This morning Christchurch City became the first city in New Zealand to sanction Israel after passing a resolution to amend its procurement policy to exclude companies building and maintaining illegal Israeli settlements on Palestinian land.
“We are delighted the council has taken a stand against Israel’s ongoing theft of Palestinian land”, says PSNA National Chair John Minto.
“It has been the failure of western governments to hold Israel to account which means Israel has a 76-year history of oppression and brutal abuse of Palestinians.”
“Today Israel is running riot across the Middle East because it has never been held to account for 76 years of flagrant breaches of international law,” says Minto.
“The motion passed by Christchurch City today helps to end Israeli impunity for war crimes” (Building settlements on occupied land belonging to others is a war crime under international law)
“The motion is a small but significant step in sanctioning Israel. Many more steps must follow”.
“We are particularly pleased the council rejected the red herrings and obfuscations of New Zealand Jewish Council spokesperson Ben Kepes who urged councillors to reject the motion”
“Mr Kepes presentation was a repetition of the tired, old arguments used by white South Africans to avoid accountability for their apartheid policies last century – policies which are mirrored in Israel today”
Before the vote PSNA National Chair John Minto and University of Canterbury lecturer Josephine Varghese spoke in favour of the motion backed by a packed public gallery displaying a “Stop the genocide” banner.
“It would be nice to think the government would pick up resolution 2334 and show leadership in sanctioning Israel rather than leaving it to local bodies”
Samsung Electronics today announced the launch of its Generative Wallpaper feature for the 2024 Neo QLED and QLED models, powered by Tizen OS. This new feature leverages AI to create custom 4K images that enhance the TV’s display, offering users a unique way to personalize their viewing experience.
“Generative Wallpaper brings a new dimension of personalization to our customers’ screens, allowing them to customize their TVs in a way that truly reflects their style,” said Cheolgi Kim, Executive Vice President of the Visual Display Business at Samsung Electronics. “As we continue to push the boundaries of AI technology, we look forward to transforming the home entertainment experience and evolving how users interact with their screens.”
Through Generative Wallpaper, Samsung will deliver high-quality visuals that seamlessly integrate with home décor and creating a welcoming and immersive atmosphere. The feature will be available through Samsung’s Ambient Mode, which transforms the TV into a canvas for curated visuals, including useful information like weather updates, news and time. To access the feature, users can simply navigate to the ‘Ambient Mode’ menu, select the button and choose from themes such as ‘Happy Holiday’ or ‘Party.’ Samsung’s advanced AI then provides stunning 4K visuals that harmonize with the user’s home environment.
Generative Wallpaper will debut this month in South Korea, North America and Europe, with a global rollout planned for 2025.
As we transition into summer, it’s important to understand how our bodies respond to seasonal changes—both voluntary and involuntary. These shifts can happen to anyone, but the good news is that regular exercise can play a crucial role in managing these changes.
Whether you’re looking to boost muscle tone, shed excess weight, or simply feel your best, staying active is the key to unlocking your summer fitness goals.
Recent studies indicate that seasonal changes impact body composition, particularly in relation to lean mass (LM), fat mass (FM), and overall body conditioning.
Research published in BMC Sports Science, Medicine and Rehabilitation, highlights how seasonal transitions from cooler to warmer months bring about changes in body composition, particularly in the distribution of fat and muscle.
During this time individuals, specifically those that have an established exercise routine, often experience shifts in body mass, bone density, and muscle development. While the focus has often been on elite athletes, this research provides valuable insights for anyone looking to optimise their health and fitness goals heading into summer.
In addition to regular exercise, staying properly hydrated is essential for maintaining peak performance and body composition during the summer months.
Recent research published in Nutrients Journal emphasises the importance of a targeted hydration strategy, particularly in these warmer conditions, to prevent dehydration and enhance physical performance.
Studies show that individuals who follow a personalised hydration plan are better able to maintain fluid balance, avoid excessive sodium loss, and reduce the perception of thirst and physical effort during high-intensity workouts.
Lean Mass Increases: The transition from cooler to warmer months can lead to an increase in lean muscle mass, especially with regular strength and conditioning exercises.
Fat Mass Maintenance: Consistent exercise during warmer months can help manage body fat.
Bone Density Boost: Increased physical activity during summer, particularly weight-bearing exercises, can improve bone mineral density.
Hydration: Water and sodium are critical in the warmer months. Commercially available electrolyte drinks can suffice for maintaining hydration.
ExerciseNZ highlights the importance of making the most of the lead-up to summer by staying active and well-hydrated.
Whether it’s hitting the gym for strength training, swimming, or taking a walk around your neighbourhood, summer provides the perfect opportunity to boost your fitness, enhance body composition, and also improve mental health through exercise.
By embracing a healthy lifestyle and regular exercise, Kiwis across Aotearoa can enjoy the benefits of lean muscle growth, better bone health, and overall well-being.
Drivers need to be ready for roadworks State Highway 6 – Kohatu-Kawatiri, with road reconstruction due to begin next week.
Contractors will be on the job near Tunnicliff Bridge, between Motupiko and Korere, for six weeks beginning Monday, 29 October. The work will continue through to Friday, 6 December.
The highway’s pavement has reached the end of its life, and contractor will be carrying out long-term repairs to the road.
For the first three weeks (29 October to 15 November) the work will be carried out during the day from Monday to Friday under stop/go traffic controls. Drivers will need to factor in around 15-minute delays through the area.
Between 18 and 29 November, the highway will be closed during the day between Motupiko and Korere due to the narrowness of the Tunnicliffe Bridge section of the road. A local road detour will be available during this time, but drivers must allow an extra 20 minutes of travel time.
From 2 to 6 December, the site will return to daytime stop/go as road crews tidy up and disestablish the site.
Temporary speed limits will be in place while the repairs are underway. It is essential all road users follow them – they are there to keep drivers and workers safe, and also to protect newly laid road surfaces from damage.
Every effort is being made to minimise disruption for the public, with the work timed to begin after Labour Weekend be complete before the busy Christmas holiday season. It ensures the road will be roadwork-free when traffic is at its busiest.
Access through the closure zone will be available to residents, businesses, and emergency services.
Works Schedule:
Work is from Tuesday, 29 October, to Friday, 6 December 2024.
Working hours: 7:00 am to 5.30 pm, Monday to Friday (no night-time or weekend work).
Stop/go controls and a reduced temporary speed limit in place from Tuesday, 29 October, to Friday 15 November. Expect delays of up to 15 minutes.
Full road closure in place from Monday, 18 November, to Friday, 29 November between Motupiko and Korere.
Detour via Korere-Tophouse Rd, Kerr Hill Rd, Stock Rd, and Wai-iti Valley Rd. Traffic lights and 30km/hr speed restrictions will be in place at Jansens Bridge on Kerr Hill Rd. The detour is suitable for all vehicles but approval for permitted vehicles (e.g. O/W or HPMV) will be required from Tasman District Council.
Allow an extra 20-minutes travel time for your journey.
The site will reopen outside work hours under a reduced temporary speed limit.
Traffic management will remain in place during weekends and nights (between 5.30 PM and 7:00 AM Monday to Friday).
Access through the works zone will be available for residents, businesses, and emergency services.
From Monday, 2 December to Friday, 6 December the site will return to stop/go and a reduced temporary speed limit between 7.00 am and 5.30 pm to allow crews to tidy up and disestablish the site.
Drivers need to be aware other summer maintenance and resilience works are happening around the region including on State Highway 6 between Nelson and West Coast. Drivers should check road conditions before they travel as knowing when and where roadworks are happening means you can time your travel to avoid them or allow extra time for your trip.
Whenever you come to a worksite, remember that our road workers are doing their best to complete their work and keep you moving. Please be respectful and follow their advice and instructions.
People who drive between Akaroa and Little River on SH75 might like to diarise some night work coming up between Little River and Barrys Bay, says NZ Transport Agency Waka Kotahi (NZTA).
Work on the Akaroa side of Hilltop gets underway next Tuesday night, 29 October, after Labour Weekend, from 9 pm at night to 5 am the next day. The resurfacing work, taking a fortnight, runs through to the morning of Tuesday, 12 November.
Detour for light vehicles and general access trucks only
There is a detour via the higher Summit Road, Duvauchelle Stock Route and Pigeon Bay Road (towards Akaroa – reverse for traffic going to Little River) while this work is happening, for light vehicles and trucks – under 46 Tonne only. However, please note this is a winding and steep route.
Work with no detour
There is work on the Christchurch/Little River side of Hilltop also over two nights which has no detour route. This involves renewing the asphalt along this winding route from the base of the hill at Puaha up to Hilltop.
Tuesday and Wednesday nights into Thursday morning (12, 13, 14 November) are the dates, 9 pm to 5 am.
Access will only be considered for essential light vehicle travel with prior coordination with the construction team, and for emergency services. No heavy vehicle access will be possible on these nights. (Email southernlink@downer.co.nz for essential access permissions.)
Daytimes will be busy also going to and from Akaroa
With summer maintenance work well underway in Canterbury, expect to see sealing teams and repair crews out and about. On the Akaroa highway in particular, expect to see in the weeks ahead:
Hilltop guardrail project road surface remedial work
Christchurch City Council side road reseals – possible delays at intersections with SH75 eg Wainui Main Road.
NZTA thanks all road users for building in extra time on these routes and avoiding SH75 on the nights of major reseals and asphalting.
This highway reconstruction work was first indicated to start 1 November with a full road closure.
It is now likely to start Monday, 11 November, under Stop/Go traffic management leading into Christmas, says NZ Transport Agency Waka Kotahi (NZTA).
More work will start in the New Year which may require a full traffic closure through the Waimate Gorge. Fewer days will be affected by the full closure than originally stated, and a detour is proposed for traffic onto High St Waimate, McNamaras Road, SH1, Old Ferry Road and Ikawai Middle Road. (See green line below). This detour will add 12 km to the Waimate Gorge route and add nine minutes to the trip. The detour is suitable for 50MAX vehicles.
Fakaalofa lahi atu – and my very warmest Pacific greetings.
I’d like to specifically acknowledge: Prime Minister Tagelagi; Prime Minister Mark Brown of the Cook Islands; Alapati Tavite, Ulu of Tokelau; President Williame Katonivere of Fiji; Ministers and Members of Parliament of Niue; and Members of the Diplomatic Corps.
Thank you, Prime Minister Tagelagi for inviting Richard and me to join leaders of our ‘Realm family’ and members of the Diplomatic Corps in celebrating this year’s Constitution Day, marking the 50th year of self-government and enduring freedom of association with New Zealand.
I am honoured to represent His Majesty King Charles III, our Head of State of the Realm of New Zealand, and affirm his best wishes to you all on this very special day for Niue.
I also wish to convey warmest congratulations from the nearly 31,000 New Zealanders who regard Niue as home. You will be aware of the great pride they take in their distinctive culture, language and traditions, and the strength of their connections to Niue.
I’m sure those who witnessed that historic moment fifty years ago, on the 19th of October 1974, would be delighted to see what has been achieved in the intervening years: the upgraded roads and airport, the growth of tourism with Matavai Resort and other outstanding new accommodation options, the sea tracks, Niue Development Bank, new government buildings, a supermarket complex, and Millenium Hall.
Similarly, I hope they would applaud the emphasis on sustainability and the protection of biodiversity, the establishment of a maritime protection area, and modernised waste management systems.
I hope they would also be pleased to see Niue’s connections to the world, enabled by jet travel and internet access. I’m sure they would be astonished and delighted to see the growth of media and educational opportunities, solar power, electronic banking, an emergency operations centre, and the facilities of a truly modern hospital.
I was pleased to learn how closely Niue and New Zealand worked to minimise the impact of COVID-19, and I wish to congratulate Prime Minister Tagelagi and everyone involved in keeping the people of Niue safe.
Nationhood is necessarily an ongoing project, based on a shared understanding of identity, values, and culture.
All Niueans contribute to this vision, whether they be Assembly Members, Ministers of Cabinet, the Speakers of the Fale Fono, the Public Service Commissioners, Secretaries of Government, the Judges and Judiciary, Niue’s High Commissioners in New Zealand, the Public Service, educators, the keepers of traditional knowledge and crafts, or artists, composers and cultural performers. So too do those Niueans engaged in fishing, growing crops, joining in community and church activities, and hosting tourists – as well as tupuna and spiritual leaders providing wise guidance and counsel across communities.
I commend the people of Niue for working to sustain and transfer their cultural heritage and traditions. Showdays and Taoga Festivals have brought villages together with the Niuean diaspora to celebrate community, tradition and whanaungatanga. It must be gratifying to see Niueans born in New Zealand choosing to live here, and renew their ties with their culture and history.
Since 1974, New Zealand has been proud to be Niue’s Constitutional partner, with responsibilities to provide necessary administrative support. The bonds between our two nations have flourished, nurtured by our shared history, language, culture and citizenship.
The people-to-people links, forged through family ties, friendships, and shared experiences, have created a tapestry of interwoven lives between Niue and New Zealand, and Niue and the Pacific.
Today, we are joined by Niueans who have travelled from New Zealand, Australia and beyond to be part of these celebrations.
Over these past fifty years, Niue has developed its own network of diplomatic, political, trade and economic relationships – and I acknowledge the support and collaboration of such partners and friends who are with us in celebration today. As Niue continues its journey of growth and development, I pay tribute to those partners who have supported those development aspirations, and your vision of a connected and prosperous Niue.
All of us share in the challenges of our times – particularly climate change – and it is in the absolute interests of all of us to do what is right and what is necessary to build greater resilience and wellbeing for the people of the Pacific.
This special Aho Pulefakamotu is a time for Niueans to celebrate the legacy of your forebears, and to look forward to how you might shape the destiny of your nation.
I wish the people of Niue every success with the challenges and opportunities that lie ahead – strengthened by the executive, legislative and judicial processes established by your Constitution – and secure in the knowledge that you will be supported, as always, by your friends in New Zealand.
Kia moui olaola a Niue. Kia tumau a Niue. Niue ke Monuina. Niue ko Kaina. Niue ki Mua.
Now, onwards to the next 50 glorious years. May God Bless Niue. May God Bless you all. Kia fakamonuina mai he Atua a Niue Fekai.
Fakaalofa lahi atu kia mutolu oti – and my very warmest Pacific greetings to you all.
I’d like to specifically knowledge: Prime Minister Tagelagi and Tanya Tagelagi; Members of the Niue Assembly; Your Excellency Mr Mark Gibb, New Zealand High Commissioner to Niue; Your Excellency Ms Katy Stuart, Australian High Commissioner to Niue; and Members of the Diplomatic Corps.
Tēnā koutou katoa.
As Governor-General of the Realm of New Zealand, representing His Majesty King Charles III, as well as the Government and people of New Zealand, it has been an honour to be here in Niue for this historic occasion – marking fifty years of Niue’s self-government and free association with New Zealand.
Dr Davies and I have welcomed this opportunity be a part of this proud moment in Niuean history, and to reaffirm the depth and special meaning of the relationship between our two countries.
On a fundamental level, of course, ours is a relationship underpinned by those constitutional arrangements decided upon and inaugurated 50 years ago, on the 19th of October 1974.
Of course, in fact, the relationship between our two nations extends back much further than that. We are bound by our whakapapa – our common ancestors – who, hundreds of years ago, guided by the stars, the winds and the currents, navigated their way across Te Moana-nui-a-kiwa with immense courage and skill.
New Zealand and Niue share Polynesian histories and stories with their origins in those great voyages, as well as the many precious ties of whānau – of family – strengthened over successive generations.
As I come to the end of my time here, in this beautiful place – the ‘Rock of the Pacific’ – and reflect upon how it has touched my understanding of the bond between our countries, I find myself returning to ‘whanaungatanga’ – a term in te reo Māori which refers to a sense of sacred ties; of kinship; and of deep and abiding family connections.
As the passing of time naturally alters the relationships within a family, so too the relationship between New Zealand and Niue has naturally evolved over these past fifty years. As one part of that evolution, Niue has developed and nurtured its own diplomatic relationships with countries across the Pacific and around the world.
I’m delighted to see many of those relationships present here this evening, in friendship and support – bringing to mind, as it does, the whakataukī, or proverb: ‘Ehara tāku toa i te toa takitahi, engari takimano, nō āku tīpuna. My strength is not individual it is collective.’
Such kotahitanga, such unity of action, is more important than ever in facing some of the most pressing global issues of our time: climate change, economic security, achieving equitable health and education outcomes. I am confident we will find solutions, but it requires that we do the work, and that we continue to share our knowledge, resources, and wisdom.
I wish to take this opportunity to commend Niue for the work that you’ve done to encourage such collaboration, and the innovation that you’ve shown across areas as broad as food production, renewable energy, and sustainable tourism.
The Niue and Ocean-Wide Trust is a perfect example of your commitment to initiatives whose ethos extends far beyond self-interest, which encourages collective action, and which seeks the greatest possible benefit to our planet and to broader humanity.
As Governor-General, I once again reinforce New Zealand’s commitment to be a friend and partner to Niue in facing the challenges and seizing the opportunities of these coming years.
I finish today by returning to the extraordinary image of those great Polynesian explorers charting their course across the Pacific Ocean. As we leave here, I hope we may all be inspired by the example of those early pathfinders – to be courageous in our actions as in our words, to live with deep care and respect for the natural world, and to work together, in the abiding spirit of whanaungatanga and kotahitanga, to seek a positive future for all.
MIL OSI Translation. French Polynesian to English –
Source: Government of New Caledonia
On October 17, 21 and 22, the government organized a major conference at the Tjibaou cultural center devoted to the community-led plan for safeguarding, rebuilding and reconstruction (PS2R). Three days during which the government was able to present its vision and measures and discuss with the stakeholders present.
Following the riots that broke out on 13 May 2024, New Caledonia finds itself in an extremely difficult financial, economic and social situation. In this context, the members of the 17th government wanted to put in place a plan for safeguarding, rebuilding and reconstruction, “three concepts that reflect the depth and intensity of the questions that are shaking our country, as we go through a particularly difficult period”, as Louis Mapou indicated during his opening speech on Thursday 17 October.
The PS2R will make it possible to organise short-term safeguard measures, to define in the medium term the major principles on which the future Caledonian model will be based and to identify, for the long term, the priority avenues for reconstruction. It represents “a crucial step for the future of New Caledonia”, according to the President of the Government.
Findings on the current model
In an effort to make the PS2R a concerted and shared approach, the government initiated a series of meetings with institutions, communities, unions, employer organizations, economic stakeholders and civil society before its conference in order to gather their opinions and proposals. An online public consultation was also launched and received approximately 3,000 responses.
This work allowed, in a first step, to make observations on the current models at the economic, health-social, institutional and societal levels. A methodology aimed at having a solid basis for a successful overhaul and to avoid repeating the mistakes of the past.
Building on core values
To achieve these objectives, the government also intends to rely on fundamental values, which are essential for rebuilding the Caledonian model and which must be translated as principles that could constitute the guiding principles of our collective investment:
Kindness and solidarity because it is necessary to provide for the needs of the population in this difficult context and to strengthen social cohesion and community ties. The proximity of public action, to guarantee transparent and effective management of the country’s affairs. But above all because these events have revealed a significant gap between the expression of needs by a large category of the population, particularly Kanak youth, and public action. Complementarity rather than competition, particularly in the management of public affairs, in order to maximize synergies and avoid divisions. Ethics and integrity in governance, in order to restore citizens’ confidence in their institutions.
Values that have made it possible to identify the four pillars on which the re-establishment of the Caledonian model will be based. “These pillars are self-evident to be addressed in this trajectory that we are establishing over three years,” affirmed Louis Mapou.
The first pillar concerns the concept of “living together” which must be the primary, central and collective ambition of New Caledonia. It is based on a common foundation: belonging to this country and the desire to give it its own unique identity. The second pillar concerns our economic model and the desire to make it competitive and attractive by highlighting the wealth of New Caledonia. The third pillar is the social pillar which today needs to be rethought in order to perpetuate the health and social protection systems, so that they can meet the needs of current and future generations. The fourth pillar focuses on the issue of governance with the ambition of making institutions more responsive, more effective and closer to Caledonians.
Clear strategic objectives
In order to work as efficiently as possible, the government has defined, based on the findings and contributions collected, strategic objectives (SO) to be achieved in each model. These objectives will be achieved through concrete measures, some of which are already being considered or implemented.
Business model
OS1 – Preserve decent purchasing power
OS2 – Restore the attractiveness of the territory and the competitiveness of the economy
OS3 – Freeing up financing for the economy
OS4 – Adapting land use planning and infrastructure to the needs of the population
OS5 – Redefining the nickel industry model
OS6 – Major infrastructure works
Health and social model
OS7 – Make the Caledonian health system viable and efficient
OS8 – Controlling social protection expenditure
OS9 – Strengthening family policy
Institutional model
OS10 – Making public action more efficient
OS11 – Optimize the distribution of skills
OS12 – Promoting the expression and representation of civil society
Societal model
OS13 – Build an identity based on common and shared values and practices and reinforced by a sense of belonging to New Caledonia
OS14 – Adapting education, training and integration to the contemporary context
OS15 – Protect and enhance natural resources
OS16 – Preventing and adapting to climate change
The prospects of PS2R
The day after the conference dedicated to the plan, the government intends to publish a booklet incorporating all the observations noted during this unifying event. It also plans to travel to the three provinces to present the plan to the population, who “must absolutely take ownership of it”, as President Louis Mapou insisted.
It is also envisaged to annex the PS2R to the budget orientation debate for the year 2025, which will allow in particular to develop a series of prospective scenarios for the next three years. Furthermore, the government plans to begin discussions in order to set up a State support agreement, on the basis of the PS2R, in order to ensure that the necessary measures can actually be put in place.
The implementation of the PS2R will be subject to regular monitoring by the interinstitutional committee and the committee of vital forces.
EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.
Scurvy is is often considered a historical ailment, conjuring images of sailors on long sea voyages suffering from a lack of fresh fruit and vegetables.
Yet doctors in developed countries have recently reported treating cases of scurvy, including Australian doctors who reported their findings today in the journal BMJ Case Reports.
What is scurvy?
Scurvy is a disease caused by a severe deficiency of vitamin C (ascorbic acid), which is essential for the production of collagen. This protein helps maintain the health of skin, blood vessels, bones and connective tissue.
Without enough vitamin C, the body cannot properly repair tissues, heal wounds, or fight infections. This can lead to a range of symptoms including:
fatigue and weakness
swollen, bleeding gums or loose teeth
joint and muscle pain and tenderness
bruising easily
dry, rough or discoloured skin (reddish or purple spots due to bleeding under the skin)
cuts and sores take longer to heal
anaemia (a shortage of red blood cells, leading to further fatigue and weakness)
increased susceptibility to infections.
It historically affected sailors
Scurvy was common from the 15th to 18th centuries, when naval sailors and other explorers lived on rations or went without fresh food for long periods. You might have heard some of these milestones in the history of the disease:
in 1497-1499, Vasco da Gama’s crew suffered severely from scurvy during their expedition to India, with a large portion of the crew dying from it
from the 16th to 18th centuries, scurvy was rampant among European navies and explorers, affecting notable figures such as Ferdinand Magellan and Sir Francis Drake. It was considered one of the greatest threats to sailors’ health during long voyages
in 1747, British naval surgeon James Lind is thought to have conducted one of the first clinical trials, demonstrating that citrus fruit could prevent and cure scurvy. However, it took several decades for his findings to be widely implemented
In the new case report, doctors in Western Australia reported treating a middle-aged man with the condition. In a separate case report, doctors in Canada reported treating a 65-year old woman.
There’s an abundance of vitamin C in our food supply, but some people still aren’t getting enough. Rebecca Kate/Pexels
Both patients presented with leg weakness and compromised skin, yet the doctors didn’t initially consider scurvy. This was based on the premise that there is abundant vitamin C in our modern food supply, so deficiency should not occur.
On both occasions, treatment with high doses of vitamin C (1,000mg per day for at least seven days) resulted in improvements in symptoms and eventually a full recovery.
The authors of both case reports are concerned that if scurvy is left untreated, it could lead to inflamed blood vessels (vasculitis) and potentially cause fatal bleeding.
Last year, a major New South Wales hospital undertook a chart review, where patient records are reviewed to answer research questions.
This found vitamin C deficiency was common. More than 50% of patients who had their vitamin C levels tested had either a modest deficiency (29.9%) or significant deficiency (24.5%). Deficiencies were more common among patients from rural and lower socioeconomic areas.
Now clinicians are urged to consider vitamin C deficiency and scurvy as a potential diagnosis and involve the support of a dietitian.
Why might scurvy be re-emerging?
Sourcing and consuming nutritious foods with sufficient vitamin C is unfortunately still an issue for some people. Factors that increase the risk of vitamin C deficiency include:
poor diet. People with restricted diets – due to poverty, food insecurity or dietary choices – may not get enough vitamin C. This includes those who rely heavily on processed, nutrient-poor foods rather than fresh produce
food deserts. In areas where access to fresh, affordable fruits and vegetables is limited (often referred to as food deserts), people may unintentionally suffer from a vitamin C deficiency. In some parts of developing countries such as India, lack of access to fresh food is recognised as a risk for scurvy
the cost-of-living crisis. With greater numbers of people unable to pay for fresh produce, people who limit their intake of fruits and vegetables may develop nutrient deficiencies, including scurvy
Capsicums are a good source of vitamin D but they’re not cheap. Pexels/Jack Sparrow
weight loss procedures and medications. Restricted dietary intake due to weight loss surgery or weight loss medications may lead to nutrient deficiencies, such as in this case report of scurvy from Denmark
mental illness and eating disorders. Conditions such as depression and anorexia nervosa can lead to severely restricted diets, increasing the risk of scurvy, such as in this case report from 2020 in Canada
isolation. Older adults, especially those who live alone or in nursing homes, may have difficulty preparing balanced meals with sufficient vitamin C
certain medical conditions. People with digestive disorders, malabsorption issues, or those on restrictive medical diets (due to severe allergies or intolerances) can develop scurvy if they are unable to absorb or consume enough vitamin C.
How much vitamin C do we need?
Australia’s dietary guidelines recommend adults consume 45mg of vitamin C (higher if pregnant or breastfeeding) each day. This is roughly the amount found in half an orange or half a cup of strawberries.
When more vitamin C is consumed than required, excess amounts leave the body through urine.
Signs of scurvy can appear as early as a month after a daily intake of less than 10 mg of vitamin C.
Eating vitamin C-rich foods – such as oranges, strawberries, kiwifruit, plums, pineapple, mango, capsicum, broccoli and Brussels sprouts – can resolve symptoms within a few weeks.
Vitamin C is also readily available as a supplement if there are reasons why intake through food may be compromised. Typically, the supplements contain 1,000mg per tablet, and the recommended upper limit for daily Vitamin C intake is 2,000mg.
Lauren Ball receives funding from the National Health and Medical Research Council, Queensland Health and Mater Misericordia. She is a Director of Dietitians Australia, a Director of Food Standards Australia and New Zealand, a Director of the Darling Downs and West Moreton Primary Health Network and an Associate Member of the Australian Academy of Health and Medical Sciences.
Source: Hong Kong Government special administrative region
Following is the speech by the Financial Secretary, Mr Paul Chan, at the Bloomberg Global Regulatory Forum in New York, yesterday (October 22, New York time): Mike (Founder of Bloomberg L.P. & Bloomberg Philanthropies, Mr Michael Bloomberg), Mr Cotzias (Global Head of External Relations of Bloomberg, Mr Constantin Cotzias), distinguished guests, ladies and gentlemen, Good afternoon. I’m pleased to be here, in New York City, in fall. And delighted to hear that baseball, more than politics, is still the talk of the town. Well, baseball and finance. For that, for hosting today’s Global Regulatory Forum, for consistently driving high-powered discussion on the future of global finance, my thanks to Bloomberg. Last year’s Forum took place for the first time in Hong Kong, when we discussed how to navigate complexity and unlock opportunities. A year on, many things in the financial world have changed, and I’m pleased to bring you some positive updates about our city.Hong Kong: strong fundamentals Despite several challenging years, from social violence to the pandemic, Hong Kong is back, back once again with a stable, welcoming and promising business environment. Our strong fundamentals continue to be internationally recognised. Hong Kong ranks once again among the top three global financial centres, behind only New York and London. Canada’s Fraser Institute has again ranked Hong Kong the world’s freest economy. The International Monetary Fund and credit-rating agencies have reaffirmed Hong Kong’s institutional framework, our quality regulation and economic and financial resilience. These commendations are echoed by the global investor community. Total banking deposits in Hong Kong, for example, have grown 5 per cent, or US$100 billion, this year to date, reaching more than US$2 trillion. Our asset-and-wealth-management sector is also growing. We are managing over US$4 trillion in assets, and over half of that value was sourced from investors outside Hong Kong and the Chinese Mainland. Coupled with easing interest rate cycles and the Mainland’s stimulus package to inject liquidity to the banking sector and provide more support to the real estate sector, our stock market has gone on a rally, rising some 15 per cent in the past month or so. From late September to early October, we have seen strong net buys from American and European investors, constituting some 85 per cent of the buy side by value. And 90 per cent of those investors are long-term fund managers and investment banks. International investors have good reason to be confident in Hong Kong. Our singular “one country, two systems” arrangement is here to stay, here for the long term. That clear and compelling commitment has been reiterated, time and again, by President Xi Jinping. Indeed, the arrangement was designed not for short-term expediency but for the long-term interests of our country. It is clear that the Mainland is fully embracing high-level opening up, evident in the conclusions of state and party meetings in Beijing in the past year or so. The Mainland will support Hong Kong in remaining as a “super connector”, to assist in realising the country’s vision. We can, and will, continue to do just that, thanks to the advantages that define Hong Kong’s international character: our common law tradition, a judiciary that exercises powers independently; the free flow of goods, capital, talent and information; a currency pegged to the US dollar; and business practices that align with the best international standards. For so long, we have built our success as an international financial, trade and shipping centre on these merits, and they will continue to underpin Hong Kong’s development in the future. Robust financial regulation But still, Hong Kong is a small, fully open and externally-oriented economy. That means we are prone to external shocks and volatility. The trials and tribulations in the Asian Financial Crisis in 1998, the Global Financial Crisis of 2008, and the market squeeze during the onset of the COVID pandemic, are good lessons to learn. Each time we weathered a crisis, we grew more resilient, but the take home message for us is clear: first, we need to identify systemic weaknesses and vulnerabilities, and address them. Second, establish multi-sectoral risk detection and monitoring systems to raise alarm against potential crises. Third, build in a strong buffer to allow us to respond to the unknowns. This is particularly valid for Hong Kong which implements a linked exchange rate system. Hong Kong dollar is pegged to the US dollar, and therefore we must have sufficient monetary depth to enforce our convertibility undertakings and defend our currency board system. To ensure we have ample liquidity as we need it, we have a foreign exchange reserve of more than US$420 billion at our disposal. In light of rising geopolitical and economic challenges, we’ve established a high-level, cross-market, co-ordinated and round-the-clock monitoring mechanism. It covers all sectors of the financial market and gathers all financial regulators, allowing us to detect looming risks. I’m glad to report that over the past few years, our financial markets have been functioning in an orderly manner, despite volatility that might appear from time to time. The role of regulators in market development Good regulation, of course, is only half the story. For the ultimate goal of regulation is to promote the healthy and sustainable development of the financial market. Good market development, in my view, is equally important, and it is the best means to future-proof our financial systems. This requires the regulatory regime be agile and forward-looking. This requires the regime to respond to market and economic changes, embrace and empower technological innovation, and create the conditions for markets to thrive. It’s why in Hong Kong, regulators have been given a dual mandate, serving both as regulators and market enablers. Our listing regime reform is a good case in point. Back in 2018, the Government and the financial regulators made bold decisions to allow pre-profit or pre-revenue biotech companies, and new economy companies with weighted voting rights structures, to list on our stock exchange. The idea was met with doubt initially. But today the facts speak for themselves: new economy companies constitute only 13 per cent of the total number of listed companies, but their capitalisation accounts for 26 per cent. These reforms have not only broadened our market’s appeal but also put Hong Kong as a leading listing hub for innovative enterprises. Reform is an ongoing process. For instance, last year we introduced a new Chapter in our listing rules to facilitate the listing of specialist technology companies. Looking ahead, two key areas will be vital for Hong Kong’s financial future: enhancing our financial connectivity with the world, and embracing innovation.Enhancing Connectivity Connectivity has always been the trump card of Hong Kong – although “trump” may be a word that you may now love or hate. For long, we have been the premier listing platform for Mainland companies going global. The launch of the “Stock Connect” 10 years ago was a landmark in forging close connectivity between the two markets. Its very significance was to allow foreign investors to make use of the Hong Kong Stock Exchange, and all the regimes, regulation and practices with which they are familiar, to access the Mainland’s stock market. Today, over 70 per cent of the A-share holdings by foreign investors were acquired through the Stock Connect. The Scheme has been continuously expanding, now covering bonds, ETFs, derivatives such as swap contracts. Just in April this year, the China Securities Regulatory Commission announced four further measures to expand the Connect Schemes, including enlarging the scope of ETFs Connect, covering REITs in Stock Connect, and more. Meanwhile, it also made clear that they will support leading Mainland companies to list on the Hong Kong Stock Exchange. Obviously our IPO market has seen a rebound. In the first nine months this year, we raised more than US$7.1 billion, ranking fourth globally thus far. Looking ahead, Hong Kong is also strengthening connections with other markets in the ASEAN countries, the Middle East and the Belt and Road countries. For instance, next week, we will be seeing the launch of two ETFs on the Saudi Stock Exchange investing in the Hong Kong Stock market. So Hong Kong’s role as a connector of markets will only grow stronger. And with this, our financial regulators will continue to make it their strategic priorities to enhance collaboration with regulatory counterparts for timely and effective responses. Embracing innovation Ladies and gentlemen, another area essential to our future is innovation. In Hong Kong, we’re taking a balanced regulatory approach to enable financial innovation. For example, last year, we introduced a regulatory regime for digital assets, along the principle of “same activity, same risks, same regulation”. The key feature is to put in place guardrails for investor protection, while enabling financial innovation to thrive in a responsible and sustainable manner. So far, three firms have been issued with virtual asset trading platform licences, and we are expecting more in the next couple of months. Besides, legislation will be introduced later this year for the regulation of stablecoins. Then there’s also AI (artificial intelligence), which is reshaping the financial services industry, driving new products and services that enhance efficiency, security and customer experience. Like blockchain and other new technologies, we must address the potential challenges of AI, such as cybersecurity, data privacy and the protection of intellectual property rights. To that end, we will publish a policy statement next week. We will work to provide a clear supervisory framework and create a conducive and sustainable market environment. Concluding remarks Ladies and gentlemen, alongside changing global financial landscape comes far-reaching opportunity. Judging from Hong Kong’s experience, capturing such opportunities calls for the mentality of policy makers to focus not just on regulation compliance but also market development. For some, this may require a paradigm shift. But in our view, it will be an essential path to future-proof our financial markets, ensuring their long-term sustainable growth. Finally, I wish to convey my thanks again to Bloomberg for inviting me to this Forum. I wish you all the best of business and health in the coming year. Thank you.
Source: New South Wales Department of Primary Industries
23 Oct 2024
In a world-first development for biosecurity management, the NSW Department of Primary Industries and Regional Development (DPIRD) has used a new rapid DNA sequencing technology which can speed up data analysis of pests, weeds and diseases.
The technique could change how we monitor and manage diseases and pests at national and international levels to ensure the safety of our food supplies and the protection of our environment.
NSW DPIRD scientists first used the innovative approach to accelerate species identification rates during the NSW varroa mite emergency response.
NSW DPIRD biosecurity molecular epidemiologist, Daniel Bogema, said rapid and accurate identification of the species as Varroa destructor was critical.
“The technology delivered sharper insights for surveillance and tracking during the early stages of the biosecurity operation and streamlined the process by isolating longer fragments of varroa DNA using an advanced gene editing technique called CRISPR,” Dr Bogema said.
“Our team at the Elizabeth Macarthur Agricultural Institute (EMAI) was able to sequence DNA in a Nanopore sequencer, a portable device which can be used in the field.
“Time is critical in an emergency response and the new technique delivered 12 times more data in a 24-hour period compared with conventional PCR methods.”
This valuable investment in research and new technology allows NSW DPIRD to continue to deliver state-of-the-art diagnostic services to support primary industries.
The rapid genetic diagnostic methods developed by the team can be used to monitor and identify any number of pests, weeds or diseases.
NSW DPIRD scientist, Gus McFarlane, said the EMAI team sees broad applications for the technique in the ongoing management and surveillance of biosecurity and food safety threats.
“This technique is simpler and quicker to design and validate than current multiplexed PCR tests and is now being used to study cattle diseases,” Dr McFarlane said.
“NSW DPIRD’s findings contribute valuable insights to the future development of CRISPR-targeted Nanopore sequencing.”
The Ocean Declaration that will be agreed upon at the Commonwealth Heads of Government Meeting (CHOGM) this week will be known as the Apia Ocean Declaration.
In an exclusive interview with the Samoa Observer, Commonwealth Secretary-General Patricia Scotland said members were in a unique position to bring their voices together for the oceans, which have long been neglected.
“The Apia Ocean Declaration aims to address the rising threats to our ocean faces, especially from climate change and rising sea levels,” she said.
Commonwealth pushes for ocean protection with historic Apia Ocean Declaration. Video: Samoa Observer
Scotland, reflecting on her tenure as Secretary-General, noted the privilege of serving the Commonwealth, a diverse family of 56 countries comprising 2.7 billion people.
“I am very much the child of the Commonwealth. With 60 percent of our population under 30 years, we must prioritise their future.”
Scotland reflected that upon assuming her role, she recognised immediately that addressing climate change would be a key priority for the Commonwealth.
“Why? Because we have 33 small states, 25 small island states and we were the ones who were really suffering this badly,” she said.
Pacific a ‘big blue ocean state’ “We also knew in 2016 that nobody was looking at the oceans. Now, the Pacific is a big blue ocean state.
“But it’s one of the most under-resourced elements that we have. And yet, look at what was happening. The hurricanes and the cyclones were getting bigger and bigger.
“Why? Because our ocean had absorbed so much of the heat, so much of the carbon, and now it was starting to become saturated. So before, our ocean acted as a coolant. The cyclone would come, the hurricane would come, they’d pass over our cool blue water, and the heat would be drawn out.”
The Apia Ocean Declaration emerged from a pressing need to protect the oceans, especially given the devastating impact of climate change on coastal and island nations.
“We realised that while many discussions were happening globally, the oceans were often overlooked,” Scotland remarked.
“In 2016, we recognised the necessity for collective action. Our oceans absorb much of the carbon and heat, leading to increasingly severe hurricanes and cyclones.”
Scotland has spearheaded initiatives that brought together oceanographers, climatologists, and various stakeholders.
Commonwealth Secretary-General Patricia Scotland . . . discussing this week’s planned Apia Ocean Declaration at CHOGM, highlighting the urgent need for global action to protect oceans. Image: Junior S. Ami/Samoa Observer
Worked in silos ‘for too long’ “We worked in silos for too long. It was time to unite our efforts for the ocean’s health.
“That’s when we realised that nobody had their eye on our oceans, but of the 56 Commonwealth members, many of us are island states, so our whole life is dependent on our ocean. And so that’s when the fight back happened.”
This collaboration resulted in the establishment of the Commonwealth Blue Charter, a significant framework focused on ocean conservation.
“Fiji’s presidency at the UN Oceans Conference was a turning point. Critics said it would take years to establish an ocean instrument, but we achieved it in less than ten months.”
“We are not just talking; we are implementing solutions.”
Scotland also addressed the financial challenges faced by many small island states, particularly regarding climate funding.
“In 2009, $100 billion was promised by those who had been primarily responsible for the climate crisis, to help those of us who contributed almost nothing to get over the hump.
Hard for finance applications “But the money wasn’t coming. And in those days, many of our members found it so hard to put those applications together.”
To combat this issue, the Commonwealth established a Climate Finance Access Hub, facilitating over $365 million in funding for member states with another $500 million in the pipeline.
“But this has caused us to say we have to go further,” she added.
“We’re using geospatial data, we have to fill in the gaps for our members who don’t have the data, so we can look at what has happened in the past, what may happen in the future, and now we have AI to help us do the simulators.
“The Ocean Ministers’ Conference highlighted the importance of ensuring that countries at risk of disappearing under the waves can maintain their maritime jurisdiction,” Scotland asserted.
“The thing that we thought was so important is that those countries threatened with the rising of the sea, which could take away their whole island, don’t have certainty in terms of that jurisdiction. What will happen if our islands drop below the sea level?
“And we wanted our member states to be confident that if they had settled their marine boundaries, that jurisdiction would be set in perpetuity. Because that was the biggest guarantee; I may lose my land, but please don’t tell me I’m going to lose my ocean too.
Target an ocean declaration “So that was the target for the Ocean Ministers’ Conference. And out of that came the idea that we would have an ocean declaration.
“It is that ocean declaration that we are bringing here to Samoa. And the whole poignancy of that is Samoa is the first small island state in the Pacific ever to host CHOGM. So wouldn’t it be beautiful if out of this big blue ocean state, this wonderful Pacific state, we could get an ocean declaration which could in the future be able to be known as the Apia Ocean Declaration? Because we would really mark what we’re doing here.
“What the Commonwealth has been determined to do throughout this whole period is not just talk, but take positive action to help our members not only just to survive, but to thrive.
“And if, which I hope we will, we get an agreement from our 56 states on this ocean declaration, it enables us to put the evidence before everyone, not only to secure what we need, but then to say 0.05 percent of the money is not enough to save our oceans.
“Oceans are the most underfunded area.
“I hope that all the work we’ve done on the Universal Vulnerability Index, on the nature of the vulnerability for our members, will be able to justify proper money, proper resources being put in.
“And you know what’s happening in this area; our fishermen are under threat.
“Our ability to use the oceans in the way we’ve used for millennia to feed our people, support our people, is really under threat. So this CHOGM is our fight back.”
As the meeting progresses, the emphasis remains on achieving consensus among the 56 member states regarding the Apia Ocean Declaration.
Republished from the Samoa Observer with permission.
Australia now has a government and parliament wanting timely transition to net zero. We have a government and parliament wanting to build Australia as the renewable energy superpower of the zero-carbon world economy. For the time being, we have favourable international settings for using our opportunity.
The government of Australia has embraced this superpower narrative, taken some big steps towards supporting its emergence, and articulated sound principles for guiding further policy development.
But Australians in business and the community wanting to make large efforts to turn opportunity into reality find themselves in a tangle of policy uncertainty and contradiction.
The source of the problem is the abolition of carbon pricing in 2014. Since then, the Commonwealth government has worked within constraints that rule out success.
We can make a start towards net zero and becoming a renewable energy superpower without moving the constraints, but we can’t get far. This is a problem for any government of Australia, and not only for the current Labor government. We will not rise sustainably out of the post-pandemic dog days until we get energy policy right.
Striking the right balance
Striking the right balance between state intervention and market exchange is always essential for successful economic development, in all places.
The market generally delivers goods and services more cost-effectively than the state where there is genuine competition among suppliers and purchasers of goods and services.
The difference is especially large and important at a time of structural change and uncertainty. State decisions inevitably tend towards continuation on established paths and slow response to new opportunities.
Australia will not make use of more than a small fraction of the superpower opportunities available to it without immense contributions from an innovative, competitive private business sector.
So we have to design energy and related markets that provide the widest possible scope for competition among enterprises within clear rules understood in advance of investment decisions by all market participants.
The state has to do well the things that only the state can do. Because government capacity is a finite resource, it is much more likely that it will do the essential things well if it doesn’t try to do the things that markets do well.
The state must define the boundaries between the services that it delivers and those to be delivered by the market.
In the electricity sector, government must take responsibility for design of the market rules and compliance with them. It must provide the natural monopoly services of electricity transmission and hydrogen transportation and storage. It must take ultimate responsibility for system security and reliability.
For any market to work, individual market participants must be blocked by regulation from damaging others through their business decisions, or subject to a tax equal to the costs they impose on others. And they must be rewarded for large benefits that they confer on others.
This is essential economics. Its understatement in Productivity Commission and financial media commentary on energy and climate policy discussion over the past decade reveals the debasement of Australian political culture that gave us the dog days.
It has been politically incorrect to tell the truth out loud.
It’s time for carbon pricing
A crucial element of post-2030 market design is introduction of a green premium for zero-carbon energy.
It is obviously necessary for low-cost decarbonisation and expansion of the electricity sector and building Australia as a renewable energy superpower. The green premium is crucial for securing international market access for the zero-carbon export industries.
One of the dog days constraints on policy is that there should be no mandatory demands on private investors. Those constraints must be broken for the green premium to reflect the social cost of carbon, as it must if we are to achieve net zero by 2050 and build Australia as the renewable energy superpower.
The economically efficient way of achieving the premium is carbon pricing. It would be most efficient within an economy-wide system, although it could be introduced initially for the electricity sector and extended to other industries later.
Investors now need to know soon that there will be a premium reasonably related to the social cost of carbon after the Renewable Energy Target ends in 2030.
What matters for the superpower industries is the green premiums for which they are eligible in other countries. Pending the emergence of appropriate premiums, the Commonwealth is proposing payments from the budget.
That is appropriate. It can get the early movers started. It would be expensive if it continued for long. The superpower industries will grow rapidly if they have access to premiums corresponding to the social cost of carbon. Over time, payments from the Australian budget will be replaced by market premiums in destination countries.
There are several possible forms of carbon pricing. The system operating in Australia from 2012 to 2014 was economically and environmentally efficient.
It would have been linked to the EU Emissions Trading System from July 1 2014 if it had not been abolished the day before. The Australian carbon price would be equal to the European price. We would be introducing a European-type Carbon Border Adjustment Mechanism to ensure that Australian producers were not disadvantaged by competition in the domestic market from suppliers who were not subject to similar carbon constraints. The ETS (emissions trading scheme) would be contributing around 2% of GDP to public revenues – going a substantial part of the way to answering the daunting budget challenge to restoration of Australian prosperity.
Part of that increased revenue could support payments to power users to ensure there was no increase in power prices to users until expansion of renewable generation and storage had brought costs down – along the lines of the A$300 per household introduced in the 2024 budget, but larger.
The arrangements would provide automatic access for zero-carbon Australian goods to the high-priced European market. There would be no need to provide for a green premium for sales to Europe from the Australian market. The green premiums in other markets would at first need to be covered, as they are now, from the Australian public revenue.
A carbon solutions levy
Rod Sims (former chair of the Australian Competition and Consumer Commission) and I have suggested a carbon solutions levy. It is administratively simpler than the ETS. It would initially raise much more revenue.
We propose exemption for coal and gas exports to countries in which Australian zero-carbon exports attract a premium comparable to the EU carbon price, even if it is not generated through an ETS.
We would hope that if the carbon solutions levy were to be introduced from 2030, our major trading partners would by that time have introduced green premiums that justify exemption from the levy for coal and gas exports to those countries.
The European Union would be exempt from the beginning. The Northeast Asian economies are moving towards eventual justification of exemption. China now has a country-wide emissions trading system.
The carbon price in July 2024 is about A$21 per tonne, having increased by 50% since early in the year. The price is expected to continue rising until it is playing a major role in transformation of Chinese industry.
Incidentally, China undertook to the United Nations Framework Convention on Climate Change that its emissions would peak by 2030, but its rapid expansion of renewable energy generation, electric vehicles and zero-carbon industrial technologies suggest that the peak may have come in 2023.
Japan is working on direct budgetary support for importers of zero-carbon products which could pass through into a premium for zero-carbon exports from Australia.
During a visit in April 2024, I was advised that the Japanese government is working towards issue of “green bonds” to pay for the premium. A carbon tax from 2035 would meet the cost of servicing and retiring the bonds.
Korea and Taiwan are introducing their own mechanisms for supporting premiums for zero-carbon imports.
One initial criticism of the carbon solutions levy is that it would cause leakage of Australian exports to competing suppliers of gas and coal. There would be some leakage, alongside substantial transfers from rents to the public revenues, and for metallurgical coal in particular, some increase in export prices.
The price increase would introduce an element of green premium for Australian green iron exports. The Superpower Institute (a non-profit research organisation founded by Sims and I) has commissioned the Centre of Policy Studies at Victoria University to quantify the extent of leakage, transfers from rent and higher export prices. The results will be available for public discussion early in 2025. The study will also calculate the effect of the levy on Australian public finances, real incomes and real consumption.
Regional considerations
Australia’s main competitor in regional coal markets is Indonesia. Its main competitors in gas markets are Papua New Guinea, East Timor, Indonesia, Brunei and the Middle East petroleum producers.
No informed person would suggest that there could be an economic problem with leakage to the Middle East: Saudi Arabia and the small Gulf states extract revenue from petroleum exports at much higher rates per dollar than Australia would after imposition of the levy.
There is a case in the Australian national interest for not seeing expansion of export sales from Papua New Guinea and East Timor as being entirely a waste.
But in their national interest and ours, I suggest that we seek to negotiate a four-way agreement on climate and energy with Indonesia, East Timor and Papua New Guinea.
We would all impose carbon solutions levy-type levies at similar rates. This would be a major source of revenue for all of us.
Participation of Indonesia removes leakage of coal exports. Indonesia already has an emissions trading scheme, although it generates a carbon price of only a few dollars per tonne.
It may choose to remove other imposts on fossil carbon exports at the time of introduction of new carbon-related measures – such as the requirement to make 35% of coal exports available at prices well below international prices for domestic power generation.
Participation of the four countries removes the leakage issue for gas. The four neighbours would cooperate in major development programs based on expansion of zero-carbon energy supply and goods production.
There is active discussion in Indonesia of archipelago-wide electricity transmission infrastructure to allow the superior renewable energy resources of the outer islands – Papua, Nusa Tenggara, Sulawesi, Kalimantan, Sumatra – to contribute to decarbonisation and growth of zero-carbon industry everywhere, including in the Java heartland.
The Indonesian grid would run close to neighbouring Australia, Papua New Guinea, East Timor, East and West Malaysia and the Philippines. It would be the geopolitically practical means of linking Australia and Singapore, as envisaged in the SunCable project in the Northern Territory.
The Indonesian national grid could link to the Australian Sungrid discussed in my book The Superpower Transformation in Darwin and the Pilbara.
The alternatives to carbon pricing are weak
The alternatives to economy-wide carbon pricing are likely to turn out to be short-lived expedients that lead sooner rather than later to the return of today’s incoherence and underperformance in energy and climate policy and performance.
The state must provide reliability of power supply to the general population.
The Commonwealth government can do this without distorting competitive electricity markets by establishing an energy reserve I have proposed in my book The Superpower Transformation.
The superpower industries depend on electricity and hydrogen markets operating efficiently and embodying carbon prices. Otherwise the market design issues relevant to their development are similar to those for electricity.
Negative carbon externalities need to be corrected by taxation or alternative carbon pricing mechanisms. Positive externalities from innovation should be rewarded.
Positive innovation externalities are important in the introduction of new industries, technologies and business models for the zero-carbon economy.
Economy-wide carbon pricing at the social cost of carbon is essential to getting the balance right between state intervention and market exchange.
Once it is in place with fiscal rewards for innovation, the government can let businesses decide which new industries and technologies warrant investment.
Once carbon pricing is known to be coming into place reasonably soon, there is no further need for government underwriting of investment in power generation.
There is no need to include a climate trigger in assessment of a project of any kind: if it emits carbon, it will pay for the climate damage it does.
There is no need for government to take a view on climate grounds about the merits of nuclear power generation. It is zero-emissions generation and, like renewable energy, not subject to the carbon price. If it can compete with other forms of generation, it will find a place in private investment decisions on the energy mix.
There is no need for government investment in nuclear power generation. Private investors will have the same incentives to invest in nuclear as in other zero-carbon generation technologies.
There will be no need for the government to take a view on incentives for carbon capture and storage. If it is effective and emissions are actually reduced, carbon payments will be correspondingly reduced.
The carbon price will allow private investors to get on with the job of expanding renewable energy supply at a rapid pace and decarbonising the economy more generally.
Ross Garnaut is a Director and shareholder of Zen Energy. Together with Rod Sims, Ross is a co-founder and Director of The Superpower Institute, a not for profit think tank.
National Children’s Week marks an important opportunity for the Albanese Labor Government to reiterate its commitment to a brighter future for Australia’s children.
This year, National Children’s Week’s theme is based on UNCRC Article 24: Children have the right to a clean and safe environment, a concept that underscores multiple policies, programs, and initiatives delivered by the Government.
National Children’s Week builds on the Government’s work and investments to ensure all children can grow up safe and supported, and have the opportunity to thrive.
“At the heart of our policies and commitments are the lives of children across Australia. This week is a time to reflect on what we are doing to ensure our children, wherever they live, are able to engage in play and recreational activities appropriate to their age and to participate freely in their community,” Minister Rishworth said.
“Our Government is committed to providing $12.4 million of funding over four years to improve the development and wellbeing of children, provide social and parenting support for parents and carer, and increase feelings of belonging and connection in families with their communities.
“This funding is already making a positive difference for children and their families with increased numbers of playgroups operating, some within regional and remote areas, and others for specific priority groups such as culturally and linguistically diverse communities.
“Additionally in February this year, the Government committed a further $150,000 to Toy Libraries Australia to establish 10 new toy libraries in areas of growth or disadvantage, and to support up to 50 toy libraries to purchase evidence-based resources and toys for families and children with additional support needs.”
Minister Rishworth said playgroups and toy libraries were a “key entry point” to early childhood education for vulnerable families, improving the early development and wellbeing of children, improving parent-child relationships and increasing feelings of belonging and connection in families with their communities.
Along with delivering playgroups and toy libraries – including an investment in a pilot for First Nations playgroups – the Government is continuing to deliver a variety of policy frameworks to ensure children are offered the best childhood possible.
The Early Years Strategy 2024-2034, released in May, outlines the Government’s vision to best support Australia’s children and their families in the early years.
This is underscored by the national leadership provided under Safe and Supported: The National Framework for Protecting Australia’s Children 2021-2031, which aims to reduce child abuse and neglect and its intergenerational impacts.
“Frameworks like the Early Years Strategy and Safe and Supported are essential to ensure the Government is providing national leadership that draws on the direct needs of children. It is an informed approach with a long-term vision to build a better future for Australia’s children,” Minister Rishworth said.
“Through our work on these frameworks, we have made sure to listen to the voice of the child, leading to the announcement of the legislated, independent and empowered National Commissioner for Aboriginal and Torres Strait Islander Children and Young People.
“This year has been a big year for children and family policy, and we hope to continue to deliver on our new, integrated, holistic, whole-of-Commonwealth approach to the early years.”
CEO of Toy Libraries Australia Debbie Williams highlighted that the Government’s investment in Toy Libraries has supported 6000 more families to join a local Toy Library, saving them $1.75m this year alone.
“Many thousands of families will enjoy borrowing from these new toy libraries for decades to come,” Ms Williams said.
“Toy libraries not only build strong families and communities through play, they also introduce environmental sustainability principles to young children and save millions of toys from going into waste each year.”
Ms Williams emphasised that with cost of living pressures really impacting families with young children, an increasing number of families are joining toy libraries to support their children’s learning while saving money.
“Five of the new toy libraries supported by the Australian Government are Toy Well Toy Libraries. These free toy libraries are located in schools with high migrant and refugee populations and run by local migrant women, creating new friendships and connections for the families,” she said.
National Children’s Week runs until 27 October.
More information on the Government’s work to improve outcomes for children is available on the Department of Social Services website:
This undated file photo shows an array of China’s Tianlai Experiment, a project aimed to test key technologies for detecting dark energy, in the Kazak Autonomous County of Barkol in northwest China’s Xinjiang Uygur Autonomous Region. [Photo/National Astronomical Observatories of the Chinese Academy of Sciences] China’s Tianlai Experiment, a scientific project aimed at detecting dark energy using a radio telescope array, has been officially granted “pathfinder” status by the Square Kilometre Array (SKA) Observatory, according to the National Astronomical Observatories (NAOC) of the Chinese Academy of Sciences. The SKA is a next-generation giant radio telescope array that is under construction. Once completed, it will be the world’s largest radio telescope array. China, South Africa, the United Kingdom, Australia and six other nations make up the project’s official membership. Facilities involved in SKA-related science and technology studies are called SKA pathfinders or SKA precursors. Several radio telescopes around the world have been certified as SKA pathfinders, said Chen Xuelei, chief scientist of the Tianlai Experiment and a researcher at the NAOC, which operates the project. The latest discoveries from these pathfinders can provide new scientific exploration opportunities for the SKA, and their related technologies may be applied to the construction of the SKA and future radio telescopes, Chen said. Located in the Kazak Autonomous County of Barkol in northwest China’s Xinjiang Uygur Autonomous Region, the Tianlai Experiment consists of two arrays: the Tianlai cylinder array, which has three adjacent cylindrical reflectors with a total of 96 receivers, and the Tianlai dish array, which consists of 16 dishes, each six meters in diameter. The project aims to test key technologies for detecting dark energy, which is thought to make up about 70 percent of the cosmos and drive the acceleration of its expansion. Dark energy cannot be detected directly, but its abundance and properties can be analyzed by observing how the expansion rate of the universe changes over time. The “sound” of the Big Bang left an imprint on the matter distribution in the early universe that has now grown into large-scale structures. By studying the large-scale matter distribution, astronomers can derive these “baryon acoustic oscillations” and determine the cosmic expansion rate over time. Tianlai, which literally means “heavenly sounds,” aims to detect these acoustic oscillations. It will search for the 21-centimeter signals emitted by hydrogen atoms, with hydrogen being the most abundant element in the universe. As the universe is expanding, these 21-centimeter signals have gradually shifted to longer wavelengths in a process referred to as “redshift.” The Tianlai Experiment will cover a range of radio wavelengths — thereby also covering redshifted signals — to generate a map of the three-dimensional distribution of matter in the universe, Chen said. The Tianlai research team is composed of scholars and graduate students at the NAOC and other Chinese universities, as well as experts and scholars from foreign research institutions.
On Oct. 18, China’s latest science fiction city index was released, with Beijing and Chengdu topping the list, providing a reference for Chinese cities to develop their sci-fi industries and learn from each other.
Professor Wu Yan speaks at the release of the 2024 China Science Fiction City Index Report in Chengdu, Sichuan province, Oct. 18, 2024. [Photo courtesy of China Science Fiction Research Center]
The 2024 China Science Fiction City Index Report, compiled by the China Science Fiction Research Center, Chengdu Institute for High-Quality Development, and Shenzhen Science and Fantasy Growth Foundation, considers various factors such as economic foundation, technological innovation, cultural consumption and policy environment. The report evaluated 26 cities in China, each with a GDP exceeding 1 trillion yuan in 2023.
“We hope to build a scientific evaluation index system to comprehensively and objectively reveal the differences and characteristics of different cities in terms of sci-fi development, providing a reference for cities to develop sci-fi and learn from each other,” said Wu Yan, a Chinese sci-fi pioneer, scholar, writer and professor at the Southern University of Science and Technology’s Center for the Humanities. Wu presented the report on behalf of the project team during the 2024 TianWen Chinese Science Fiction Literature Contest awards ceremony, which was held last weekend in Chengdu, Sichuan province.
In designing the indicators, the project team followed four major principles: “scientific and practical,” “stable and dynamic,” “measurable and comparable” and “comprehensive and representative.” Based on the core concepts and strategic orientation of evaluation, they crafted three primary indicators: “industry development,” “cultural dissemination” and “fusion capabilities.”
Each primary indicator was composed of secondary indicators, such as the intensity of sci-fi film and TV consumption, and the number of sci-fi related policy documents, sci-fi writers, sci-fi books published and sci-fi events. The selection of secondary indicators focused on measurability and representativeness, aiming to systematically assess the level of sci-fi development in cities in a multi-dimensional manner.
The top 10 cities according to the selection criteria were: Beijing, Chengdu, Shanghai, Nanjing, Shenzhen, Hangzhou, Chongqing, Guangzhou, Wuhan and Changsha.
Beijing, the capital of China and the city with the most resources, scored 81.01. The city has developed a sci-fi industry that encompasses content creation, IP conversion, special effects production, hard technology and immersive experiences. In 2020, the China Association for Science and Technology and the Beijing municipal government agreed to establish a sci-fi industry cluster at Shougang Park. The following year, Shijingshan district, where the park is located, launched measures to support and fund the formation of the nation’s sci-fi industry consortium.
Chengdu, known as the “capital of Chinese sci-fi” and host of the 81st World Science Fiction Convention in 2023, scored 78.44. The magazine Science Fiction World, a leading global sci-fi publication for over 40 years which is headquartered in the city, has launched the careers of numerous prominent writers, including Liu Cixin. The city also holds prestigious awards such as the Galaxy Awards and the Chinese Nebula Awards.
In 2023, Chengdu’s sci-fi industry revenue hit 23.52 billion yuan, up by 17.49% from the previous year, showcasing robust growth. Chen Ling, secretary general of the China Science Writers Association and executive deputy director of the China Science Fiction Research Center, highlighted the crucial role Chengdu’s sci-fi industry plays in national development, adding that the city excels in reading, gaming and merchandise.
Another city worth noting is Shenzhen, which ranked first in terms of sci-fi integration capability. Over the years, the city’s substantial economic resources, robust innovation environment and talent attraction have laid a solid foundation for integrating various industries with sci-fi. Notably, in sci-fi infused technological innovation and urban construction, Shenzhen has demonstrated significant leadership.
San Feng, a sci-fi researcher and project leader of the report, explained to China.org.cn that after Beijing and Chengdu, the other eight cities in the top 10 features cities from the Yangtze River Delta and the Guangdong-Hong Kong-Macao Greater Bay Area, benefiting from unique geographical advantages and supportive policies that enhance their competitiveness and potential for sci-fi development. Cities like Shanghai, Nanjing and Hangzhou in the Yangtze River Delta are notable for their sci-fi content industry and leisure tourism, with significant advancements in sci-fi films and games. Meanwhile, the Guangdong-Hong Kong-Macao Greater Bay Area has shown strong growth in sci-fi animation, games and merchandise manufacturing.
Other cities’ sci-fi development has not yet achieved economies of scale. However, as national policies expand and regional economies develop synergistically, by leveraging local characteristics and resources, they can enhance sci-fi development, San said.
Over 500 photographs taken in the late Qing Dynasty (1644-1911) and early 20th century will be on display at the Hong Kong Museum of History from Wednesday, selected from over 24,000 photographs in a collection donated by the Moonchu Foundation on Tuesday.
The exhibits captured moments of major historical events such as the Second Opium War (1856-1860) and the First Sino-Japanese War (1894-1895), and provided records of the urban landscapes, historic buildings and people’s livelihood in those days. Most of the exhibits have never been publicly displayed before.
Highlights include a picture taken 180 years ago of Nam Van in Macao, which is one of the earliest photographs of China in existence today. Notable works like stereoscopic photos taken by American photographer James Ricalton in 1900 and landscape photographs taken by famous Chinese photographer Lai Fong are on display.
Exhibition goers can also find photos known as “Cartes de visite” in the size of a calling card, which were popular for exchanges in social gatherings during the 19th century.
The donation provides excellent materials for studying modern Chinese society and increasing the public’s understanding of Chinese history from a century ago, said Kevin Yeung, secretary for culture, sports and tourism of the Hong Kong Special Administrative Region (HKSAR) government when addressing Tuesday’s opening ceremony.
Established in 2007, Moonchu Foundation is dedicated to supporting culture and education-related research, publications and talks.
The exhibition is one of the events of the 4th Guangdong-Hong Kong-Macao Greater Bay Area Culture and Arts Festival. It will run through Feb. 3 next year.
TERRE HAUTE, Ind., Oct. 22, 2024 (GLOBE NEWSWIRE) — First Financial Corporation (NASDAQ:THFF) today announced results for the third quarter of 2024. During the quarter, the Corporation closed its acquisition of SimplyBank, Dayton, Tennessee. The quarter was impacted by purchase accounting adjustments and charges, which are reflected in the results.
Net income was $8.7 million compared to $16.3 million reported for the same period of 2023;
Diluted net income per common share of $0.74 compared to $1.37 for the same period of 2023;
Return on average assets was 0.64% compared to 1.35% for the three months ended September 30, 2023;
Credit loss provision was $9.4 million compared to provision of $1.2 million for the third quarter 2023; and
Pre-tax, pre-provision net income was $19.9 million compared to $20.5 million for the same period in 2023.1
The Corporation further reported results for the nine months ended September 30, 2024:
Net income was $31.0 million compared to $48.3 million reported for the same period of 2023;
Diluted net income per common share of $2.63 compared to $4.02 for the same period of 2023;
Return on average assets was 0.82% compared to 1.33% for the nine months ended September 30, 2023;
Credit loss provision was $14.2 million compared to provision of $4.8 million for the nine months ended September 30, 2023; and
Pre-tax, pre-provision net income was $51.1 million compared to $63.1 million for the same period in 2023.1
________________ 1Non-GAAP financial measure that Management believes is useful for investors and management to understand pre-tax profitability before giving effect to credit loss expense and to provide additional perspective on the Corporation’s performance over time as well as comparison to the Corporation’s peers and evaluating the financial results of the Corporation –please refer to the Non GAAP reconciliations contained in this release.
Average Total Loans
Average total loans for the third quarter of 2024 were $3.71 billion versus $3.15 billion for the comparable period in 2023, an increase of $558 million or 17.74%. On a linked quarter basis, average loans increased $508 million or 15.89% from $3.20 billion as of June 30, 2024. Increases in average loans over both periods were mostly a result of the acquisition of SimplyBank as further detailed in Total Loans Outstanding section below.
Total Loans Outstanding
Total loans outstanding as of September 30, 2024, were $3.72 billion compared to $3.12 billion as of September 30, 2023, an increase of $598 million or 19.17%. On a linked quarter basis, total loans increased $511 million or 15.96% from $3.20 billion as of June 30, 2024. The main driver of the increase was $467 million in loans acquired in the SimplyBank acquisition. Organic growth was primarily driven by increases in Commercial Construction and Development, Commercial Real Estate, and Consumer Auto loans.
Norman D. Lowery, President and Chief Executive Officer, commented, “During the quarter, we closed the acquisition of SimplyBank, which gives us access to very attractive markets in Southeast Tennessee and Northwest Georgia. We also experienced another sound quarter of loan and net interest income growth. During the quarter our net interest margin expanded, and we expect continued improvement in coming quarters.”
Average Total Deposits
Average total deposits for the quarter ended September 30, 2024, were $4.71 billion versus $4.00 billion as of September 30, 2023, an increase of $705 million or 17.63%. Increases in average deposits over both periods were mostly a result of the acquisition of SimplyBank as further detailed in Total Deposits section below.
Total Deposits
Total deposits were $4.72 billion as of September 30, 2024, compared to $4.04 billion as of September 30, 2023, a $676 million increase, or 16.74%. On a linked quarter basis, total deposits increased $585.2 million, or 14.16%. $622 million in deposits were acquired in the SimplyBank acquisition. Non-interest bearing deposits were $831.6 million, and time deposits were $791.1 million as of September 30, 2024, compared to $770.5 million and $471.6 million, respectively for the same period of 2023.
Shareholders’ Equity
Shareholders’ equity at September 30, 2024, was $566.0 million compared to $470.2 million on September 30, 2023. During the last twelve months, the Corporation has not repurchased any shares of its common stock. 518,860 shares remain available for repurchase under the current repurchase authorization. The Corporation paid a $0.45 per share quarterly dividend in July and declared a $0.45 quarterly dividend, which was paid on October 15, 2024.
Book Value Per Share
Book Value per share was $47.93 as of September 30, 2024, compared to $40.00 as of September 30, 2023, an increase of $7.93 per share, or 19.82%. Tangible Book Value per share was $37.84 as of September 30, 2024, compared to $32.10 as of September 30, 2023, an increase of $5.74 per share, or 17.88%.
Tangible Common Equity to Tangible Asset Ratio
The Corporation’s tangible common equity to tangible asset ratio was 8.33% at September 30, 2024, compared to 8.04% at September 30, 2023.
Net Interest Income
Net interest income for the third quarter of 2024 was $47.2 million, compared to $41.2 million reported for the same period of 2023, an increase of $6.0 million, or 14.63%.
Net Interest Margin
The net interest margin for the quarter ended September 30, 2024, was 3.78% compared to the 3.74% reported at September 30, 2023. On a linked quarterly basis, the net interest margin increased 21 basis points from 3.57% at June 30, 2024.
Nonperforming Loans
Nonperforming loans as of September 30, 2024, were $14.1 million versus $12.6 million as of September 30, 2023. The increase was due primarily to the SimplyBank acquisition. The ratio of nonperforming loans to total loans and leases was 0.38% as of September 30, 2024, versus 0.40% as of September 30, 2023.
Credit Loss Provision
The provision for credit losses for the three months ended September 30, 2024, was $9.4 million, compared to $1.2 million for the third quarter 2023. The Corporation recorded $5.5 million in provision for the acquisition of SimplyBank. The increase in provision was also related to one previously identified credit, reflecting further deterioration in collateral values during the quarter.
Net Charge-Offs
Third quarter net charge-offs were $4.6 million compared to $2.1 million in the same period of 2023.
Allowance for Credit Losses
The Corporation’s allowance for credit losses as of September 30, 2024, was $46.2 million compared to $39.0 million as of September 30, 2023. The allowance for credit losses as a percent of total loans was 1.24% as of September 30, 2024, compared to 1.25% as of September 30, 2023. On a linked quarter basis, the allowance for credit losses as a percent of total loans increased 4 basis points from 1.20% as of June 30, 2024. The Corporation recorded $8.5 million in allowance for the acquisition of SimplyBank, which included $3 million to record purchased credit deteriorated (“PCD”) reserves.
Non-Interest Income
Non-interest income for the three months ended September 30, 2024 and 2023 was $11.2 million and $11.6 million, respectively.
Non-Interest Expense
Non-interest expense for the three months ended September 30, 2024, was $38.6 million compared to $32.3 million in 2023. This includes $844 thousand of acquisition-related expenses during the quarter, as well as an overall increase in operating expenses as a result of the acquisition.
Efficiency Ratio
The Corporation’s efficiency ratio was 64.43% for the quarter ending September 30, 2024, versus 59.57% for the same period in 2023.
Income Taxes
Income tax expense for the three months ended September 30, 2024, was $1.7 million versus $3.0 million for the same period in 2023. The effective tax rate for 2024 was 16.44% compared to 17.37% for 2023.
About First Financial Corporation
First Financial Corporation (NASDAQ:THFF) is the holding company for First Financial Bank N.A., which is the fifth oldest national bank in the United States, operating 83 banking centers in Illinois, Indiana, Kentucky, Tennessee, and Georgia. Additional information is available at http://www.first-online.bank.
________________ (a) Tangible common equity is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible common equity by excluding goodwill and other intangible assets from shareholder’s equity. (b) Net interest income fully tax equivalent is a non-GAAP financial measure derived from GAAP-based amounts. We calculate net interest income fully tax equivalent by adding back the tax equivalent factor of tax exempt income to net interest income. We calculate the tax equivalent factor of tax exempt income by dividing tax exempt income by the net of tax rate of 75%. (c) Tangible book value per common share is a non-GAAP financial measure derived from GAAP-based amounts. We calculate the factor by dividing average tangible common equity by average shares outstanding. We calculate average tangible common equity by excluding average intangible assets from average shareholder’s equity.
Key Ratios
Three Months Ended
Nine Months Ended
September 30,
June 30,
September 30,
September 30,
September 30,
2024
2024
2023
2024
2023
Return on average assets
0.64
%
0.94
%
1.35
%
0.82
%
1.33
%
Return on average common shareholder’s equity
6.39
%
8.78
%
13.19
%
7.80
%
12.98
%
Efficiency ratio
64.43
%
64.56
%
59.57
%
65.33
%
58.77
%
Average equity to average assets
9.97
%
10.76
%
10.26
%
10.51
%
10.24
%
Net interest margin (a)
3.78
%
3.57
%
3.74
%
3.63
%
3.83
%
Net charge-offs to average loans and leases
0.49
%
0.59
%
0.24
%
0.43
%
0.24
%
Credit loss reserve to loans and leases
1.24
%
1.20
%
1.25
%
1.24
%
1.25
%
Credit loss reserve to nonperforming loans
326.65
%
240.85
%
310.19
%
326.65
%
310.19
%
Nonperforming loans to loans and leases
0.38
%
0.50
%
0.40
%
0.38
%
0.40
%
Tier 1 leverage
10.25
%
12.14
%
11.72
%
10.25
%
11.72
%
Risk-based capital – Tier 1
13.63
%
14.82
%
14.61
%
13.63
%
14.61
%
________________ (a) Net interest margin is calculated on a tax equivalent basis.
Asset Quality
Three Months Ended
Nine Months Ended
September 30,
June 30,
September 30,
September 30,
September 30,
2024
2024
2023
2024
2023
Accruing loans and leases past due 30-89 days
$
16,391
$
14,913
$
15,961
$
16,391
$
15,961
Accruing loans and leases past due 90 days or more
$
1,517
$
1,353
$
1,370
$
1,517
$
1,370
Nonaccrual loans and leases
$
12,617
$
14,563
$
11,214
$
12,617
$
11,214
Other real estate owned
$
169
$
170
$
63
$
169
$
63
Nonperforming loans and other real estate owned
$
14,303
$
16,086
$
12,647
$
14,303
$
12,647
Total nonperforming assets
$
17,179
$
18,978
$
15,671
$
17,179
$
15,671
Gross charge-offs
$
6,936
$
6,091
$
3,601
$
16,219
$
11,520
Recoveries
$
2,365
$
1,414
$
1,528
$
5,449
$
5,975
Net charge-offs/(recoveries)
$
4,571
$
4,677
$
2,073
$
10,770
$
5,545
Non-GAAP Reconciliations
Three Months Ended September 30,
2024
2023
($in thousands, except EPS)
Income before Income Taxes
$
10,429
$
19,312
Provision for credit losses
9,400
1,200
Provision for unfunded commitments
100
—
Pre-tax, Pre-provision Income
$
19,929
$
20,512
Non-GAAP Reconciliations
Nine Months Ended September 30,
2024
2023
($ in thousands, except EPS)
Income before Income Taxes
$
37,140
$
58,395
Provision for credit losses
14,166
4,800
Provision for unfunded commitments
(200
)
(100
)
Pre-tax, Pre-provision Income
$
51,106
$
63,095
CONSOLIDATED BALANCE SHEETS (Dollar amounts in thousands, except per share data)
September 30,
December 31,
2024
2023
(unaudited)
ASSETS
Cash and due from banks
$
77,312
$
76,759
Federal funds sold
1,356
282
Securities available-for-sale
1,271,992
1,259,137
Loans:
Commercial
2,112,738
1,817,526
Residential
924,276
695,788
Consumer
671,353
646,758
3,708,367
3,160,072
(Less) plus:
Net deferred loan costs
6,868
7,749
Allowance for credit losses
(46,169
)
(39,767
)
3,669,066
3,128,054
Restricted stock
15,366
15,364
Accrued interest receivable
25,386
24,877
Premises and equipment, net
82,213
67,286
Bank-owned life insurance
128,242
114,122
Goodwill
93,363
86,985
Other intangible assets
25,802
5,586
Other real estate owned
169
107
Other assets
93,084
72,587
TOTAL ASSETS
$
5,483,351
$
4,851,146
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Non-interest-bearing
$
831,575
$
750,335
Interest-bearing:
Certificates of deposit exceeding the FDIC insurance limits
159,618
92,921
Other interest-bearing deposits
3,726,296
3,246,812
4,717,489
4,090,068
Short-term borrowings
84,363
67,221
FHLB advances
30,456
108,577
Other liabilities
85,092
57,304
TOTAL LIABILITIES
4,917,400
4,323,170
Shareholders’ equity
Common stock, $.125 stated value per share;
Authorized shares-40,000,000
Issued shares-16,165,023 in 2024 and 16,137,220 in 2023
Outstanding shares-11,808,304 in 2024 and 11,795,024 in 2023
2,016
2,014
Additional paid-in capital
144,785
144,152
Retained earnings
677,155
663,726
Accumulated other comprehensive income/(loss)
(102,800
)
(127,087
)
Less: Treasury shares at cost-4,356,719 in 2024 and 4,342,196 in 2023
(155,205
)
(154,829
)
TOTAL SHAREHOLDERS’ EQUITY
565,951
527,976
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
5,483,351
$
4,851,146
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Dollar amounts in thousands, except per share data)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2024
2023
2024
2023
(unaudited)
INTEREST INCOME:
Loans, including related fees
$
61,367
$
49,146
$
162,878
$
140,220
Securities:
Taxable
6,319
6,164
18,083
18,631
Tax-exempt
2,715
2,661
7,919
7,937
Other
1,294
752
2,989
2,864
TOTAL INTEREST INCOME
71,695
58,723
191,869
169,652
INTEREST EXPENSE:
Deposits
22,197
13,627
59,622
35,111
Short-term borrowings
993
1,923
2,928
4,025
Other borrowings
1,335
2,023
3,935
2,844
TOTAL INTEREST EXPENSE
24,525
17,573
66,485
41,980
NET INTEREST INCOME
47,170
41,150
125,384
127,672
Provision for credit losses
9,400
1,200
14,166
4,800
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES
37,770
39,950
111,218
122,872
NON-INTEREST INCOME:
Trust and financial services
1,251
1,140
3,903
3,642
Service charges and fees on deposit accounts
8,139
7,099
21,576
20,971
Other service charges and fees
191
213
700
613
Securities gains (losses), net
103
—
104
—
Interchange income
177
—
490
47
Loan servicing fees
274
447
957
997
Gain on sales of mortgage loans
411
321
886
811
Other
677
2,407
1,943
4,374
TOTAL NON-INTEREST INCOME
11,223
11,627
30,559
31,455
NON-INTEREST EXPENSE:
Salaries and employee benefits
18,521
17,159
53,231
51,263
Occupancy expense
2,556
2,389
7,116
7,120
Equipment expense
4,280
3,580
12,736
10,404
FDIC Expense
558
613
1,721
1,977
Other
12,649
8,524
29,833
25,168
TOTAL NON-INTEREST EXPENSE
38,564
32,265
104,637
95,932
INCOME BEFORE INCOME TAXES
10,429
19,312
37,140
58,395
Provision for income taxes
1,688
3,027
6,106
10,143
NET INCOME
8,741
16,285
31,034
48,252
OTHER COMPREHENSIVE INCOME (LOSS)
Change in unrealized gains/(losses) on securities, net of reclassifications and taxes
31,628
(34,934
)
24,067
(36,504
)
Change in funded status of post retirement benefits, net of taxes
73
146
220
440
COMPREHENSIVE INCOME (LOSS)
$
40,442
$
(18,503
)
$
55,321
$
12,188
PER SHARE DATA
Basic and Diluted Earnings per Share
$
0.74
$
1.37
$
2.63
$
4.02
Weighted average number of shares outstanding (in thousands)
Household labour force survey estimated working-age population: September 2024 quarter – information release – 2 October 2024 – The household labour force survey estimated working-age population table shows the population benchmarks used to produce household labour force survey estimates for the upcoming labour market statistics release.
Visit Statistics NZ’s website to read this information release:
Census results reflect Aotearoa New Zealand’s diversity – media release – 3 October 2024 – Aotearoa New Zealand continues to become more culturally diverse, according to 2023 Census data released by Stats NZ today.
The 2023 Census showed that people living in Aotearoa New Zealand identified with a wide range of ethnicities – and spoke over 150 languages. Additionally, while most of the population were born here, New Zealand was also home to people born in a diverse range of countries.
“Just under 30 percent of New Zealanders were born overseas, and the census recorded well over 200 different birthplaces,” deputy government statistician and deputy chief executive insights and statistics Rachael Milicich said.
“Pretty much every part of the world is represented here, from people born in Iceland in the north, to Argentina in the south.”
Of the census usually resident population count, 3.5 million people were born in New Zealand and 1.4 million were born overseas.
Visit Statistics NZ’s website to read this news story and information release:
Home ownership increases and housing quality improves – media release – 3 October 2024 – 2023 Census data shows home ownership has increased and housing quality has improved, according to statistics released by Stats NZ today.
Around two-thirds of households in Aotearoa New Zealand (1,175,217 or 66.0 percent) now own their home or hold it in a family trust, compared with 64.5 percent in 2018.
“This increase in home ownership, although small, is a reversal of the falling rates we have seen since home ownership peaked in the early 1990s,” Stats NZ principal analyst Rosemary Goodyear said.
Visit Statistics NZ’s website to read this news story and information release:
International migration: August 2024 – information release – 11 October 2024 – Key facts. Annual migration – Provisional estimates for the August 2024 year compared with the August 2023 year were:
migrant arrivals: 188,100 (± 1,100), down 17 percent
migrant departures: 134,300 (± 1,000), up 37 percent
annual net migration: gain of 53,800 (± 1,500), compared with a net gain of 127,700 (± 300).
The 134,300 migrant departures in the August 2024 year are, provisionally, the highest on record for an annual period.
Annual migrant arrivals provisionally peaked at 236,200 in the year ended October 2023.
Annual net migration provisionally peaked in the year ended October 2023, with a gain of 136,400.
Visit Statistics NZ’s website to read this information release and to download CSV files:
2023 Census shows 1 in 20 adults belong to Aotearoa New Zealand’s LGBTIQ+ population – media release – 3 October 2024 – Confidentialised data from the 2023 Census found that 172,383 people (4.9 percent of adults) belonged to the LGBTIQ+ (or Rainbow) population, according to data released by Stats NZ today.
LGBTIQ+ includes people who are lesbian, gay, bisexual, transgender, non-binary, intersex, or have other minority genders or sexual identities.
The 2023 Census was the first census to collect data from New Zealanders about their gender, sexual identity, and whether they have a variation of sex characteristics.
“Census data is for everyone in Aotearoa New Zealand, so it is important that Rainbow communities can see themselves in the data for the first time. We thank those who have advocated for and contributed to the delivery of this data over the years,” deputy government statistician and deputy chief executive insights and statistics Rachael Milicich said.
Visit Statistics NZ’s website to read this news story and information release:
Electronic card transactions: September 2024 – information release – 14 October 2024 – The electronic card transactions (ECT) series cover debit, credit, and charge card transactions with New Zealand-based merchants. The series can be used to indicate changes in consumer spending and economic activity.
Key facts All figures are seasonally adjusted unless otherwise specified.
Values are at the national level and are not adjusted for price changes.
September 2024 month Changes in the value of electronic card transactions for the September 2024 month (compared with August 2024) were:
spending in the retail industries was unchanged
spending in the core retail industries increased 0.3 percent ($19 million).
Visit Statistics NZ’s website to read this information release and to download CSV files:
Source: General Practice Owners Association of Aotearoa New Zealand
New Zealand should heed British concerns with physician associates and invest in growing the number of GPs, rather than spending time and money writing regulations to create a lesser role.
“It’s telling that the British Medical Association (BMA) committee voted in favour of stopping hiring physician associates in general practice, and for existing roles to be phased out,” said Dr Angus Chambers, Chair of General Practice Owners Association of Aotearoa New Zealand.
The British vote came on the same day that New Zealand doctors, nurses, practice owners and their professional bodies called on the government to pause regulation of physician associates to fill workplace shortages.
“Similar concerns are being aired in Britain and New Zealand because physician associates are a distraction from focussing on the root problems in our primary health system – underfunding, which results in under resourcing due to insufficient retention and recruitment.
That’s why GPs are retiring, general practices are closing, reducing their services, and exiting after-hours care. And that’s why patients are waiting weeks for appointments, can’t enrol with their local GP, and hospital emergency departments have long wait times.
“Writing regulations to support the establishment of physician associates is a political diversion from tacking these fundamental problems.
“GenPro doesn’t want to criticise the work of physician associates, many of whom contribute to general practice patient care, but is frustrated by the government’s willingness to support PA regulations when it is doing nothing to help fix the broken funding model impacting patient care in our communities.
“GenPro supports a multi-disciplinary approach to patient care and recognises the crucial roles that different staff perform. This is not about job patch protection as some claim, but we are concerned at the government choosing to invest now in this nascent workforce, rather than in GPs, which are in crisis.
“This short-term approach appeals because it gives the appearance of driving down costs, but is instead a diversion from the importance of supporting general practices, which contribute more in the long term through, for example, reducing demands on hospitals.
“The government should focus on properly funding general practice so we can rebuild our depleted and over-stretched work force, rather than wasting time and money on regulating a new profession when there is a fit-for-purpose existing solution.
“The government must as a matter of urgency increase its support of primary healthcare, overhaul the current out-of-date funding model, and help increase the supply of medical professionals into primary healthcare,” said Dr Chambers.
GenPro, which represents about half of all general practices in Aotearoa, is ready to work with the Minister of Health and the Health NZ Commissioner to develop the solutions needed.
An independent panel has granted resource consent, subject to conditions, to create and maintain a wetland in the Arawhata Stream catchment of Lake Horowhenua.
Manawatū-Whanganui Regional Council applied for resource consent under the COVID-19 Recovery (Fast-track Consenting) Act 2020.
The project includes restoration of previously drained natural wetlands on 119 hectares of land in the Arawhata Stream catchment of Lake Horowhenua. It is designed to filter phosphorus that is bound to sediment. It will also reduce the concentrations of nitrogen in the ground and surface water before it reaches the lake.
The resource consent conditions are in the decision report on the page linked below.
The decision comes 150 working days after the application was lodged with the Environmental Protection Authority.
The Environmental Protection Authority is not involved in the decision-making. We provide procedural advice and administrative support to the panel convenor, Judge Laurie Newhook, and the expert consenting panel he appoints.
Manawanui update – Two containers successfully removed from reef, work in progress to remove the third:
Two containers have been removed, one carrying food and the other empty.
The food was safely buried at a landfill. The two containers were taken to a biosecurity compound at the port for safe disposal. The remaining container is empty.
“The teams on the ground have been working since this morning’s high tide to float and tow the third container to shore,” says NZDF Senior National Representative Commodore Andrew Brown.
“However, conditions are challenging, with strong currents and winds making the task especially difficult.”
“The container is also damaged, which makes it less buoyant than the others.”
“The work will continue tonight, and we are able to work on this tomorrow, if necessary, in agreement with the Samoan authorities.”
“Safety is paramount. We need to proceed with care and keep people safe.”
During CHOGM we will continue to monitor the vessel and shoreline.
Federated Farmers says the Government stepping in to stop regional councils from notifying new freshwater regulations is a win for both farmers and common sense.
“Regional councils have been totally out of control pushing ahead with expensive and impractical new freshwater rules,” says Federated Farmers vice president Colin Hurst.
“It has never made any sense for councils to rush through these rules before the new National Policy Statement for Freshwater Management (NPS-FM) has been put in place.
“The Government stepping in and intervening is a pragmatic move that will be welcome news for farmers and ratepayers across the country.”
Hurst says Federated Farmers has been incredibly vocal in calling for the Government to stop councils notifying these new rules.
“This is a huge win for Federated Farmers and our members across the country,” Hurst says.
“Councils have been pouring ratepayers’ money down the drain working on these new rules when they know all too well there are changes coming.
“It makes much more sense to wait for changes to both the NPS-FM and the Resource Management Act to be finalised.
“Last month we wrote to Environment Minister Penny Simmonds and recommended that Section 80A of the RMA should be amended to prevent councils from notifying new freshwater regional regulations and policy statements.
“Farmers up and down the country will be breathing a deep sigh of relief this afternoon, because the Government have done just that.”
Hurst says this means no more unworkable rules or regulations will be imposed on farmers by regional councils until the Government has clarified the law.
He says the announcement comes just in time to stop Otago Regional Council, who are due to meet tomorrow to vote on whether they will notify a new land and water plan.
“These changes have arrived just in time to prevent them from doing so.
“Federated Farmers has led the charge in Otago calling for the regional council to be transparent about the true costs and implications of their plan.
“That advocacy seems to have been a real catalyst for action that will have far-reaching implications for other communities.
“This change introduced to Parliament today will prevent regional councils across the country from notifying regional plans and regional policy statements that give effect to the unworkable NPS-FM 2020.”
In the Government’s announcement today, it said it will move to add an amendment to the Resource Management Act Amendment Bill, currently before Parliament, which will restrict councils’ ability to notify freshwater plans before the gazettal of the replacement NPS-FM.
Fire and Emergency New Zealand crews are continuing to battle a large vegetation fire in scrub and wetlands near Meremere in North Waikato.
Incident Commander Mark Tinworth says the fire now has a perimeter of 10 kilometres, and has burned through around 477 hectares in the Island Block area, including the Whangamarino wetlands.
“It’s continuing to spread through the wetlands, but it’s not threatening any residential or commercial properties at present,” he said.
“Island Block Road is now closed to all except for emergency vehicles and residents, so we urge people to avoid the area if they can.
“There’s a lot of smoke coming off the burning areas, and we advise people to keep car doors and windows shut if they have to drive near the area.”
The Whangamarino wetland is a Department of Conservation area of environmental significance. Fire and Emergency is working collaboratively with the Department of Conservation and mana whenua to ensure cultural and environmental values are considered in firefighter tactics.
“We’re working really hard to contain it as quickly as possible, but we are expecting it to take another day or so to bring it under control,” Mark Tinworth said. “This is a really beautiful part of the country with considerable environmental value, and we’re doing our best to prevent it from being destroyed.”
Fire and Emergency is also working alongside local businesses to make sure they have plans in place for removing any dangerous material if the fire gets too close to those locations.
Fire and Emergency New Zealand was alerted to the fire off Island Block Road around 1.15pm on Monday, and fire crews are being supported by eight helicopters, two fixed-wing aircraft, and around 40 personnel.
Water for the fire trucks and helicopter buckets was temporarily sourced from the local reticulated supply, but is now being sourced from a pond on a local farm.
Fire investigators are at the site today and the origin and cause of the fire are yet to be confirmed.