarks by Deputy Secretary Campbell, ROK Unification Minister Kim, and Japanese Ambassador Yamada. North Korean escapees and expert panelists gave statements on the egregious human rights violations occurring in the DPRK, supporting truth-telling and memorialization efforts, followed by country statements by the United States, the Republic of Korea, Japan, Germany, and Sweden.
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Under the leadership of the President and Secretary of State, the U.S. Department of State leads America’s foreign policy through diplomacy, advocacy, and assistance by advancing the interests of the American people, their safety and economic prosperity. On behalf of the American people we promote and demonstrate democratic values and advance a free, peaceful, and prosperous world.
The Secretary of State, appointed by the President with the advice and consent of the Senate, is the President’s chief foreign affairs adviser. The Secretary carries out the President’s foreign policies through the State Department, which includes the Foreign Service, Civil Service and U.S. Agency for International Development.
Get updates from the U.S. Department of State at www.state.gov and on social media!
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Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English
The Federal Financial Supervisory Authority (BaFin) warns consumers about Investment PTE LTD and Performance Investment PTE LTD and the services they are offering. BaFin suspects these operators of the website investment-pte.com of offering consumers financial and investment services without the required authorisation.
The operators of the website appeal under the name Investment PTE LTD and Performance Investment PTE LTD. They claim to have their registered office in Singapore and to be regulated in St Vincent and the Grenadines. However, there is no supervision of the operator in this country.
Anyone conducting banking business or providing financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the necessary authorisation. Information on whether particular companies have been authorised by BaFin can be found in BaFin’s database of companies.
Theinformation provided by BaFin is based on section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG).
BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.
Source: US State of New York
NEW YORK – New York Attorney General Letitia James and California Attorney General Rob Bonta today co-led a coalition of 24 attorneys general in filing an amicus brief in U.S. v. Idaho to protect access to emergency abortion care in Idaho. The brief urges the United States Court of Appeals for the Ninth Circuit to uphold a lower court’s preliminary injunction blocking Idaho’s restrictive abortion ban, which does not include an exception for emergency abortion care. Attorney General James and the coalition argue that preventing pregnant patients from receiving emergency abortion care can seriously harm patients’ health and overwhelm health care systems in Idaho and neighboring states.
“Denying emergency abortion care to a pregnant patient whose health is in jeopardy is unbelievably cruel,” said Attorney General James. “State restrictions on emergency abortion care are endangering patients, hurting families, and overwhelming health care providers. The right to get emergency abortion care should not depend on where you live. I will keep fighting back against these harmful bans, and I thank my fellow attorneys general for joining me in this effort.”
The federal Emergency Medical Treatment and Labor Act (EMTALA) requires hospitals that operate an emergency department and participate in Medicare – virtually every hospital in the country – to treat all patients who have an emergency medical condition before discharging or transferring them. Idaho’s abortion ban does not include an exception for emergency abortion care. Attorney General James and the coalition argue that several government agencies and courts have long determined that emergency abortion care and other pregnancy-related emergencies are covered under EMTALA.
The amicus brief submitted by Attorney General James and the coalition argues that allowing Idaho to override EMTALA’s protections for emergency abortion care can lead to pregnant patients dying or suffering irreversible injuries. The brief also notes that this action by Idaho could cause health care providers to leave the state, leading to worse patient care and pregnant patients seeking care in other states, which can overwhelm their health care systems. In fact, within a few months of Idaho’s abortion ban going into effect, nearly one in four obstetricians left the state or retired. This past March, Attorney General James co-led a multistate coalition of attorneys general and filed an amicus brief with the United States Supreme Court in this case, urging the court to maintain the district court’s preliminary injunction. The court ultimately sent the case back to the Ninth Circuit with the district court’s stay intact.
Joining Attorney General James in filing today’s amicus brief are the attorneys general of Arizona, California, Colorado, Connecticut, Delaware, Hawaii, Illinois, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New Mexico, North Carolina, Oregon, Pennsylvania, Rhode Island, Vermont, Washington, Wisconsin, and the District of Columbia.
Today’s action is the latest in Attorney General James’ efforts to defend access to reproductive care and protect reproductive freedom in New York and nationwide. In October, Attorney General James and a coalition of attorneys general filed an amicus brief in support of access to mifepristone. In May, Attorney General James sued an anti-abortion group and 11 crisis pregnancy centers for promoting unproven abortion reversal treatment. In April, Attorney General James led a coalition of attorneys general in urging Congress to expand access to reproductive health services and pass the Access to Family Building Act. In January, Attorney General James led a coalition of 24 attorneys general urging the U.S. Supreme Court to protect access to mifepristone. In December 2022, Attorney General James secured a court order to stop militant anti-abortion group Red Rose Rescue from blocking access to abortion care in New York.
Source: US Government research organizations
The U.S. National Science Foundation, in collaboration with Every Page Foundation (EPF), is excited to announce 22 women science leaders as the 2024 NSF-EPF Ocean Decade Champions.
Each champion is associated with a project funded by the NSF Coastlines and People (NSF CoPe) program and receives a monetary award to support leadership activities, networking opportunities, technical and communications training and cross-disciplinary and intercultural scientific endeavors.
NSF CoPe is endorsed by the United Nations Decade of Ocean Science for Sustainable Development, also known as the Ocean Decade, which aims to promote ocean health and ensure any development efforts are sustainable and informed by science. The initiative’s 10 Decade Challenges include a fair representation of women and other underrepresented groups in ocean science and decision-making.
The champions contribute to CoPe projects focused on coastline and community research that integrates natural and social processes and creates new or adapts existing technologies to bolster coastal resilience. The champions excel in their research and prioritize mentoring others and positively impacting society.
NSF and EPF, along with support from Panorama Global, contributed over half a million dollars to support the careers of these leading women. Each awardee received support ranging from $20,000 to $50,000.
The 2024 NSF-EPF Ocean Decade Champions
Lynette Adams
Black in Marine Science
NSF Award Number: 2209284
Lynnette Adams is a director of development leading initiatives that bridge science, community and advocacy while centering joy as a driving force for equity and inclusion in marine biology.
Wai Allen
Arizona State University
NSF Award Number: 2103843
Wai Allen (Diné/Navajo) is a postdoctoral researcher exploring the interface between systems of Western science and Indigenous knowledge that converge to help Indigenous communities actualize their self-determination through Indigenous data sovereignty and governance in the geosciences.
Sharon Alston
Norfolk State University
NSF Award Number: 2209139
Sharon Alston is an associate professor of social work, researching risk and resilience among youth in public housing and exploring the career aspirations of African American youth.
Rebecca Asch
East Carolina University
NSF Award Number: 2052889
Rebecca Asch is a fisheries oceanographer researching interactions between fish reproduction, fish early life history, plankton ecology, climate change and climate variability.
Natasha Batista
Stanford University
NSF Award Number: 2209284
Natasha Batista is a marine spatial analyst and researcher investigating blue carbon modeling, ecosystem service valuations, community-based management and co-developed nature-based solutions.
Mona Behl
University of Georgia
NSF Award Number: 1940082
Mona Behl is an associate director of Georgia Sea Grant, and her research focuses on building climate adaptation and broadening participation in geosciences and workforce readiness.
Marilyn Brandt
University of the Virgin Islands
NSF Award Number: 2209284
Marilyn Brandt is a research associate professor studying the characteristics and impacts of coral reef diseases and using insights from her work to create effective strategies for coral conservation and restoration.
Lisa Carne
Fragments of Hope
NSF Award Number: 2209284
Lisa Carne founded Fragments of Hope, a community-based organization restoring coral reef habitats in 2013 after conducting coral reef research in Belize and witnessing the area’s vulnerability to hurricanes and rising sea temperatures.
Jade Delevaux
Seascape Solutions
NSF Award Number: 2209284
Jade Maeva Delevaux is a natural resource management specialist who works with decision-makers, local communities and nongovernmental organizations across the Pacific and the Caribbean to co-develop place-based solutions.
Allie Durdall
University of the Virgin Islands
NSF Award Number: 2209284
Allie Durdall is a marine and environmental scientist dedicated to coastal systems — mangroves, seagrass beds and salt ponds — who prioritizes fostering camaraderie among women and minorities in science.
Anne Guerry
Stanford University
NSF Award Number: 2209284
Anne Guerry is a scientist who studies the relationship between people and nature. She works on coastal resilience, marine planning, natural capital assessments and ecosystem services.
Sucharita Gopal
Boston University
NSF Award Number: 2209284
Sucharita Gopal is a multidisciplinary researcher who uses spatial analysis and modeling, GIS, data mining, information visualization and artificial neural networks to address various problems in biology, environmental science, public health and business.
Cindy Grace-McCaskey
East Carolina University
NSF Award Number: 2209284
Cindy Grace-McCaskey is an applied environmental anthropologist who uses qualitative, quantitative and participatory methods to examine the multiple ways social and natural systems interact with and influence one another and what that means for equitable resource management, adaptation and governance.
Kristin Grimes
University of the Virgin Islands
NSF Award Number: 2209284
Kristin Grimes is a research assistant professor who studies human impacts on nearshore environments. She focuses on mangrove ecosystems and is interested in how community-driven science approaches can improve restoration, education and stewardship outcomes.
Jamie Melvin
Elizabeth River Project
NSF Award Number: 2209139
Jamie Melvin is an engagement coordinator who develops and implements thoughtful and equitable programming at the Elizabeth River Project’s new Ryan Resilience Lab to engage with Norfolk’s diverse communities and coordinate the Knitting Mill Creek EcoDistrict.
Laura Moore
University of North Carolina
NSF Award Number: 1939447
Laura Moore is a professor researching how low-lying coastlines respond to climate change, emphasizing understanding the interactions between human activities and natural processes.
Tiara Moore
Black in Marine Science
NSF Award Number: 2209284
Tiara Moore is a CEO dedicated to promoting diversity and involvement in science through her research on biodiversity and efforts to increase participation in science through innovative methods such as environmental DNA and community engagement.
Shouraseni Sen Roy
University of Miami
NSF Award Number: 2209284
Shouraseni Sen Roy is a geographer working on the long-term spatial-temporal patterns of climate processes, trends and impacts in the “global south,” incorporating geospatial analysis techniques.
Diamond Tachera
Rising Voices Center for Indigenous and Earth Sciences, NSF National Center for Atmospheric Research
NSF Award Number: 2103843
Diamond Tachera is a kanaka ‘ōiwi (Native Hawaiian) and co-director whose research is driven by the Indigenous knowledge of her kūpuna (ancestors); she uses modern hydrogeochemical techniques to investigate the relationships between ʻāina (land), wai (water) and kānaka (people).
Nikki Taylor-Knowles
University of Miami
NSF Award Number: 2209284
Nikki Traylor-Knowles is a cell biologist whose research is dedicated to unraveling the evolution of immunity, wound healing and regeneration. She seeks to apply her research to conservation efforts.
Maya Trotz
University of South Florida
NSF Award Number: 2209284
Maya Trotz is a professor whose research covers water quality, water source protection and water provision for sustainable communities. She works with partners in the United States and the Caribbean on ridge-to-reef nature-based solutions.
Jingya Wang
University of Delaware
NSF Award Number: 2209190
Jingya Wang is a postdoctoral researcher focused on studying decision-making under deep uncertainties and strategies for adapting to climate change. She specializes in making risk-informed decisions to adapt systems to evolving conditions.
Rebecca Zarger
University of South Florida
NSF Award Number: 2209284
Rebecca Zarger is an environmental anthropologist working at the intersection of environmental knowledge and social justice to address coastal futures, climate change and youth informal science education.
Source: GlobeNewswire (MIL-OSI)
PRESS RELEASE – OCTOBER 24, 2024
Fully diluted1Net Asset Value of €184.5
up +13.7 %2year-to-date (+5.3% since June 30)
With the announced acquisition of Monroe Capital, Wendel dramatically expands its Asset Management platform and rebalances its business model towards more recurring cash flows and growth
Fully diluted Net Asset Value3as of September 30, 2024: €184.5 per share
Very active implementation of new strategic directions and active portfolio rotation
Wendel Asset Management business is now a significant performance driver
Consolidated 9M 2024 sales of €5,918.1 million, up +14.6% overall and +8.9% organically
Strong financial structure and committed to remain Investment Grade
| Laurent Mignon, Wendel Group CEO, commented:
“The first nine months of 2024 have been generating good value creation for shareholders, with fully diluted Net Asset Value growing by 13.7%, driven notably by Bureau Veritas’ strong stock price and operating performances. We continue to enhance our cash flow generation and value creation profile, by executing our strategic plan with determination, rigor and financial discipline, as demonstrated by the Monroe Capital acquisition, announced two days ago, while also focusing on premium assets in our principal investment activities, highlighted by the recent acquisition of Globeducate. Our transformation to a dual-strategy model is now well-grounded, with top partners in asset management such as IK Partners in private equity and now Monroe Capital in private credit. Following the investment in Globeducate and the announced acquisition of Monroe Capital, the priorities of Wendel’s teams are to create value on existing assets, to successfully build the private asset management platform around IK Partners and Monroe Capital, and to maintain a solid financial structure.” |
Wendel’s net asset value as of September 30, 2024: €184.5 per share on a fully diluted basis
Wendel’s Net Asset Value (NAV) as of September 30, 2024, was prepared by Wendel to the best of its knowledge and on the basis of market data available at this date and in compliance with its methodology.
Fully diluted Net Asset Value was €184.5 per share as of September 30, 2024 (see detail in the table below), as compared to €162.3 on December 31, 2023, representing an increase of +13.7% since the start of the year and +16.1% restated for the dividend paid in 2024. Compared to the last 20-day average share price as of September 30, the discount to the September 30, 2024, fully diluted NAV per share was -50.6%.
Bureau Veritas contributed very positively to the increase in Net Asset Value: on September 30, its 20-day average share price was up strongly (+34.3%) compared to December 31, 2023. Impacts from share price movements from IHS Towers (-30.0%) and Tarkett (-2.8%) were negligible given the weight of Bureau Veritas in the NAV. Total value creation per share of listed assets was therefore +€26.1 over the first nine months of 2024 on a fully diluted basis.
Unlisted assets’ contribution to the growth of the NAV was slightly negative over the first nine months of the year with a total change per share of -€1.2, reflecting a positive evolution of the market multiples and from bolt-on acquisitions, more than entirely offset by negative FX effect and selective downward revisions of outlooks for the current year (compared to December 31, 2023).
Asset management activities were consolidated and accounted in the NAV for the first time at the end of June following the acquisition of IK Partners. There is no sponsor money included in the NAV yet, as no capital has been called. IK Partners’ valuation is up by €1.5 per share over the third quarter, driven by positive market multiples evolution.
Cash operating costs and net financing results impacted NAV by -€1.2 over 9 months, as Wendel benefited from a positive carry. The impact of year-to-date share buybacks on fully diluted NAV per share is +€1.4 per share more as of September 30, 2024, than as of December 31, 2023. Other assets and liabilities impacted NAV by -€0.5.
Total Net Asset Value increase amounted to €26.2 per share over the first nine months of the year before dividend payment.
Fully diluted NAV per share of €184.5 as of September 30, 2024
| (in millions of euros) | 09/30/2024 | 12/31/2023 | ||||
| Listed investments | Number of shares | Share price (1) | 3,800 | 3,867 | ||
| Bureau Veritas | 120.3m/160.8m | €29.9/€22.2 | 3,591 | 3,575 | ||
| IHS | 63.0m/63.0m | $3.1/$4.4 | 174 | 251 | ||
| Tarkett | €8.9/€9.1 | 35 | 40 | |||
| Investment in unlisted assets (2) | 3,158 | 4,360 | ||||
| Asset Management Activities (3) | 449 | – | ||||
| Other assets and liabilities of Wendel and holding companies (4) | 95 | 6 | ||||
| Net cash position & financial assets (5) | 3,027 | 1,286 | ||||
| Gross asset value | 10,530 | 9,518 | ||||
| Wendel bond debt | -2,386 | -2,401 | ||||
| IK Partners transaction deferred payment | -131 | – | ||||
| Net Asset Value | 8,012 | 7,118 | ||||
| Of which net debt | 509 | -1,115 | ||||
| Number of shares | 44,430,864 | 44,430,554 | ||||
| Net Asset Value per share | €180.3 | €160.2 | ||||
| Wendel’s 20 days share price average | €91.1 | €79.9 | ||||
| Premium (discount) on NAV | -49.5% | -50.1% | ||||
| Number of shares – fully diluted | 42,469,744 | 43,302,016 | ||||
| Fully diluted Net Asset Value, per share | €184.5 | €162.3 | ||||
| Premium (discount) on fully diluted NAV | -50.6% | -50.8% | ||||
(1) Last 20 trading days average as of September 30, 2024, and December 31, 2023.
(2) Investments in unlisted companies (Stahl, Crisis Prevention Institute, ACAMS, Scalian, Wendel Growth as of September 30, 2024, also included Constantia Flexibles as of December 31, 2023). Aggregates retained for the calculation exclude the impact of IFRS16.
(3) IK Partners’ activity, no sponsor money has been called at this stage. It is therefore not included in the NAV at this stage.
(4) Of which 1,961,120 treasury shares as of September 30, 2024, and 1,128,538 treasury shares as of December 31, 2023.
(5) Cash position and financial assets of Wendel and holdings.
Assets and liabilities denominated in currencies other than the euro have been converted at exchange rates prevailing on the date of the NAV calculation.
If co-investment and management LTIP conditions are realized, subsequent dilutive effects on Wendel’s economic ownership are accounted for in NAV calculations. See page 246 of the 2023 Universal Registration Document.
Wendel’s Principal Investments’ portfolio rotation
Since the beginning of the year, Wendel has realized a total of €2.3 billion in disposals for its own account and has invested €0.7 billion, reflecting the acceleration of the diversification of its investment portfolio, in line with the strategy announced a few months ago:
Wendel’s Asset Management platform evolution
Acquisition of Monroe Capital dramatically expands Wendel’s Asset Management platform and rebalances its business model towards more recurring cash flows and growth
Wendel announced on October 22 that it had entered into a definitive partnership agreement including the acquisition of 75% of Monroe Capital LLC (“Monroe Capital” or “the Company”), and a sponsoring program of $800 million to accelerate Monroe Capital’s growth, and will invest in GP commitment for up to $200 million.
For Wendel, the acquisition of a controlling stake in Monroe Capital, a private credit market leader focused on the U.S. lower middle market that has established an outstanding track record, would represent a significant and transformational advancement of the strategy it announced in March 2023 to develop its third-party asset management platform to complement its longstanding Principal Investment business.
With IK Partners and Monroe Capital, Wendel’s third party asset management platform will reach c.€31 billion in AUM12, c.€ 455 million revenues, c.€160 million pre-tax FRE (c.€101 million in pre-tax FRE (Wendel share) by 2025 and is expected to reach €150 million (Wendel share) in pre-tax FRE by 2027 through double-digit organic growth.
For more information, see the October 22, 2024, announcement on http://www.wendelgroup.com.
Third Party Asset Management value creation and performance
9 months 2024 performance
Over the first nine months of 2024, IK Partners had particularly strong activity, generating a total of €126.4 million in revenue. Total Assets under Management (€13.3 billion, of which €3.3 billion of Dry Powder13) grew by 20% since the beginning of the year, and FPAuM14 (€9.0 billion) by 19%. Over the period, €1.7 billion of new funds were raised (IK X, PFIII and IK SO) and 7 exits have been announced, for over €1.2 billion.
Sponsor money invested by Wendel
Wendel committed €400 million in IK Partners funds, of which €300 million in IK X. These commitments have not yet been called.
Principal Investment companies’ value creation and performance
Listed Assets: 36% of Gross Asset Value
Bureau Veritas – Strong Q3 2024 organic revenue growth; refocused portfolio with ongoing acquisitions acceleration, in line with the LEAP | 28 strategy; 2024 revenue outlook upgraded
(Full consolidation)
Revenue in the first nine months of 2024 totaled € 4,569.6 million, a 5.6% increase year-to-date.
Revenue in the third quarter of 2024 amounted to € 1,547.9 million, an 8.8% increase compared to Q3 2023. Organic growth achieved a strong 13.0%, which led to 10.5% on a 9-month basis. The scope effect was a positive 0.5%, reflecting bolt-on acquisitions (contributing to +1.1%) realized in the past few quarters and partly offset by the impact of small divestments completed over the last twelve months (contributing to -0.6%). Currency fluctuations had a negative impact of 4.7%, due to the strength of the euro against most currencies.
Three businesses delivered very strong organic growth: Marine & Offshore, up 13.2%, Industry, up 23.8%, and Certification, up 17.7%. Buildings & Infrastructure further recovered, up 9.3% organically in the third quarter (after 4.3% in the first half) while both Consumer Products Services and Agri Food & Commodities grew high-single digits organically, both reflecting improving market trends.
Based on the 9-month performance, leveraging a healthy and growing sales pipeline and strong underlying market growth, Bureau Veritas now expects to deliver for the full year 2024:
For more information: https://group.bureauveritas.com
Tarkett – Slight organic decrease year-to-date, with Q3 2024 solid organic sales growth of +2.4%, as Sports division grew at a sustained pace in the most important quarter of the year. Activity remained sluggish in flooring, particularly in EMEA and the CIS countries
(Equity method)
Revenue in the first nine months of 2024 amounted to €2,560.7 million, down by -1.2% compared to the same period of 2023, reflecting an organic decline of -0.4%. Sales prices remained stable over the financial year, i.e. -0.3% compared to the first nine months of 2023. In Q3 2024, Group net sales came to €1,002 million, up +1.8% compared to the third quarter of 2023. Organic growth reached +2.4%. Sales prices remained broadly stable over the year, with a slight decline of -0.5% compared to the third quarter of 2023.
For more information: https://www.tarkett-group.com/en/investors/
IHS Towers (not consolidated) – IHS Towers will report its Q3 2024 results in the coming weeks
Unlisted Assets: 30% of Gross Asset Value
| Sales (in millions) | ||
| 9 months 2023 | 9 months 2024 | |
| Stahl | €677.3 | €687.9 |
| CPI | $103.6 | $112.0 |
| ACAMS | $67.9 | $76.8 |
| Scalian | €402.2 | €401.3 |
Stahl – Total sales up 1.6% for the first 9 months of 2024 on the back of Q3 market challenges in the leather market for automotive and luxury goods
(full consolidation)
Stahl, the world leader in specialty coatings for flexible materials, posted total sales of €687.9 million in the first 9 months of 2024, representing a total increase of +1.6% over the period. Organically, sales were slightly down -0.4%, in a context of tougher markets in automotive and luxury goods, while FX contributed -1.3%. The acquisition of ICP Industrial Solutions Group (ISG) in March 2023 contributed positively (+3.3%) to total sales variation.
Stahl Q3 sales were down -4.7% (-3.1% organically and -1.6% due to FX) linked to the weaker market performance of the automotive and luxury goods sectors, notably in August, which was a particularly quiet month this year as many Italian tanneries were inactive for a four-week period due to reduced activity.
On September 27, Stahl completed the acquisition of WEILBURGER Coatings, a leading German-based manufacturer of water-based and energy cured coatings for the graphic arts and packaging industry. The transaction significantly strengthens Stahl’s packaging coatings division and supports its strategy to broaden its franchise for specialty coatings for flexible materials. This acquisition strengthens Stahl’s strategic position in Europe, positioning the company as the second-largest packaging coatings player in the region. WEILBURGER Coatings posted sales of €70 million in 2023 and has over 140 employees, primarily based in Germany.
Stahl also announced it maintained its Platinum EcoVadis rating for the third consecutive year, reaffirming its commitment to sustainability. In August, Stahl was awarded the Living Wage certification strengthening its commitment to fair compensation and employee well-being.
Crisis Prevention Institute reports +8.2% revenue as compared with 9M 2023
(full consolidation)
CPI recorded first nine months 2024 revenues of $112 million, up +8.2% compared to 9M 2023, or +8.1% organically (FX impact was +0.1%), resulting from the addition of new certified instructors across end markets and geographies, and strong consumption of training materials, signifying active training of broader staff throughout the Company’s primary customers in educational, healthcare and human services settings. The company’s year-to-date results include relatively flat year-over-year revenue for the third quarter, however, reflecting what management describes as a temporary, seasonal slowdown in new certified instructors and a difficult year-over-year comparison resulting from an unusually large enterprise program added in the third quarter of 2023.
2024 continues to be a pivotal year for CPI in growing its impact and reach, including further global expansion with the opening of its first office in the United Arab Emirates, and new program launches, including Reframing Behavior, a new certification program designed to help educators build a more positive, supportive learning environment and prevent disruptive classroom behavior. In addition, regulatory and legislative actions continue to provide support for workplace violence prevention programs and related training, including expanded requirements in New York, Texas and California during 2024.
ACAMS – ACAMS reports positive total growth amid accelerated transformation
(full consolidation)
ACAMS, the global leader in training and certifications for anti-money laundering and financial crime prevention professionals, reported year-to-date bookings of $78 million, roughly flat with reported bookings for the same period in 2023, and revenue of $77 million for the first nine months of 2024, representing 8% year-over-year growth. The results for the first nine months of 2024 reflect continued growth and market expansion in North America and Europe, largely offset by declines with customers in the Asia-Pacific region. As well, the year-to-date results include the impact of ACAMS’ flagship Las Vegas conference that was held in the third quarter of 2024 and fourth quarter of 2023. Excluding the impact of this timing difference would reduce year-over-year bookings and revenue growth for the nine months ending September 30, 2024, to -0.8% and +0.3%, respectively.
The Company has made considerable progress in its transformation this year. Having largely completed its separation and transition to a stand-alone, independent company in 2023, ACAMS has made many investments instrumental to the Company’s future growth, including organizational changes led by the CEO, Neil Sternthal, who joined ACAMS in early 2024 and subsequently added several executives, including a new Chief Financial Officer and a Chief Revenue Officer, investments in the Company’s technology platform, business analytics and sales organizations, and new product development, most notably with the planned introduction of its Certified Anti-Fraud Specialist (CAFS) certification.
Scalian – Slight decrease of total sales of -0.2% year-to-date, in a context of overall market slowdown
(full consolidation since July 2023.)
Scalian, a European leader in digital transformation, project management and operational performance consulting, reported total revenues of €401.3 million over the first 9 months in a context of continued industry slowdown, in particular supply chain tensions in the aeronautic sector as well as the turndown of the European automotive sector. Sales are down by -2.5% organically and benefited from a positive scope effect of +2.3%.
Scalian announced the acquisition of Dulin Technology in January 2024, a Spanish-based consulting firm specializing in cybersecurity for the financial sector, and MANNARINO Systems & Software in June 2024, a Canadian-based company that is a leading engineering services specialist with a unique know-how in advanced technology R&D for the aviation sector.
Agenda
Friday, December 6, 2024,
2024 Investor Day.
Wednesday, February 26, 2025
Full-Year 2024 Results – Publication of NAV as of December 31, 2024, and Full-Year consolidated financial statements (post-market release)
Thursday, April 24, 2025
Q1 2025 Trading update – Publication of NAV as of March 31, 2025 (post-market release)
Thursday, May 15, 2025
Annual General Meeting
Wednesday, July 30, 2025
H1 2025 results – Publication of NAV as of June 30, 2025, and condensed Half-Year consolidated financial statements (post-market release)
Appendix 1: Nine-month 2024 sales of Group companies
Nine-month 2024 consolidated sales
| (in millions of euros) | 9-month 2023 | 9-month 2024 | Δ | Organic Δ |
| Bureau Veritas | 4,328.0 | 4,569.6 | +5.6% | +10.4% |
| Stahl (1) | 677.3 | 687.9 | +1.6% | -0.4% |
| Scalian (2) | n.a. | 409.3 | n.a. | n.a. |
| Crisis Prevention Institute | 95.6 | 103.1 | +7.9% | +8.1% |
| ACAMS (3) | 62.7 | 70.6 | +12.6% | +8.6% |
| IK Partners(4) | n.a. | 77.6 | n.a. | n.a. |
| Consolidated net sales (3)(4) | 5,163.5 | 5,918.1 | +14.6% | +8.9% |
(1) Acquisition of ICP Industrial Solutions Group (ISG) since March 2023 (sales’ contribution of €70.8M vs €62.7M as of 9M 2023)
(2) Scalian has a different reporting date to Wendel. Consequently, sale’s contribution corresponds to 9 months’ sales between October 1st 2023 and June 30 2024.
(3) The sales include a PPA restatement for an impact of -€0.5M (vs -€3.2M as of 9M 2023). Excluding this restatement, the sales amount to €71.3M vs. €66.1M as of 9M 2023. The total growth of +12.6% include a PPA effect of +4.5% and the conference revenue which generated $5,9M while this event occurred in Q4 2023 last year.
(4) Contribution of five months of sales
Nine-month 2024 sales of equity accounted companies
| (in millions of euros) | 9-month 2023 | 9-month 2024 | Δ | Organic Δ |
| Tarkett(5) | 2,592.6 | 2,560.7 | -1.2% | -0.4% |
(5) Sales price adjustments in CIS countries are historically intended to compensate for currency movements and are therefore excluded from the “organic growth” indicator.
Q3 2024 sales of Group companies
Q3 2024 consolidated sales
| (in millions of euros) | Q3 2023 | Q3 2024 | Δ | Organic Δ |
| Bureau Veritas | 1,423.8 | 1,547.9 | +8.8% | +13.0% |
| Stahl | 234.3 | 223.3 | -4.7% | -3.1% |
| Scalian (1) | n.a. | 131.1 | n.a. | n.a. |
| Crisis Prevention Institute | 42.0 | 41.2 | -1.8% | -1.0% |
| ACAMS (2) | 20.2 | 26.1 | +29.1% | +28.6% |
| IK Partners | n.a. | 44.2 | n.a. | n.a. |
| Consolidated net sales | 1,720.2 | 2,013.8 | +17.1% | +10.6% |
(1) Scalian has a different reporting date to Wendel. Consequently, sale’s contribution corresponds to 3 months’ sales between April 1st 2024 and June 30 2024.
(2) ACAMS Q3 2024 sales includes the conference which generated $5,9M, while this event occurred in Q4 2023 last year.
Q3 2024 sales of equity accounted companies
| (in millions of euros) | Q3 2023 | Q3 2024 | Δ | Organic Δ |
| Tarkett(3) | 984.3 | 1,002.0 | +1.8% | +2.4% |
(3) Sales price adjustments in CIS countries are historically intended to offset exchange rate movements, and are therefore excluded from the “organic growth” indicator.
1 Fully-diluted NAV per share assumes all treasury shares are cancelled and a complementary liability is booked to account for all LTIP related securities in the money as of the valuation date.
2 +13.7% compared with fully diluted NAV of €162.3 as of Dec. 31, 2023.
3 Fully diluted of share buybacks and treasury shares. Without adjusting for dilution, NAV stands at €8,012m and €180.3 per share.
4 Including the €4.0 per share dividend paid in 2024, and on a non-fully diluted basis NAV is up 15.0%.
5 As of September 2024.
6 c.€101m of FRE expected in 2025, Wendel share.
7 Proforma of Globeducate acquisition (€-625m), sponsor money commitment in IK (€-400m), IK Partners transaction deferred payment (€-131m), Monroe Capital 75% acquisition (including estimated earnout) and GP commitments in Monroe Capital ($-200m for 2025).
8 Proforma of Globeducate acquisition (€-625m), sponsor money commitment in IK (€-400m), IK Partners transaction deferred payment (€-131m), Monroe Capital 75% acquisition (including estimated earnout) and GP commitments in Monroe Capital ($-200m for 2025).
9 Net proceeds after ticking fees, financial debt, dilution to the benefit of the Company’s minority investors, transaction costs and other debt-like adjustments.
10 Gross IRR of 28%. Net IRR of 26%.
11 EV including IFRS 16 impacts. Excluding IFRS 16, EV stands at c.€1.86 billion.
12 As of September 2024
13 Commitments not yet invested
14 Fee Paying AuM
Attachment
Source: The Conversation – UK – By Christopher Hill, Associate Professor (Research and Development), Faculty of Business and Creative Industries, University of South Wales
Nuclear detonations were the backdrop to Teeua and Teraabo’s childhood. By the time the sisters were eight and four, the Pacific island on which they grew up, Kiritimati, had hosted 30 atomic and thermonuclear explosions – six during Operation Grapple, a British series between 1957 and 1958, and 24 during Operation Dominic, led by the US in 1962.
The UK’s secretary of state for the colonies, Alan Lennox-Boyd, had claimed the Grapple series would put Britain “far ahead of the Americans, and probably the Russians too, in super-bomb development”. Grapple, the country’s largest tri-service operation since D-Day, also involved troops from Fiji and New Zealand. It sought to secure the awesome power of the hydrogen bomb: a thermonuclear device far more destructive than the atomic bomb.
Britain’s seat at the top table of “super-bomb development” was emphatically announced in April 1958 with Grapple Y: an “H-bomb” 200 times more powerful than the bomb dropped on Hiroshima in 1945. This remains Britain’s largest nuclear detonation – one of more than 100 conducted by the UK, US and Soviet Union in 1958 alone.
More than six decades later, the health effects on former servicemen based on Kiritimati, as well as at test locations in South and Western Australia, remain unresolved. Greater Manchester’s mayor, Andy Burnham, has called the treatment of UK nuclear test veterans “the longest-standing and, arguably, the worst” of all the British public scandals in recent history.
Unlike the Post Office, infected blood and Grenfell Tower inquiries in 2024, there has been no UK inquiry into British nuclear weapon tests in Australia and the Pacific. Yet veterans and their descendants maintain these tests caused hereditary ill-health effects and premature deaths among participants. The British government has been accused of hiding records of these health impacts for decades behind claims of national security.
Over the past year, the life stories of British nuclear test veterans have been collected by researchers, including myself, for an oral history project in partnership with the British Library. Whether from a vantage point of air, land or sea, the veterans all recall witnessing nuclear explosions with startling clarity, as if the moment was seared on to their memories. According to Doug Herne, a ship’s cook with the Royal Navy:
When the flash hit you, you could see the X-rays of your hands through your closed eyes. Then the heat hit you, and it was as if someone my size had caught fire and walked through me. To say it was frightening is an understatement. I think it shocked us into silence.
But what of the experiences of local people on Kiritimati? I have recently interviewed two sisters who are among the few surviving islanders who witnessed the nuclear tests. This is their story.
At the start of Operation Grapple in May 1957, around 250 islanders lived on Kiritimati – the world’s largest coral reef atoll, slap bang in the centre of the Pacific Ocean, around 1,250 miles (2,000km) due south of Hawaii. The island’s name is derived from the English word “Christmas”, the atoll having been “discovered” by the British explorer James Cook on Christmas Eve 1777.
In May 2023, I visited Kiritimati for a research project on “British nuclear imperialism”, which investigated how post-war Britain used its dwindling imperial assets and resources as a springboard for nuclear development. I sought to interview islanders who had remained on the atoll since the tests, including Teeua Tekonau, then aged 68. In 2024, I visited her younger sister, Teraabo Pollard, who lives more than 8,000 miles away in the contrasting surroundings of Burnley, north-west England.
Far from descriptions of fear and terror, both Teeua and Teraabo looked back on the tests with striking enthusiasm. Teraabo recalled witnessing them from the local maneaba (open-air meeting place) or tennis court as a “pleasurable” experience full of “excitement”.
She described having her ears plugged with cotton wool before being covered with a blanket. As if by magic, the blanket was then lifted to reveal a mushroom cloud igniting the night sky – a sight accompanied by sweetened bread handed out by American soldiers. So vivid was the light that Teraabo, then aged four, described “being excited about it being daytime again”.
In view of the violence of the tests, I was struck that Teeua and Teraabo volunteered these positive memories. Their enthusiasm seemed in marked contrast to growing concerns about the radioactive fallout – including those voiced by surviving test veterans and their descendants. As children, the tests seem to have offered the sisters a spectacle of fantasy and escapism – glazed with the saccharine of American treats and Disney films on British evacuation ships.
Yet they have also lived through the premature deaths of family members and, in Teraabo’s case, a malignant tumour dating from the time of the tests. And there have been similar stories from other families who lived in the shadow of these very risky, loosely controlled experiments. Teraabo told me about a friend who had peeked out from her blanket as a young girl – and who suffered from eye and health problems ever since.
Kiritimati forms part of the impossibly large Republic of Kiribati – a nation of 33 islands spread over 3.5 million square kilometres; the only one to have territory in all four hemispheres and, until 1995, on either side of the international date line. Before independence from Britain in 1979, Kiribati belonged to the Gilbert and Ellice Island Colony, which in effect made Kiritimati a “nuclear colony” for the purpose of British and American testing.
In 1955, Teeua and Teraabo’s parents, Taraem and Tekonau Tetoa, left their home island of Tabiteuea, a small atoll belonging to the Gilbert group of islands in the western Pacific. They boarded a British merchant vessel bound for Christmas Island nearly 2,000 miles away. Setting sail with new-born Teeua in their arms, the family looked forward to a future cutting copra on Kiritimati’s British coconut plantation.
The scale of this journey, with four young children, was immense. Just how the hundred or so Gilbertese passengers “managed to live [during the voyage] was better not asked”, according to one royal engineer who described a similar voyage a few years later. “There were piles of coconuts everywhere – perhaps they were for both food and drink.”
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Within two years of their arrival, the family faced more upheaval as mother Taraem and her children were packed aboard another ship ahead of the first three sets of British nuclear tests in the Pacific. Known as Grapple 1, 2 and 3, they were to be detonated over Malden Island, an atoll some 240 miles to the south of Kiritimati – but still too close for the comfort of local residents.
According to Teeua, the evacuation was prompted by disillusioned labourers brought to Kiritimati without their families, who went on strike after learning how much the British troops were being paid. But the islanders’ perspectives do not feature much in the colonial records, which give precedence to British disputes about logistical costs and safety calculations.
The Grapple task force resolved that the safe limit set by the International Commission on Radiological Protection should be reduced, to limit the cost of evacuations. A meeting in November 1956 noted that “only a very slight health hazard to people would arise from this reduction – and that only to primitive peoples”.
Shocking as this remark sounds, it is typical of the disregard that nuclear planners appear to have had, both for Indigenous communities and the mostly working-class soldiers. These lives did not seem to matter much in the context of Britain’s quest for nuclear supremacy. William Penney, Britain’s chief nuclear scientist, had bemoaned how critics during tests in Australia were “intent on thwarting the whole future of the British Empire for the sake of a few Aboriginals”.
Tekonau, Teeua’s father, was one of the 30 or so I-Kiribati people to stay behind on Kiritimati during the Malden tests in May and June 1957. As one of the only labourers to speak English, he had gained the trust of the district commissioner, Percy Roberts, who invited Tekonau to accompany him during inspections of villagers’ houses in Port London, then the island’s only village. On one occasion, Teeua said, the islanders did not recognise her father as he had been given a “flat top” haircut like the Fijian soldiers. “This means he had a nice relationship with the soldiers,” she told me. “Thank God for giving me such a good and clever dad.”
Since the initial tests did not produce a thermonuclear explosion, the task force embarked on further trials between November 1957 and September 1958, known as Grapple X, Y and Z. In view of expense and time, these were conducted on Kiritimati rather than Malden Island – and this time, the residents were not evacuated to other islands. Rather, families were brought aboard ships in the island’s harbour and shown films below deck.
After these tests, the islanders returned to find the large X and Y detonations had cracked the walls of their homes and smashed their doors and furniture. One islander found their pet frigate bird, like so many of the wild birds on Kiritimati, had been blinded by the flash of Grapple Y. No compensation was ever paid to the islanders, although the Ministry of Supply did reimburse the colony for deterioration of “plantation assets”, including £4 for every damaged coconut tree (equivalent to £120 today).
A month before Grapple Y, Teraabo was born. Her earliest and most vivid childhood memories are of the US-led Operation Dominic four years later, by which time evacuation procedures had been abandoned altogether.
This series of tests was sanctioned by Britain in exchange for a nuclear-powered submarine and access to the Nevada Proving Grounds in the US – regarded as pivotal to the future of British weapons technology ahead of the signing of the Test Ban Treaty in October 1963, which would prohibit atmospheric testing.
Dominic’s 24 detonations on Kiritimati – which usually took place after sunset around 6pm, between April and November 1962 – were “awesome”, according to Teraabo. Recalling the suspense as the “tannoy announced the countdown”, she described “coming out of cover [and] witnessing the bomb [as] an amazing experience … When the bomb set off, the brilliance of the light was tremendous.”
Each explosion’s slow expiration would re-illuminate the Pacific sky. One, Starfish Prime, became known as a “rainbow bomb” because of the multi-coloured aurora it produced over the Pacific, having been launched into space where it exploded.
So spectacular were these descriptions that I almost felt I had to suspend disbelief as I listened. At one point in my interview with Teraabo, she leaned in to reassure me that she had no interest in exaggerating these events: “I’m a very proud person,” she whispered, “I would never lie.”
More than six decades on from the Grapple tests, I was sitting in Teeua’s kitchen in the village of Tabwakea (meaning “turtle”), near the northern tip of Kiritimati. I had driven here in a Subaru Forester, clapped-out from the many potholes on the island’s main road, itself built by royal engineers over 60 years ago.
Teeua’s home, nestled down a sand track, had a wooden veranda at the front where she would teach children to read and write under shelter from the hot equatorial sun. Handcrafted mats lined the sand and coral floor, fanning out from the veranda to the kitchen at the back.
The house felt full of the sounds of the local community, from the chatter of neighbours to the laughter of children outdoors. No one could feel lonely here, despite the vastness of the ocean that surrounds Kiritimati.
As Teeua cooked rice and prepared coffee, we discussed the main reason for my visit: to understand the impacts of the nuclear tests on the islanders, their descendents, and the sensitive ecosystem in which they live. Teeua is chair of Kiritimati’s Association of Atomic Cancer Patients, and one of only three survivors of the tests still living on Kiritimati. She pulled up a seat and looked at me:
Many, many died of cancer … And many women had babies that died within three months … I remember the coconut trees … when you drank [from the coconuts], you [were] poisoned.
Both Teeua’s parents and four of her eight siblings had died of cancer or unexplained conditions, she said. Her younger brother, Takieta, died of leukaemia at the age of two in November 1963 – less than a year after Operation Dominic ended. Her sister Teraabo, who discovered a tumour in her stomach shortly after the trials, was only able to have her stomach treated once she moved to the UK in 1981, by which time the tumour had turned malignant.
Teeua’s testimony pointed to the gendered impacts of the nuclear tests. She referred to the prevalence of menstrual problems and stillbirths, evidence of which can be inferred from the testimony of another nuclear survivor, Sui Kiritome, a fellow I-Kiribati who had arrived on Kiritimati in 1957 with her teacher husband. Sui has described how their second child, Rakieti, had “blood coming out of all the cavities of her body” at birth.
A rare military hospital record from 1958 – stored in the UK’s National Archives at Kew in London – also refers to the treatment of a civilian woman for ante-partum haemorrhage and stillbirth, though it is unclear whether this was a local woman or one of the soldier’s wives on the passenger ship HMT Dunera, which visited briefly to “boost morale” after Grapple X.
Having re-established the Association of Atomic Cancer Patients in 2009, Teeua has continued much of the work that Ken McGinley, first chair of the British Nuclear Tests Veterans Association, did after its establishment in 1983. She has documented the names of all I-Kiribati people present during the tests, along with their spouses, children and other relatives. And she has listed the cancers and illnesses from which they have suffered.
In the absence of medical records at the island hospital, these handwritten notes are the closest thing on the atoll to epidemiological data about the tests. But according to Teeua, concerns about the health effects of the tests date back much longer, to 1965 when a labourer named Bwebwe spoke out about poisonous clouds. “Everyone thought he was crazy,” Teeua recalled.
But Bwebwe’s speculations were lent credibility by Sui Kiritome’s testimony, and by the facial scars she bore that were visible for all to see. In an interview with her daughter, Sui explained how she was only 24 when she started to lose her hair, and “burns developed on my face, scalp and parts of my shoulder”.
In a similar manner to claims made by British nuclear test veterans, Sui attributed her health problems to being rained on during Grapple Y – which may have been detonated closer to the atoll’s surface than the task force was prepared to admit.
When I asked Teeua why her campaigning association was only reformed in 2009, she explained it had been prompted by a visit from British nuclear test veterans who “told us that everyone [involved in the tests] has cancer – blood cancer”. They had been told this in the past but, she said, “we did not believe it. But after years … after our children [also] died of cancer, then we remembered what they told us.”
After some visiting researchers explained to Teeua and the community that the effects of the tests were “not good”, she concluded that “our kids died of cancer because of the tests … That’s why we start to combine together … the nuclear survivors, to talk about what they did to our kids”.
I found Teeua’s testimony deeply troubling: not only because of the suffering she and other families have been through, but in the way that veterans had returned to Kiritimati as civilians, raising concerns among locals that may have lain dormant or been forgotten. The suggestion that radiation was “in her blood” must have been deeply disturbing for Teeua and her community.
But I reminded myself that the veterans who came looking for answers in 2009 were also victims. They made the long journey seeking clues about their health problems, or a silver bullet to prove their government’s deception over the nuclear fallout.
As young men, they were unwittingly burdened with a lifetime of uncertainty – compounded by endless legal disputes with the Ministry of Defence or inconclusive health studies that jarred with their personal medical histories. And, like the islanders, some of these servicemen died young after experiencing agonising illnesses.
My research on British nuclear imperialism also sheds light on how imperial and settler colonial perceptions of “nature” shaped how these nuclear tests were planned and operationalised.
British sites were selected on the basis of in-depth environmental research. When searching the site for Britain’s first atomic bomb (the Montebello Islands off the west coast of Australia), surveyors discovered 20 new species of insect, six new plants, and a species of legless lizard.
Monitoring of radioactive fallout from nuclear tests fed into the rise of ecosystem ecologies as an academic discipline. In the words of one environmental specialist on the US tests, it seemed that “destruction was the enabling condition for understanding life as interconnected”.
Since H-bombs would exceed the explosive yield deemed acceptable by Australia, Winston Churchill’s government in the mid-1950s had been forced to look for a new test site beyond Western and South Australia. British planners drew on a wealth of imperial knowledge and networks – but their proposal to use the Kermadec Islands, an archipelago 600 miles north-east of Auckland, was rejected by New Zealand on environmental grounds.
So, when Teeua and her family landed on Kiritimati in 1955, their journey was part of “the scramble for the Pacific”: a race between Britain and the US to lay claim to the sovereignty of Pacific atolls in light of their strategic significance for air and naval power.
The British government archives include some notable environmental “what ifs?” Had the US refused the UK’s selection of Kiritimati because of its own sovereignty claim, then it would have been probable, as Lennox-Boyd, Britain’s colonial secretary, admitted, that “the Antarctic region south of Australia might have to be used” for its rapidly expanding nuclear programme.
Instead, this extraordinary period in global history recently took me to a Victorian mansion in the Lancashire town of Burnley, where I interviewed Teeua’s younger sister, Teraabo, about her memories of the Kiritimati tests.
Teraabo’s home felt like the antithesis of Teeua’s island abode 8,300 miles away: ordered instead of haphazard, private instead of communal, spacious instead of crowded. And our interview had a more detached, philosophical tone.
Like her sister, Teraabo has worked to raise awareness about the legacy of the nuclear tests, including with the Christmas Island Appeal, an offshoot of the British Nuclear Test Veterans Association that sought to publicise the extent of the waste left on Kiritimati from the nuclear test period.
The appeal succeeded in persuading Tony Blair’s UK government to tackle the remaining waste in Kiritimati – most of which was non-radiological, according to a 1998 environmental assessment. The island was “cleaned up” and remediated between 2004 and 2008, at a cost of around £5 million to the Ministry of Defence. Much of the waste was flown or shipped back to the UK, where 388 tonnes of low-grade radioactive material were deposited in a former salt mine at Port Clarence, near Middlesbrough.
Yet Teraabo’s views have evolved. She told me she is “no longer angry” about the tests, a stark contrast to her position 20 years ago, when she told British journalist Alan Rimmer how islanders had “led a simple life with disease virtually unknown. But after the tests, everything changed. I now realise the whole island was poisoned.”
Whereas the Teraabo of 2003 blamed “the British government for all this misery”, she has since become more reflective. In the context of the cold war and the nuclear arms race, she even told me she could understand the British rationale for selecting Kiritimati as a test site. This seemed a remarkable statement from a survivor who had lost so much.
Over the course of the interview, it became clear Teraabo had grown tired of being angry – and that she had felt “trapped” by the tragic figure she was meant to represent in the campaigns of veterans and disarmers. Each time Teraabo rehearsed the doom-laden script of radiation exposure, she admitted she was also suppressing the joy of her childhood memories.
A turning point for Teraabo seems to have come in 2007, when she last visited Kiritimati and met her sister Teeua. By this time, the atoll’s population was 4,000 – quite a leap from the 300 residents she grew up with. “It is no longer the island I remember,” she said.
The Kiritimati of Teraabo’s memory was neat and well-structured. The one she described encountering in 2007 was chaotic and unkempt. She had come to the realisation that the Kiritimati she had been campaigning for – the pristine, untouched atoll of her parents – had long since moved on, so she should move on with it. The sorrow caused by the test operations would not define her.
Not long after I left Kiritimati in June 2023, the global nuclear disarmament organisation Ican began researching the atoll ahead of a major global summit to discuss the UN Treaty on the Prohibition of Nuclear Weapons. Descendants of Kiritimati’s nuclear test survivors were asked a series of questions, with those who provided the “right” answers being selected for a sponsored trip to UN headquarters in New York.
The chosen representatives included Teeua’s daughter, Taraem. I wondered if the survivors of Kiritimati are doomed to forever rehearse the stories of their nuclear past – a burden that Teeua and Teraabo have had to carry ever since they stood in awe of atomic and thermonuclear detonations more than 60 years ago.
They have had to deal with “radioactive colonialism” all their adult lives – the outside world demanding to see the imprint of radioactivity on their health and memories. But the sisters’ fondness for British order, despite all they have been through, prevails.
Their positive memories of Britain may in part reflect the elevated role of their father, Tekonau Tetoa – a posthumous recipient of the test veteran medal – within the British colonial system. During my visit, I happened upon an old photo of Tekonau, looking immaculate as he hangs off the side of a plantation truck in a crisp white shirt. Knowing Teeua did not possess a photo of her parents, I took a scan and raced to her house down the road.
“Do you recognise this man?” I asked, holding up my phone.
She flickered with recognition. “Is that my father?”
I nodded, and she shed a tear of joy.
Memories of Teeua and Teraabo’s father are preserved in the island landscape of their youth: pristine, regimented by the ostensible tidiness of colonial and military order.
But such order masked contamination: an unknown quantity that would only become evident years later in ill-health and environmental damage. It was not only the nuclear tests: from 1957 to 1964, the atoll was sprayed four times a week with DDT, a carcinogenic insecticide, as part of attempts to reduce insect-borne disease. In the words of one of the pilots: “I had many a wave from the rather fat Gilbo ladies sitting on their loos as I passed overhead, and gave them some spray for good measure!” British tidiness concealed a special brand of poison.
Today, the prospect of a meaningful response from the UK to the concerns raised by the islanders and servicemen alike seems slim. In October 2023, the UK and France followed North Korea and Russia in vetoing a Kiribati and Kazakhstan-proposed UN resolution on victim assistance and environmental remediation for people and places harmed by nuclear weapons use and testing.
Over in Kiritimati, meanwhile, Teeua still tends to a small plot where Prince Philip planted a commemorative tree in April 1959, shortly after the British-led nuclear tests had ended. It is rumoured he did not drink from the atoll’s water while he was there.
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Christopher Hill receives funding from the Office for Veterans’ Affairs, UK Cabinet Office. The research for this article was also supported by funding from the Arts and Humanities Research Council (AHRC), UKRI. The author wishes to thank the following for their support with this article: Fiona Bowler, Ian Brailsford, Joshua Bushen, John Bryden, Jon Hogg, Brian Jones, Rens van Munster, Wesley Perriman, Maere Tekanene, Michael Walsh, Rotee Walsh and Derek Woolf. Sincere thanks to Teeua Tekonau and Teraabo Pollard for sharing their family stories.
– ref. ‘Our nuclear childhood’: the sisters who witnessed H-bomb tests over their Pacific island, and are still coming to terms with the fallout – https://theconversation.com/our-nuclear-childhood-the-sisters-who-witnessed-h-bomb-tests-over-their-pacific-island-and-are-still-coming-to-terms-with-the-fallout-239780
Source: The Conversation – UK – By Philip Murphy, Director of History & Policy at the Institute of Historical Research and Professor of British and Commonwealth History, School of Advanced Study, University of London
That the recent visit of King Charles to Australia – his first as the country’s sovereign – attracted protests will have come as a surprise to very few people.
The right-wing press in the UK anticipated some kind of snub to Charles from republican, “woke leftist” Australians. The palace had prepared the ground for the visit in a letter to the non-partisan independence group the Australian Republican Movement which repeated its longstanding position that, as with any of the other Commonwealth realms, the question of whether the country became a republic was “a matter for the Australian public to decide”.
But the message from the most prominent protester was, perhaps, less expected. At the end of a speech by the king at Parliament House in Canberra on October 21, he was heckled by Lidia Thorpe, an independent senator of Aboriginal (Djab Wurrung, Gunnai and Gunditjmara) origin.
She told him: “You committed genocide against our people. Give us our land back. Give us what you stole from us – our bones, our skulls, our babies, our people.”
Earlier in the day, Thorpe had issued a statement outlining her position. In it, she claimed:
As First Peoples, we never ceded our Sovereignty over this land. The crown invaded this country, has not sought treaty with First Peoples, and committed a genocide of our people. King Charles is not the legitimate sovereign of these lands. Any move towards a republic must not continue this injustice. Treaty must play a central role in establishing an independent nation. A republic without a treaty must not happen.
The recognition of the rights of Aboriginal peoples through a formal treaty has been a demand of Australian indigenous rights campaigners for decades. Indeed, Australia is unusual among British settler colonies in the failure of the crown to forge treaties with Indigenous peoples in the process of imperial occupation. In New Zealand and Canada these treaties continue to be invoked as an historical underpinning of indigenous rights.
The 1840 Treaty of Waitangi between Māori leaders and the crown as well as the rights and principles that followed from it are certainly politically contentious in New Zealand. Yet the Treaty is still widely regarded as the country’s founding document and a key symbolic basis for inclusion and reconciliation.
In Canada, the treaties signed by the crown with First Nations peoples are explicitly referenced in the country’s 1982 constitution and are cited by the Canadian government as “a framework for living together and sharing the land Indigenous peoples traditionally occupied.”
It should not come as much of a surprise that the issue of the the absence of similar treaties in Australia has been raised during the king’s visit. The rather dull itineraries of royal visits provide activists with a perfect opportunity to have their voices heard by journalists desperate for something interesting to write about. There is a history of Aboriginal protesters using them in this way.
In 1972, the Larrakia people, the traditional owners of the Darwin region in the Northern Territory, used a visit by Princess Margaret to draw attention to a petition asking Queen Elizabeth II to assist them in their demand for land rights and political representation.
The palace and the governments of the Realms are keenly aware of these sensitivities and plan royal tours accordingly. During his visit to Canada in 2022, for example, while he was still Prince of Wales, Charles made a point of meeting the survivors of the country’s notorious residential schools where thousands of indigenous children suffered abuse.
Ironically, indigenous treaties with the crown have complicated the republican issue, forcing campaigners for a republic in both New Zealand and Canada to offer assurances that the rights and obligations in those treaties would not be lost if the monarchy was to be abolished.
Charles has followed his Australia visit by flying to Samoa for the summit of the Commonwealth Heads of Government. Again, the UK press sensed trouble ahead, predicting that as head of the Commonwealth Charles might be caught up in a row between the British government and Caribbean nations over the call for reparations for slavery.
The UK is not the only government in the Commonwealth having to wrestle with colonial legacy issues. But there is no avoiding them.
Britain has a monarchy steeped in imperial history, with a king who is quite separately sovereign of 14 other realms. Its government continues to profess a belief in the value of the Commonwealth, when its members have little else in common except that most of them were colonised by Britain.
A recent report by the UK thinktank Policy Exchange, which imagined the Commonwealth playing a greater role in British diplomatic, defence and trade policy, seemed blithely unaware of the tensions within the organisation and the barriers to collective action.
In a similar vein, UK prime minister Keir Starmer has claimed that he wants to “look forward” and focus on issues such as climate change and boosting prosperity rather than reparations.
But the Commonwealth is simply not a logical framework for the discussion of these matters. On the other hand, it is uniquely qualified to debate the impact of colonialism and the question of reparatory justice. And even if Britain doesn’t want to have that conversation, other Commonwealth countries certainly do.
Philip Murphy has received funding from the AHRC. He belongs to the European Movement UK.
– ref. King Charles heckled in Australia: the crown’s role in Indigenous rights in the Commonwealth – https://theconversation.com/king-charles-heckled-in-australia-the-crowns-role-in-indigenous-rights-in-the-commonwealth-241993
Source: GlobeNewswire (MIL-OSI)
October 24, 2024
SBM Offshore announces it has completed the divestment of a 13.5% ownership interest in the special purpose companies related to the lease and operation of the FPSO Sepetiba to China Merchants Financial Leasing (Hong Kong) Holding Co., Limited (CMFL). This follows the announcement on February 10, 2022, of an agreement whereby CMFL would acquire its ownership interest after the FPSO Sepetiba had commenced operations. SBM Offshore is operator of the FPSO and will remain the majority shareholder with 51% ownership interest.
FPSO Sepetiba is installed at the Mero unitized field located in the Santos Basin, approximately 180 kilometers offshore Rio de Janeiro in Brazil. The Mero unitized field is operated by Petrobras (38.6%), in partnership with Shell Brasil (19.3%), TotalEnergies (19.3%), CNPC (9.65%), CNOOC (9.65%) and Pré-Sal Petróleo S.A. (PPSA) (3.5%), representing the government in the non-contracted area.
Corporate Profile
SBM Offshore designs, builds, installs and operates offshore floating facilities for the offshore energy industry. As a leading technology provider, we put our marine expertise at the service of a responsible energy transition by reducing emissions from fossil fuel production, while developing cleaner solutions for alternative energy sources.
More than 7,400 SBMers worldwide are committed to sharing their experience to deliver safe, sustainable and affordable energy from the oceans for generations to come.
For further information, please visit our website at www.sbmoffshore.com.
| Financial Calendar | Date | Year | |
| Third Quarter 2024 Trading Update | November 14 | 2024 | |
| Full Year 2024 Earnings | February 20 | 2025 | |
| Annual General Meeting | April 9 | 2025 | |
| First Quarter 2025 Trading Update | May 15 | 2025 | |
| Half Year 2025 Earnings | August 7 | 2025 |
For further information, please contact:
Investor Relations
Wouter Holties
Corporate Finance & Investor Relations Manager
Media Relations
Evelyn Tachau Brown
Group Communications & Change Director
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Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results and performance of the Company’s business may vary materially and adversely from the forward-looking statements described in this release. SBM Offshore does not intend and does not assume any obligation to update any industry information or forward-looking statements set forth in this release to reflect new information, subsequent events or otherwise.
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Attachment
Source: United Kingdom – Executive Government & Departments
Statement by Lord Richard Hermer, Attorney General for England and Wales and Advocate General for Northern Ireland, at the UN Security Council meeting on women building peace in a changing environment.
On UN day, I want to start by recalling that last month my Prime Minister gave a clear recommitment to the United Nations, to the rule of law, and to the need to work together for peace, progress and equality.
And empowering women and girls is a vital part of this. Addressing structural gender inequality is a vital part of this, tackling misogyny is a vital part of this, and ending impunity for conflict related sexual violence is a vital part of this.
We are approaching the 25-year anniversary of the Women, Peace and Security agenda and I’m proud of the role the UK has played.
There is much to celebrate. Yet the overall implementation is lagging. Not one of the peace agreements reached in 2023 included a women’s representative or women’s representative group as signatory. The proportion of women killed in conflict has doubled compared to 2022.
Building on her excellency Thomas-Greenfield’s essential three I’s. May I propose three areas for our collective action?
First, conflict prevention.
Conflict is at a post-WWII high. Women and children are disproportionately impacted. And we need to reinvigorate conflict prevention efforts, taking a gender-responsive approach.
Through our ‘Resourcing Change’ project, the UK is supporting women’s participation in formal and informal mechanisms for the prevention and resolution of conflict, including in Nigeria and in South Sudan.
Second, we must stand together to prevent conflict-related sexual violence and end impunity.
The UK remains committed to the Preventing Sexual Violence in Conflict Initiative and our work with the International Alliance to build a stronger international response. PSVI programmes have contributed to vital legislative changes around the world.
We have sanctioned perpetrators for CRSV crimes in seven countries. And I call upon all states to redouble efforts to seek justice and accountability and support the survivors.
Third, I call upon member states to support women’s right’s organisations as the driving force behind the WPS agenda.
I am proud of the UK’s £33 million partnership with the Equality Fund who have supported over 1000 women’s right’s organisations, including in conflict settings, since 2019.
In Sudan, the UK has supported the establishment of the anti-war, pro-democracy coalition, working with 200 women.
In Myanmar, the UK is contributing over $1.3 million over three years in long-term support to grassroots women and LGBTQ+ led organisations to build capacity and support inclusive and strategic cooperation amongst local-level women leaders and community representatives.
Women’s full, equal, meaningful and safe participation is crucial to achieving lasting peace, and we condemn the shocking levels of reprisals against women peacebuilders.
But we must also recognise this, that the long-term solution to gender based violence in conflicts requires all societies to address its root causes. It requires addressing gender inequality systemically, not just in criminal courts or in peace negotiations halls, but in how girls and boys, men and women relate to each other in classrooms, in playgrounds, workplaces, public life and online.
The link between gender inequality and gender-based violence in conflict must be systematically addressed.
So as we approach the 25th anniversary, we must celebrate women’s rights organisations and peacebuilders who have championed this agenda. We welcome the Secretary General’s Common Pledge to prioritise women’s participation in peace processes to address this gap.
But we must go further and faster to build a more inclusive, sustainable, and peaceful future for all.
Source: Hong Kong Government special administrative region
Upon notification by the Police at about 7.30pm last night (October 24) regarding the incident of broken glass cladding at the external wall of Citywalk, Tsuen Wan, staff of the Buildings Department (BD) was immediately deployed to carry out site inspection and found that a piece of glass cladding of about 3m by 2m at the external wall of the fifth floor of the building facing Wo Tik Street was broken. No obvious danger to the overall building structure was noted.
As instructed by the staff of the BD, the property management company (PMC) of the building has arranged a contractor to remove the remaining loosen pieces of glass last night and would arrange inspection to the other glass cladding and carry out necessary repair as soon as possible to ensure public safety. The BD will issue an investigation order to require the owner to appoint an authorised person to conduct investigation and submit an investigation report together with a remedial proposal. The BD would maintain contact with the PMC to monitor the progress of the investigation and repair works.
The affected pavement is temporarily fenced off. The BD will continue to follow up the matter to ensure public safety.
The BD has specific requirements on the quality and construction of glass cladding. For example, the testing of materials and procedures before installation should comply with the relevant statutory requirements.
The BD emphasised that it is the responsibility of owners to ensure the safety of their buildings. Timely repair and maintenance of private buildings is the basic responsibility of owners. They may also be liable to criminal prosecution and civil proceedings if the building dilapidation causes damage to property or injury to persons.
US Senate News:
Source: United States Senator for Massachusetts – Elizabeth Warren
Two prominent Democratic senators are criticizing United States Steel Corp. Chief Executive Officer David Burritt over his potential $72 million “golden parachute” if the sale to a Japanese company goes through – while President Joe Biden’s decision on the takeover hangs in the air.
Senator Elizabeth Warren of Massachusetts and Senator Sherrod Brown of Ohio, whose race for reelection is one of the closest in the chamber this year, wrote to Burritt Wednesday regarding financial incentives offered to him and other US Steel executives if Nippon Steel Corp. acquires the company in a $14.1 billion deal.
The executives would be eligible for the incentives if they’re terminated following a takeover, according to a March filing with the US Securities and Exchange Commission.
…
Read the full story here.
By: Josh Wingrove
Source: BNN Bloomberg
Source: United Nations secretary general
Madam President, Excellencies,
First, let me begin by wishing everyone a happy UN Day.
Every year, in this Chamber, the global community reaffirms its commitment to ensuring women’s full, equal, and meaningful participation in conflict prevention, resolution, and recovery, and to upholding their rights during times of war.
Yet, progress remains dishearteningly slow.
Peace and security decision-making is overwhelmingly dominated by men.
And ending impunity for atrocities against women and girls is still but a distant goal.
And the past year has been especially difficult.
In Gaza, tens of thousands of Palestinian women and girls have been killed and injured amidst continued war and a terrible humanitarian crisis.
Meanwhile, the plight of Israeli women still held hostage demands urgent action to ensure their safety and immediate release.
In Lebanon, an escalation of destruction and displacement threatens women and girls’ safety and livelihood.
In Sudan, women are enduring extreme suffering, facing not only the loss of loved ones but also the dire lack of access to essential services and medical care.
I reiterate the Secretary-General’s calls:
Civilians must be protected, civilian infrastructure must not be targeted, and international law must be upheld.
The United Nations remains steadfast.
We will not look away or lose hope.
The women, peace and security agenda will always guide our work and show a path forward.
Despite attacks on our offices, and the detention and killings of our staff in unprecedented numbers, allow me to honor the work of my colleagues and share examples of what they do.
In peacekeeping missions, the women, peace and security agenda is a key political and strategic imperative.
Our teams work tirelessly to help protect and assist women – from relocating human rights defenders to aiding women after their release from abduction by armed groups, from ensuring women’s representation in local dialogues to helping bring justice to women in places where sexual violence has long been met with impunity.
In the Democratic Republic of Congo, for example, 57 percent of cases supported by the mission’s Prosecution Support Cells in 2023 involved conflict-related sexual violence, contributing to the conviction of dozens of members of armed groups and state security forces.
In Abyei, earlier this year, one-third of participants in a post-migration conference were women – this was a first.
In the Central African Republic, the mission is helping mobilize women for local elections that have not been held in 38 years.
Deploying more diverse teams to peacekeeping operations has helped us deliver better on our mandates.
The representation of women in most categories of uniformed personnel has doubled in the last five years, and initiatives have been put in place to foster gender-responsive work environments for all peacekeepers.
Yet, much more remains to be done to improve the gender balance of our deployments and reap the benefits of inclusion and diversity.
Success in peacekeeping hinges on the political support from Member States, especially those with the great honor of sitting in this Chamber to protect international peace and security.
I commend the efforts of the United Arab Emirates to empower Women in Peace and Security. This initiative has provided training and capacity building opportunities for over 600 women from the Middle East, Africa and Asia in military and peacekeeping. The UN is a proud partner in these efforts that advance the Women, Peace and Security Agenda.
Throughout the world, the UN reaches millions of displaced women and girls and survivors of violence with food, medical support, legal aid, shelter, access to safe spaces, psychosocial support, education, and jobs and livelihood opportunities.
Yesterday, survivors of conflict-related sexual violence from many war-torn corners of the globe gathered for a Survivor’s Hearing to mark the 15th anniversary of resolution 1888.
Effective protection from sexual violence is fundamental to women’s effective participation in peacebuilding, conflict recovery, and sustainable development that leaves no one behind.
None of this would happen without women’s organizations in the frontlines of crises, and we are trying to find ways of channeling more resources to them.
The Women’s Peace and Humanitarian Fund has supported over 1,300 local women’s civil society organizations since 2016, nearly half of them accessing UN funds for the first time, and 582 women human rights defenders and their families.
Last year, the Secretary-General invited all partners to contribute to the goal of raising 300 million dollars for women’s organizations in conflict-affected countries.
We still have a long way to go to get there.
40 percent of all funding of the 25-million-dollar GBV-focused grant by the Central Emergency Response Fund to UN Women and UNFPA was sub-granted to local women’s organizations and delivered remarkable results, a powerful demonstration that localization is both feasible and effective.
The Peacebuilding Fund has now exceeded its internal target allocation of 30 percent to gender equality for seven years in a row.
We know that the inclusion of women and gender-related provisions in peace processes not only advances gender equality, but also results in more durable peace agreements. From Guatemala to Northern Ireland, from Colombia to Liberia, research has shown how women in formal processes worked with diverse women’s groups to not only reach an agreement but also to strengthen the substance of peace agreements and opportunities for implementation.
Yet, women remain starkly under-represented from peace negotiations and conflict resolution efforts – including in some of the most intractable conflicts over the last year.
Historical data underscores this challenge: between 1992 and 2019, women constituted only 13 per cent of negotiators and six per cent of mediators in major peace processes.
More recent data from UN Women for 2023 shows that women on average made up less than ten per cent of peace negotiators and 13.5 per cent of mediators.
The processes in Libya and Yemen, where conflict parties have not included women, highlight a continued resistance to progress.
In Afghanistan, the regression of women’s rights highlights the severe impact of excluding women from governance – and society altogether.
It is imperative that we reinforce our resolve to support women in Afghanistan and elsewhere, advocating for their rights, agency and inclusion at every opportunity.
Collective action and solidarity are crucial.
In today’s broader global mediation landscape, the United Nations is not always present.
In fact, a diverse set of regional, state and other mediation actors initiates and leads mediation processes.
Many contexts feature joint or overlapping peace initiatives.
This means that no single mediator can affect global and meaningful change on women’s participation.
It is why, today, on behalf of the Secretary-General, I am pleased to launch the “Common Pledge on Women’s Participation in Peace Processes”, an initiative that brings together a broad array of mediation actors.
By endorsing this Common Pledge, Member States, regional organizations and other mediation actors commit to join the United Nations in taking concrete steps on women’s participation in all peace processes they are involved in.
These commitments include:
Appointing women as lead mediators and ensuring women are an integral part of mediation teams;
Ensuring mediators advocate with conflict parties for concrete targets and measures that promote women’s direct and meaningful participation in peace processes, including as members of their delegations;
Consulting with a broad range of women leaders and women-led civil society organizations in all stages of peace processes; and
Embedding gender expertise in their mediation teams to foster gender-responsive peace processes and agreements.
This Pledge targets mediating entities and is intended as an operational initiative, and not another general statement of principle.
It focuses on measures and decisions that are under the control of mediators and their organizations.
The Secretary-General invites Member States, regional organizations and other actors who are actively engaged in mediation to join this initiative and report on their progress at next year’s 25th Anniversary Security Council Open Debate on women, peace and security.
Madam President,
We have no illusions about the challenges posed by today’s geopolitical landscape and the complexity of achieving diplomatic outcomes.
As long as gendered power inequalities, patriarchal social structures, systematic biases, violence and discrimination continues to hold back half our societies, peace will remain elusive.
Yet, our collective experience has shown that progress is possible.
Together, we can have an impact that is greater than the sum of our individual efforts.
By leveraging our respective political capital and roles, let us dismantle the patriarchal power structures and advance gender equality, ensuring women’s full, equal and meaningful participation in political and public life.
Thank you.
Source: GlobeNewswire (MIL-OSI)
TORONTO, Oct. 24, 2024 (GLOBE NEWSWIRE) — Vanguard Investments Canada Inc. today announced the final October 2024 cash distributions for certain Vanguard ETFs, listed below, that trade on Toronto Stock Exchange (TSX). Unitholders of record on October 31, 2024 will receive cash distributions payable on November 07, 2024. Details of the “per unit” distribution amounts are as follows:
| Vanguard ETF® | TSX Ticker Symbol |
Distribution per Unit ($) |
CUSIP | ISIN | Payment Frequency |
| Vanguard Retirement Income ETF Portfolio | VRIF | 0.081577 | 92211X109 | CA92211X1096 | Monthly |
| Vanguard FTSE Canadian Capped REIT Index ETF | VRE | 0.078389 | 92203B107 | CA92203B1076 | Monthly |
| Vanguard FTSE Canadian High Dividend Yield Index ETF | VDY | 0.157956 | 92203Q104 | CA92203Q1046 | Monthly |
To learn more about the TSX-listed Vanguard ETFs, please visit www.vanguard.ca
About Vanguard
Canadians own CAD $103 billion in Vanguard assets, including Canadian and U.S.-domiciled ETFs and Canadian mutual funds. Vanguard Investments Canada Inc. manages CAD $70 billion in assets (as of April 30, 2024) with 37 Canadian ETFs and six mutual funds currently available. The Vanguard Group, Inc. is one of the world’s largest investment management companies and a leading provider of company-sponsored retirement plan services. Vanguard manages USD $9.3 trillion (CAD $12.8 trillion) in global assets, including over USD $2.7 trillion (CAD $3.7 trillion) in global ETF assets (as of March 30, 2024). Vanguard has offices in the United States, Canada, Mexico, Europe and Australia. The firm offers 423 funds, including ETFs, to its more than 50 million investors worldwide.
Vanguard operates under a unique operating structure. Unlike firms that are publicly held or owned by a small group of individuals, The Vanguard Group, Inc. is owned by Vanguard’s U.S.-domiciled funds and ETFs. Those funds, in turn, are owned by Vanguard clients. This unique mutual structure aligns Vanguard interests with those of its investors and drives the culture, philosophy, and policies throughout the Vanguard organization worldwide. As a result, Canadian investors benefit from Vanguard’s stability and experience, low-cost investing, and client focus. For more information, please visit vanguard.ca.
For more information, please contact:
Matt Gierasimczuk
Vanguard Canada Public Relations
Phone: 416-263-7087
matthew_gierasimczuk@vanguard.com
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