Source: New Zealand Police (District News)
Location:
Police can confirm one person has died following an earlier crash south of Te Kowhai.
The single vehicle crash happened at around 4:40pm.
Sadly, the driver has died at the scene.
Horotiu Road remains closed.
ENDS
Issued by Police Media Centre.
Source: Eastern Economic Forum
28 April 2025
Deputy Prime Minister of the Russian Federation and Presidential Envoy to the Far Eastern Federal District Yury Trutnev chaired a meeting in Vladivostok on preparations in the lead-up to the 10th Eastern Economic Forum, which is scheduled to take place on the campus of Far Eastern Federal University on 3–6 September. The EEF is being organized by the Roscongress Foundation.
“The Eastern Economic Forum has contributed much over the years to the development of the Far East and the fulfilment of the instructions of the President of the Russian Federation, Vladimir Putin. Thousands of people from all over the world attend the EEF every year, and no sanctions or anything else will succeed in weakening interest in it. The Russian Far East is a huge region, and its development affects its neighbours and the entire world. We will do our best as always to ensure that our guests receive all the information they seek and are able to carry out their work in comfort and safety at the Eastern Economic Forum,” Trutnev said as he opened the meeting.
The composition of the Forum programme was considered in detail.
“We discussed possible themes for the EEF, and I believe it would be impossible to ignore the Soviet nation’s victory in the Great Patriotic War. Our proposal for the main theme is going to be something like ‘The Far East: From Victory to Victory’, though we’ll think a bit more about the exact wording. The Second World War ended in the Far East. The President of the Russian Federation has ordered us to prepare a major exhibition on the island of Shumshu, where the Kuril landing took place, to educate young people and remind all of us about the heroic feats that led to the great victory,” Trutnev said.
The Ministry for the Development of the Russian Far East and Arctic suggested including in the business programme topics of vital importance to regional development and possible integration with the economy of the broader Asia-Pacific region.
“We would focus in particular on technological development. Technology is changing the world now. It is changing the very fabric of life. And many of these technologies either originate in Asia or are first brought to market here. We would like to see the Far East play a bigger role in this process and believe it can. We would like to use new tools like our international advanced-development territories to ensure that these technologies are created and replicated in Russia,” Minister for the Development of the Russian Far East and Arctic Alexei Chekunkov said.
First Deputy CEO of the Roscongress Foundation and Director of the Eastern Economic Forum Igor Pavlov touched on organizational issues and how preparations for the 10th Eastern Economic Forum were getting along.
“A great many events have been planned for EEF 2025, including the ‘Welcome to the Far East!’ exhibition, which traditionally enjoys the participation of federal ministries and agencies. And the sports programme will include a special patriotic Parade of Sails, rowing competitions, a hockey match, a run, and more,” Pavlov said.
According to Governor of Primorsky Territory Oleg Kozhemyako, the region has been following the roadmap laid out last year in its preparations for the Forum. Funds have been set aside in the regional budget for the construction of the region’s pavilion at the Far East Street exhibition, sports and cultural programmes, medical care, and road inspections. A special unit has been tasked with ensuring electrical supply, and preparations are underway on transmission lines and at power facilities. Law enforcement agencies are coming together to create a task force to ensure public order and security. 25 hotels in Vladivostok and Artem are on call to accommodate Forum guests and participants in 1,600 rooms.
Mayor of Vladivostok Konstantin Shestakov reported on the measures being implemented as part of the preparations for the Forum in the capital of the Far Eastern Federal District in landscaping, road infrastructure, sanitation and security, building facades, and catering and cultural events. Work has been planned to repair roads, paint elevated and underground pedestrian crossings, and fix metal and concrete fences, bus stops, and bridges. The storm water drainage system will also be cleaned, sunken manholes fixed, pavement and curbs touched up, graffiti and unauthorized advertising removed, and concrete surfaces and road infrastructure painted. The city itself will receive an important facelift, with private investors funding 10 objets d’art across the route that will be travelled by guests through the city. Special events, concerts, and evening programmes are also being planned for the city’s open-air venues, with additional cultural initiatives for Forum participants and the residents of Vladivostok in development.
Far Eastern Federal University President Boris Korobets spoke about the preparation of the Far Eastern Federal University campus for the Forum, with large-scale modernization of infrastructure to begin in May and student service brigades to take part in campus renovation work for the first time this year, for which volunteers are currently being recruited. For the fourth year in a row, FEFU will work together with the Russian Znanie Society to organize a lecture hall for the students and youth of Primorsky Territory at the Forum. 350 top students and talented schoolchildren will attend in person, with another 8.5 million people expected to join the event online. This year, the lecture will focus on the end of World War II, the contribution of the Soviet nation to the fight against fascism, and the events of the Soviet-Japanese War of 1945. A new visual attraction will be installed in the park on FEFU’s central square in the form of a 50-metre-high flagpole flying a 150-square-metre tricolour. As part of the Year of the Defender of the Fatherland announced by the President of Russia, an Alley of Heroes will be established in the campus park and dedicated to the Russian heroes serving their country in the special military operation from all eleven regions of the Far East.
The regions of the Far East are also preparing for this tenth anniversary forum. As in the past, they will present their economic achievements and unique culture and customs at the Far East Street exhibition. 11 region and five industry pavilions have been planned this year: two pavilions for the Ministry of Sport of Russia, the ‘Business’ and ‘GTO Arena’; the Far East and Arctic Development Corporation’s ‘Developing the Far East’ Pavilion; the Ministry of Natural Resources and Environment of Russia’s ‘Falcon House’ Pavilion; and the ‘Corporation Turizm.RF’ Pavilion. The pavilions dedicated to the regions will focus on economic and social achievements of the past ten years, provide information about investment projects, advanced technological developments, and the implementation of master plans for the development of the cities of the Far East, and the celebration of the 80th anniversary of victory in the Great Patriotic War. An alley dedicated to brands from the Far East is being organized in conjunction with ASI and will present the goods manufactured in the region.
Also discussed during the meeting were issues of sanitary and epidemiological safety to be addressed during the preparation for EEF 2025.
“The EEF is a well-prepared, balanced tool for attracting investment to the Far East that allows all federal executive authorities to see whether they are fulfilling the President’s instructions and for investors to understand that they are on the right track. And we will protect what we have here, even as we turn now to the content and move forward, work on the sessions, and think about how to set the right tasks,” Trutnev said in conclusion.
Source: United Kingdom – Executive Government & Departments
New research from the Charity Commission and Pro Bono Economics finds trustees are “immensely positive” about their experience
The charity regulator for England and Wales, with think tank and social sector research organisation, Pro Bono Economics, has published the findings of the most comprehensive survey ever undertaken of trustee motivations and skills.
The research finds that the vast majority of trustees are “immensely positive” about their experience, with eight in ten trustees likely to recommend the role to others. Most trustees feel positive about board dynamics, and their relationships with staff and volunteers.
Researchers have analysed over 2,000 responses from trustees across England and Wales, with responses weighted to ensure it was representative of the size profile of charities on the Register.
The charity sector has a turnover of £94 billion per year, assets of £340 billion and employs 3% of the UK workforce. Building a better picture of the experience of trustees will help the Commission, policy makers and the sector better understand the skills, motivations and backgrounds of existing trustees, and engage the broadest possible pool of trustee talent.
Among the key benefits reported is the opportunity trusteeship brings to grow and develop professionally, especially among younger trustees. Over half (57%) of trustees aged under 30 said trusteeship supported their career development, while older trustees said it gave them an opportunity to give back.
Six in 10 report that the role makes them feel they are having a positive impact on the world and nearly four in 10 feel more fulfilled because of their trustee role (38%).
The research finds that the trustee population largely feels confident and well-equipped to exercise their duties. More than nine in ten trustees reported understanding their roles and responsibilities (95%) and feeling qualified to fulfil them (93%).
However, the findings suggest some boards could benefit from more people with certain skills or expertise. A quarter of respondents reported accessing legal expertise externally, suggesting a possible lack of relevant skills at board level.
While most trustees report their board had significant finance skills and experience (59%), this was also the skillset with the second greatest reliance on external sources (8%).
Similarly, fewer than 25% of respondents report having anti-fraud, campaigning or marketing skills on their charity’s board.
The research also offers new data on charity board demographics, suggesting movement towards gender parity on trustee boards. 43% of trustees are female compared to 36% in 2017, when the last comparable research project was undertaken. The findings suggest variation based on charities’ size, with smaller charities tending to have more female trustees proportionally.
Over half of trustees are retired, more than double the proportion in the general population. People aged 44 and under make up only 8% of trustees, and just 1% overall were aged 30 or under.
The research suggests that a lower percentage of trustees are from ethnic minority backgrounds compared to the general population (8% compared to 17%, with 92% of trustees being white compared to 83% of the general population). Analysis of the data suggests the difference is related to the age profile of trustees. Notably, the research finds that there are proportionately slightly more black trustees aged below 60 compared to the general population (7% compared to 5%), but that people of Asian heritage make up 1% of trustees compared to 4% in the older population.
This rich and detailed research gives us valuable new insights into the people on whom all charities, of all sizes, ultimately rely. This research shows what those of us who have been trustees already knew – that whilst it is a significant responsibility, it is also a hugely rewarding way to have an impact on something you care about. I hope that in making these findings available, we can support the sector to respond, encouraging and inspiring a pipeline of committed and skilled people willing to serve as volunteer trustees into the future – and to reap the personal rewards of the role.
This new research provides plenty of room for optimism, with the vast majority of trustees saying that they find their role rewarding and evidence of an improvement over recent years in the representativeness of the trustee population. But there is further to go, with the potential to bring even more talent and more diverse perspectives to the fore by supporting more young people and individuals from underrepresented backgrounds to take up trustee roles. By encouraging a more diverse range of people to become trustees, we can strengthen boards and better support communities.
In a speech today at Trustee Exchange, David Holdsworth is expected to say the publication of this report reflects the Charity Commission’s commitment to supporting trustees and doing what it can to promote and position trusteeship as an attractive proposition, as set out in the regulator’s five year strategy.
Research methodology: Fieldwork was conducted by the Charity Commission of England and Wales and BMG Research in English and Welsh. The survey was sent to 19,929 trustees over July and August 2024, yielding 2,432 completed responses (2,194 valid responses after cleaning). Responses were weighted according to the annual gross income of the respondent’s organisation to ensure the results are representative of the population of charities in the Commission’s Register.
The findings can be viewed on PBE’s website or GOV.UK
Pro Bono Economics (PBE) uses economic analysis and the unique insight from our connection to the social sector to help charities, funders, firms and policymakers tackle the causes and consequences of low wellbeing in the UK. Policy analysts, researchers and economists at PBE work on a wide range of issues related to low wellbeing, including mental health, education, employment, financial security, poverty, disability, inequality, volunteering and civil society. PBE works closely with the economics profession to achieve its aims, building relationships between over 600 economist volunteers and supporting over 600 charities and social purpose organisations since 2009.
The Charity Commission is the independent, non-ministerial government department that registers and regulates charities in England and Wales. Its ambition is to be an expert regulator that is fair, balanced, and independent so that charity can thrive. This ambition will help to create and sustain an environment where charities further build public trust and ultimately fulfil their essential role in enhancing lives and strengthening society. Find out more: https://www.gov.uk/government/organisations/charity-commission/about
Charity Commission Strategy 2024-2029 was published 26 February 2024: https://www.gov.uk/government/publications/charity-commission-strategy-2024-2029/charity-commission-strategy-2024-2029
David Holdsworth’s speech at Trustee Exchange will be published on gov.uk after 14:00hrs Tuesday 29 April 2025.
Source: Hong Kong Information Services
The projected private flat supply for the next three to four years is 105,000 units, 2,000 lower than the previous estimate.
The Housing Bureau today said there were 28,000 unsold units in completed projects at the end of March.
There were also 65,000 units under construction, excluding those pre-sold by developers, and 12,000 units from disposed sites where construction may start anytime.
The number of flats under construction in the first quarter was 3,600, while 5,500 units were completed during the period.
Click here for details.
Source: Republic of China Taiwan
The 2025 Taiwan International Geothermal Conference, hosted by the Ministry of Economic Affairs, is taking place from April 24-25 in Taipei. Now in its third edition, the conference brings together leading geothermal experts, government representatives, and industry leaders from the United States, New Zealand, Canada, the Philippines, and other countries to explore cutting-edge technologies and the future development of geothermal energy. Held in a hybrid format with both in-person sessions and online streaming, the conference has attracted more than 700 participants from around the world, including representatives from academia, industry, government, and research institutions. The event aims to advance Taiwan’s geothermal industry and enhance its global competitiveness in the green energy sector.
Government Drives Geothermal Development and Industry Collaboration Shapes a Sustainable Future
In his opening remarks, Vice Minister of Economic Affairs Lai Chien-Hsin emphasized that amid the global climate change, the government is committed to implementing a range of carbon reduction measures to ensure sustainable energy transition. Promoting renewable energy, he noted, is critical to achieving these goals.
Vice Minister Lai highlighted geothermal energy’s pivot role in Taiwan’s energy transition. With Taiwan’s favorable geological conditions, it has completed the construction of six geothermal power plants. This year, more geothermal power plants will be connected to the grid. He sincerely welcomes all geothermal scholars, developers and experts to participate in 2025 Taiwan International Geothermal Conference, believing that through collaboration between international enterprises and local Taiwanese companies, they can contribute to achieving net-zero emission goals and jointly address the challenges of extreme climate.
International Experts Convene to Foster Technology Exchange and Industry Collaboration
The conference features a broad range of topics, including the status of geothermal energy development in Taiwan, international industry trends, advanced technologies and innovative applications, and the role of local governments in promoting geothermal power development. The Energy Administration and the Geological Survey and Mining Management Agency presented Taiwan’s geothermal policies and exploration progress. Meanwhile, the CPC Corporation and Taiwan Power Company delivered special reports on development strategies and recent technical breakthroughs, which have attracted investment interest from domestic and international companies.
Afternoon sessions focused on cutting-edge project management and international drilling experiences, exploring how to leverage advanced technology and optimized practices to support local developers, accelerate geothermal plant construction, and enhance industry competitiveness.
High-Level Dialogue on the Future of Geothermal Energy and Strengthening International Partnerships
The first day of the conference concluded with a high-level dialogue moderated by the Acting Director-General of the Energy Administration Lee Chun-Li joined by representatives from the global geothermal industry, research institutes, and government sectors. The discussion centered on “The Future Outlook for Geothermal Power in Taiwan,” highlighting strategies to attract international investment, expand the geothermal industry value chain, and strengthen Taiwan’s presence in the global green energy market.
Workshops and Site Visits Promote Practical Engagement
On April 25, the second day of the conference, three professional workshops will be held on “Geothermal Drilling Technology,” “Development Solutions,” and “Exploration and Equipment Applications.” The conference will also feature a technical site visit for international guests to CPC Corporation’s Yuanshan No.1 Well, Taiwan’s first deep geothermal exploratory well. Jointly developed by Academia Sinica and CPC and currently drilled to a depth of 1,820 meters, this well marks a key milestone for Taiwan’s deep geothermal progress, offering international stakeholders a firsthand look at Taiwan’s geothermal potential and supportive development environment.
Through this international platform, Taiwan aims to strengthen global partnerships, foster innovation, accelerate the growth of its geothermal sector, and advance toward the long-term goal of sustainable energy.
Spokesperson:
Mr. Chih-wei Wu, Deputy Director General, Energy Administration, Ministry of Economic Affairs
Tel: +886-2-2775-7750 / +886-922-339-410
Email: cwwu@moeaea.gov.tw
Contact Person:
Ms. Hsiu-fen Tsai, Director, Energy Administration, Ministry of Economic Affairs
Tel: +886-2-2775-7730
Email: hftsai@moeaea.gov.tw
Source: The Conversation (Au and NZ) – By Mehdi Seyedmahmoudian, Professor of Electrical Engineering, School of Engineering, Swinburne University of Technology
The lights are mostly back on in Spain, Portugal and southern France after a widespread blackout on Monday.
The blackout caused chaos for tens of millions of people. It shut down traffic lights and ATMs, halted public transport, cut phone service and forced people to eat dinner huddled around candles as night fell. Many people found themselves trapped in trains and elevators.
Spain’s prime minister, Pedro Sánchez, has said the exact cause of the blackout is yet to be determined. In early reporting, Portugal’s grid operator REN was quoted as blaming the event on a rare phenomenon known as “induced atmospheric vibration”. REN has since reportedly refuted this.
But what is this vibration? And how can energy systems be improved to mitigate the risk of widespread blackouts?
Weather is a major cause of disruptions to electricity supply. In fact, in the United States, 83% of reported blackouts between 2000 and 2021 were attributed to weather-related events.
The ways weather can affect the supply of electricity are manifold. For example, cyclones can bring down transmission lines, heatwaves can place too high a demand on the grid, and bushfires can raze substations.
Wind can also cause transmission lines to vibrate. These vibrations are characterised by either high amplitude and low frequency (known as “conductor galloping”), or low amplitude and high frequency (known as “aeolian vibrations”).
These vibrations are a significant problem for grid operators. They can place increased stress on grid infrastructure, potentially leading to blackouts.
To reduce the risk of vibration, grid operators often use wire stabilisers known as “stock bridge dampers”.
Vibrations in power lines can also be caused by extreme changes in temperature or air pressure. And this is one hypothesis about what caused the recent widespread blackout across the Iberian peninsula.
As The Guardian initially reported Portugal’s REN as saying:
Due to extreme temperature variations in the interior of Spain, there were anomalous oscillations in the very high voltage lines (400 kV), a phenomenon known as “induced atmospheric vibration”. These oscillations caused synchronisation failures between the electrical systems, leading to successive disturbances across the interconnected European network.
In fact, “induced atmospheric vibration” is not a commonly used term, but it seems likely the explanation was intended to refer to physical processes climate scientists have known about for quite some time.
In simple terms, it seems to refer to wavelike movements or oscillations in the atmosphere, caused by sudden changes in temperature or pressure. These can be triggered by extreme heating, large-scale energy releases (such as explosions or bushfires), or intense weather events.
When a part of Earth’s surface heats up very quickly – due to a heatwave, for example – the air above it warms, expands and becomes lighter. That rising warm air creates a pressure imbalance with the surrounding cooler, denser air. The atmosphere responds to this imbalance by generating waves, not unlike ripples spreading across a pond.
These pressure waves can travel through the atmosphere. In some cases, they can interact with power infrastructure — particularly long-distance, high-voltage transmission lines.
These types of atmospheric waves are usually called gravity waves, thermal oscillations or acoustic-gravity waves. While the phrase “induced atmospheric vibration” is not formally established in meteorology, it seems to describe this same family of phenomena.
What’s important is that it’s not just high temperatures alone that causes these effects — it’s how quickly and unevenly the temperature changes across a region. That’s what sets the atmosphere into motion and can cause power lines to vibrate. Again, though, it’s still unclear if this is what was behind the recent blackout in Europe.
Understanding how the atmosphere behaves under these conditions is becoming increasingly important. As our energy systems become more interconnected and more dependent on long-distance transmission, even relatively subtle atmospheric disturbances can have outsized impacts. What might once have seemed like a fringe effect is now a growing factor in grid resilience.
Under growing environmental and electrical stress, centralised energy networks are dangerously vulnerable. The increasing electrification of buildings, the rapid uptake of electric vehicles, and the integration of intermittent renewable energy sources have placed unprecedented pressure on traditional grids that were never designed for this level of complexity, dynamism or centralisation.
Continuing to rely on centralised grid structures without fundamentally rethinking resilience puts entire regions at risk — not just from technical faults, but from environmental volatility.
The way to avoid such catastrophic risks is clear: we must embrace innovative solutions such as community microgrids. These are decentralised, flexible and resilient energy networks that can operate independently when needed.
Strengthening local energy autonomy is key to building a secure, affordable and future-ready electricity system.
The European blackout, regardless of its immediate cause, demonstrates that our electrical grids have become dangerously sensitive. Failure to address these structural weaknesses will have consequences far worse than those experienced during the COVID pandemic.
Mehdi Seyedmahmoudian does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
– ref. Did ‘induced atmospheric vibration’ cause blackouts in Europe? An electrical engineer explains the phenomenon – https://theconversation.com/did-induced-atmospheric-vibration-cause-blackouts-in-europe-an-electrical-engineer-explains-the-phenomenon-255497
Source: New Zealand Police (National News)
Police can advise that a planned training exercise at Mānawa Bay, near Auckland Airport is now under way.
The public are reminded that they may see tactical Police staff and other emergency services outside the centre.
There is no cause for alarm.
This exercise is taking place outside of Mānawa Bay’s operating hours.
Mānawa Bay and its car park are closed to the general public.
Police will issue a further advisory once the exercise is completed.
ENDS
Jarred Williamson/NZ Police
Source: New Zealand Police (National News)
Police were called to an address on Campbell Street in Feilding at around 12.50pm today, after a person was found deceased at the property.
The death is being treated as unexplained at this time.
A scene guard has been put in place overnight and a scene examination will take place tomorrow.
We know the police presence will be unsettling for Campbell Street residents, however we want to reassure them there is no cause for alarm.
ENDS
Issued by Police Media Centre.
Source: Save The Children
Tropical Cyclone Lola was one of the most powerful off-season storms to strike the Pacific when it made landfall in October 2023 with wind speeds of up to 215 km/h, destroying homes, schools and plantations, claiming the lives of at least four people [2] and affecting about 91,000 people [1].
Recovery efforts were made significantly more challenging when Vanuatu’s capital Port Vila was then hit by a 7.3 magnitude earthquake in December last year, claiming 14 lives and destroying critical infrastructure.
Madleen, 11, said when the cyclone hit, her family’s crops were destroyed, leaving them short of food.
“It destroyed the food crops. When we came outside, we saw the crops were destroyed. The banana tree was just bearing fruit and it was destroyed. And we didn’t have enough food. We were eating rice, but we were almost running short. We were not eating well, we ate just enough. I felt bad.”
After the cyclone, a shortage of nutritious food put children at risk of hunger as well as diseases like diarrhea, with typically an increase in the number of children hospitalised for diarrhea following cyclones, Save the Children said.
Vanuatu is already one of the most climate disaster-prone countries in the world, and scientists say tropical cyclones will become more extreme as the climate crisis worsens. This will disproportionately impact children due to food shortages, disruption to education and psychosocial trauma associated with experiencing disasters.
Save the Children, alongside Vanuatu’s Ministry of Agriculture, Livestock, Forestry, Fisheries, and Biosecurity (MALFFB) and local partners, is supporting Madleen and her family through the Tropical Cyclone Lola Recovery Programme, which is helping improve food security and resilience in communities impacted by the cyclone.
As a part of the Recovery Programme, over 1,100 households have received climate-resistant [3] seeds from a seedbank. These seeds, for growing watermelon, papaya, Chinese cabbage, tomato, capsicum and cucumber, are proven to perform in Vanuatu’s changing climate, with tolerance to high rainfall, drought, pests and disease. Farmers are encouraged to preserve the seeds from crops and sell them back to the seed bank.
The programme is also training communities in other climate-smart agricultural techniques such as growing smaller fruit trees that are robust enough to withstand strong cyclone winds.
Save the Children has also built a collapsible nursery for plants in Madleen’s community that can be taken down when a cyclone is predicted, so saplings and trees can be stored, protected and replanted after it passes.
Save the Children Vanuatu Country Director, Polly Banks, said:
“In just 18 months, people in Vanuatu have been deeply shaken by a devastating cyclone and a powerful earthquake.
“Children have borne the brunt of this, with food taken off their plates, crops destroyed, homes and schools damaged and diseases on the rise. As the climate crisis accelerates, we must work with communities to strengthen their resilience, so children and their families are better equipped to face whatever comes next.
“We’re working in partnership with the Government of Vanuatu and local partners to help communities build the skills and resources they need to support themselves when future cyclones and disasters strike.”
Save the Children has been working in in Vanuatu for more than 40 years to make sure children are learning, protected from harm, and grow up healthy and strong.
Source: Republic of China Taiwan
Details
2025-04-23
President Lai delivers remarks at International Holocaust Remembrance Day event
On the afternoon of April 23, President Lai Ching-te attended an International Holocaust Remembrance Day event and delivered remarks, in which he emphasized that peace is priceless, and war has no winners, while morality, democracy, and respect for human rights are powerful forces against violence and tyranny. The president stated that Taiwan will continue to expand cooperation with democratic partners and safeguard regional and global peace and stability, defending democracy, freedom, and human rights. He said we must never forget history, and must overcome our differences and join in solidarity to ensure that the next generations live in a world that is more just and more peaceful. Upon arriving at the event, President Lai heard a testimony from the granddaughter of a Holocaust survivor, followed by a rabbi’s recitation of the prayer “El Maleh Rachamim.” He then joined other distinguished guests in lighting candles in memory of the victims. A transcript of President Lai’s remarks follows: To begin, I want to thank the Israel Economic and Cultural Office (ISECO) in Taipei, German Institute Taipei, Taiwan Foundation for Democracy, and Ministry of Foreign Affairs for co-organizing this deeply significant memorial ceremony again this year. I also want to thank everyone for attending. We are here today to remember the victims of the Holocaust, express sympathy for the survivors, honor the brave individuals who protected the victims, and acknowledge all who were impacted by this atrocity. It was deeply moving to hear Ms. [Orly] Sela share the story of how her grandmother, Yehudit Biksz, escaped the Nazi regime. I want to thank her specially for traveling so far to attend this event. From the 1930s through World War II, the Nazi regime sought to exclude Jewish people from society. In their campaign, they perpetrated systematic genocide driven by their ideology. Policies and directives under the authoritarian Nazi regime resulted in the deaths of approximately 6 million Jews. Millions of others were persecuted, including Romani people, persons with disabilities, the gay community, and anyone who disagreed with Nazi ideology. It is one of the darkest chapters in human history. Many countries, including Taiwan, have enacted anti-massacre legislation, and observe a remembrance day each year. Those occasions help us remember the victims, preserve historical memory, and most importantly, reinforce our resolve to fight against hatred and discrimination. Twenty-three years ago, Chelujan (車路墘) Church in Tainan founded the Taiwan Holocaust Memorial Museum. It is the first Jewish museum in Taiwan, and the second Holocaust museum in Asia. Its founding mission urges us to forget hatred and love one another; put an end to war and advocate peace. Many of the exhibition items come from Jewish people, connecting Taiwan closer with Israel and helping Taiwanese better understand the experiences of Jewish people. In this way, we grow to more deeply cherish peace. When I was mayor of Tainan, I took part in an exhibition event at Chelujan Church. I was also invited by the Israeli government to join the International Mayors Conference in Israel, where I visited the World Holocaust Remembrance Center. I will never forget how deeply that experience moved me, and as a result, peace and human rights became even more important issues for me. These issues are valued by Taiwan and our friends and allies. They are also important links connecting Taiwan with the world. Peace is priceless, and war has no winners. We will continue to expand cooperation with democratic partners and safeguard regional and global peace and stability. We will also continue to make greater contributions and work with the international community to defend democracy, freedom, and human rights. This year also marks the 80th anniversary of the end of World War II. However, we still see wars raging around the world. We see a resurgence of authoritarian powers, which could severely impact global democracy, peace, and prosperous development. Today’s event allows for more than reflection on the past; it also serves as a warning for the future. We are reminded of the threats that hatred, prejudice, and extremism pose to humanity. But we are also reminded that morality, democracy, and respect for human rights are powerful forces against violence and tyranny. We must never forget history. We must overcome our differences and join in solidarity for a better future. Let’s work together to ensure that the next generations live in a world that is more just and more peaceful. Also in attendance at the event were Member of the Israeli Knesset (parliament) and Taiwan friendship group Chair Boaz Toporovsky, ISECO Representative Maya Yaron, and German Institute Taipei Deputy Director General Andreas Hofem.
Details
2025-04-23
President Lai pays respects to Pope Francis
On the morning of April 23, President Lai Ching-te visited the Taipei Archdiocesan Curia to pay respects in a memorial ceremony for His Holiness Pope Francis. As officiant of the ceremony, President Lai burned incense and presented flowers, fruits, and wine to pay his respects to Pope Francis. At the direction of the master of ceremonies, the president then bowed three times in front of Pope Francis’s memorial portrait, conveying his grief and deep respect for the late pope. After hearing of Pope Francis’s passing on April 21, President Lai promptly requested the Ministry of Foreign Affairs to express sincere condolences from the people and government of Taiwan to the Vatican. The president also instructed Minister of Foreign Affairs Lin Chia-lung (林佳龍) to convey condolences to the Holy See’s Apostolic Nunciature in Taiwan.
Details
2025-04-23
President Lai meets US CNAS NextGen fellows
On the morning of April 23, President Lai Ching-te met with fellows from the Shawn Brimley Next Generation National Security Leaders Program (NextGen) run by the Center for a New American Security (CNAS). In remarks, President Lai thanked the government of the United States for continuing its arms sales to Taiwan over the years, supporting Taiwan’s efforts to enhance its national defense capabilities and jointly maintaining peace and stability in the Indo-Pacific region. The president pointed out that we will promote our “Taiwan plus one” policy, that is, new arrangements for Taiwan plus the US, and form a “Taiwan investment in the US team” to expand investment and bring about even closer Taiwan-US trade cooperation, allowing us to reduce the trade deficit and generate development that benefits both sides. A translation of President Lai’s remarks follows: Ms. Michèle Flournoy, chair of the CNAS Board of Directors, is a good friend of Taiwan, and she has made major contributions to Taiwan-US relations through her long-time efforts on various aspects of our cooperation. I am happy to welcome Chair Flournoy, who is once again leading a NextGen Fellowship delegation to Taiwan. CNAS is a prominent think tank focusing on US national security and defense policy based in Washington, DC. Its NextGen Fellowship has fostered talented individuals in the fields of national security and foreign affairs. This year’s delegation is significantly larger than those of the past, demonstrating the increased importance that the next generation of US leaders attach to Taiwan. On behalf of the people of Taiwan, I extend my sincerest welcome to you all. The Taiwan Strait, an issue of importance for our guests, has become a global issue. There is a high degree of international consensus that peace and stability across the Taiwan Strait are indispensable elements in global security and prosperity. Facing military threats from China, Taiwan proposed the Four Pillars of Peace action plan. First, we are actively implementing military reforms, enhancing whole-of-society defense resilience, and working to increase our defense budget to more than 3 percent of GDP. Second, we are strengthening our economic resilience. As Taiwan’s economy must keep advancing, we can no longer put all our eggs in one basket. We are taking action to remain firmly rooted in Taiwan while expanding our global presence and marketing worldwide. In these efforts, we are already seeing results. Third, we are standing side-by-side with other democratic countries to demonstrate the strength of deterrence and achieve our goal of peace through strength. And fourth, Taiwan is willing, under the principles of parity and dignity, to conduct exchanges and cooperate with China towards achieving peace and stability in the Taiwan Strait. This April 10 marked the 46th anniversary of the enactment of the Taiwan Relations Act. We thank the US government for continuing its arms sales to Taiwan over the years, supporting Taiwan’s efforts to enhance its national defense capabilities and jointly maintaining peace and stability in the Indo-Pacific region. We look forward to Taiwan and the US continuing to strengthen collaboration on the development of both our defense industries as well as the building of non-red supply chains. This will yield even more results and further deepen our economic and trade partnership. The US is now the main destination for outbound investment from Taiwan. Moving forward, we will promote our “Taiwan plus one” policy, that is, new arrangements for Taiwan plus the US. And our government will form a “Taiwan investment in the US team” to expand investment. We hope this will bring Taiwan-US economic and trade cooperation even closer and, through mutually beneficial assistance, allow us to generate development that benefits both our sides while reducing our trade deficit. In closing, thank you once again for visiting Taiwan. We hope your trip is fruitful and leaves you with a deep impression of Taiwan. We also hope that going forward you continue supporting Taiwan and advancing even greater development for Taiwan-US ties. Chair Flournoy then delivered remarks, first thanking President Lai for making time to receive their delegation. Referring to President Lai’s earlier remarks, she said that it is quite an impressive group, as past members of this program have gone on to become members of the US Congress, leading government experts, and leaders in the think-tank world and in the private sector. She remarked that investing in this group is a wonderful privilege for her and that they appreciate President Lai’s agreeing to take the time to engage in exchange with them. Chair Flournoy emphasized that they are visiting Taiwan at a critical moment, when there is so much change and volatility in the geostrategic environment, a lot of uncertainty, and a lot of unpredictability. She stated that given our shared values, our shared passion for democracy and human rights, and our shared interests in peace and stability in the Indo-Pacific region, this is an important time for dialogue, collaboration, and looking for additional opportunities where we can work together towards regional peace and stability.
Details
2025-04-18
President Lai meets US delegation from Senate Foreign Relations Subcommittee on East Asia and the Pacific
On the afternoon of April 18, President Lai Ching-te met with a delegation led by Senator Pete Ricketts, chairman of the United States Senate Foreign Relations Subcommittee on East Asia, the Pacific, and International Cybersecurity Policy. In remarks, President Lai said we hope to promote our Taiwan plus one policy, that is, new industrial arrangements for Taiwan plus the US, to leverage the strengths of both sides and reinforce our links in such areas as the economy, trade, and technological innovation. The president said that by deepening cooperation, Taiwan and the US will be better positioned to work together on building non-red supply chains. He said a more secure and sustainable economic and trade partnership will allow us to address the challenges posed by geopolitics, climate change, and the restructuring of global supply chains. A translation of President Lai’s remarks follows: I warmly welcome you all to Taiwan. I want to take this opportunity to especially thank Chairman Pete Ricketts and Ranking Member Chris Coons for their high regard and support for Taiwan. Chairman Ricketts has elected to visit Taiwan on his first overseas trip since taking up his new position in January. Ranking Member Coons made a dedicated trip to Taiwan in 2021 to announce a donation of COVID-19 vaccines on behalf of the US government. He also visited last May, soon after my inauguration, continuing to deepen Taiwan-US exchanges. Thanks to support from Chairman Ricketts and Ranking Member Coons, the US Congress has continued to introduce many concrete initiatives and resources to assist Taiwan through the National Defense Authorization Act and Consolidated Appropriations Act, bringing the Taiwan-US partnership even closer. For this, I want to again express my gratitude. There has long been bipartisan support in the US Congress for maintaining security in the Taiwan Strait. Faced with China’s persistent political and military intimidation, Taiwan will endeavor to reform national defense and enhance whole-of-society defense resilience. We will also make special budget allocations to ensure that our defense budget exceeds 3 percent of GDP, up from the current 2.5 percent, so as to enhance Taiwan’s self-defense capabilities. We look forward to Taiwan and the US continuing to work together to maintain peace and stability in the region. We will also promote our Taiwan plus one policy, that is, new industrial arrangements for Taiwan plus the US. We hope to leverage the strengths of both sides and reinforce our links in such areas as the economy, trade, and technological innovation, jointly promoting prosperity and development. We believe that by deepening cooperation through the Taiwan plus one policy, Taiwan and the US will be better positioned to work together on building non-red supply chains. A more secure and sustainable economic and trade partnership will allow us to address the challenges posed by geopolitics, climate change, and the restructuring of global supply chains. In closing, I wish Chairman Ricketts and Ranking Member Coons a smooth and successful visit. Chairman Ricketts then delivered remarks, first thanking President Lai for his hospitality. He said that he and his delegation have had a wonderful time meeting with government officials, industry representatives, and the team at the American Institute in Taiwan. Highlighting that Taiwan has long been a friend and partner of the US, he said their bipartisan delegation to Taiwan emphasizes long-time bipartisan support in the US Congress for Taiwan, and though administrations change, that bipartisan support remains. Chairman Ricketts stated that the US is committed to peace and stability in the Indo-Pacific and that they want to see peace across the Taiwan Strait. He also stated that the US opposes any unilateral change in the status of Taiwan and that they expect any differences between Taiwan and China to be resolved peacefully without coercion or the threat of force. To that end, he said, the US will continue to assist Taiwan in its self-defense and will also step up by bolstering its own defense capabilities, noting that there is broad consensus on this in the US Congress. Chairman Ricketts stated that they want to see Taiwan participate in international organizations and memberships where appropriate, and encourage Taiwan to reach out to current and past diplomatic allies to strengthen those bilateral relationships. He pointed out that the long economic relationship between the US and Taiwan is important for our as well as the entire world’s security and prosperity. He also noted that there are many opportunities for us to continue to grow the economic relationship that will help create more prosperity for our respective peoples and ensure that we are more secure in the world. Chairman Ricketts emphasized that they made this trip early on in the new US administration to work with Taiwan to develop three points: security, diplomatic relations, and the economy. He stated that in the face of rising aggression from communist China, the US will provide commensurate help to Taiwan in self-defense and that they will continue to provide the services and tools needed. In closing, Chairman Ricketts once again thanked President Lai for the hospitality and said he looks forward to dialogue on how we can continue these relationships. Ranking Member Coons then delivered remarks. Mentioning that their delegation also visited the Philippines on this trip, he said that there and in Taiwan, they have been focused on peace, stability, and security, and the ways for deepening and strengthening economic and security relations. He noted that 46 years ago, the US Senate passed the Taiwan Relations Act, adding that it was strongly bipartisan when enacted and that support for it is still strongly bipartisan today. Its core commitment, he said, is that the US will be engaged and will be a partner in ensuring that any dispute or challenge across the strait will be resolved peacefully, and that Taiwan will have the resources it needs for its self-defense. Ranking Member Coons said that between people, friendships are deepest and most enduring when they are based not just on interests but on values, and that the same is true between the US and Taiwan. Free press, free enterprise, free societies, democracy – these core shared values, he said, anchor our friendship and partnership, making them deeper. He remarked that they are grateful for the significant investment in the US being made by companies from Taiwan, but what anchors our partnership, in addition to these important investments and investments being made by Taiwan in its own security, are the values that mobilize our free-enterprise spirit and our commitment to free societies. In Europe in recent years, Ranking Member Coons said, an aggressive nation has tried to change boundaries and change history by force. He said that the US and dozens of countries committed to freedom have come to the aid of Ukraine to defend it, help it stabilize, and secure its future. So too in this region of the world, he added, the US and a bipartisan group in the US Senate are committed to stable, secure, peaceful relations and to deterring any unilateral effort to change the status quo by force. In closing, he said he is grateful for a chance to return to Taiwan after the pandemic and that he looks forward to our conversation, our partnership, and the important work we have in front of us. The delegation was accompanied to the Presidential Office by American Institute in Taiwan Taipei Office Director Raymond Greene.
Details
2025-04-17
President Lai meets New Zealand delegation from All-Party Parliamentary Group on Taiwan
On the morning of April 17, President Lai Ching-te met with a delegation from New Zealand’s All-Party Parliamentary Group on Taiwan. In remarks, President Lai thanked the government of New Zealand for reiterating the importance of peace and stability across the Taiwan Strait on multiple occasions since last year. He also stated that this year, the Taiwan-New Zealand economic cooperation agreement (ANZTEC) is being implemented in its complete form. The president expressed hope that deeper collaboration in such fields as smart agriculture, food manufacturing, biomedicine, the digital economy, and clean energy, as well as exchanges among our indigenous peoples, will allow our economies and industries to continue evolving as they adapt to the challenges arising from global changes. A translation of President Lai’s remarks follows: I extend a warm welcome to all of our guests. New Zealand’s All-Party Parliamentary Group on Taiwan was established in 2023, marking a significant milestone in the deepening of Taiwan-New Zealand relations. I would like to thank Members of Parliament Stuart Smith and Tangi Utikere for leading this delegation, and thank all our guests for demonstrating support for Taiwan through action. We currently face a rapidly changing international landscape. Authoritarian regimes continue to converge and expand. Democracies must actively cooperate and jointly safeguard peace, stability, and the prosperous development of the Indo-Pacific region. Since last year, the government of New Zealand has on multiple occasions reiterated the importance of peace and stability across the Taiwan Strait. On behalf of the people of Taiwan, I would like to express our sincere gratitude for these statements and demonstrations of support. This year, ANZTEC is being implemented in its complete form. We look forward to exploring even more diverse markets with New Zealand. Deeper collaboration in such fields as smart agriculture, food manufacturing, biomedicine, the digital economy, and clean energy, as well as exchanges among indigenous peoples, will allow our economies and industries to continue evolving as they adapt to the challenges arising from global changes. Taiwan and New Zealand share the universal values of democracy, freedom, and respect for human rights, and parliamentary diplomacy is a tradition practiced by democracies around the world. Looking ahead, our parliamentary exchanges and mutual visits are bound to become more frequent. This will enable us to explore even more opportunities for cooperation and further deepen and solidify the democratic partnership between Taiwan and New Zealand. Thank you once again for making the long journey to visit us. I wish you a fruitful and successful trip. I also hope that everyone can take time to see more of Taiwan, try our local cuisine, and learn more about our culture. I hope our guests will fall in love with Taiwan. MP Smith then delivered remarks, saying that it is a great pleasure and an honor to be received by President Lai. The MP, noting that President Lai already covered many of the points he planned to make, went on to say that New Zealand and Taiwan share many values. He indicated that both are trading nations that rely on easy access for imports and exports, and that is why freedom of navigation is so important. That is why New Zealand had a naval vessel sail through the Taiwan Strait, he said, to underline the importance of freedom of navigation and our mutual security. MP Smith said that they look forward to building stronger relationships and enhancing the trade between our two nations. He added that New Zealand has much to offer in the field of geothermal energy to assist Taiwan, and mentioned that New Zealand is third largest in terms of the number of rocket launchers for satellites, which could assist Taiwan with communications in the future. New Zealand has other products as well, he said, but looks for assistance from Taiwan’s technology and technological sector. Lastly, MP Smith stated that he looks forward to a long and prosperous relationship between Taiwan and New Zealand. MP Utikere then delivered remarks, indicating that like Taiwan, New Zealand is a nation that is surrounded by ocean, which means that they rely on strong partnerships with communities of interest all around the globe. He said that the all-party parliamentary friendship group that was established and that they are a part of goes a long way in ensuring that a secure relationship between our two parliaments can continue to prosper. The MP also thanked Taiwan’s Representative to New Zealand Joanne Ou (歐江安) and her team for their work, which has ensured the success of the delegation’s visit. He said that the delegation experienced meetings with ministers in Taiwan’s government, members of the legislature, and those from the non-government organization sector as well. He also said that they enjoyed the opportunity to visit Wulai, and that the strength of the connections between the indigenous peoples of Taiwan and the indigenous peoples of Aotearoa New Zealand is something that certainly landed with members of the delegation. MP Utikere noted that he will take up President Lai’s offer on experiencing more of Taiwan, and will spend a few extra days in Tainan, which he understands has a very special place in the president’s heart, adding that he looks forward to his time and experiences there. The MP concluded his remarks by saying that this will be a relationship that continues to go from strength to strength. After their remarks, the New Zealand delegation sang the Māori song “Tutira Mai Nga Iwi” to extend best wishes to Taiwan. Also in attendance at the meeting were New Zealand Members of Parliament Jamie Arbuckle, Greg Fleming, Hamish Campbell, Cameron Luxton, and Helen White.
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2025-04-06
President Lai delivers remarks on US tariff policy response
On April 6, President Lai Ching-te delivered recorded remarks regarding the impact of the 32 percent tariff that the United States government recently imposed on imports from Taiwan in the name of reciprocity. In his remarks, President Lai explained that the government will adopt five response strategies, including making every effort to improve reciprocal tariff rates through negotiations, adopting a support plan for affected domestic industries, adopting medium- and long-term economic development plans, forming new “Taiwan plus the US” arrangements, and launching industry listening tours. The president emphasized that as we face this latest challenge, the government and civil society will work hand in hand, and expressed hope that all parties, both ruling and opposition, will support the measures that the Executive Yuan will take to open up a broader path for Taiwan’s economy. A translation of President Lai’s remarks follows: My fellow citizens, good evening. The US government recently announced higher tariffs on countries around the world in the name of reciprocity, including imposing a 32 percent tariff on imports from Taiwan. This is bound to have a major impact on our nation. Various countries have already responded, and some have even adopted retaliatory measures. Tremendous changes in the global economy are expected. Taiwan is an export-led economy, and in facing future challenges there will inevitably be difficulties, so we must proceed carefully to turn danger into safety. During this time, I want to express gratitude to all sectors of society for providing valuable opinions, which the government regards highly, and will use as a reference to make policy decisions. However, if we calmly and carefully analyze Taiwan’s trade with the US, we find that last year Taiwan’s exports to the US were valued at US$111.4 billion, accounting for 23.4 percent of total export value, with the other 75-plus percent of products sold worldwide to countries other than the US. Of products sold to the US, competitive ICT products and electronic components accounted for 65.4 percent. This shows that Taiwan’s economy does still have considerable resilience. As long as our response strategies are appropriate, and the public and private sectors join forces, we can reduce impacts. Please do not panic. To address the reciprocal tariffs by the US, Taiwan has no plans to adopt retaliatory tariffs. There will be no change in corporate investment commitments to the US, as long as they are consistent with national interests. But we must ensure the US clearly understands Taiwan’s contributions to US economic development. More importantly, we must actively seek to understand changes in the global economic situation, strengthen Taiwan-US industry cooperation, elevate the status of Taiwan industries in global supply chains, and with safeguarding the continued development of Taiwan’s economy as our goal, adopt the following five strategies to respond. Strategy one: Make every effort to improve reciprocal tariff rates through negotiations using the following five methods: 1. Taiwan has already formed a negotiation team led by Vice Premier Cheng Li-chiun (鄭麗君). The team includes members from the National Security Council, the Office of Trade Negotiations, and relevant Executive Yuan ministries and agencies, as well as academia and industry. Like the US-Mexico-Canada free trade agreement, negotiations on tariffs can start from Taiwan-US bilateral zero-tariff treatment. 2. To expand purchases from the US and thereby reduce the trade deficit, the Executive Yuan has already completed an inventory regarding large-scale procurement plans for agricultural, industrial, petroleum, and natural gas products, and the Ministry of National Defense has also proposed a military procurement list. All procurement plans will be actively pursued. 3. Expand investments in the US. Taiwan’s cumulative investment in the US already exceeds US$100 billion, creating approximately 400,000 jobs. In the future, in addition to increased investment in the US by Taiwan Semiconductor Manufacturing Company, other industries such as electronics, ICT, petrochemicals, and natural gas can all increase their US investments, deepening Taiwan-US industry cooperation. Taiwan’s government has helped form a “Taiwan investment in the US” team, and hopes that the US will reciprocate by forming a “US investment in Taiwan” team to bring about closer Taiwan-US trade cooperation, jointly creating a future economic golden age. 4. We must eliminate non-tariff barriers to trade. Non-tariff barriers are an indicator by which the US assesses whether a trading partner is trading fairly with the US. Therefore, we will proactively resolve longstanding non-tariff barriers so that negotiations can proceed more smoothly. 5. We must resolve two issues that have been matters of longstanding concern to the US. One regards high-tech export controls, and the other regards illegal transshipment of dumped goods, otherwise referred to as “origin washing.” Strategy two: We must adopt a plan for supporting our industries. For industries that will be affected by the tariffs, and especially traditional industries as well as micro-, small-, and medium-sized enterprises, we will provide timely and needed support and assistance. Premier Cho Jung-tai (卓榮泰) and his administrative team recently announced a package of 20 specific measures designed to address nine areas. Moving forward, the support we provide to different industries will depend on how they are affected by the tariffs, will take into account the particular features of each industry, and will help each industry innovate, upgrade, and transform. Strategy three: We must adopt medium- and long-term economic development plans. At this point in time, our government must simultaneously adopt new strategies for economic and industrial development. This is also the fundamental path to solutions for future economic challenges. The government will proactively cooperate with friends and allies, develop a diverse range of markets, and achieve closer integration of entities in the upper, middle, and lower reaches of industrial supply chains. This course of action will make Taiwan’s industrial ecosystem more complete, and will help Taiwanese industries upgrade and transform. We must also make good use of the competitive advantages we possess in such areas as semiconductor manufacturing, integrated chip design, ICT, and smart manufacturing to build Taiwan into an AI island, and promote relevant applications for food, clothing, housing, and transportation, as well as military, security and surveillance, next-generation communications, and the medical and health and wellness industries as we advance toward a smarter, more sustainable, and more prosperous new Taiwan. Strategy four: “Taiwan plus one,” i.e., new “Taiwan plus the US” arrangements: While staying firmly rooted in Taiwan, our enterprises are expanding their global presence and marketing worldwide. This has been our national economic development strategy, and the most important aspect is maintaining a solid base here in Taiwan. We absolutely must maintain a solid footing, and cannot allow the present strife to cause us to waver. Therefore, our government will incentivize investments, carry out deregulation, and continue to improve Taiwan’s investment climate by actively resolving problems involving access to water, electricity, land, human resources, and professional talent. This will enable corporations to stay in Taiwan and continue investing here. In addition, we must also help the overseas manufacturing facilities of offshore Taiwanese businesses to make necessary adjustments to support our “Taiwan plus one” policy, in that our national economic development strategy will be adjusted as follows: to stay firmly rooted in Taiwan while expanding our global presence, strengthening US ties, and marketing worldwide. We intend to make use of the new state of supply chains to strengthen cooperation between Taiwanese and US industries, and gain further access to US markets. Strategy five: Launch industry listening tours: All industrial firms, regardless of sector or size, will be affected to some degree once the US reciprocal tariffs go into effect. The administrative teams led by myself and Premier Cho will hear out industry concerns so that we can quickly resolve problems and make sure policies meet actual needs. My fellow citizens, over the past half-century and more, Taiwan has been through two energy crises, the Asian financial crisis, the global financial crisis, and pandemics. We have been able to not only withstand one test after another, but even turn crises into opportunities. The Taiwanese economy has emerged from these crises stronger and more resilient than ever. As we face this latest challenge, the government and civil society will work hand in hand, and I hope that all parties in the legislature, both ruling and opposition, will support the measures that the Executive Yuan will take to open up a broader path for Taiwan’s economy. Let us join together and give it our all. Thank you.
Source: People’s Republic of China – State Council News
MADRID, April 27 — Chinese Foreign Minister Wang Yi on Sunday held phone talks with Pakistani Deputy Prime Minister and Foreign Minister Ishaq Dar.
Dar briefed Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, on the latest tensions between Pakistan and India following a terrorist attack in the Kashmir region.
Dar emphasized that Pakistan has consistently and firmly fought against terrorism and is against any actions that could lead to an escalation of the situation. Pakistan is committed to managing the situation in a mature manner and will maintain communication with China and the international community, Dar added.
For his part, Wang said China is closely following the developments, stressing that combating terrorism is a shared responsibility of the whole world while reaffirming China’s consistent support for Pakistan’s firm counterterrorism efforts.
As an ironclad friend and an all-weather strategic cooperative partner, China fully understands Pakistan’s legitimate security concerns and supports Pakistan in safeguarding its sovereignty and security interests, Wang said.
China advocates for a swift and fair investigation and believes that conflict does not serve the fundamental interests of either India or Pakistan, nor does it benefit regional peace and stability, Wand noted.
China hopes both sides will remain restrained, move toward each other, and work together to de-escalate the situation, he added.
Source: European Central Bank
Frankfurt am Main, 29 April 2025
I’m honoured to welcome you to this conference, jointly organised by the Bank for International Settlements (BIS), the Bank of England, the European Central Bank (ECB) and the International Monetary Fund (IMF).[1]
Today, we come together to discuss the urgent challenges posed by global fragmentation – a growing risk to our interconnected world. Earlier this month, the President of the United States announced tariff hikes, sending shockwaves through the global economy – a stark reminder that the fractures we face are no longer hypothetical, but real.
This announcement is but the latest chapter in a series of four major shocks that have been reshaping our world in recent years.
First, since 2018 the intensifying power struggle between the United States and China has led to tit-for-tat tariffs affecting nearly two-thirds of the trade between these two economic giants. Second, starting in 2020, the pandemic caused unprecedented disruptions to supply chains, which prompted a re-evaluation of the balance between global integration and resilience. Third, in 2022 Russia’s unjustified invasion of Ukraine not only triggered an energy crisis but also deepened a geopolitical divide that continues to have worldwide repercussions. And fourth, we are now facing the rising risk of economic fragmentation within the western bloc itself, as new trade barriers threaten long-standing international partnerships.
The data paint a sobering picture. Geopolitical risk levels have surged to 50% above the post-global financial crisis average, and uncertainty surrounding trade policy has risen to more than eight times its average since 2021.[2] What we are experiencing is not merely a temporary disruption – it is a profound shift in how nations interact economically, financially and diplomatically. So, it does not come as a surprise that financial markets have experienced considerable volatility in recent weeks. It remains to be seen if, for markets to find a stable equilibrium, it will be enough to step back from the current international economic disorder towards a more stable, predictable and reliable trading system – a development that appears elusive in the short term. Against this backdrop, recent moves in exchange rates, bond yields and equities, suggest that US markets have not been playing their usual role as a safe haven in this particular episode of stress. This potentially has far-reaching longer-term implications for capital flows and the international financial system.
Today I will focus on three key points. First, we are seeing increasing signs of fragmentation becoming visible across the economy and financial system. Second, the implications of this accelerating fragmentation could extend far beyond the immediate disruptions, with consequences for growth, stability and prosperity. Third, in this evolving economic landscape, central banks must adapt their approaches yet retain a steadfast focus on their core mandates, while striving to preserve international cooperation.
Let me begin by addressing a common belief – still held by many until recently – that, despite rising geopolitical tensions, globalisation appears largely resilient. Headline figures in trade and cross-border investment, for example, do indeed appear to support this belief. In 2024 world trade expanded to a record USD 33 trillion – up 3.7% from 2023. Similarly, the global stock of foreign direct investment reached an unprecedented USD 41 trillion.[3] However, these surface-level indicators may not reflect the underlying realities, creating a misleading sense of stability when important changes are already underway. In reality, fragmentation is already happening in both the global economy and the financial system.
Fragmentation is most evident in rebalancing trade, driven by escalating geopolitical tensions. Take, for instance, the escalating US-China trade tensions that have been intensifying since 2018. Studies show the impact of geopolitical distance on trade has become notably negative. A doubling of geopolitical distance between countries – akin to moving from the position of Germany to that of India in relation to the United States – decreases bilateral trade flows by approximately 20%.[4]
The series of shocks to the global economy in recent years have also contributed to this fragmentation. According to gravity model estimates, trade between geopolitically distant blocs has significantly declined. Trade between rivals is about 4% lower than it might have been without the heightened tensions post-2017, while trade between friends is approximately 6% higher.[5] Global value chains are being reconfigured as companies respond to these new realities. In 2023 surveys already indicated that only about a quarter of leading firms operating in the euro area[6] that sourced critical inputs from countries considered subject to elevated risk had not developed strategies to reduce their exposure.[7]
However, these shifting trade patterns have not yet been reflected in overall global trade flows. Non-aligned countries have played a crucial role as intermediaries, or connectors, helping to sustain global trade levels even as direct trade between rival blocs declines.[8] But this stabilising influence is unlikely to endure as trade fragmentation deepens and geopolitical alliances continue to shift.
The tariffs announced by the US Administration are far-reaching and affect a substantial share of global trade flows. The effects on the real economy are likely to be material. In its World Economic Outlook, published last week, the International Monetary Fund revised down global growth projections for 2025-26 by a cumulative 0.8 percentage points and global trade by a cumulative 2.3 percentage points.[9] This notably reflects a negative hit from tariffs that ranges between 0.4% to 1% of world GDP by 2027.[10] In particular, IMF growth projections for the United States have been revised down by a cumulative 1.3 percentage points in 2025-26. The cumulative impact on euro area growth is smaller, at 0.4 percentage points.
The fragmentation we are witnessing in global trade is mirrored in the financial sector, where geopolitical tensions are also reshaping the landscape.
In recent years, global foreign direct investment flows have increasingly aligned with geopolitical divides. Foreign direct investment in new ventures has plunged by nearly two-thirds between countries from different geopolitical blocs. However, strong intra-bloc investments have helped sustain overall foreign direct investment levels globally, masking some of the fragmentation occurring beneath the surface.[11]
But, as with trade flows, this dynamic is unlikely to persist as geopolitical tensions grow within established economic blocs. For instance, increased geopolitical distance is shown to curtail cross-border lending. A two standard deviation rise in geopolitical distance – akin to moving from the position of France to that of Pakistan in relation to Germany – leads to a reduction of 3 percentage points in cross-border bank lending.[12]
The impact of fragmentation in global financial infrastructure is perhaps even more revealing. Since 2014 correspondent banking relationships – crucial for facilitating trade flows across countries – have declined by 20%. While other factors – such as a wave of concentration in the banking industry, technological disruptions and profitability considerations – have played a role[13], the contribution of the geopolitical dimension can hardly be overstated. The repercussions of this decline can be profound. Research shows that when correspondent banking relationships are severed in a specific corridor, a firm’s likelihood of continuing to export between the two countries of that corridor falls by about 5 percentage points in the short term, and by about 20 percentage points after four years.[14]
Contributing to this trend, countries such as China, Russia and Iran have launched multiple initiatives to develop alternatives to established networks such as SWIFT, raising the possibility of a fragmented global payment system.[15] Geopolitical alignment now exerts a stronger influence than trade relationships or technical standards in connecting payment systems between countries.[16] This poses risks of regional networks becoming more unstable, increased trade costs and settlement times, and reduced risk sharing across countries.
Additionally, we are witnessing a noticeable shift away from traditional reserve currencies, with growing interest in holding gold. Central banks purchased more than 1,000 tonnes of gold in 2024, almost double the level of the previous decade, with China being the largest purchaser, at over 225 tonnes. At market valuations, the share of gold in global official reserves has increased, reaching 20% in 2024, while that of the US dollar has decreased. Survey data suggest that two-thirds of central banks invested in gold to diversify, 40% to protect against geopolitical risk and 18% because of the uncertainty over the future of the international monetary system.[17] There are further signs that geopolitical considerations increasingly influence decisions to invest in gold. The negative correlation of gold prices with real yields has broken down since 2022, a phenomenon we have also observed in recent weeks. This suggests that gold prices have been influenced by more than simply the use of gold to hedge against inflation. Moreover, countries geopolitically close to China and Russia have seen more pronounced increases in the share of gold in official foreign reserves since the last quarter of 2021.
Accelerating fragmentation is resulting in the immediate disruptions we are now seeing, but this is likely to only be the beginning – potentially profound medium and long-term consequences for growth, stability and prosperity can be expected.
The initial consequences of fragmentation are already evident in the form of increased uncertainty. In particular, trade policy uncertainty has led to a broader rise in global economic policy instability, which is stifling investment and dampening consumption. Our research suggests that the recent increase in trade policy uncertainty could reduce euro area business investment by 1.1% in the first year and real GDP growth by around 0.2 percentage points in 2025-26[18]. Consumer sentiment is also under strain, with the ECB’s Consumer Expectations Survey revealing that rising geopolitical risks are leading to more pessimistic expectations, higher income uncertainty and ultimately a lower willingness to spend.[19] Moreover, ECB staff estimates suggest that the observed increase in financial market volatility might imply lower GDP growth of about 0.2 percentage points in 2025.
Over the medium term, tariffs are set to have an unambiguously recessionary effect, both for countries imposing restrictions and those receiving them. The costs are particularly high when exchange rates fail to absorb tariff shocks, and some evidence suggests exchange rates have become less effective in this role.[20]
The Eurosystem’s analysis of potential fragmentation scenarios suggests that such trade disruptions could turn out to be significant. In the case of a mild decoupling between the western (United States-centric) and the eastern (China-centric) bloc, where trade between East and West reverts to the level observed in the mid-1990s, global output could drop by close to 2%.[21] In the more extreme case of a severe decoupling – essentially a halt to trade flows – between the two blocs, global output could drop by up to 9%. Trade-dependent nations would bear the brunt of these trade shocks, with China potentially suffering losses of between 5% and 20%, and the EU seeing declines ranging from 2.4% to 9.5% in the mild and severe decoupling scenarios respectively. The analysis also shows that the United States would be more significantly affected if it imposed additional trade restrictions against western and neutral economies – with real GDP losses of almost 11% in the severe decoupling scenario – whereas EU losses would increase only slightly in such a case.[22]
The inflationary effects of trade fragmentation are more uncertain. They depend mainly on the response of exchange rates, firms’ markups and wages. Moreover, they are not distributed equally. While higher import costs and the ensuing price pressures are likely to drive up inflation in the countries raising tariffs, the impact is more ambiguous in other countries as a result of the tariffs’ global recessionary effects, which push down demand and commodity prices, as well as of the possible dumping of exports from countries with overcapacity. The short to medium-term effects may even prove disinflationary for the euro area, where real rates have increased and the euro has appreciated following US tariff announcements.
In fact, a key feature of most model-based assessments is that higher US tariffs lead to a depreciation of currencies against the US dollar, moderating the inflationary effect for the United States and amplifying it for other countries. But so far we have seen the opposite: the risk-off sentiment in response to US tariff announcements and economic policy uncertainty have led to capital flows away from the United States, depreciating the dollar and putting upward pressure on US bond yields. Conversely, the euro area benefited from safe haven flows, with the euro appreciating and nominal bond yields decreasing.
The long-term consequences of economic fragmentation are inherently difficult to predict, but by drawing on historical examples and recognising emerging trends, it’s clear that we are on the verge of significant structural changes. Two areas stand out.
The first one is structurally lower growth. On this point, international economic literature has reached an overwhelming consensus.[23] Quantitatively, point estimates might vary. For example, research of 151 countries spanning more than five decades of the 20th century reveals that higher tariffs have typically led to lower economic growth. This is largely due to key production factors – labour and capital – being redirected into less productive sectors.[24]
However, data from the late 19th and early 20th centuries, a period which tariff supporters often look back to, seem to tell a different story. At that time, trade barriers across countries were high – the US effective tariff rate, for example, reached almost 60%, twice as high as after the 2 April tariffs. And sometimes countries imposing higher trade barriers enjoyed higher growth, which may provide motivation for current policymakers’ trade tariff policies. But these episodes need to be read in historical context. Before 1913, tariffs mostly shielded manufacturing, a high-productivity sector at the time, attracting labour from other, less productive sectors, like agriculture. Therefore, their negative effects were mitigated by the expansion of industries at the frontier of technological innovation. Moreover, the interwar years offer further nuance – the Smoot-Hawley tariffs of the 1930s had relatively limited direct effects on US growth, mainly because trade accounted for just 5% of the economy.
But today’s tariffs are unlikely to replicate the positive effects seen in the 19th century. Instead, they risk creating the same inefficiencies observed in the course of the 20th century, by diverting resources from high-productivity sectors to lower-productivity ones. This contractionary effect could lead to persistently lower global growth rates. In fact, the abolition of trade barriers within the EU and the international efforts towards lower trade barriers in the second half of the 20th century were a direct response to the economic and political impact of protectionism,[25] which had played a key role in worsening and prolonging the Great Depression[26] and had contributed to the formation of competing blocs in the run-up to the Second World War.[27]
The second long-term shift driven by fragmentation might be the gradual transition from a US-dominated, global system to a more multipolar one, where multiple currencies compete for reserve status. For example, if the long-term implications of higher tariffs materialise, notably in the form of higher inflation, slower growth and higher US debt, this could undermine confidence in the US dollar’s dominant role in international trade and finance.[28] Combined with a further disengagement from global geopolitical affairs and military alliances, this could, over time, undermine the “exorbitant privilege” enjoyed by the United States, resulting in higher interest rates domestically.[29]
Moreover, as alternative payment systems gain traction, regional currencies may start to emerge as reserves within their respective blocs. This could be accompanied by the rise of competing payment systems, further fragmenting global financial flows and international trade. Such shifts would increase transaction costs and erode the capacity of countries to share risks on a global scale, making the world economy more fragmented and less efficient.
So, as these tectonic shifts reshape the global economic landscape, central banks must adapt their approaches while remaining steadfast in their core mandates. The challenges posed by fragmentation require a delicate balance between confronting new realities and working to preserve the benefits of an integrated global economy. In order to navigate the present age of fragmentation, it is necessary to take action in four key areas.
First, central banks must focus on understanding and monitoring fragmentation. Traditional macroeconomic models often assume seamless global integration and may not fully capture the dynamics of a fragmenting world. Enhanced analytical frameworks that incorporate geopolitical factors and how businesses adjust to these risks will be essential for accurate forecasting and effective policy formulation. The Eurosystem is reflecting on these issues.
Second, monetary policy must adapt to the new nature of supply shocks generated by fragmentation. The effects of the greater frequency, size and more persistent nature of fragmentation-induced shocks and their incidence on prices require a careful calibration of our monetary responses. In this respect, our communication needs to acknowledge the uncertainty and trade-offs we face while giving a clear sense of how we will react depending on the incoming data. This can be done by making use of scenario analysis and providing clarity about our reaction function, as emphasised recently by President Lagarde.[30]
Third, instead of building walls, we must forge unity. Even as political winds shift, central banks should strengthen international cooperation where possible. Through forums such as those provided by the BIS and the Financial Stability Board, we can keep open channels of cooperation that transcend borders. Our work on cross-border payments stands as proof of this commitment in line with the G20 Roadmap[31]. The ECB is pioneering a cross-currency settlement service through TARGET Instant Payment Settlement (TIPS) – initially linking the euro, the Swedish krona and the Danish krone. We are exploring connections between TIPS and other fast-payment systems globally, both bilaterally and on the basis of a multilateral network such as the BIS’ Project Nexus.[32]
And fourth, central banks must enhance their capacity to address financial stability risks arising from fragmentation. The potential for sudden stops in capital flows, payment disruptions and volatility in currency markets requires robust contingency planning and crisis management frameworks. Global financial interlinkages and spillovers highlight the importance of preserving and further reinforcing the global financial safety net so that we can swiftly and effectively address financial stress, which is more likely to emerge in a fragmenting world.[33]
In fact, the lesson from the 1930s is that international coordination is key to avoiding protectionist snowball effects, where tit-for-tat trade barriers multiply as each country seeks to direct spending to merchandise produced at home rather than abroad.[34] In order to avoid this, the G20 countries committed to preserving open trade could call an international trade conference to avoid beggar-thy-neighbour policies[35] and instead agree on other measures, such as macroeconomic policies that can support the global economy in this period of uncertainty and contribute to reduce global imbalances.
Let me finally emphasise that the current situation also has important implications for the euro area. If the EU upholds its status as a reliable partner that defends trade openness, investor protection, the rule of law and central bank independence, the euro has the potential to play the role of a global public good. This requires a deep, trusted market for internationally accepted euro debt securities. That is why policy efforts to integrate and deepen European capital markets must go hand in hand with efforts to issue European safe assets.[36]
Let me conclude.
As we stand at this crossroads of global fragmentation, we must confront an uncomfortable truth: we are drifting toward a fractured economic and financial landscape where trust is eroded and alliances are strained.
Central banks now face a double challenge: to be an anchor of stability in turbulent economic waters while reimagining their role in a world where multiple economic blocs are forming. The question is not whether we adapt, but how we mitigate the costs of fragmentation without sacrificing the potential of global integration.
Our greatest risk lies not in the shocks we anticipate, but in the alliances we neglect, the innovations we overlook and the common ground we fail to find. The future of global prosperity hinges on our ability to use fragmentation as a catalyst to reinvent the common good.
Source: GlobeNewswire (MIL-OSI)
FALCON OIL & GAS LTD.
(“Falcon”)
Full Year Results
29 April 2025 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce its financial results for the year ended 31 December 2024.
The following should be read in conjunction with the complete audited financial statements and the accompanying Management’s Discussion and Analysis (‘’MD&A’’) for the year ended 31 December 2024.
2024 Financial Highlights
Filing of Financial Statements, MD&A, AIF and Reserves Data
Falcon has filed its audited financial statements for the year ended 31 December 2024, the accompanying MD&A for year ended 31 December 2024 dated 28 April 2025, its Annual Information Form (“AIF”) dated 28 April 2025 and the Statement of Reserves Data and Other Oil and Gas Information (National Instrument 51-101, Forms 51-101F1, 51-101F2 and 51-101F3) with the relevant provincial securities regulators. These filings are available for review on the Canadian System for Electronic Document Analysis and Retrieval (“SEDAR+”) at www.sedarplus.ca. The audited financial statements, MD&A and AIF are also available on Falcon’s website www.falconoilandgas.com.
Ends.
CONTACT DETAILS:
| Falcon Oil & Gas Ltd. | +353 1 676 8702 |
| Philip O’Quigley, CEO | +353 87 814 7042 |
| Anne Flynn, CFO | +353 1 676 9162 |
| Cavendish Capital Markets Limited (NOMAD & Broker) | |
| Neil McDonald / Adam Rae | +44 131 220 9771 |
Falcon Oil & Gas Ltd.
Consolidated Statement of Operations and Comprehensive Loss
| Year Ended 31 December 2024 $’000 |
Year Ended 31 December 2023 $’000 |
|||
| Revenue | ||||
| Oil and natural gas revenue | – | – | ||
| – | – | |||
| Expenses | ||||
| Exploration and evaluation expenses | (196) | (197) | ||
| General and administrative expenses | (2,031) | (2,470) | ||
| Decommissioning provision | – | (480) | ||
| Foreign exchange gain / (loss) | 256 | (63) | ||
| (1,971) | (3,210) | |||
| Results from operating activities | (1,971) | (3,210) | ||
| Finance income | 42 | 322 | ||
| Finance expense | (1,036) | (453) | ||
| Net finance expense | (994) | (131) | ||
| Loss before tax | (2,965) | (3,341) | ||
| Taxation | – | – | ||
| Loss and comprehensive loss for the year | (2,965) | (3,341) | ||
| Loss and comprehensive loss attributable to: | ||||
| Equity holders of the company | (2,958) | (3,337) | ||
| Non-controlling interests | (7) | (4) | ||
| Loss and comprehensive loss for the year | (2,965) | (3,341) | ||
| Loss per share attributable to equity holders of the company: | ||||
| Basic and diluted | ($0.003) | ($0.003) |
Falcon Oil & Gas Ltd.
Consolidated Statement of Financial Position
| At 31 December 2024 $’000 |
At 31 December 2023 $’000 |
||
| Assets | |||
| Non-current assets | |||
| Exploration and evaluation assets | 50,291 | 51,287 | |
| Property, plant and equipment | – | 2 | |
| Accounts receivable | 56 | 26 | |
| Restricted cash | 2,040 | 2,176 | |
| 52,387 | 53,491 | ||
| Current assets | |||
| Cash and cash equivalents | 6,823 | 7,992 | |
| Accounts receivable | 3,031 | 54 | |
| 9,854 | 8,046 | ||
| Total assets | 62,241 | 61,537 | |
| Equity and liabilities | |||
| Equity attributable to owners of the parent | |||
| Share capital | 406,684 | 402,120 | |
| Contributed surplus | 47,446 | 47,379 | |
| Deficit | (410,155) | (407,197) | |
| 43,975 | 42,302 | ||
| Non-controlling interests | 690 | 697 | |
| Total equity | 44,665 | 42,999 | |
| Liabilities | |||
| Non-current liabilities | |||
| Decommissioning provision | 16,587 | 16,204 | |
| 16,587 | 16,204 | ||
| Current liabilities | |||
| Accounts payable and accrued expenses | 989 | 2,334 | |
| 989 | 2,334 | ||
| Total liabilities | 17,576 | 18,538 | |
| Total equity and liabilities | 62,241 | 61,537 |
Falcon Oil & Gas Ltd.
Consolidated Statement of Cash Flows
| Year Ended 31 December | |||
| 2024 $’000 |
2023 $’000 |
||
| Cash flows from operating activities | |||
| Net loss for the year | (2,965) | (3,341) | |
| Adjustments for: | |||
| Share based compensation | 67 | 316 | |
| Depreciation | 2 | 5 | |
| Net finance loss | 994 | 120 | |
| Foreign exchange (gain) / loss | (256) | 63 | |
| Decommissioning provision | – | 480 | |
| Change in non-cash working capital | |||
| (Increase) / decrease in accounts receivable | (16) | 19 | |
| Increase / (decrease) in accounts payable | 66 | (63) | |
| Net cash used in operating activities | (2,108) | (2,401) | |
| Cash flows from investing activities | |||
| Interest received | 42 | 180 | |
| Exploration and evaluation assets additions | (7,110) | (6,723) | |
| Granting of ORRIs | 4,000 | – | |
| Net cash used in investing activities | (3,068) | (6,543) | |
| Cash flows from financing activities | |||
| Proceeds from equity raise | 4,865 | – | |
| Costs related to equity raise | (301) | – | |
| Net cash generated from financing activities | 4,564 | – | |
| Change in cash and cash equivalents | (612) | (8,944) | |
| Effect of exchange rates on cash and cash equivalents | (557) | 151 | |
| Cash and cash equivalents at beginning of year | 7,992 | 16,785 | |
| Cash and cash equivalents at end of year | 6,823 | 7,992 | |
All dollar amounts in this document are in United States dollars “$”, except as otherwise indicated.
About Falcon Oil & Gas Ltd.
Falcon Oil & Gas Ltd is an international oil & gas company engaged in the exploration and development of unconventional oil and gas assets, with the current portfolio focused in Australia. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland.
For further information on Falcon Oil & Gas Ltd. please visit www.falconoilandgas.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Falcon assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Falcon. Additional information identifying risks and uncertainties is contained in Falcon’s filings with the Canadian securities regulators, which filings are available at www.sedarplus.ca
By Anish Chand in Suva
Filipo Tarakinikini has been appointed as Fiji’s Ambassador-designate to Israel.
This has been stated on two official X, formerly Twitter, handle posts overnight.
“#Fiji is determined to deepen its relations with #Israel as Fiji’s Ambassador-designate to Israel, HE Ambassador @AFTarakinikini prepares to present his credentials on 28 April, 2025,” stated the Fiji at UN twitter account.
Tarakinikini is also Fiji’s current Ambassador to the United Nations.
In a separate post, Deputy Director-General Eynat Shlein of Israel’s international development cooperation agency said she was “honoured” to meet Tarakinikini.
“We discussed the vast cooperation opportunities, promoting & enhancing sustainable development, emphasizing investment in capacity building & human capital,” she said on X.
Fiji is only the seventh country in the world to open an embassy in Israel.
Republished from The Fiji Times with permission.
Centre of controversy
Pacific Media Watch reports that Lieutenant-Colonel Tarakinikini was at the centre of controversy in Fiji in 2005 when he was declared a “deserter” by the Fiji military.
However, from 1979 to 2002, he served in the Fiji Military Forces, including eight years in United Nations peacekeeping missions, among them, south Lebanon and the Multinational Force in Sinai, Egypt.
Great honor to have have this timely briefing @EynatShlein, Ambassador Roi @IsraelMFA #Fiji is determined to deepen its relations with #Israel as Fiji’s Ambassador-designate to Israel, HE Ambassador @AFTarakinikini prepares to present his credentials on 28 April, 2025 🇮🇱 🤝 🇫🇯… https://t.co/mGPKjYM5Qc
— Fiji at the UN🇫🇯 (@FijiMissionUN) April 27, 2025
Beginning in 2003, he was the UN Department for Security and Safety’s (UNDSS) Chief Security Adviser in Jerusalem, as well as in Kathmandu, Nepal, from 2006 to 2008.
From 2008 to 2018, he served in numerous United Nations integrated assessment missions, programme working groups, restructuring and redeployments and technical assessment missions.
‘Weapons of war’
Yesterday, the International Court of Justice (ICJ) began week-long hearings at The Hague into global accusations of Israel using starvation and humanitarian aid as “weapons of war” and failing to meet its obligations to the Palestinian people in Gaza as the occupying power in its genocidal war on the besieged enclave.
Forty countries are expected to give evidence.
The ICJ has been tasked by the UN with providing an advisory opinion “on a priority basis and with the utmost urgency”.
Although the ICJ judges’ opinion is not binding, it provides clarity on legal questions.
In January 2024, the ICJ ruled that Israel must take “all measures” to prevent a genocide in Gaza.
Then in June, it said in an advisory opinion that Israel’s occupation of the West Bank, East Jerusalem and Gaza was illegal.
Both Israeli Prime Minister Benjamin Netanyahu and former Defence Minister Yoav Gallant are wanted on arrest warrants by the International Criminal Court (ICC) to face charges of war crimes and crimes against humanity.
Source: Independent Police Conduct Authority
The Independent Police Conduct Authority has found that a Police officer was unjustified in ramming a man with his patrol car and punching him seven times, after the man used a skateboard to smash the patrol car’s windscreen and window. Both the officer and the man were injured.
The incident occurred on 9 March 2023, when two officers went to an apartment complex in Whitianga to arrest the man for aggravated robbery. One officer drove to the scene while the second approached on foot from another direction. As the first officer drove into the carpark, the man walked towards him, yelling and raising his skateboard before striking the windscreen and the driver’s window.
The officer was covered in shattered glass which got into his eyes. He said he feared for his life. Although he initially started driving away, he decided to turn back. He says he did this out of concern that the man would attack the second officer. Upon seeing the man again walking towards him holding the skateboard, the officer rammed him with the patrol car. The man became airborne before landing between the car and a fence. The officer then got out of his car and punched the man seven times in the head area before the second officer arrived and handcuffed the man. The incident was captured on CCTV.
Police charged the man with intentional damage and intentionally injuring the officer. On 12 June 2023, the man was convicted on both charges.
Police also charged the officer with common assault and assault with intent to injure. The case was tried before a judge and jury on 16 May 2024, and the officer was acquitted.
While the Authority accepts that the officer acted in defence of himself and the second officer when ramming the man with his car, we found that the officer’s response was a disproportionate and unjustified use of force, considering that the slightest miscalculation or loss of control could have resulted in a fatality.
In respect of the punches, the Authority did not accept that the officer genuinely believed the man still posed a threat. This use of force was, therefore, also unjustified.
Use of Police vehicle as a weapon and punching in Whitianga unjustified (PDF 408 KB)
Source: Independent Police Conduct Authority
The Independent Police Conduct Authority has found that officers at Manukau breached policy when involved in a fleeing driver incident that resulted in a crash and death of a man (Mr Z).
At about 11.42pm on 17 June 2024, a Police unit in the Manukau CBD stopped and briefly spoke to Mr Z due to his car having stolen number plates. Mr Z drove away at speed. Within a minute, another Police unit signalled Mr Z to stop but he failed to do so. Officers in that second unit failed to comply with policy when they did not abandon a pursuit by way of stopping and turning off their emergency lights.
Two other officers were a short distance away on Lambie Drive and heard events on the Police radio. They decided to set up road spikes to try to stop the car. The Authority found that these officers breached policy by not informing Comms of their plan, although we acknowledge the event was fast moving.
When an officer stepped out from behind a signboard to throw the spikes onto the road, Mr Z swerved and lost control of the car, which struck a tree and caught fire. Officers summoned assistance and used fire extinguishers to put out the fire, before assisting Mr Z and his female passenger. Their actions in this respect were commendable.
Mr Z died at the scene and his passenger was seriously injured.
It transpired that the car was stolen (separately from the stolen number plates), Mr Z had methamphetamine in his system, he was breaching a court-imposed curfew, and he was driving dangerously. However, we found that if officers had complied with existing Police policy, this crash might have been avoided.
This case highlights the need for officers to understand the ‘Fleeing Driver’ and ‘Tyre Deflation Devices’ policy requirements and the reasons behind them, which are for their own safety as well as the safety of others. We did not recommend that Police consider charging any of the officers involved with a criminal offence.
The Authority acknowledges this matter involves the death of a man and injury to a woman and we extend our sympathy to those involved.
Police breach policy during fatal fleeing driver incident at Manukau (PDF 562 KB)
Source: Independent Police Conduct Authority
On 26 April 2024, Police began a brief pursuit of a stolen Ford Courier ute traveling south from Levin on State Highway 1, because it had been involved in an aggravated robbery in Ōtaki. The pursuit was abandoned promptly due to the excessive speed.
Subsequently, the ute was observed driving north in the southbound lane of the expressway. The ute ultimately collided head-on with a Toyota Fortuner SUV north of Ōtaki. The driver of the Ute, 16-year-old Reihana Hawea, was pronounced dead at the scene. Another passenger, Tama Whakarau, later succumbed to injuries at the hospital, while a third passenger sustained serious injuries but survived the incident. The four occupants of the Toyota Fortuner sustained injuries ranging from serious to moderate, but all survived.
The Authority conducted an independent investigation, which concluded that, overall, the Police managed the fleeing driver incident appropriately. Notably, the Police considered closing the road to minimise risks to other road users. However, this option was ultimately deemed unfeasible given the circumstances.
We identified some minor breaches of the ‘Fleeing driver’ policy, including:
• Officer B, who was a crew member in the leading pursuit vehicle, should have managed the radio communications;
• Officer D should not have followed the fleeing vehicle with his warning lights activated, as this briefly recommenced the pursuit; and
• Officer A should not have activated his warning lights without first obtaining permission from the pursuit controller.
The Authority is recommending that Police amend their ‘Fleeing driver’ policy to specify that when a Police vehicle is carrying crew members, those crew members are responsible for managing Police communications during pursuits.
Fatal crash following Police pursuit near Ōtaki (PDF 625 KB)
Source: Independent Police Conduct Authority
The Independent Police Conduct Authority examined complaints regarding the actions of three Police officers, referred to as Officers A, B, and C, involved in the investigation and the subsequent trial of the defendants accused of murdering Mr Palmiro MacDonald on 23 March 2016.
The defendants’ legal representatives raised concerns regarding all these officers.
Officer A interviewed a prisoner, Witness A, who reported that a defendant in the same facility admitted to his involvement in Mr MacDonald’s murder and implicated co-defendants. The defence counsel complained that Officer A did not adequately document his interactions with Witness A or disclose necessary records before the pre-trial hearing.
Officer B, the second in charge of the murder investigation, was responsible for disclosure. The defence counsel complained that he failed to disclose a letter of assistance that Witness A received for cooperating, which was vital for challenging Witness A’s credibility. It was also said that Officer B did not inform the Solicitor-General about this letter when submitting an affidavit supporting the Crown’s application for Witness A’s anonymity, and that he wrongly asserted that Witness A had no reason to be dishonest. The Crown Prosecutor initially dismissed the defence’s concerns about the undisclosed letter. It was only during cross-examination at the pre-trial hearing that the letter was acknowledged and disclosed to the defence.
The application for anonymity was unsuccessful. Following this, Officer C, along with the Crown Prosecutor and his junior, met with Witness A in prison to discuss the situation and ascertain whether he would be willing to give evidence without anonymity. After their meeting, the Crown Prosecutor instructed Officer C not to record his presence or that of his junior in his notebook. Officer C did note their presence in his notebook, but later submitted a job sheet to the Court that omitted this information. The defence counsel expressed concerns that Officer C’s notebook was not disclosed as it should have been and that his actions misled the Court and could potentially constitute an offence of perverting the course of justice.
The Authority has found that:
• Officer A’s notetaking was adequate.
• Officer A’s failure to disclose his interview notes and Witness A’s letters, while not intentional, constituted a breach of his obligations.
• Witness A’s letter of assistance should have been disclosed to the Court.
• The failure to disclose the document was a mistake rather than a deliberate act.
• Officer A should have informed the investigation team that he had uploaded a copy of the letter of assistance into the special case folder he had created.
• Officer B should have followed up with either Officer A or D about the status of this document.
• Officer C should not have omitted to record the presence of the Crown prosecutor and his junior at the meeting in his job sheet.
• Officer C did not mislead or attempt to mislead the Court.
• Officer C’s conduct did not amount to an attempt to pervert the course of justice.
• Officer C did not state that he disclosed all the information he had.
• On the evidence, it is not possible to make a finding on the issue of disclosure of Officer C’s notebook.
The Authority is recommending that Police prescribe in policy that interviews conducted for the purpose of taking statements from prison informant witnesses should be audio or video recorded as standard practice.
Source: Independent Police Conduct Authority
The Independent Police Conduct Authority has found that a custody officer used unjustified force on a male prisoner in the Counties Manukau Custody Unit.
On 14 November 2023, a 19-year-old man was received into the District Custody Unit at Manukau. While in a holding cell, he began banging his head backwards against a concrete wall. Custody officers told him to stop and warned him that he would otherwise be placed in a restraint chair. However, the man banged his head a further three times.
While a restraint chair was being prepared, Custody Officer A went into the cell alone and pulled the man to his feet. The man resisted and moved into a corner of the cell, where Custody Officer A struck him while attempting to restrain him.
Two other custody officers entered and assisted in removing the man from the cell. As they escorted him towards the door, Custody Officer A punched the man in the face, saying that he believed the man was about to spit at him.
We found that custody officers should have made further attempts to stop the man from banging his head before looking to use a restraint chair, which should only be used as a last resort. Custody officers also failed to seek authority from a supervisor before using the restraint chair, as is required by Police policy.
We found that Custody Officer A should not have intervened on his own as there was no immediate threat to the man’s safety, and that it was unreasonable and unjustified for him to strike the man while in the corner of the cell.
Custody Officer A was justified in using force to stop the man from spitting at him. However, by punching him in the face, he used excessive force to do so.
Police completed their own investigation. They concluded it was not in the public interest to charge Custody Officer A but conducted a disciplinary process regarding his use of excessive force. We agree with this process and outcome.
The Authority completed its investigation in July 2024 but was obliged to wait for Police processes before publishing its report.
Source: Privacy Commissioner
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Source: The Conversation (Au and NZ) – By Amin Saikal, Emeritus Professor of Middle Eastern and Central Asian Studies, Australian National University; and Vice Chancellor’s Strategic Fellow, Victoria University
India and Pakistan are once again at a standoff over Kashmir. A terror attack last week in the disputed region that killed 26 tourists – mostly Indian – has brought the two nuclear-armed South Asian rivals close to a devastating conflict.
India claims the incident was an act of cross-border terrorism supported by Pakistan and has vowed to hunt down and punish the perpetrators. In retaliation, it has suspended the Indus Waters Treaty to deprive Pakistan of water from the Indus River, which runs through the Indian-controlled region of Jammu and Kashmir.
Pakistan has condemned India’s action as an “act of war”.
Both sides have put their forces on alert as low-level clashes have broken out along the “Line of Control”, the de facto border established in the region following the first Indo-Pakistan war in 1947–48.
Pakistan’s defence minister now says a “military incursion” by India is imminent. Can all-out war between the two sides be averted?
At the time of the painful partition of British India in the 1940s, the country’s Muslim minority were given the option of joining the newly created state of Pakistan. Kashmir’s Hindu ruler initially wanted independence for the region, but in fear of invaders from Pakistan, decided to join India.
This laid the foundations for an enduring, bitter dispute over control of the Muslim-majority region. Attempts at a resolution have been hard to come by.
The dispute has also become intrinsically linked to the political and strategic postures of the two protagonists.
New Delhi has vehemently opposed any nationalist demands for independence in Jammu and Kashmir. It fears this would set a precedent for many other minorities who want autonomy in multi-ethnic India.
Initially, the region was given a special autonomous status under Article 370 of the Indian constitution. But since 2014, the ruling Hindu nationalist Bharatiya Janata Party (BJP) under Prime Minister Narendra Modi has forcefully sought to bring Jammu and Kashmir under New Delhi’s control.
In 2019, it revoked Article 370 and isolated the region from the rest of India and the outside world.
Modi’s government argued this was necessary to bring progress and prosperity to the people of Jammu and Kashmir. In reality, it was aimed at squashing separatist movements and easing the way for more Hindus to move to the territory.
Pakistan condemned the scrapping of Article 370, exacerbating the tensions between the two regional powers.
New Delhi has also accused Pakistan of involvement in cross-border terrorist acts over the years. Islamabad has refuted New Delhi’s claims and castigated it for human rights violations in Jammu and Kashmir and for denying the people their right to self-determination.
India and Pakistan fought two wars in 1965 and 1971, the latter resulting in the dismemberment of Pakistan and creation of the state of Bangladesh.
In 1999, the two rivals came very close to a nuclear exchange in the limited Kargil War in Kashmir, but pulled back from the brink. As I wrote at the time, the consequences of a nuclear war played a crucial role in both sides eventually backing down.
This is also the main reason the protagonists have not fought another all-out war in five decades, notwithstanding periodic clashes along the Line of Control and the Kargil conflict. And nuclear deterrence may once more prove effective in preventing the two sides from escalating the current conflict.
Pakistan is also going through a very politically, economically and socially fragile period in its history.
The country has been in political turmoil since the ousting and arrest of popular Prime Minister Imran Khan in 2023. The economy is in the doldrums. And the government faces a renewed threat from the Pakistani Taliban, amid growing tensions between Pakistan and Afghanistan.
The main force holding Pakistan together is the military and the powerful Inter-Services Intelligence (ISI) agency.
India is facing its own challenges, despite being in a more stable position. The Modi government’s Hindu nationalism has marginalised minority groups, in particular the country’s Muslim population. And income inequality is growing, with the richest 1% of the country holding 58% of the wealth.
Neither country can afford a war right now – particularly one with potentially catastrophic consequences.
Amin Saikal does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
– ref. India and Pakistan are on war footing. Can they be brought back from the brink? – https://theconversation.com/india-and-pakistan-are-on-war-footing-can-they-be-brought-back-from-the-brink-255504
Source: Reserve Bank of India
Ajit Prasad Press Release: 2025-2026/200 |
Source: New Zealand Police (District News)
Horotiu Road south of Te Kowhai is blocked due to a serious crash.
Police were called to the crash, in which a single vehicle hit a power pole, about 4:40pm.
Traffic is being diverted at Woolrich Road.
Initial indications are that there are critical injuries.
The Serious Crash Unit has been advised and contractors are on site for the power pole.
ENDS
Source: The Conversation (Au and NZ) – By Federico Tartarini, Senior Lecturer, School of Architecture Design and Planning, University of Sydney
Many Australians struggle to keep themselves cool affordably and effectively, particularly with rising electricity prices. This is becoming a major health concern, especially for our most vulnerable people such as the elderly, pregnant women and people with cardiovascular diseases.
Air conditioning is often seen as the only solution to this problem. But relying too heavily on aircon has major downsides. These include hefty electricity bills, increased greenhouse gas emissions, strain on an already weak electricity grid, and dumping heat from buildings to the outside – further heating the outdoor air.
Our latest research, published in the Medical Journal of Australia, highlights a simple yet effective solution: a “fan-first” cooling approach.
The approach is simple: use electric fans as your first cooling strategy, and only turn on air conditioning when the indoor temperature exceeds 27°C.
Electric fans can make you feel more comfortable on a hot day simply by moving the air around you. This helps our body release heat in two ways: improving the transfer heat from your body into the air, and increasing the evaporation of sweat from your skin.
A gentle breeze can make you feel up to 4°C cooler, even when the weather is very hot and humid.
This allows you to increase the aircon set-point (the temperature at which cooling turns on) from 23-24°C to 27-28°C. This simple change can significantly reduce the amount of time your aircon is running, leading to substantial energy savings.
For example, in our previous research we showed raising the office air conditioning set-point from 24 to 26.5°C, with supplementary air movement from desk and ceiling fans, reduced energy consumption by 32%, without compromising thermal comfort.
Yes fans still use electricity, but it’s as little as 3% of the electricity used to run air conditioning. That means you can run more than 30 fans with the same amount of energy it takes to run a single aircon unit.
A basic pedestal fan is cheap to buy (A$20 to $150), requires no installation and minimal maintenance, and can be easily moved around to keep you cool in any part of your house. Simply turn on the fan as soon as you start feeling slightly warm.
Fans cool you, whereas aircon cools the whole space, which is less efficient.
We also previously showed that using fans rather than airconditioning is a more effective emissions reduction strategy than switching from old-fashioned incandescent light bulbs to LED lighting.
Globally, the use of air conditioning is rapidly increasing. Aircon units sales have tripled since 1990 and are projected to triple again in 2050. It is becoming the go-to solution to heat management.
Aircon is effective but is expensive to buy, run and maintain.
A recent survey showed while most people have aircon, two thirds did not use it due to cost concerns.
Beyond the financial burden, the environmental impact of aircon is substantial. In Australia, electricity mainly comes from burning fossil fuels, creating greenhouse gas emissions. Even with the growth of renewable energy, the sheer demand for aircon cooling could strain the transition and the grid.
Furthermore, the refrigerants used in most aircon units are potent greenhouse gases. It will also take time to replace older and less efficient aircon units.
Aircon units also release heat into the outdoor environment, worsening the urban heat island effect – the phenomenon where cities are significantly warmer than surrounding rural areas.
Finally, over-reliance on aircon might reduce our ability to cope with heat. If we constantly keep our indoor temperatures very low, our bodies may not acclimatise to warmer summer conditions, making us more vulnerable during power outages.
While fans offer numerous benefits, it’s important to use them correctly, especially in very hot indoor conditions.
There’s a common misconception that fans should be turned off above 35°C because they might blow hot air onto the skin. This ignores the crucial role fans play in evaporating sweat.
We have established safer and more accurate temperature thresholds for fan use by conducting laboratory studies. Just remember to check the temperature indoors, not outdoors.
Electric fans can be safely used in indoor temperatures up to:
Above these indoor temperatures, fans could worsen heat strain by increasing cardiovascular strain and core body temperature. In such situations, alternative cooling strategies such as wetting the skin, moving to a cooler place, or turning the aircon on are essential.
Below these thresholds, we have proven, in laboratory studies, that there’s no reason to switch fans off, because they provide further thermal comfort and reduce heat stress.
Based on our field and lab research, we suggest five simple steps to using fans for managing heat at home:
consider buying pedestal or ceiling fans
point the fan at your body and adjust the speed to your liking
wear light clothing and stay hydrated
if you have aircon, increase the set-point to 27-28°C
enjoy a reduced energy bill and increased comfort.
You may also want to ask your employer to install fans at your workplace and share this “fan-first” cooling strategy with family and friends.
Let’s work together towards a more sustainable future by reducing our reliance on energy-intensive air conditioning. This will lead to lower electricity costs, reduced greenhouse gas emissions, and increased resilience to heat.
Federico Tartarini is affiliated with the American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE).
Angie Bone is a Board Member of Doctors for the Environment Australia.
Ollie Jay receives funding from National Health and Medical Research Council (NHMRC) and Wellcome Trust (UK).
– ref. Tempted to turn on the aircon? Science says use fans until it’s 27°C – https://theconversation.com/tempted-to-turn-on-the-aircon-science-says-use-fans-until-its-27-c-252018
Source: Hong Kong Information Services
The Government today welcomed the publication of the “2024 Annual Report of the Process Review Panel for the Insurance Authority”.
The report covers the panel’s review of selected cases completed or discontinued by the authority between January 1 and December 31, 2023.
The Financial Services & the Treasury Bureau said the panel had conducted a thorough and comprehensive review of the authority’s internal procedures and operational guidelines in handling complaints, authorising insurers, licensing intermediaries, conducting investigations, and undertaking disciplinary actions.
It added that the panel’s observations and recommendations ensure that the authority exercises its regulatory powers in a fair and consistent manner, strengthening public confidence in its regulatory framework and fostering a stable environment for the insurance industry’s sustainable development.
This, in turn, enhances the city’s position as a leading international financial and risk management centre, the bureau stated.
It also thanked the panel’s chairman and members for their dedication and insight in advising the authority on enhancements to is regulatory regime.
Source: Hong Kong Information Services
Secretary for Culture, Sports & Tourism Rosanna Law yesterday met Emirati officials and attended Arabian Travel Market 2025, a trade show, as she began a visit to Dubai, the United Arab Emirates.
In the morning, Miss Law met the UAE’s Minister of Sports HE Ahmad Belhoul Al Falasi. The two discussed the development of Hong Kong and the UAE as global hubs for major international sporting events, professionalising the sports industry in both places, leveraging sports as a key economic driver, and fostering unity in society through sports participation.
Miss Law spoke of Hong Kong’s commitment to nurturing elite sports talent by providing comprehensive support and professional training. She also highlighted the city’s vibrant horse racing culture. HE Al Falasi outlined the policies being implemented to develop sports in the UAE.
Miss Law also extended an invitation to the minister to visit Hong Kong to explore further opportunities for sports co-operation.
After the meeting, Miss Law paid a courtesy call on Consul-General of the People’s Republic of China in Dubai Ou Boqian. She reported on the Culture, Sports & Tourism Bureau’s recent work and outlined plans to foster collaboration between Hong Kong and the Middle East.
In the afternoon, Miss Law attended Arabian Travel Market 2025, a leading international event for the Middle East’s hospitality industry.
At the expo, she witnessed the signing of two memoranda of understanding at the Hong Kong Pavilion between the Hong Kong Tourism Board and two major travel agents in the Middle East, aimed at establishing a framework for future co-operation.
Additionally, she met senior management from two airlines, Qatar Airways and Emirates, to discuss strengthening partnerships to promote Hong Kong as a premier travel destination for Middle East markets.
In the evening, a dinner reception was co-hosted by the bureau, the Hong Kong Tourism Board and the Hong Kong Economic & Trade Office in Dubai, with around 70 guests attending.
In her opening remarks, Miss Law described Hong Kong’s multifaceted tourism offerings, which she said can cater to visitors of all ages and interests. She also pointed to the new Kai Tak Sports Park as an exciting development that will host world-class sports and entertainment events.
In addition, Miss Law underscored Hong Kong’s commitment to becoming a Muslim-friendly destination, and reiterated the city’s eagerness to deepen ties with the Middle East, not only by welcoming visitors from the region but also by encouraging more Hong Kong people to explore the Middle East for both leisure and business purposes.
Source: New Zealand Police (National News)
Police are advising the public about a planned training exercise taking place at Mānawa Bay tonight.
This has been in planning with support from emergency services as well as our partners at Auckland Airport and Mānawa Bay.
Please be advised that the exercise is taking place outside of Mānawa Bay’s operating hours.
Volunteers will be taking part in the exercise and the centre is not open to the general public.
The public will see a presence of Police and other emergency services outside Mānawa Bay.
There is no cause for alarm.
Police will provide updates when the exercise commences and when it is completed.
ENDS.
Jarred Williamson/NZ Police
Source: GlobeNewswire (MIL-OSI)
Media relations:
Victoire Grux
Tel.: +33 6 04 52 16 55
victoire.grux@capgemini.com
Investor relations:
Vincent Biraud
Tel.: +33 1 47 54 50 87
vincent.biraud@capgemini.com
Q1 2025 Revenues
Paris, April 29, 2025 – The Capgemini Group reported Q1 2025 revenues of € 5,553 million, up +0.5% at current exchange rates and a decline limited to -0.4% at constant exchange rates.
Aiman Ezzat, Chief Executive Officer of the Capgemini Group, said: “We delivered a Q1 slightly better than our expectations in a macro and geopolitical environment that remains challenging. Clients continue to focus on transformation programs aimed at improving the agility, cost and efficiency of their operations.
We are well positioned and are taking advantage of the growing appetite of our clients for generative AI and agentic AI which represented more than 6% of our bookings in Q1. We continue to invest in training and assets and to reinforce our ecosystem in this domain with new initiatives with Nvidia and Google Cloud.
We are focused on opportunities in the fields of defense, sovereignty and cyber in Europe while continuing to benefit from global growth in digital core and digital continuity.
Considering the current context on international trade and tariffs, we are confirming our financial objectives for 2025 and as such we retain the cautious stance adopted at the beginning of the year.”
| Revenues (in millions of euros) |
Change | ||||
| 2024 | 2025 | Reported | At constant exchange rates* | ||
| Q1 | 5,527 | 5,553 | +0.5% | -0.4% | |
Capgemini revenues reached €5,553 million in Q1 2025, corresponding to a revenue decline limited to -0.4% at constant currency*. This represents a +0.7 points improvement on the year-on-year growth rate reported in Q4 2024, primarily driven by the North America and United Kingdom and Ireland regions.
In a more volatile economic environment due to rising geopolitical tensions, the Group has not seen at this stage a material impact on client decisions. Large companies and organizations remain decidedly focused on transformation programs aimed at improving the agility and efficiency of their operations, at the expense of growth-oriented projects.
In that context, Capgemini’s high value-added services around Cloud, Data & AI and digital continuity enjoyed robust growth in Q1.
OPERATIONS BY REGION
At constant exchange rates, revenues in North America (28% of 2024 Group revenues) were back to slight growth in Q1, up +0.8% year-on-year. This performance was mostly driven by the TMT (Telecoms, Media and Technology) and Financial Services sectors, and partly offset by a decline in the Manufacturing sector.
The United Kingdom and Ireland region (12% of 2024 Group revenues) accelerated further on Q4 2024 growth rate with revenues up +3.9% year-on-year. The Public Sector and Energy & Utilities sector contributed the most to this growth, and Financial Services remained dynamic.
Revenues in France (20% of 2024 Group revenues) declined by -4.9% year-on-year, most notably due to persisting weakness in the Manufacturing and Energy & Utilities sectors.
In the Rest of Europe region (31% of 2024 Group revenues), revenues were down by -2.3% year-on-year, reflecting the decline in the Manufacturing sector whereas other sectors were broadly stable.
Finally, the Asia-Pacific and Latin America region (9% of 2024 Group revenues) enjoyed solid growth with revenues up +7.6% year-on-year. The Public Sector and TMT sector posted a strong growth, complemented by robust momentum in the Financial Services and Manufacturing sectors.
OPERATIONS BY BUSINESS
At constant exchange rates, total revenues* of Strategy & Transformation consulting services (9% of 2024 Group revenues) grew by +1.2% year-on-year in Q1.
Total revenues of Applications & Technology services (62% of 2024 Group revenues and Capgemini’s core business) were up +1.9% year-on-year.
Finally, total revenues of Operations & Engineering services (29% of 2024 Group revenues) declined by -2.6% year-on-year.
HEADCOUNT
At March 31, 2025, the Group’s total headcount stood at 342,700, up +1.6% year-on-year and +0.5% compared to the end of December 2024.
Onshore headcount decreased by -1.4% to 143,300, while offshore headcount was up +3.9% to 199,400, i.e., 58% of total employees.
BOOKINGS
Bookings totaled €5,884 million in Q1 2025, up +2.8% year-on-year at constant exchange rates. The book-to-bill ratio stands at 1.06, above the historical average for the period.
OUTLOOK
The Group’s financial targets for 2025 are:
CONFERENCE CALL
Aiman Ezzat, Chief Executive Officer, accompanied by Nive Bhagat, Chief Financial Officer, will comment on this publication during a conference call in English to be held today at 8.00 a.m. Paris time (CET). You can follow this conference call live via webcast at the following link. A replay will also be available for a period of one year.
All documents relating to this publication will be posted on the Capgemini investor website at https://investors.capgemini.com/en/.
PROVISIONAL CALENDAR
May 7, 2025 Shareholders’ meeting
July 30, 2025 H1 2025 results
October 28, 2025 Q3 2025 revenues
The dividend payment schedule to be submitted to the Shareholders’ Meeting for approval would be:
May 20, 2025 Ex-dividend date on Euronext Paris
May 22, 2025 Payment of the dividend
DISCLAIMER
This press release may contain forward-looking statements. Such statements may include projections, estimates, assumptions, statements regarding plans, objectives, intentions and/or expectations with respect to future financial results, events, operations and services and product development, as well as statements, regarding future performance or events. Forward-looking statements are generally identified by the words “expects”, “anticipates”, “believes”, “intends”, “estimates”, “plans”, “projects”, “may”, “would”, “should” or the negatives of these terms and similar expressions. Although Capgemini’s management currently believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking statements are subject to various risks and uncertainties (including, without limitation, risks identified in Capgemini’s Universal Registration Document available on Capgemini’s website), because they relate to future events and depend on future circumstances that may or may not occur and may be different from those anticipated, many of which are difficult to predict and generally beyond the control of Capgemini. Actual results and developments may differ materially from those expressed in, implied by or projected by forward-looking statements. Forward-looking statements are not intended to and do not give any assurances or comfort as to future events or results. Other than as required by applicable law, Capgemini does not undertake any obligation to update or revise any forward-looking statement.
This press release does not contain or constitute an offer of securities for sale or an invitation or inducement to invest in securities in France, the United States or any other jurisdiction.
ABOUT CAPGEMINI
Capgemini is a global business and technology transformation partner, helping organizations to accelerate their dual transition to a digital and sustainable world, while creating tangible impact for enterprises and society. It is a responsible and diverse group of 340,000 team members in more than 50 countries. With its strong over 55-year heritage, Capgemini is trusted by its clients to unlock the value of technology to address the entire breadth of their business needs. It delivers end-to-end services and solutions leveraging strengths from strategy and design to engineering, all fueled by its market leading capabilities in AI, generative AI, cloud and data, combined with its deep industry expertise and partner ecosystem. The Group reported 2024 global revenues of €22.1 billion.
Get the Future You Want | http://www.capgemini.com/
* *
*
APPENDIX1
BUSINESS CLASSIFICATION
DEFINITIONS
Year-on-year revenue growth at constant exchange rates is calculated by comparing revenues for the reported period with those of the same period of the previous year restated with the exchange rates of the reported period.
| Reconciliation of growth rates | Q1 2025 |
| Growth at constant exchange rates | -0.4% |
| Exchange rate fluctuations | +0.9pts |
| Reported growth | +0.5% |
When determining activity trends by business and in accordance with internal operating performance measures, growth at constant exchange rates is calculated based on total revenues, i.e., before elimination of inter-business billing. The Group considers this to be more representative of activity levels by business. As its businesses change, an increasing number of contracts require a range of business expertise for delivery, leading to a rise in inter-business flows.
Operating margin is one of the Group’s key performance indicators. It is defined as the difference between revenues and operating costs. It is calculated before “Other operating income and expenses” which include amortization of intangible assets recognized in business combinations, expenses relative to share-based compensation (including social security contributions and employer contributions) and employee share ownership plan, and non-recurring revenues and expenses, notably impairment of goodwill, negative goodwill, capital gains or losses on disposals of consolidated companies or businesses, restructuring costs incurred under a detailed formal plan approved by the Group’s management, the cost of acquiring and integrating companies acquired by the Group, including earn-outs comprising conditions of presence, and the effects of curtailments, settlements and transfers of defined benefit pension plans.
Normalized net profit is equal to profit for the year (Group share) adjusted for the impact of items recognized in “Other operating income and expense”, net of tax calculated using the effective tax rate. Normalized earnings per share is computed like basic earnings per share, i.e., excluding dilution.
Organic free cash flow is equal to cash flow from operations less acquisitions of property, plant, equipment and intangible assets (net of disposals) and repayments of lease liabilities, adjusted for cash out relating to the net interest cost.
Net debt (or net cash) comprises (i) cash and cash equivalents, as presented in the Consolidated Statement of Cash Flows (consisting of short-term investments and cash at bank) less bank overdrafts, and also including (ii) cash management assets (assets presented separately in the Consolidated Statement of Financial Position due to their characteristics), less (iii) short- and long-term borrowings. Account is also taken of (iv) the impact of hedging instruments when these relate to borrowings, intercompany loans, and own shares.
REVENUES BY REGION
| Revenues (in millions of euros) |
Year-on-year growth | ||||
| Q1 2024 | Q1 2025 | Reported | At constant exchange rates | ||
| North America | 1,527 | 1,582 | +3.6% | +0.8% | |
| United Kingdom and Ireland | 684 | 728 | +6.4% | +3.9% | |
| France | 1,131 | 1,076 | -4.9% | -4.9% | |
| Rest of Europe | 1,729 | 1,689 | -2.3% | -2.3% | |
| Asia-Pacific and Latin America | 456 | 478 | +4.9% | +7.6% | |
| TOTAL | 5,527 | 5,553 | +0.5% | -0.4% | |
REVENUES BY BUSINESS
| Total revenues* (in % of 2024 Group revenues) |
Year-on-year growth of total revenues at constant exchange rates |
||
| Strategy & Transformation | 9% | +1.2% | |
| Applications & Technology | 62% | +1.9% | |
| Operations & Engineering | 29% | -2.6% |
1 The terms and Alternative Performance Measures marked with an (*) are defined and/or reconciled in the appendix to this press release.
1 Note that in the appendix, certain totals may not equal the sum of amounts due to rounding adjustments.
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