Category: Asia

  • MIL-OSI Asia-Pac: “Roving Exhibition on the 75th Anniversary of Founding of People’s Republic of China” to be held this Saturday and Sunday

    Source: Hong Kong Government special administrative region

    “Roving Exhibition on the 75th Anniversary of Founding of People’s Republic of China” to be held this Saturday and Sunday
    “Roving Exhibition on the 75th Anniversary of Founding of People’s Republic of China” to be held this Saturday and Sunday
    ******************************************************************************************

    The following is issued on behalf of the Committee on the Promotion of Civic Education:      The Home and Youth Affairs Bureau and the Committee on the Promotion of Civic Education (CPCE) will hold the “Roving Exhibition on the 75th Anniversary of Founding of People’s Republic of China” (note) this Saturday and Sunday (October 12 and 13) from 11am to 7pm at UG Lobby, YM² Yue Man Square. Members of the public are invited to visit.          The Roving Exhibition aims to promote patriotic education and introduce the establishment of the People’s Republic of China, the national flag, the national emblem and the national anthem, major national events in the past 75 years and the country’s latest developments and remarkable achievements. There will also be games and distribution of souvenirs.          An online exhibition is also available, and members of the public are welcome to visit the Civic Education Resource Centre website.          The CPCE is a non-statutory advisory body. It advises the Government on the promotion of civic education outside schools, launches various publicity and educational programmes in the community, and provides sponsorship to eligible organisations for promoting civic education and national education.          For details, please call 2708 2455 or visit the CPCE’s website.     Note: The panel contents of the exhibition are in Chinese only.

     
    Ends/Friday, October 11, 2024Issued at HKT 11:00

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Banking: 12th ASEAN-U.S. Summit convenes in Vientiane, Lao PDR

    Source: ASEAN – Association of SouthEast Asian Nations

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, attended the 12th ASEAN-U.S. Summit held in Vientiane, Lao PDR, this morning. The Summit noted with satisfaction the robust progress made under ASEAN-U.S. Comprehensive Strategic Partnership. Recognising the significant potential for Artificial Intelligence to improve the lives of the peoples, including through the realisation of the Sustainable Development Goals, the Leaders of ASEAN and the US adopted the ASEAN-U.S. Leaders’ Statement on Promoting Safe, Secure, and Trustworthy Artificial Intelligence, with a view to unlocking the significant potential of Artificial Intelligence, while also mitigating its risks.

    The post 12th ASEAN-U.S. Summit convenes in Vientiane, Lao PDR appeared first on ASEAN Main Portal.

    MIL OSI Global Banks

  • MIL-OSI Economics: Money Market Operations as on October 10, 2024

    Source: Reserve Bank of India


    (Amount in ₹ crore, Rate in Per cent)

      Volume
    (One Leg)
    Weighted
    Average Rate
    Range
    A. Overnight Segment (I+II+III+IV) 5,26,221.95 6.31 0.01-6.55
         I. Call Money 8,605.93 6.43 5.10-6.50
         II. Triparty Repo 3,70,072.45 6.30 6.20-6.45
         III. Market Repo 1,46,549.57 6.30 0.01-6.47
         IV. Repo in Corporate Bond 994.00 6.40 6.40-6.55
    B. Term Segment      
         I. Notice Money** 2,034.10 6.44 5.85-6.50
         II. Term Money@@ 386.00 6.60-6.90
         III. Triparty Repo 879.10 6.34 6.25-6.45
         IV. Market Repo 1,642.29 6.55 6.55-6.55
         V. Repo in Corporate Bond 0.00
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Thu, 10/10/2024 1 Fri, 11/10/2024 2,180.00 6.75
    4. SDFΔ# Thu, 10/10/2024 1 Fri, 11/10/2024 56,656.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -54,476.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo Fri, 04/10/2024 14 Fri, 18/10/2024 44,275.00 6.49
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo Tue, 08/10/2024 3 Fri, 11/10/2024 9,398.00 6.49
      Mon, 07/10/2024 4 Fri, 11/10/2024 36,825.00 6.49
    3. MSF#          
    4. SDFΔ#          
    5. On Tap Targeted Long Term Repo Operations Mon, 15/11/2021 1095 Thu, 14/11/2024 250.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 2,275.00 4.00
    6. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 15/11/2021 1095 Thu, 14/11/2024 105.00 4.00
    Mon, 22/11/2021 1095 Thu, 21/11/2024 100.00 4.00
    Mon, 29/11/2021 1095 Thu, 28/11/2024 305.00 4.00
    Mon, 13/12/2021 1095 Thu, 12/12/2024 150.00 4.00
    Mon, 20/12/2021 1095 Thu, 19/12/2024 100.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 255.00 4.00
    D. Standing Liquidity Facility (SLF) Availed from RBI$       6,942.52  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -80,015.48  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -1,34,491.48  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on October 10, 2024 10,09,424.38  
         (ii) Average daily cash reserve requirement for the fortnight ending October 18, 2024 10,01,756.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ October 10, 2024 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on September 20, 2024 4,18,318.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    £ As per the Press Release No. 2021-2022/181 dated May 07, 2021 and Press Release No. 2021-2022/1023 dated October 11, 2021.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    Ajit Prasad            
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/1267

    MIL OSI Economics

  • MIL-OSI Security: USS Annapolis Returns Home to Naval Base Guam Following Indo-Pacific Deployment

    Source: United States INDO PACIFIC COMMAND

    The Los Angeles-class fast-attack submarine USS Annapolis (SSN 760) returned to its homeport of Naval Base Guam after a successful three-month deployment in the Indo-Pacific region, Oct. 5, 2024.

    “USS Annapolis exemplifies excellence and stands as the pinnacle of our submarine force, playing a vital role in ensuring a free and open Indo-Pacific,” said Capt. Neil Steinhagen, commander, Submarine Squadron 15. “Their unwavering commitment to advancing theater security and executing operational tasks has produced outstanding results. True to their motto, ‘Born Free, Hope to Die Free,’ the crew of Annapolis consistently meets every challenge head-on, showcasing unparalleled operational readiness and exceptional teamwork. Bravo Zulu, team—welcome home!”

    Under the command of Capt. James Tuthill, Annapolis completed missions vital to national security, bolstering operational maritime capabilities in the Pacific. During their deployment, the submarine participated in key bilateral operations with the French Navy and welcomed Rear Adm. Chris Cavanaugh, commander, Submarine Group Seven, during a port visit to Yokosuka, Japan.

    “My crew answered the call, exemplifying remarkable dedication to our mission across the Pacific,” said Tuthill. “I couldn’t be prouder of them, or the tenacity and professionalism they displayed every day at sea. Their resilience, determination, and refusal to quit when things got hard define my extraordinary team. It’s a true honor to lead such an inspiring group. They rose to every occasion.”

    Commissioned on April 11, 1992, Annapolis is the fourth ship in the history of the U.S. Navy to be named for Annapolis, Maryland, home of the United States Naval Academy.

    Assigned to Commander, Submarine Squadron 15 at Polaris Point, Naval Base Guam, Annapolis is one of four Los Angeles-class fast-attack submarines forward-deployed in the Pacific. Renowned for their unmatched speed, endurance, stealth, and mobility, Los Angeles-class submarines form the backbone of the Navy’s submarine force, ensuring readiness and agility in safeguarding maritime interests around the world.

    MIL Security OSI

  • MIL-OSI Security: Lt. Gen. Jost Assumes Command of USFJ, 5AF

    Source: United States INDO PACIFIC COMMAND

    U.S. Air Force Lt. Gen. Stephen F. Jost assumed command of United States Forces Japan and 5th Air Force from Lt. Gen. Ricky N. Rupp during a change of command ceremony on Yokota Air Base, Tokyo, Japan, Oct. 8.

    U.S. Navy Adm. Samuel Paparo, commander, U.S. Indo-Pacific Command, presided over the U.S. Forces Japan change of command while U.S. Air Force Lt. Gen. Laura L. Lenderman, deputy commander, Pacific Air Forces, subsequently presided over the 5th Air Force change of command.

    Paparo not only recognized the accomplishments and dedication of the two lieutenant generals, but also acknowledged the ever-growing strength of the U.S.-Japan Alliance in one of the most critical regions on the globe.

    “We have the most challenging set of adversaries in the People’s Republic of China, Russia, North Korea and violent extremist groups,” said Paparo. “Given the dangerous security environment, our adversaries’ transactional symbiosis among them … more than at any other time in recent history, our troops, our alliances, and our partnerships must be ready.”

    Lieutenant Gen. Rupp, having commanded USFJ and 5th Air Force since Aug. 27, 2021, has overseen the operations of the 66,000 servicemembers of USFJ while being at the forefront of the U.S.–Japan Alliance and working to enhance regional security through the execution of joint, multilateral exercises, and close coordination with the Japanese government.

    Notably, he shaped the establishment of multiple information-sharing systems, such as the Bilateral Intelligence Analysis Cell and the growth of U.S. Space Force capabilities in Japan. His leadership on servicemember quality of life issues will be one of the most lasting legacies of his service, having championed access to medical care, school age programs, and childcare.

    “I am immensely proud of the accomplishments that have strengthened our Alliance with the Japan Self-Defense Force,” Rupp said. “We faced unprecedented challenges but rose to meet them head on by fostering a partnership built on mutual respect, shared values, and a commitment to the security of the Indo-Pacific region.”

    Lieutenant Gen. Jost comes to Japan from United States Transportation Command at Norfolk Naval Station, Va., where he served as the commander of the Joint Enabling Capabilities Command. He is a command pilot with more than 2,700 flight hours in the T-37, T-38, F-16C/D and F- 35A. He has flown missions in support of South Korea defense obligations and operations Iraqi Freedom, Southern Watch and Noble Eagle.

    “I look forward to working alongside you as we continuously, deliberately, and urgently work to make the U.S.-Japan Alliance ever-stronger,” said Jost. “As we do so, we must be ever mindful that we are all U.S. Ambassadors in many respects while serving our great nation abroad.”

    Jost was last stationed in Japan from 2011 to 2012 where he was the deputy commander of the 35th Operations Group and later the director of staff of the 35th Fighter Wing at Misawa Air Base, Japan.

    In their remarks, both leaders reflected on the strength and resilience of the U.S.-Japan Alliance and it continuing to serve as the cornerstone of peace and security in the Indo-Pacific for decades to come.

    MIL Security OSI

  • MIL-OSI Australia: Doorstop – Adelaide, South Australia

    Source: Australian Government – Minister of Foreign Affairs

    Penny Wong, Foreign Minister: Look it is just fantastic to be here at Ferguson Australia. Can I thank Andrew and Kate and all of the staff here for taking us around and talking us through the whole process of lobsters and lobster exports. And it’s wonderful to be here with Don, my wonderful colleague, the Trade Minister, and also with Joe Szakacs, the State Minister for Trade and Investments.

    We’re here the morning after the Prime Minister has announced we have agreed a timetable with China to allow the full resumption of Australian live rock lobster exports by the end of this year. And what does that mean for Australians, for Australian jobs and Australian workers? It means that in businesses like Ferguson Australia, for workers like the team we’ve seen here today, we have been able to open up an export market which is so important to the industry, to profits, and also to jobs and wages for Australians. I know from our discussions that the Fergusons have been involved in the fishing industry here in South Australia since the 1960s, but obviously, when under the previous government, the businesses were effectively blocked from entering the Chinese market, that a lot of businesses like this one here in South Australia took a really big hit. A $700 million market was shut down overnight. But as a result of the excellent work by the Albanese Government, the Prime Minister and obviously the Trade Minister as well, we’re able to start exporting this first-rate Australian product back into the Chinese market.

    Obviously, this has occurred in the context of the stabilisation of our relationship with China. I said before the election and what we have delivered on is that we would look to stabilise the relationship with China without compromising on things which are important to Australians. When we came to government we inherited some $20 billion worth of trade impediments. $20 billion worth of trade impediments under Peter Dutton. Now, less than $500 million of those impediments remain.

    Obviously, we will continue, as we have over the last two and a bit years, to press for those trade impediments to be removed. The approach we have taken to China has been patient, it has been calibrated, it has been deliberate. And our approach has paid dividends for Australians, for Australian businesses and for Australian workers. Very pleased that we have seen this announcement overnight by the Prime Minister. Very pleased that we’ll see Australian rock lobster in the Chinese market again. And again, I thank the Ferguson’s for their hospitality today and I’ll hand over to the Trade Minister.

    Don Farrell, Trade and Tourism Minister: Well, thank you, Penny, and thank you for the really good work that you’ve done with the Prime Minister to stabilise our relationship with China that has resulted in this decision yesterday to lift the final impediment on the final product back into China. We lost more than $700 million worth of trade with rock lobster going into China. By the end of the year, of course, Chinese consumers will have the advantage of the wonderful Australian product. The best rock lobster in the world comes from Australia and particularly from South Australia. And we are so pleased that the stabilisation process that you, as Foreign Minister, undertook has resulted in now the final removal of all the products.

    As you said, two and a half years ago, we started with $20 billion worth of trade impediments. They have now been removed. And of course, what that’s meant is greater prosperity for Australian producers, and more jobs for Australian workers. But we’re not going to rest on our laurels, as you will have seen in the last week or two, we’ve negotiated new free trade agreements with the United Arab Emirates and we’re encouraging companies like Fergusons to expand, to look at other markets so that we diversify our trading relationships. That’s the best way we can increase our prosperity and increase the number of jobs in this country.

    I want to thank the Fergusons. I was here only a couple of months ago where we said we’d be back with some good news, and that’s today. We’ve got that good news. And I want to thank the industry for sticking with us, it’s been a tough four years for this industry and all the way along the line I’ve wanted to give them some hope to make sure that they understood that if they stick with it, we would eventually get this sort of result. And I’m so pleased that the industry have toughed it out. They’ve diversified, but now the opportunity exists for them to go back into China. We’ve got a wonderful product here. We’ve got a clean and green image in China. We know from all of the other products that we’ve got back into the Chinese market over the last two and a half years, we actually go back with a greater volume than when we started. So, I’ve got the greatest of confidence that we’re not just going to stay where we are in terms of our exports, we’re actually going to increase those exports into the Chinese markets, and that’s very good news for this country. Thank you very much. And I want to thank my state colleagues, they’ve been working really hard with us – Joe and Claire. We’ve never given up hope. We’ve kept persisting and that persistence has now paid off. Thank you very much.

    Joe Szakacs, SA Minister for Trade and Investment: Thank you, everyone. Can I start by acknowledging the incredible work of the Commonwealth Government, particularly led by Senator Wong and Senator Farrell. The stabilisation of the China relationship has meant that important trade matters for South Australia have been able to be prosecuted by the Commonwealth Government, the Albanese Government, and thanks to their hard work and the support provided by our State Government here, we’ve seen these materialise today. Just yesterday, I announced that the trade numbers, the exports to China from South Australia, have hit another all-time high at $4.27 billion. To give some context for the impact that this announcement today or yesterday will have on the local industry in lobster, this was an over $70 million industry for South Australia that flatlined overnight. So, the resumption of the full exports of South Australian lobster into China will have a material impact for local jobs and local economic prosperity.

    Can I also say that the South Australian Government has been planning for this day for some time. Just a couple of months ago, I was actually just down here with Senator Farrell and Andrew to announce the $475,000 Seafood Support Package that our government implemented. That package is now ready to go. It supports one of two things. It supports the immediate re-engagement with China of our seafood industry, and particularly our lobster industry. It also supports and builds on the important diversification work that has been occurring to other markets, like Hong Kong, like Vietnam, like Korea and Japan. And we were in there inside today and we saw fresh live lobster being packed to head over to Hong Kong. That’s exactly the work that our State Government has been undertaking to diversify.

    Also, I just want to note that with the resumption of China Southern Airlines into South Australia, into Adelaide in December, we will see 15 tonnes of air freight every flight open up. Why is that critical? Well, it’s critical for lobster. We can’t put lobster on a boat. We can’t move lobster through ports of other states or territories. We need the best South Australian lobster to be in a plane, in the belly of a plane, into market in one day. With 15 tonne of air freight every single day being opened up from Adelaide to Guangzhou, that means direct air freight route for companies like Ferguson and other local producers. So, I just, again want to say thank you and particularly pay note to the Commonwealth Government for their extraordinary efforts in this regard.

    Clare Scriven, SA Minister for Primary Industries and Regional Development: So, this is a wonderful announcement, but particularly for our regional economies. The rock lobster industry is worth $158 million to South Australia overall, and a significant amount of that has been in terms of China and the market there. So, it’s been a really difficult time for the lobster fishermen and also for the economies in our regional areas who rely on that lobster fishing industry. So, this is a great announcement. We are really pleased that the Federal Government and State Government has worked so hard to be able to achieve this and we look forward to an uplift for our regional economies as well as our lobster fishermen.

    Foreign Minister: Thanks, Clare. Okay, happy to take questions.

    Journalist: Minister Wong, when will the first lobsters hit China? Is this an immediate thing?

    Foreign Minister: Well, the announcement is by the end of the year that the trade impediments will be removed. Obviously, we’re hoping a little bit earlier than that. I was speaking to Andrew before about how that might be operationalised by the industry. I know with wine we started with a few shipments and then obviously month by month those, those exports grew. But the announcement is by the end of the year, but we’re hoping for earlier.

    Journalist: Now, do you trust China as a trading partner after the past four years? And what lessons have you learnt here?

    Foreign Minister: Well, we learnt a few lessons as a country, didn’t we? The first is that Peter Dutton talking tough isn’t the same as being tough. And that Mister Dutton and his colleagues really took an approach to the relationship with China which ultimately didn’t end up with a relationship that was stable, where we could agree, disagree, cooperate where we can, disagree where we must and engage in the national interest. We saw that the Opposition continues to seek to politicise the China relationship. Now, I’ve been very clear: China has a set of interests. Some of those are very different to Australia’s. There are going to be areas where we disagree and Australia has been very clear about standing up for those issues which are important to Australians. But we also know that its important to engage and we will continue to do that in a mature, calibrated and deliberate way.

    Journalist: And will you pull back on other issues you might have with China to try and keep these trade deals going?

    Foreign Minister: Well, I think you’ve seen that we have been very clear about those areas where we disagree. And the whole point about trying to stabilise a relationship is to recognise there will be areas where you disagree and those will continue. There will be areas where you can cooperate and you want to work on them. And perhaps most importantly, you have to engage. You have to keep engaging in dialogue, in visits, in discussion, and we will continue to do that. And I was very pleased, for example, last night at the airport I saw a number of the Australian parliamentarians who are going to Beijing for the first parliamentarian trip for some time. So, we will have areas where we continue to have different views. Your Government will continue to articulate Australia’s position on them in accordance with our national interests. But we also recognise that it is important for us to seek to work with China to open up these markets. The reason is what you saw in there. This is about Australian jobs.

    Journalist: I just have some questions from Canberra about the Middle East. So, the Opposition says Australians fleeing from Lebanon should be made to pay for Government-supported flights back home if they’ve ignored Government warnings. What’s your response to that?

    Foreign Minister: Look, we’re taking the same approach on this as we talk to people who had to flee in the earlier part of the conflict after the horrific events of October 7. But I would say this; we have a flight scheduled for Sunday, that’s October 13, there are no further flights scheduled beyond that. So, I’d say to Australians, there is a flight scheduled on October 13. There are no further flights scheduled and any further flights would obviously, as I said, flights are not going to be scheduled indefinitely and are subject to operational and security constraints. You should leave now if you wish to leave.

    Journalist: And did the government go too far with its wording on the October 7 motion in Parliament? Should you have ensured it was wording the Coalition would support?

    Foreign Minister: Well, you know who’s gone too far in this and that’s Mr Dutton. Mr Dutton is out of step with the majority of the international community, including allies such as the US, the United Kingdom, members of the G7. He refused to support a ceasefire in Gaza. Can I remind everybody that a ceasefire in Gaza has been called for, led by the United States and backed in by every single member of the United Nations Security Council.

    So, the United States and every member of the UN Security Council have called for a ceasefire in Gaza, but Mr Dutton does not want to vote for it. I’d also make the point that we had a debate in the Senate yesterday – the Coalition there was prepared to support a broader motion, including some of the issues that Mr Dutton refused to support in the House. Mr Dutton is doing what he always does, which is to seek to divide, to seek to inflame. Whenever there is a moment where we need Australians to come together, you can always count on Peter Dutton to look to divide Australians. Whenever there is a moment where we need Australians to come together, Mister Dutton will always work to divide them.

    Journalist: Thank you, Ministers. I just wanted to ask about biosecurity testing requirements. Is that something we’ve agreed to?

    Trade and Tourism Minister: Thanks, Dominic. So, we have been in discussions, of course, for some months now with the Chinese authorities in order to deal with all of the biosecurity issues that have been raised by the Chinese Government in the past. We have now got a way forward to resolve all of those biosecurity issues in a way that meets all of the Chinese requirements. So, what you’ll see, I think, between now and Christmas when there’s a full resumption, is a gradual resumption of exports of Australian rock lobster into China that will meet all of the requirements of the Chinese Government.

    Journalist: And what does that mean for Australian companies? Do they have to do anything extra or is that onus on the government when it comes to testing?

    Trade and Tourism Minister: Well, every government imposes its regulations on products coming into their country. China is no different from that. But I’m very confident, as a result of all of the discussions that have taken place, particularly the good work of the Agriculture Minister, Minister Collins, and before that, Minister Watt, we will ensure that we satisfy all of the requirements that the Chinese Government require about all of the products that we export into China.

    Journalist: Thank you. And just one for the Foreign Minister, if that’s all right. Yesterday you met with the UN Special Rapporteur on Myanmar and he put forward some suggestions about how Australia could act in terms of responding to the junta’s rule. I’m just wondering if there’s any particular ideas that you were receptive to or if we’re considering any further measures that he suggested?

    Foreign Minister: We are very concerned about the situation in Myanmar. We’re concerned because, as a decent country, the loss of life and the disrespect for human rights concerns us all. We’re also concerned because Myanmar is critical to regional stability. If you look at the history of Southeast Asia, the history of ASEAN, stability in Myanmar has been a central part of the stability of the region. So, that matters to Australia. We are very concerned about the situation. We are very concerned about the behaviour of the regime. You would have seen previously that we have put sanctions on particular members of the regime. And recently I also put sanctions on particular companies, including those supplying jet fuel, given that the regime was in engaging in attacks on its own people.

    I was very pleased to meet with the Rapporteur. We discussed the situation in Myanmar. We discussed the need to focus more on the humanitarian crisis. People might recall I visited Cox’s Bazar in Bangladesh some time ago. I made the point that that is Australia’s largest single humanitarian contribution, under both governments. We have put very substantial amounts of humanitarian support there because it is a humanitarian crisis in our region. And we’ll continue to work with both the international community, regional partners, to try and contribute to finding stability in Myanmar and certainly averting or dealing with the humanitarian crisis which is on our doorstep.

    Thanks very much, everybody.

    MIL OSI News

  • MIL-OSI New Zealand: Auckland Council appoints Watercare board chair

    Source: Auckland Council

    Auckland Council’s Performance and Appointments Committee today appointed Geoff Hunt to be the chair of the Watercare Services Limited Board with effect from 12 October 2024.

    A ‘revisited’ appointment

    The council revisited its process to appoint the chair following a judicial review of the process undertaken for the appointment earlier this year. The outcome of that process was that the High Court set aside the appointment of the chair made on 25 June 2024.

    The judgment did not direct concern toward the appointment itself, but rather the process that was followed to complete the appointment.

    “Ensuring the appropriate appointment practices are in place, and carried out, to deliver well-governed council-controlled organisations is a priority for us and we have adjusted our processes accordingly,” says Alastair Cameron, the council’s Manager CCO/External Partnerships team.

    The Performance and Appointments Committee is responsible for all appointments to the boards of council-controlled organisations, in accordance with the council’s Appointment and Remuneration Policy for Board Members and the Local Government Act.

    About Geoff Hunt

    Geoff’s career has been mainly in construction, operation, and maintenance of critical infrastructure. Over a 27-year period he has been CEO of four successful New Zealand-based companies operating in these areas. He has worked in the UK and the USA and has been involved in project delivery and infrastructure maintenance services in Australia, the Pacific, Melanesia, and SE Asia.

    Geoff has worked in and held governance roles in both the government and private sectors and in industry bodies. He is currently a New Zealand Infrastructure Commission board member and director of two privately owned business providing materials to the construction sector. Through Geoff Hunt Consulting Ltd he advises on business performance improvement, staff relations and development, construction project delivery, and construction sector dispute resolution.

    Geoff has a master’s degree in engineering, is an Engineering New Zealand Distinguished Fellow and a member of the Institute of Directors.

    MIL OSI New Zealand News

  • MIL-OSI Economics: School Closures, Shelter Use, and Learning Outcomes in the Philippines: Evidence from 2019 TIMSS

    Source: Asia Development Bank

    In many parts of the world, schools are often used as temporary shelters before, during, and after disasters that may prolong calamity-induced school closures. We combined student assessment data from the Philippine round of the 2019 Trends in International Mathematics and Science Study with school administrative records and area-level typhoon warnings to assess the impact of short school closures on learning outcomes. Results show that one school closure day induced by school-as-shelter use reduces student achievement by 12% to 14% of a standard deviation, equivalent to roughly half to a full year’s worth of learning. This is likely driven by a decline in student interest, rather than by a contraction in the breadth of topics covered in class or by poorer teaching quality. These findings highlight potential hidden disasters from seemingly benign but frequent hazards. 

    WORKING PAPER 1487

    MIL OSI Economics

  • MIL-OSI Security: Under Secretary of Defense for Acquisition and Sustainment Chairs Inaugural Plenary Meeting of Partnership for Indo-Pacific Industrial Resilience

    Source: United States INDO PACIFIC COMMAND

    On October 7-8, 2024, Under Secretary of Defense for Acquisition and Sustainment William LaPlante chaired the inaugural plenary meeting of the Partnership for Indo-Pacific Industrial Resilience (PIPIR) in Honolulu, HI. National Armament Directors, and similarly positioned senior leaders, joined him from all PIPIR member nations in both the Indo-Pacific and Euro-Atlantic regions. The engagement was hosted by the Daniel K. Inouye Asia-Pacific Center for Security Studies and the United States Indo-Pacific Command (INDOPACOM).

    PIPIR is a multi-lateral forum of allies and partners aimed at strengthening defense industrial resilience to promote continued regional security, economic security, and prosperity in the Indo-Pacific region. It serves as a platform to accelerate defense industrial base (DIB) cooperation by reducing barriers to production, creating new sustainment hubs, and addressing supply chain constraints.

    “From day one, Secretary Austin has driven success through teamwork,” Dr. LaPlante said. “Today’s security environment demands closer collaboration with our allies and partners. PIPIR will help strengthen our collective ability to produce and sustain warfighting capability in the Indo-Pacific, and the National Armaments Directors are uniquely positioned to drive action in these areas.”

    During this inaugural plenary meeting, participants adopted a Core Vision Statement, which establishes strategic principles to guide collaboration on defense industrial resilience. The agreement of a Core Vision Statement builds upon the Statement of Principles for Indo-Pacific Defense Industrial Base Collaboration endorsed by 13 nations, including by U.S. Secretary of Defense Lloyd Austin at the Shangri-La Dialogue held in May 2024.

    Members also announced the creation of workstreams, each tasked with identifying key projects appointed leadership for each, and discussed plans to operationalize project activities. The four workstreams are Sustainment, Production, Supply Chain Resilience, and Policy and Optimization. Participants underscored the need to deliver material solutions that enhance shared defense industrial resilience. They also emphasized the importance of forging closer partnerships with industry and committed to creating a standing industrial advisory board with whom to consult. PIPIR will include other advisors as necessary to address the complexity and challenges of the DIB.

    The day prior to the plenary session, INDOPACOM hosted the PIPIR delegation at Camp Smith to provide the command’s regional perspective and discuss the implications and role of multi-lateral industrial partnerships for their mission.

    The establishment of PIPIR directly supports DoD’s implementation of the National Defense Industrial Strategy and Regional Sustainment Framework, which emphasize the importance of strengthening international defense production and sustainment relationships.

    MIL Security OSI

  • MIL-OSI Economics: Foreign Investment and Gender Equality in India: Competitive Pressures or Technology Transfer?

    Source: Asia Development Bank

    We examine the relationship between foreign direct investment (FDI) inflows into a large, emerging economy and advances in gender equality. Several studies have examined how competitive FDI pressures might lower gender inequality by reducing an employer’s ability to practice taste-based discrimination. Other studies examine how FDI-induced technology transfer reduces gender employment and gender wage gaps in developing countries. To the best of our knowledge, we are the first to consider the possibility that foreign investment both places strong competitive pressures on domestic industries and also allows for technology adoption. These ideas are particularly important in service-oriented sectors, where the highest values of foreign investments flow and the largest shares of women are employed. We expect increased competition associated with foreign investment to reduce gender inequality in occupations that suffer most from discrimination, while technology transfer serves to further reduce gender gaps in occupations for which automation reduces the demand for tasks. We use worker-level data from India to examine the differential effects on women relative to men of horizontal (measuring competition) and vertical (measuring technology transfer) FDI across occupational categories. Our findings suggest that competitive pressures associated with horizontal FDI narrow the gender employment gap in nonroutine cognitive occupations, while the technology transfer associated with vertical FDI supports increases in the relative demand for women in routine-manual occupations.

    WORKING PAPER 1486

    MIL OSI Economics

  • MIL-OSI China: China ready to join EU for stable, positive ties: Premier Li

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

    VIENTIANE, Oct. 11 — Chinese Premier Li Qiang said China is ready to work with the EU to further consolidate the momentum of stable and positive relations between both sides, enhance strategic mutual trust and strengthen mutually beneficial cooperation.

    Li made the remarks on Friday during his meeting with European Council President Charles Michel on the sidelines of the leaders’ meetings on East Asia cooperation held in Vientiane.

    Calling next year’s 50th anniversary of China-EU diplomatic ties an important node of connecting the past with the future, Li said China also stands ready to make greater contributions to improving the well-being of people of the two sides and advancing the cause of global peace and development with the EU.

    MIL OSI China News

  • MIL-OSI Banking: Results of Underwriting Auctions Conducted on October 11, 2024

    Source: Reserve Bank of India

    In the underwriting auctions conducted on October 11, 2024, for Additional Competitive Underwriting (ACU) of the undernoted Government securities, the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers as given below:

    (₹ crore)
    Nomenclature of the Security Notified Amount Minimum Underwriting Commitment (MUC) Amount Additional Competitive Underwriting Amount Accepted Total Amount underwritten ACU Commission Cut-off rate
    (paise per ₹100)
    7.04% GS 2029 14,000 7,014 6,986 14,000 0.04
    7.34% GS 2064 15,000 7,518 7,482 15,000 0.09
    Auction for the sale of securities will be held on October 11, 2024.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/1268

    MIL OSI Global Banks

  • MIL-OSI Global: High skills, low protection: the legal hurdles for foreign workers in Indonesia

    Source: The Conversation – Indonesia – By Wayne Palmer, Senior Research Fellow, Bielefeld University

    ilikeyellow/Shutterstock

    Developing countries like Indonesia use foreign high-skilled and high-wage workers to drive economic growth and innovation. However, protection of their legal rights is often neglected, affecting these workers’ productivity and well-being and Indonesia’s reputation as a destination country for employment.

    My research delves into the flaws of Indonesia’s labour market institutions, such as the national labour dispute settlement system, revealing that current mechanisms are inadequate in protecting the rights of high-skilled foreign workers.

    The study

    My findings show the national dispute settlement system exhibits significant systemic shortcomings, such as processing cases slowly and siding with employers, which limit its capacity to protect all workers effectively. But disputes involving foreign workers are further complicated by the fact that immigration law allows employers to cancel residence permits, meaning that the government requires the workers to leave the country even though the workers may have been unfairly dismissed.

    Foreign workers are mainly from Northeast Asia (China, Japan and Korea), and their use on investment-tied projects coupled with Indonesia’s downstreaming programme will ensure their numbers continue to grow. In 2023, the Indonesian government issued 168,048 permits for foreigners to work in Indonesia with the top three destinations being Central Sulawesi (18,678), Jakarta (13,862) and West Java (10,807). By July 2024, the government had already issued more than 14% more permits than by the same time the previous year.

    My study examined 92 labour disputes involving foreign workers between 2006 (when the new national dispute settlement system was implemented) and 2022, which were settled by the Industrial Relations Court. One additional dispute was filed in 2023, but the Industrial Relations Court has not yet published the settlement despite a legal requirement to do so.

    I complemented these court settlements with 98 qualitative interviews with other stakeholders, including policymakers, labour rights activists, legal professionals, and other foreign workers, such as foreign spouses, remote workers and digital nomads.

    As in other countries too, the number of registered labour disputes is only the tip of the iceberg, as workers tend to cut their losses and move on rather than invest time, energy and limited financial resources in challenging their better-resourced employers.

    Employers were all Indonesian companies, so no foreign workers who filed a lawsuit worked for a multinational company, and those who did so had at least 20 nationalities.


    CC BY

    In terms of geographical distribution, the studied disputes were settled in 13 local jurisdictions, and were mostly lodged by workers rather than employers.

    The nature of the disputes mostly involved claims that an employment contract had been terminated prematurely (87 cases), while a much smaller number involved resignation (4 cases) or were unknown (1 case). Of the 92 claims, 83 were initiated by workers, and eight by an employer. In one case, the lodging party was not recorded in the final decision.

    Hiring a private lawyer

    Employers used the Immigration Law to undermine the protective role of the Manpower Law – as it stands foreign workers are only entitled to employment protection if they hold a valid residence permit, which employers can and do shorten. Doing so shows that the Indonesian government prioritizes the flexibility of employers at the expense of employment protection for foreign workers.

    In at least 92% cases, foreign workers used paid assistance of a private lawyer to represent themselves at formal meetings and hearings required by the Disputes Settlement Law, the cost of which could be hefty.

    As one foreign worker explained:

    It’s always in the back of your mind, to do whatever to make employers happy if you want to stay. No matter what the work permit and contract say, they can ask immigration to kick us out within a week!“

    A retired government official responsible for designing policy regarding foreign workers was surprised when he heard this, explaining that:

    I thought they could look after themselves because they earn such high wages. Well, higher than the average Indonesian worker, that is.

    Hiring a private lawyer is the only way to represent themselves throughout the dispute resolution process because they need to leave Indonesia once they are fired. Not having the legal right to remain in Indonesia makes it very difficult – even impossible – to do it without them.

    Addressing institutional failures

    Engaging a private lawyer served as an ‘institutional fix’ that enabled most foreign workers to engage with Indonesia’s labour dispute settlement system by attending formal meetings and hearings, as well as filling out required paperwork and sending essential letters and replies.

    Addressing this institutional failure requires a shift in law and policy. Firstly, legal reforms are essential to ensure that immigration and employment laws are integrated to enable foreign workers to have access to legal processes intended to help protect labour rights. At a minimum, this would involve amending policy to prevent employers from cancelling residence permits so that foreign workers need to leave the country prematurely.

    Alternatively, the Directorate-General of Immigration could still permit employers to do so, but then provide the affected foreign workers with a limited-stay visa so that they can remain in Indonesia to engage with the legal process. The Hong Kong Immigration Department does this for Indonesian migrant workers.

    Secondly, there is a need for enhanced support systems that provide immediate and effective assistance to foreign workers. Government agencies tasked with settling labour disputes, such as local manpower offices and the Industrial Relations Court, should be equipped with adequate resources and trained personnel to handle migrant labour issues. Doing so would decrease the reliance of foreign workers on private lawyers.

    Failure to protect the employment rights of foreign workers has the potential to damage Indonesia’s reputation as a destination country for employment. Such damage could undermine Indonesia’s ambitious plans to build a new capital city (Ibu Kota Nusantara) with the assistance of foreign workers, and undermine the government’s downstreaming programme, which helps Indonesia earn more from the export of raw minerals.

    Wayne Palmer has received research funding from the International Labour Organization, the Freedom Fund, and the Australian Research Council.

    ref. High skills, low protection: the legal hurdles for foreign workers in Indonesia – https://theconversation.com/high-skills-low-protection-the-legal-hurdles-for-foreign-workers-in-indonesia-230795

    MIL OSI – Global Reports

  • MIL-OSI Economics: 19th East Asia Summit reviews cooperation and future direction

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today participated in the 19th East Asia Summit (EAS), held in Vientiane, Lao PDR. The 19th EAS was attended by Heads of State/Government and High Representatives of the EAS participating countries, the Secretary-General of ASEAN and Timor-Leste as Observer. The President of the European Council and the Secretary-General of the Shanghai Cooperation Organisation attended the Open Session and briefed the Meeting on enhancing connectivity and on economic integration.

    The Leaders reaffirmed their commitment to further strengthening the EAS as the premier Leaders-led forum for dialogue and cooperation on broad strategic, political and economic issues of common interest and concern.

    The post 19th East Asia Summit reviews cooperation and future direction appeared first on ASEAN Main Portal.

    MIL OSI Economics

  • MIL-OSI Submissions: Australia – Surgeons call for pause on “risky” fast-tracking of overseas specialists

    Source: Royal Australasian College of Surgeons (RACS)

    The Royal Australasian College of Surgeons (RACS) has added its voice to growing calls for a pause on proposed fast-tracking of overseas-trained doctors saying the plan is risky and won’t increase workforce supply where it’s needed most.

    The College says there is a real need to grow the surgical workforce in rural and regional parts of Australia particularly but says the Australian Health Practitioner Regulation Agency’s (AHPRA) plan lacks the nuance to fix the issue in a safe and effective way.

    RACS has joined other Australian medical colleges in writing to the Federal Health Minister on Friday 11 October asking for a rethink of the proposal.

    RACS President Associate Professor Kerin Fielding says the College has long been advocating for targeted reforms to address healthcare shortages but says these need to be done in a way that prioritise areas most in need, including rural locations, and uphold patient safety. The College’s concerns particularly centre on the proposal to reduce supervision time for Specialist International Medical Graduates (SIMGs) and their lack of targeted measures to retain a rural/regional workforce.

    “The proposals in their current form present significant risks to patients and may result in a lack of consistency of surgical standards across Australia. The lack of clear supervision requirements and inadequate support systems for SIMGs, especially in rural areas, could compromise standards of care.

    “We need to ensure that SIMGs entering Australia are properly trained, supported, and retained in the areas where they are most needed. This is about ensuring every Australian, no matter where they live, has access to safe, high-quality surgical care,” Associate Professor Fielding says.

    RACS has raised the following key concerns with AHPRA’s proposed pathways:

    • Inadequate supervision – The shortened six-month supervision period proposed by AHPRA may not be sufficient to identify performance issues or ensure that SIMGs are adequately prepared to practice safely in Australia’s healthcare system, especially for procedural specialties like surgery.
    • Lack of rural support – SIMGs placed in isolated rural areas may lack the necessary supervision and support, potentially lowering the standard of care for patients in those regions.
    • Undermining surgical standards – The expedited pathways risk creating a two-tier surgical workforce, undermining the rigorous training and accreditation processes currently in place.
    • Retention and distribution concerns – The proposal lacks targeted measures to ensure SIMGs remain in rural and regional areas, which could result in ongoing workforce shortages in underserved regions.

    RACS is advocating for a more strategic and transparent approach, calling on AHPRA to:

    • Pause the implementation of the expedited pathways until further consultation and review can occur.
    • Introduce specific measures to recruit and retain surgeons in areas of critical need, both geographically and by specialty.
    • Ensure transparency around qualification criteria, supervision models, and assessment processes.

    RACS remains committed to working collaboratively with AHPRA, the Medical Board of Australia, and other stakeholders to develop a solution that addresses workforce shortages while upholding the high standards of surgical practice and training in Australia.

    About the Royal Australasian College of Surgeons (RACS)

    RACS is the leading advocate for surgical standards, professionalism and surgical education in Australia and Aotearoa New Zealand. The College is a not-for-profit organisation that represents more than 8000 surgeons and 1300 surgical trainees and Specialist International Medical Graduates. RACS also supports healthcare and surgical education in the Asia-Pacific region and is a substantial funder of surgical research. There are nine surgical specialties in Australasia being: Cardiothoracic Surgery, General Surgery, Neurosurgery, Orthopaedic Surgery, Otolaryngology Head and Neck Surgery, Paediatric Surgery, Plastic and Reconstructive Surgery, Urology and Vascular Surgery. http://www.surgeons.org

    MIL OSI – Submitted News

  • MIL-OSI Economics: RBI to conduct 3-day Variable Rate Reverse Repo (VRRR) auction under LAF on October 11, 2024

    Source: Reserve Bank of India

    On a review of the current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Reverse Repo (VRRR) auction on October 11, 2024, Friday, as under:

    Sl. No. Notified Amount
    (₹ crore)
    Tenor
    (day)
    Window Timing Date of Reversal
    1 75,000 3 11:30 AM to 12:00 Noon October 14, 2024
    (Monday)

    2. The operational guidelines for the auction as given in the Reserve Bank’s Press Release 2019-2020/1947 dated February 13, 2020 will remain the same.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1269

    MIL OSI Economics

  • MIL-OSI Economics: AIIB and AMRO Sign MOU to Strengthen Cooperation for Regional Economic Resilience and Sustainable Development 

    Source: Asia Infrastructure Investment Bank

    The Asian Infrastructure Investment Bank (AIIB) and the ASEAN+3 Macroeconomic Research Office (AMRO) signed a memorandum of understanding (MOU) to enhance cooperation aimed at fostering regional macroeconomic resilience and sustainable development. This strategic partnership will leverage joint research, knowledge sharing, capacity building and staff exchanges to create a more robust economic landscape for the region.

    AMRO Director Kouqing Li and AIIB President Jin Liqun signed the three-year agreement in Vientiane, Lao PDR this week on the sidelines of the 2024 ASEAN Summit, marking a significant step forward in the two organizations’ shared commitment to addressing pressing economic challenges for their respective member economies.

    “Amid rising global uncertainty and increasing geoeconomic fragmentation, forging strategic partnerships is paramount to deepen our understanding of the challenges faced by the ASEAN+3 region,” Li said. “I am confident AMRO’s collaboration with AIIB will unlock synergies as we work toward securing the macroeconomic and financial resilience and stability of the region.”

    “This partnership reflects our shared vision of fostering sustainable, resilient growth in Southeast Asia,” Jin said. “AIIB is committed to financing Infrastructure for Tomorrow, underpinned by rigorous analysis of local conditions and strong cooperation with local and regional partners. By strengthening joint efforts with AMRO, we are building a solid foundation for a more prosperous and inclusive future for all.”

    The new partnership signifies both organizations’ commitment to enhancing their collaborative initiatives to generate enduring economic benefits for their respective member economies and to navigate the challenges of an evolving global economy.

    About AIIB

    The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank whose mission is Financing Infrastructure for Tomorrow in Asia and beyond—infrastructure with sustainability at its core. We began operations in Beijing in 2016 and have since grown to 110 approved members worldwide. We are capitalized at USD100 billion and AAA-rated by the major international credit rating agencies. Collaborating with partners, AIIB meets clients’ needs by unlocking new capital and investing in infrastructure that is green, technology-enabled and promotes regional connectivity. 

    About AMRO

    AMRO is an international organization comprising the 10 members of the Association of Southeast Asian Nations (Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Viet Nam) and China; Hong Kong, China; Japan; and Korea. AMRO’s mandate is to conduct macroeconomic surveillance, support regional financial arrangements, and provide technical assistance to the members. In addition, AMRO also serves as a regional knowledge hub and provides support to ASEAN+3 financial cooperation.

    MIL OSI Economics

  • MIL-OSI China: The Ninth Round of China-ASEAN FTA 3.0 Negotiations was Held in Bangkok, Thailand

    Source: People’s Republic of China Ministry of Commerce

    The Ninth Round of China-ASEAN FTA 3.0 Negotiations was Held in Bangkok, Thailand

    From August 30 to September 3, 2024, the ninth round of China-ASEAN FTA 3.0 negotiations was held in Bangkok, Thailand, joined by nearly 200 officials from competent authorities of China, ten ASEAN countries and the ASEAN Secretariat. Both sides implemented the consensus of Chinese and ASEAN leaders and accelerated the negotiations with positive progress.

    The China-ASEAN FTA 3.0 Upgrade Negotiations were launched in November 2022 by Chinese and ASEAN leaders. The upgrade will expand and deepen economic and trade cooperation between China and ASEAN, adding new substance to the China-ASEAN comprehensive strategic partnership.

    (All information published on this website is authentic in Chinese. English is provided for reference only.)

    MIL OSI China News

  • MIL-OSI: NBPE Announces September Monthly NAV Estimate

    Source: GlobeNewswire (MIL-OSI)

    THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, ITALY, DENMARK, JAPAN, THE UNITED STATES, OR TO ANY NATIONAL OF SUCH JURISDICTIONS

    NBPE Announces September Monthly NAV Estimate

    11 October 2024

    NB Private Equity Partners (NBPE), the $1.3bn1, FTSE 250, listed private equity investment company managed by Neuberger Berman, today announces its 30 September 2024 monthly NAV estimate.

    NAV Highlights (30 September 2024)

    • NAV per share was $27.37 (£20.40), a total return of (0.3%) in the month
    • Year to date NAV TR of 0.9%
    • $73 million invested in new and follow on investments year to date
    • $391 million of available liquidity at 30 September 2024
    As of 30 September 2024 YTD 1 Year 3 years 5 years 10 years
    NAV TR (USD)*
    Annualised
    0.9% 4.3% (2.8%)
    (1.0%)
    70.9%
    11.3%
    172.2%
    10.5%
    MSCI World TR (USD)*
    Annualised
    19.3% 33.0% 30.7%
    9.3%
    89.1%
    13.6%
    175.2%
    10.7%
    Share price TR (GBP)*
    Annualised
    0.8% 6.4% 14.1%
    4.5%
    76.0%
    12.0%
    245.2%
    13.2%
    FTSE All-Share TR (GBP)*
    Annualised
    9.9% 13.4% 23.9%
    7.4%
    32.2%
    5.7%
    83.6%
    6.3%

    * All NBPE performance figures assume re-investment of dividends on the ex-dividend date and reflect cumulative returns over the relevant time periods shown. Three-year, five-year and ten-year annualised returns are presented for USD NAV, MSCI World (USD), GBP Share Price and FTSE All-Share (GBP) Total Returns.

    Portfolio Update to 30 September 2024

    NAV performance during the month driven by:

    • 0.2% NAV increase ($2 million) from the receipt of private company valuation information
    • 0.2% NAV increase ($3 million) from positive FX movements
    • 0.3% NAV decrease ($4 million) from the value of quoted holdings (which now constitute 6% of portfolio fair value)
    • 0.4% NAV decrease ($5 million) attributable to expense accruals and changes in the Zero Dividend Preference share (ZDP) liability

    Realisations from the portfolio continue in 2024

    • $160 million of realisations received year to date, driven by Action, Cotiviti and previously announced sales of Melissa & Doug, FV Hospital and Safefleet as well as sales of public stock and continued realisations from the legacy income investment portfolio

    $391 million of total liquidity at 30 September 2024

    • $181 million of cash and liquid investments with $210 million of undrawn credit line available

    $73 million invested in 2024 in new and follow-on investments

    • $25 million invested in FDH Aero, a leading parts distributor to the aerospace and defense industry
    • $38 million invested into two U.S. healthcare businesses, Benecon and Zeus
    • $10 million of additional new and follow on investments

    Portfolio Valuation

    The fair value of NBPE’s portfolio as of 30 September 2024 was based on the following information:

    • 6% of the portfolio was valued as of 30 September 2024
      • 6% in public securities
    • 94% of the portfolio was valued as of 30 June 2024
      • 93% in private direct investments
      • 1% in private funds

    For further information, please contact:

    NBPE Investor Relations         +44 (0) 20 3214 9002
    Luke Mason                              NBPrivateMarketsIR@nb.com 

    Kaso Legg Communications   +44 (0)20 3882 6644

    Charles Gorman                        nbpe@kl-communications.com
    Luke Dampier
    Charlotte Francis

    Supplementary Information (as at 30 September 2024)

    Company Name Vintage Lead Sponsor Sector Fair Value ($m) % of FV
    Action 2020 3i Consumer                        68.9 5.4%
    Osaic 2019 Reverence Capital Financial Services                        62.7 4.9%
    Solenis 2021 Platinum Equity Industrials                        58.2 4.6%
    BeyondTrust 2018 Francisco Partners Technology / IT                        42.0 3.3%
    Branded Cities Network 2017 Shamrock Capital Communications / Media                        40.1 3.2%
    Monroe Engineering 2021 AEA Investors Industrials                        38.3 3.0%
    Business Services Company* 2017 Not Disclosed Business Services                        37.1 2.9%
    True Potential 2022 Cinven Financial Services                        35.8 2.8%
    Kroll 2020 Further Global / Stone Point Financial Services                        31.4 2.5%
    Constellation Automotive 2019 TDR Capital Business Services                        30.9 2.4%
    Marquee Brands 2014 Neuberger Berman Consumer                        30.8 2.4%
    Staples 2017 Sycamore Partners Business Services                        30.7 2.4%
    GFL (NYSE: GFL) 2018 BC Partners Business Services                        30.5 2.4%
    Fortna 2017 THL Industrials                        28.7 2.3%
    Viant 2018 JLL Partners Healthcare                        27.2 2.1%
    Stubhub 2020 Neuberger Berman Consumer                        26.6 2.1%
    Engineering 2020 NB Renaissance / Bain Capital Technology / IT                        25.8 2.0%
    FDH Aero 2024 Audax Group Industrials                        25.3 2.0%
    Agiliti 2019 THL Healthcare                        25.3 2.0%
    Benecon 2024 TA Associates Healthcare                        25.2 2.0%
    Solace Systems 2016 Bridge Growth Partners Technology / IT                        24.4 1.9%
    Addison Group 2021 Trilantic Capital Partners Business Services                        23.8 1.9%
    USI 2017 KKR Financial Services                        23.2 1.8%
    Auctane 2021 Thoma Bravo Technology / IT                        22.5 1.8%
    Excelitas 2022 AEA Investors Industrials                        21.9 1.7%
    Qpark 2017 KKR Transportation                        21.5 1.7%
    AutoStore (OB.AUTO) 2019 THL Industrials                        21.3 1.7%
    Exact 2019 KKR Technology / IT                        20.1 1.6%
    Renaissance Learning 2018 Francisco Partners Technology / IT                        19.4 1.5%
    Bylight 2017 Sagewind Partners Technology / IT                        18.7 1.5%
    Total Top 30 Investments                            $938.5 73.8%

    *Undisclosed company due to confidentiality provisions.

    Geography % of Portfolio
    North America 76%
    Europe 23%
    Asia / Rest of World 1%
    Total Portfolio 100%
       
    Industry % of Portfolio
    Tech, Media & Telecom 23%
    Consumer / E-commerce 20%
    Industrials / Industrial Technology 17%
    Financial Services 14%
    Business Services 12%
    Healthcare 9%
    Other 4%
    Energy 1%
    Total Portfolio 100%
       
    Vintage Year % of Portfolio
    2016 & Earlier 11%
    2017 19%
    2018 16%
    2019 14%
    2020 12%
    2021 16%
    2022 5%
    2023 2%
    2024 5%
    Total Portfolio 100%

    About NB Private Equity Partners Limited
    NBPE invests in direct private equity investments alongside market leading private equity firms globally. NB Alternatives Advisers LLC (the “Investment Manager”), an indirect wholly owned subsidiary of Neuberger Berman Group LLC, is responsible for sourcing, execution and management of NBPE. The vast majority of direct investments are made with no management fee / no carried interest payable to third-party GPs, offering greater fee efficiency than other listed private equity companies. NBPE seeks capital appreciation through growth in net asset value over time while paying a bi-annual dividend.

    LEI number: 213800UJH93NH8IOFQ77

    About Neuberger Berman
    Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939 with over 2,800 employees in 26 countries. The firm manages $481 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger Berman’s investment philosophy is founded on active management, fundamental research and engaged ownership. The PRI identified the firm as part of the Leader’s Group, a designation awarded to fewer than 1% of investment firms for excellence in environmental, social and governance practices. Neuberger Berman has been named by Pensions & Investments as the #1 or #2 Best Place to Work in Money Management for each of the last ten years (firms with more than 1,000 employees). Visit http://www.nb.com for more information. Data as of June 30, 2024.


    1Based on net asset value.

    This press release appears as a matter of record only and does not constitute an offer to sell or a solicitation of an offer to purchase any security.

    NBPE is established as a closed-end investment company domiciled in Guernsey. NBPE has received the necessary consent of the Guernsey Financial Services Commission. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results. This document is not intended to constitute legal, tax or accounting advice or investment recommendations. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. Statements contained in this document that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of NBPE’s investment manager. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Additionally, this document contains “forward-looking statements.” Actual events or results or the actual performance of NBPE may differ materially from those reflected or contemplated in such targets or forward-looking statements.

    Attachment

    The MIL Network

  • MIL-OSI: Ageas announces exclusive negotiations to strengthen its partnership with UK over 50s specialist Saga

    Source: GlobeNewswire (MIL-OSI)

    Ageas announces that it has entered into exclusive negotiations with Saga plc, the UK specialist provider of products and services to people aged over 50, to establish a 20-year partnership with Saga Services Limited (SSL) for the distribution of personal lines Motor and Home insurance products to Saga’s customers. Alongside this, Ageas would also acquire Saga’s Insurance Underwriting business, AICL (Acromas Insurance Company Limited), which together form the Proposed Transaction.

    The Proposed Transaction aligns perfectly with Ageas’s recently unveiled Elevate27 strategy, to capitalise on its robust Non-Life presence across Europe, while accelerating solutions targeted at an ageing population, a rapidly expanding customer segment where the Group and Ageas UK already has real strength and expertise. Furthermore, it presents Ageas with the opportunity to enhance its position as a leading personal lines insurer in the UK, adding scale to a core European market of the Group. By combining Saga’s insights with Ageas UK’s personal lines insurance expertise particularly in this customer segment, the partnership offers a unique competitive advantage in the expanding over 50s market.

    Under the Proposed Transaction, Ageas UK, a subsidiary of Ageas, would enter into a 20-year Affinity Partnership with SSL, Saga’s Insurance Broking business, which distributed in excess of GBP 479 million in Gross Written Premiums (GWP) in the 12-month period ended 31 July 2024 across its motor and home insurance products. The Proposed Transaction represents a total cash payment of GBP 147.5 million, subject to customary completion adjustments, with a potential additional contingent consideration of up to GBP 60 million, subject to meeting agreed policy volumes and profitability targets. Completion of the AICL transaction remains conditional on the signing of definitive transaction documentation and regulatory approvals. As of January 2024, AICL’s Own Funds (Unrestricted Tier1) and Solvency Capital Requirement stand at GBP 83 million and GBP 54 million, respectively.

    Based on the initial consideration and including capital synergies, the estimated impact on the Ageas Group Solvency is – 5%.

    The Proposed Transaction will not affect the Group’s current share buyback programme.

    Background on Saga

    Saga, created over 70 years ago, is a specialist in the provision of products and services for people over 50. The Saga brand is one of the most recognised and trusted in the UK. Saga is known for its high level of customer service and its high-quality, award-winning products and services including cruises and travel, insurance, personal finance and media. (http://www.saga.co.uk)

    Hans De Cuyper, CEO of Ageas said: “We eagerly anticipate further strengthening our partnership with Saga, a well-known brand in the UK. This proposed deal aligns seamlessly with the Ageas Group recently launched Elevate27 strategy, which aims to leverage our strong European presence in Non-Life, add scale to our business, and benefit from material capital diversification. This transaction allows us to grow in a market where we already have real strength and expertise. Ageas has a longstanding tradition of successful partnerships, and we are confident that this collaboration with Saga will open new avenues for creating and accelerating profitable growth.”

    Ant Middle, CEO of Ageas UK said: “This proposed deal with Saga aligns perfectly with our strategy to profitably grow in UK personal lines and in creating powerful partnerships to the benefit of our customers. Deepening our relationship with Saga unlocks even more opportunity to increase our competitiveness in a rapidly expanding over 50s customer segment; an area where we already have real strength and expertise. It also draws on our strengths of technical and operational excellence, and customer care, providing more potential for us to leverage the significant investments made in our business over the last three years and offer our expertise in meeting the unique needs of Saga’s customers.”

    Mike Hazell, CEO of Saga plc said: “We are hugely excited at the opportunity to grow our home and motor Insurance business through this proposed partnership with Ageas. The coming together of Saga’s fantastic brand and Ageas’s unrivalled expertise in operating successful affinity insurance partnerships, would create a winning combination. Our joint reputation for delivering exceptional products and services to people over 50 means this partnership would allow us to serve even more customers with great products at excellent value. Saga is a unique business with a long heritage, great people and loyal customers. We have been clear for some time that developing a partnership approach is the right strategy, providing us with a capital-light route to growth and the ability to reduce debt, leading to the creation of long-term sustainable value for all our stakeholders.”

    Whilst Ageas and Saga are in exclusive negotiations, the Proposed Transaction remains subject to the parties agreeing binding documentation as well as regulatory approvals, and therefore there is currently no certainty that it will occur. A further announcement will be made in due course, as appropriate.

    Proposed terms

    Affinity Partnership

    • The Affinity Partnership would be for a 20-year term, with the ambition to ‘go live’ by the end of 2025.
    • Ageas UK would pay Saga an upfront consideration of GBP 80 million payable at or around the ‘go live’ date.
    • Additionally, Saga may receive contingent consideration of up to GBP 30 million in 2026 and up to GBP 30 million in 2032, subject to certain policy volume and profitability targets being met.
    • SSL would receive commission on the GWP generated over the term of the Affinity Partnership representing the value that SSL will continue to provide through the Partnership.

    Ageas acquisition of AICL

    • Ageas UK would acquire AICL for a total consideration of GBP 67.5 million, subject to customary completion adjustments.
    • Completion of the AICL transaction is targeted in Q2 2025 and is conditional on the signing of definitive transaction documentation and certain regulatory approvals.

    Ageas is a listed international insurance Group with a heritage spanning almost 200 years. It offers Retail and Business customers Life and Non-Life insurance products designed to suit their specific needs, today and tomorrow, and is also engaged in reinsurance activities. As one of Europe’s larger insurance companies, Ageas concentrates its activities in Europe and Asia, which together make up the major part of the global insurance market. It operates successful insurance businesses in Belgium, the UK, Portugal, Türkiye, China, Malaysia, India, Thailand, Vietnam, Laos, Cambodia, Singapore, and the Philippines through a combination of wholly owned subsidiaries and long-term partnerships with strong financial institutions and key distributors. Ageas ranks among the market leaders in the countries in which it operates. It represents a staff force of about 44,000 people and reported annual inflows of more than EUR 17 billion in 2023.

    Attachment

    The MIL Network

  • MIL-OSI New Zealand: Luxon wraps up East Asia Summit

    Source: New Zealand Government

    The annual East Asia Summit (EAS) held in Laos this week underscored the critical role that the Association of Southeast Asian Nations (ASEAN) plays in ensuring a peaceful, stable and prosperous Indo-Pacific, Prime Minister Christopher Luxon says.

    “My first participation in an EAS has been a valuable opportunity to engage with leaders on complex issues facing our region, from geopolitical tensions to expanding trade. In my statement, I emphasised the importance of regional security to our collective economic prosperity,” Mr Luxon says.

    Mr Luxon confirmed New Zealand will hold an ASEAN-New Zealand Commemorative Leaders’ Summit in Malaysia in November 2025. 

    “This will be a fitting way to mark 50 years of New Zealand-ASEAN dialogue relations next year,” Mr Luxon says.

    “My Government is lifting the energy New Zealand brings to our relationships across Southeast Asia and we continue to deepen our ties with ASEAN. This includes work to upgrade to a New Zealand-ASEAN Comprehensive Strategic Partnership.”

    Mr Luxon held bilateral talks with the leaders of Cambodia, India, the Philippines, Viet Nam and Thailand. He also delivered a speech to the ASEAN Business and Investment Summit.

    “I had a lengthy and warm bilateral with Prime Minister Modi, who invited me to visit India in the new year. We discussed the many connections between India and New Zealand, how we could grow the relationship further, and the contribution the 300,000 India diaspora make to New Zealand both culturally and economically.

    “I also sat with Prime Minister Modi at the Leaders’ Gala dinner where we continued our conversation. We will look at finding a mutually agreeable time to visit India early in 2025.”

    Prime Minister Luxon also met with the Prime Ministers of Canada and Australia in Laos. Prime Ministers Trudeau, Albanese and Luxon traversed common interests such as their work together on the troubling situation in the Middle East, CPTPP, and the Commonwealth.

    Mr Luxon arrives back in New Zealand on Saturday.

    MIL OSI New Zealand News

  • MIL-OSI China: Paris collection draws evolution of ink painting

    Source: China State Council Information Office 3

    Art lovers in China may not be aware of this, but a museum in Paris houses an important collection of Asian and Chinese art. The ongoing exhibition The Journey of Ink: Modern and Contemporary Chinese Paintings From the Musee Cernuschi showing at the Bund One Art Museum in Shanghai marks the first time a selection of masterpieces from the Paris museum is on display in China.

    Running until Jan 5, the exhibition features 89 paintings from the collection of the Musee Cernuschi, including works by familiar masters such as Zhang Daqian, Lin Fengmian, Qi Baishi and Sanyu.

    The Musee Cernuschi’s collection of modern and contemporary Chinese art has been displayed for more than 70 years, says Eric Lefebvre, director and general curator of the French museum. This year marks the 60th anniversary of diplomatic ties between China and France, “so we think it is a great opportunity to share the ink paintings with audiences in Shanghai”, he told media at the opening ceremony.

    “We have selected artworks spanning almost a century to showcase how Chinese ink art innovated and developed throughout this period.”

    The exhibition ranges from paintings made at the beginning of the 20th century to the creations of living artists in the final chapter.

    “We search for a link with the past in the paintings,” says Mael Bellec, head of the Chinese and Korean collections at the Musee Cernuschi.

    In the curatorial process, Lefebvre and Bellec discovered a narrative thread connecting the works and chose ink painting as the main theme. “Because ink is native to Chinese characteristics, viewing it conjures the feeling of its history,” Bellec says.

    Many Chinese artists stayed in Paris and “while they were there, they did new things with what they learned … When two cultures meet, there is a blending that happens almost immediately and brings forth new ideas”, Bellec tells China Daily.

    “In France, people tend to forget that these artists were there and are part of our history,” he says. “Except for a few artists such as Pan Yuliang, whose biographic movie was made starring famous actress Gong Li, it’s not so easy to recognize and acknowledge them as part of our history, too,” he adds.

    For French visitors to the Cernuschi Museum in Paris, Bellec says: “Studying the art from a faraway country helps you to get out of your own culture and broaden your view of the world and its aesthetics, which is very different from your own.”

    Visitors to the exhibition in Shanghai will find landscape paintings, flowers and birds, and hand scrolls traditionally mounted in the first showroom.

    “Then, one chapter after another, they will observe the evolution of ink paintings, from the forms to the techniques,” Lefebvre says.

    To give audiences a full evolutionary experience, Lefebvre and Bellec also selected a series of videos from the institution’s archives, dating as early as the 1930s, that document the painting process of some artists.

    “From these videos, we can learn about the techniques of Zhang Daqian and see how artist Walasse Ting created the popular action painting style of the United States, reflecting the integration of Chinese and Western art,” Lefebvre says.

    A significant part of the exhibit joins the museum collection from the 1950s when the Musee Cernuschi received an important donation of paintings from Guo Youshou, a Chinese diplomat who later worked for UNESCO.

    An important collector and promoter of Chinese art, Guo facilitated the first series of exhibitions of Chinese art in France, Switzerland and Slovakia. From the 1950s to 60s, he helped to organize three exhibitions of Zhang Daqian in France, says Xie Dingwei, founding director of the Bund One Art Museum.

    “In 1953, Guo donated 76 paintings to the Musee Cernuschi, including works by Xu Beihong, Lin Fengmian, Pu Ru and my father,” says Xie, the son of renowned Chinese artist Xie Zhiliu.

    Guo’s donation played an important part in the Musee Cernuschi’s collection of modern Chinese art. Today, “we recognize him as a pioneer who made great contributions by introducing Chinese art to the world”, Xie says.

    MIL OSI China News

  • MIL-OSI United Nations: Readout of the Secretary-General’s meeting with H.E. Mr. Pham Minh Chinh,  Prime Minister of the Socialist Republic of Viet Nam  

    Source: United Nations secretary general

    The Secretary-General met with H.E. Mr. Pham Minh Chinh, Prime Minister of the Socialist Republic of Viet Nam in Vientiane on the sidelines of the ASEAN-UN Summit.
     
    The Secretary-General expressed appreciation for the strong cooperation between Viet Nam and the United Nations in the context of the ASEAN-UN Comprehensive Partnership as well as on the Sustainable Development Goal and Viet Nam’s leadership on climate action,
     
    The Secretary-General expressed his deep appreciation for Viet Nam’s growing involvement in UN peacekeeping.
     
    The Secretary-General and the Prime Minister also exchanged views on global issues as well as the outcomes of the Summit of the Future.

    MIL OSI United Nations News

  • MIL-OSI United Nations: Readout of  the Secretary-General’s meeting with  H.E. Mr. Thongloun Sisoulith,  President of Lao People’s Democratic Republic

    Source: United Nations secretary general

    The Secretary-General met with H.E. Mr. Thongloun Sisoulith, President of Lao PDR in Vientiane on the sidelines of the ASEAN-UN summit.
     
    The Secretary-General and the Prime Minister discussed the close cooperation between the United Nations and Lao PDR. The Secretary-General reiterated the support of the United Nations to Lao PDR, including on its path to sustainable development.
     
    They also discussed the ASEAN-UN partnership, as well as the implementation of the Pact of the Future.
     
    Vientiane, Lao People’s Democratic Republic
     
    11 October 2024
     
     
     

    MIL OSI United Nations News

  • MIL-OSI Economics: Result of the 3-day Variable Rate Reverse Repo (VRRR) auction held on October 11, 2024

    Source: Reserve Bank of India

    Tenor 3-day
    Notified Amount (in ₹ crore) 75,000
    Total amount of offers received (in ₹ crore) 45,260
    Amount accepted (in ₹ crore) 45,260
    Cut off Rate (%) 6.49
    Weighted Average Rate (%) 6.49
    Partial Acceptance Percentage of offers received at cut off rate NA

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/1270

    MIL OSI Economics

  • MIL-OSI Russia: Over two million tourists from the regions visited Moscow’s cafes and restaurants in six months

    MILES AXLE Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    Over two million guests from Russian regions visited Moscow cafes and restaurants in the first half of 2024. Most often, these were residents of St. Petersburg, Krasnodar Krai and Tyumen Oblast, reported Natalia Sergunina, Deputy Mayor of Moscow.

    “There are more than 22 thousand establishments in the capital – these are fine dining restaurants, coffee shops, bakeries, family cafes. Many of them use farm products, the menu offers both signature versions of traditional treats and modern dishes,” said Natalia Sergunina.

    Over the past few years, demand for domestic products in Moscow has grown significantly. Now their share in the total consumption in the capital makes up 84 percent. Vegetables, cheeses, meat and fish are brought from more than 80 regions of the country.

    Festivals and culinary competitions

    Festivals, in particular “Tastes of Russia” and “Moscow — on the Wave. Fish Week”, as well as the projects “Moscow Breakfast” and “Moscow Tea Party”, introduce the variety of farm products and gastronomic concepts. The city is currently hosting festival “Golden Autumn”, where more than 150 large and small farms from all over the country presented their products.

    During the recent large-scale forum-festival “Territory of the Future. Moscow 2030” a competition “Dessert of the Future” was held. It involved 30 cafes, bakeries, restaurants and hotels of the capital. Over three weeks, city residents and tourists tried 2.5 thousand portions of cakes, pastries and pastries. Among the treats were varenets with condensed milk, ice cream and lingonberries, chocolate millefeuille and sweet sushi. The results were announced in September, the winner was a team from a large hotel chain. According to its representative, festivals give chefs the opportunity to experiment with traditional and modern cooking techniques and also attract new guests.

    Another iconic gastronomic project has united regional chefs at the forum-festival “Territory of the Future. Moscow 2030”. They prepared dishes worth up to 300 rubles from domestic products. You could try them on Manezhnaya Square. The main prize was contested by perepechi with farmer’s cheese and green onions, Far Eastern fisherman’s slice with crab salad, sugudai from nelma with baked potatoes, the dessert “Kalinnik” and other delicacies. The winner was mini-chebureki with crab and shrimp – visitors bought them most often.

    Center of gastronomic tourism

    Thanks to such events, interest in restaurants of regional and national cuisine is growing. For example, a representative of a Baikal and Buryat-Mongolian establishment noted that residents and tourists, who a couple of years ago cautiously ordered dishes with specific names, now come for them from all over the capital and even from other cities.

    Moscow is becoming a Russian and international center of gastronomic tourism. If you had breakfast, lunch and dinner in different establishments of the city every day, it would take 20 years to visit them all. Many restaurants and cafes are also targeting visitors from specific countries, such as China or India. They undergo certification for compliance with the culinary traditions of the country, over time they become more famous and open new places.

    Development of the tourism industry – resultcomprehensive support for the industry and close cooperation between the city and business. The volume of tourist and excursion consumption in the first half of 2024 amounted to 650 billion rubles, of which revenues to the capital’s budget are estimated at 89 billion rubles. Both figures are a third higher than in the record pre-pandemic year of 2019.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    http://vvv.mos.ru/nevs/item/145091073/

    MIL OSI Russia News

  • MIL-OSI Africa: South Africa needs more nautical scientists and marine engineers – if you love the sea these may be the careers for you

    Source: The Conversation – Africa – By Ekaterina Rzyankina, Lecturer, Cape Peninsula University of Technology

    When most people are asked to picture an engineer at work, they probably imagine a civil engineer in a hard hat at a construction site, a chemical engineer in a laboratory or an electrical engineer examining a complex circuit board. Very few, I’m willing to bet, visualise someone aboard a ship.

    But, for those drawn both to engineering and a seafaring life, marine engineering and nautical science are ideal careers – especially in a country like South Africa, uniquely positioned where the Atlantic and Indian Oceans converge.

    Over 90% of the world’s goods are transported by sea. That means both marine engineers and nautical scientists are crucial to global trade, transportation and resource management. These professionals play a critical role in ensuring that vessels operate reliably, comply with environmental regulations and navigate safely through the world’s oceans.

    South Africa’s Department of Higher Education does not distinguish between different types of engineering when collecting statistics about graduates. However, those of us in the marine engineering and nautical science space in academia can confirm the numbers are low. At my own institution, the Cape Peninsula University of Technology (CPUT) in Cape Town, between ten and 20 people graduate each year from these programmes. At another, Nelson Mandela University in the Eastern Cape province, around seven people graduate in these fields each year. With so few people studying these disciplines, the skills they impart are in high demand. The government’s list of scarce skills for 2024 includes “marine engineering technologist”.

    I’m an engineering lecturer in the Department of Maritime Studies at CPUT. There, I teach in both the Bachelor of Nautical Science and Marine Engineering programmes, lecturing on a variety of subjects, including mathematics and applied thermodynamics (the branch of physics that deals with the relationships between heat, energy and work).

    Watching my students complete their degrees and start careers in marine engineering or nautical science has made it clear that this work offers a blend of adventure, technical challenge, and the opportunity to contribute to an industry that is essential to global commerce and environmental stewardship.

    Whether it’s designing cutting-edge marine technology or navigating the world’s vast oceans, the maritime field promises a fulfilling professional journey.

    Theory and practice

    Three universities – CPUT, Nelson Mandela University and the Durban University of Technology in KwaZulu-Natal – offer maritime studies courses aimed at those who intend to work at sea. A fourth, the University of KwaZulu-Natal, offers this degree with a focus on maritime law and logistics. There are also some specialised training institutions, among them the South African Maritime Safety Authority, that provide various qualifications and certifications.

    You’ll need to have taken mathematics, physical science and English in your school-leaving matric year, and to have passed them well. (Contact individual universities to find out their precise degree requirements.) A strong interest in and commitment to a career at sea or in the maritime industry more broadly is crucial.

    Being a strong swimmer can be an advantage. But it is not necessarily a requirement. Students who do not know how to swim will typically have the opportunity to learn and develop their swimming skills as part of their training.

    There are practical and theoretical components to these degrees. At our Granger Bay campus near the V&A Waterfront in Cape Town, for instance, we’ve set up a survival centre – a practical facility where students receive training to equip them for life at sea. It is fully equipped with three fully enclosed lifeboats, two open lifeboats, a rigid capsule, two fast rescue craft, a heated 12 x 7 metre pool, an underwater escape training dunker, various life rafts, life jackets, immersion suits, and more.


    Read more: Seasickness: we built a digital monitoring system on a South African research ship to help manage it


    On the theoretical side, a Bachelor of Nautical Science programme focuses on the navigation and operation of ships. It encompasses navigation techniques, ship stability, cargo handling, meteorology, and maritime laws. This prepares students for careers as navigators in the merchant navy. (Not to be confused with the military navy – a merchant navy is a country’s commercial shipping industry, which includes all the cargo and passenger ships that are registered under that nation and used for trade, transport and other non-military purposes.)

    Some of our graduates have gone on to become ship’s masters, also called captains – the highest ranking officer on any ship.

    Marine engineering programmes, meanwhile, focus on the design, development, operation and maintenance of the mechanical systems and equipment used on ships and other marine vessels. This includes everything from engines and propulsion systems to refrigeration and steering mechanisms. Marine engineers ensure that these systems function efficiently and safely. They often work closely with naval architects to integrate these technologies into new ship designs or retrofit them into existing vessels.

    Ample opportunities

    Oceanic African countries, like South Africa, need people with these skills to harness the full potential of their maritime resources.


    Read more: What South Africa can do to harness a neglected resource – its oceans


    The development of local expertise in maritime engineering and nautical science is essential for ensuring safe and efficient maritime operations. It also helps to protect marine environments and contributes to global maritime trade. Skilled professionals in these fields help these countries take advantage of their maritime assets, promote economic growth and enhance their roles in international commerce.

    As a proud lecturer, I am thrilled to see my students progress and develop both internationally and locally. Many have gone on to work in various exciting and prestigious roles around the world. Some have become ship’s masters, navigating and managing large vessels on international waters, while others have taken on critical roles in maritime operations, port management and logistics in countries such as Singapore, Norway and the United Kingdom. Some have pursued careers in maritime law and policy. Their career paths reflect the diverse and global opportunities available in the maritime industry.

    – South Africa needs more nautical scientists and marine engineers – if you love the sea these may be the careers for you
    https://theconversation.com/south-africa-needs-more-nautical-scientists-and-marine-engineers-if-you-love-the-sea-these-may-be-the-careers-for-you-234104

    MIL OSI Africa

  • MIL-OSI Economics: ASEAN-China Joint Statement on Facilitating Cooperation in Building a Sustainable and Inclusive Digital Ecosystem

    Source: ASEAN – Association of SouthEast Asian Nations

    We, the Member States of the Association of Southeast Asian Nations (ASEAN) and the People’s Republic of China gathered at the 27th ASEAN-China Summit in Vientiane, The Lao People’s Democratic Republic, on 10 October 2024.

    Recognizing that the world is currently undergoing a rapid digital transformation, acknowledge that building an open, secure, inclusive and interoperable digital ecosystem will help accelerate the development of the digital economy, digital society, and digital government, and is therefore of great significance to the economic and social development of all Parties.

    Download the full statement here.
    The post ASEAN-China Joint Statement on Facilitating Cooperation in Building a Sustainable and Inclusive Digital Ecosystem appeared first on ASEAN Main Portal.

    MIL OSI Economics

  • MIL-OSI United Nations: Secretary-General’s Opening Remarks at the 14th ASEAN-UN Summit

    Source: United Nations secretary general

     
     
    Mr. Chair, Prime Minister Siphandone, thank you for your warm welcome and congratulations on your leadership of ASEAN this year. 
     
    Distinguished leaders of ASEAN,
     
    Excellencies,
     
    Ladies and gentlemen,
     
    For nearly six decades, the family of South-East Asian countries has blazed a path of collaboration.
     
    Every day, you grow more integrated, dynamic and influential.
     
    And our ASEAN-UN partnership is growing ever stronger, too and it is today a strategic partnership from the UN point of view.
     
    The ASEAN-UN Plan of Action is making important progress across the political, security, economic and cultural fronts.
     
    I am particularly grateful for the important contribution of ASEAN members to our peacekeeping operations.
     
    Allow me to express my total solidarity with the Indonesian delegation. Two Indonesian peacekeepers [serving in Lebanon] were wounded by Israeli fire. We are together with you and the Indonesian people at this time.
     
    I also welcome your work on the preparation of the Community Vision 2045.
     
    This region has always been about looking ahead.
     
    And so is the Pact for the Future, adopted last month at the United Nations.
     
    We need to keep looking ahead.  
     
    Let me point to four key areas. 
     
    First, connectivity — your theme for the year.
     
    We start with a fundamental objective: technology should benefit everyone.
     
    Across Southeast Asia, broadband and mobile internet connectivity has soared. Yet the digital divide persists. 
     
    And a new divide is now with us — an Artificial Intelligence divide. 
     
    Every country must be able to access and benefit from these technologies.
     
    And every country should be at the table when decisions are made about their governance.
     
    The Pact for the Future includes a major breakthrough — the first truly universal agreement on the international governance of Artificial Intelligence that would give every country a seat at the AI table.
     
    It also calls for international partnerships to boost AI capacity building in developing countries.
     
    And it commits governments to establishing an independent international Scientific Panel on AI and initiating a global dialogue on its governance within the United Nations.
     
    Second, finance. 
     
    International financial institutions can no longer provide a global safety net – or offer developing countries the level of support they need.
     
    The Pact for the Future says clearly: we need to accelerate reform of the international financial architecture.
     
    To close the financing gap of the Sustainable Development Goals. 
     
    To ensure that countries can borrow sustainably to invest in their long-term development. 
     
    And to strengthen the voice and representation of developing countries.
     
    This includes calling on G20 countries to lead on an SDG Stimulus of $500 billion a year.
     
    Substantially increasing also the lending capacity of Multilateral Development Banks.
     
    Recycling more Special Drawing Rights.
     
    And restructuring loans for countries drowning in debt.
     
    Third, climate.
     
    ASEAN countries are feeling the brunt of climate chaos – disasters like Super Typhoon Yagi – while the 1.5 degree goal is slipping away.
     
    We need dramatic action to reduce emissions.
     
    The G20 is responsible for 80 per cent of total emissions – they must lead the way.
     
    I welcome the pioneering Just Energy Transition Partnerships in Indonesia and Vietnam.
     
    By next year, every country must produce new NDCs aligned with limiting the global temperature rise to 1.5 degrees Celsius.
     
    Developed countries must keep their promises to double adaptation finance.
     
    And we need to see significant contributions to the new Loss and Damage Fund.
     
    Every person must be covered by an alert system by 2027, through the United Nations’ Early Warnings for All Initiative. 
     
    We must secure also an ambitious outcome on finance at COP29.
     
    Fourth and finally, peace.
     
    I recognize your constructive role in continuing to pursue dialogue and peaceful means of resolving disputes from the Korean Peninsula to the South China Sea. 
    And I salute you for doing so in full respect of the UN Charter and international law – including the UN Convention on the Law of the Sea.
     
    Meanwhile, Myanmar remains on an increasingly complex path.
     
    Violence is growing.
     
    The humanitarian situation is spiralling.
     
    One-third of the population is in dire need of humanitarian assistance.  Millions have been forced to flee their homes. 
     
    Seven years after the forced mass displacement of the Rohingya, durable solutions seem a distant reality.
     
    I support strengthened cooperation between the UN Special Envoy and the ASEAN Chair on innovative ways to promote a Myanmar-led process, including through the effective and comprehensive implementation of the ASEAN Five-Point Consensus and beyond.
     
    The people of Myanmar need peace. And I call on all countries to leverage their influence towards an inclusive political solution to the conflict and deliver the peaceful future that the people of Myanmar deserve.
     
    Excellencies,
     
    ASEAN exemplifies community and cooperation.
     
    You are far more than the sum of your parts.
     
    In a world with growing geopolitical divides, with dramatic impacts on peace and security and sustainable development, ASEAN is a bridge-builder and a messenger for peace.
     
    Peace that is more necessary than ever, when we see the immense suffering of the people in Gaza, now extended to Lebanon, not forgetting Ukraine, Sudan, Myanmar and so many others.
     
    Allow me to tell you that the level of death and destruction in Gaza is something that has no comparison in any other situation I have seen since I became Secretary-General.
     
    I am extremely grateful for your constant efforts to keep our world together.
     
    You play a key role in shaping a world that is prosperous, inclusive and sustainable with respect for human rights at its heart.
     
    And you can always count on my full support and that of the United Nations in this essential effort.
     
    Thank you.
     

    MIL OSI United Nations News

  • MIL-OSI Africa: Secretary-General’s Opening Remarks at the 14th ASEAN-UN Summit

    Source: United Nations – English

    strong> 
     
    Mr. Chair, Prime Minister Siphandone, thank you for your warm welcome and congratulations on your leadership of ASEAN this year. 
     
    Distinguished leaders of ASEAN,
     
    Excellencies,
     
    Ladies and gentlemen,
     
    For nearly six decades, the family of South-East Asian countries has blazed a path of collaboration.
     
    Every day, you grow more integrated, dynamic and influential.
     
    And our ASEAN-UN partnership is growing ever stronger, too and it is today a strategic partnership from the UN point of view.
     
    The ASEAN-UN Plan of Action is making important progress across the political, security, economic and cultural fronts.
     
    I am particularly grateful for the important contribution of ASEAN members to our peacekeeping operations.
     
    Allow me to express my total solidarity with the Indonesian delegation. Two Indonesian peacekeepers [serving in Lebanon] were wounded by Israeli fire. We are together with you and the Indonesian people at this time.
     
    I also welcome your work on the preparation of the Community Vision 2045.
     
    This region has always been about looking ahead.
     
    And so is the Pact for the Future, adopted last month at the United Nations.
     
    We need to keep looking ahead.  
     
    Let me point to four key areas. 
     
    First, connectivity — your theme for the year.
     
    We start with a fundamental objective: technology should benefit everyone.
     
    Across Southeast Asia, broadband and mobile internet connectivity has soared. Yet the digital divide persists. 
     
    And a new divide is now with us — an Artificial Intelligence divide. 
     
    Every country must be able to access and benefit from these technologies.
     
    And every country should be at the table when decisions are made about their governance.
     
    The Pact for the Future includes a major breakthrough — the first truly universal agreement on the international governance of Artificial Intelligence that would give every country a seat at the AI table.
     
    It also calls for international partnerships to boost AI capacity building in developing countries.
     
    And it commits governments to establishing an independent international Scientific Panel on AI and initiating a global dialogue on its governance within the United Nations.
     
    Second, finance. 
     
    International financial institutions can no longer provide a global safety net – or offer developing countries the level of support they need.
     
    The Pact for the Future says clearly: we need to accelerate reform of the international financial architecture.
     
    To close the financing gap of the Sustainable Development Goals. 
     
    To ensure that countries can borrow sustainably to invest in their long-term development. 
     
    And to strengthen the voice and representation of developing countries.
     
    This includes calling on G20 countries to lead on an SDG Stimulus of $500 billion a year.
     
    Substantially increasing also the lending capacity of Multilateral Development Banks.
     
    Recycling more Special Drawing Rights.
     
    And restructuring loans for countries drowning in debt.
     
    Third, climate.
     
    ASEAN countries are feeling the brunt of climate chaos – disasters like Super Typhoon Yagi – while the 1.5 degree goal is slipping away.
     
    We need dramatic action to reduce emissions.
     
    The G20 is responsible for 80 per cent of total emissions – they must lead the way.
     
    I welcome the pioneering Just Energy Transition Partnerships in Indonesia and Vietnam.
     
    By next year, every country must produce new NDCs aligned with limiting the global temperature rise to 1.5 degrees Celsius.
     
    Developed countries must keep their promises to double adaptation finance.
     
    And we need to see significant contributions to the new Loss and Damage Fund.
     
    Every person must be covered by an alert system by 2027, through the United Nations’ Early Warnings for All Initiative. 
     
    We must secure also an ambitious outcome on finance at COP29.
     
    Fourth and finally, peace.
     
    I recognize your constructive role in continuing to pursue dialogue and peaceful means of resolving disputes from the Korean Peninsula to the South China Sea. 
    And I salute you for doing so in full respect of the UN Charter and international law – including the UN Convention on the Law of the Sea.
     
    Meanwhile, Myanmar remains on an increasingly complex path.
     
    Violence is growing.
     
    The humanitarian situation is spiralling.
     
    One-third of the population is in dire need of humanitarian assistance.  Millions have been forced to flee their homes. 
     
    Seven years after the forced mass displacement of the Rohingya, durable solutions seem a distant reality.
     
    I support strengthened cooperation between the UN Special Envoy and the ASEAN Chair on innovative ways to promote a Myanmar-led process, including through the effective and comprehensive implementation of the ASEAN Five-Point Consensus and beyond.
     
    The people of Myanmar need peace. And I call on all countries to leverage their influence towards an inclusive political solution to the conflict and deliver the peaceful future that the people of Myanmar deserve.
     
    Excellencies,
     
    ASEAN exemplifies community and cooperation.
     
    You are far more than the sum of your parts.
     
    In a world with growing geopolitical divides, with dramatic impacts on peace and security and sustainable development, ASEAN is a bridge-builder and a messenger for peace.
     
    Peace that is more necessary than ever, when we see the immense suffering of the people in Gaza, now extended to Lebanon, not forgetting Ukraine, Sudan, Myanmar and so many others.
     
    Allow me to tell you that the level of death and destruction in Gaza is something that has no comparison in any other situation I have seen since I became Secretary-General.
     
    I am extremely grateful for your constant efforts to keep our world together.
     
    You play a key role in shaping a world that is prosperous, inclusive and sustainable with respect for human rights at its heart.
     
    And you can always count on my full support and that of the United Nations in this essential effort.
     
    Thank you.
     

    MIL OSI Africa