Category: Australia

MIL-OSI: Churchill Resources Confirms Ni-Co Potential of Large Tonnage Seahorse Lake Intrusive at Florence Lake

Source: GlobeNewswire (MIL-OSI)

TORONTO, Feb. 10, 2025 (GLOBE NEWSWIRE) — Churchill Resources Inc. (“Churchill” or the “Company”) (TSXV: CRI) is pleased to provide an update on its 2024 fieldwork results at the Florence Lake nickel project located in Labrador. Highlights include:

Seahorse Lake Intrusive

CRI 2024 sampling confirms Ni-Co potential and ~7.5km strike length to the variably exposed Seahorse Intrusion with consistent historical surface grab samples grading 0.2-0.4% nickel and Company 2024 results confirm historical and new exposures with grades or 0.2-0.32% Ni and 100-756ppm Cobalt. The high cobalt value is much improved over the best historical result of 361ppm Co.
13 of 27 CRI samples at Seahorse returned high-interest aluminum undepleted komatiite geochemical signatures, suggesting more primitive, potentially Ni-enriched units may also be present in the volcanic assemblage. This is a very encouraging early sign for Seahorse.
The lone short historical drillhole, TSH96-04, into the eastern margin of the intrusive, also returned nickel values in the 0.2-0.3% range with 0.01%Co from selected short samples between 30-100m downhole. The entire core is available for sampling to the end of hole at 102m.

Baikie Belt

The northern licenses’ Baikie Sub-belt high-grade targets have been sampled with prioritization based on prospective komatiite geochemistry/VTEM conductors/high nickel-in-soil sampling highlighting numerous areas for detailed follow-up.

Paul Sobie, CEO, commented:

“Our 2024 fieldwork has confirmed that the Seahorse Lake Ultramafic Intrusive spans some 7.5km x 1km as suggested by its magnetic signature, and found it to outcrop over several impressively large areas. Historical grab sampling by Falconbridge returned pervasive surface nickel assays in the 0.2 to 0.4%Ni range, consistent with similar ultramafic intrusions being evaluated in Ontario, Quebec, BC, and Alaska.

Our 2024 sampling confirmed Seahorse’s Ni-Co potential per Table 1 and Figure 1, including a grab sample grading 756ppm Co (0.076%). We plan to cut long channel samples through these large outcrop exposures during fieldwork in 2025 to define nickel content over significant strike lengths and widths, as an important part of our first full “boots on the ground” season based out of the Florence Lake camp.

On our northern licenses covering the high-grade target Baikie Sub-belt ~5km northwest of Seahorse, we’ve now sampled most of the 43 priority targets identified from VTEM survey and follow-up soil sampling, allowing for prioritization for detailed prospecting, geology and geophysical surveys this summer.

Florence Lake lies ~70km west of the deep-water port of Postville, an all-weather road proposed along the Labrador coast would pass within 15km, and nearby waterfalls offer hydro-electric power potential, all greatly enhancing project economics.”

Figure 1 – Seahorse Lake Total Magnetic Intensity with 2024 and Falconbridge Surface Sampling

Figure 2 – Outcropping serpentinized peridotite southern Seahorse Lake Intrusion (note helicopter in distance for scale)

Figure 3 – Outcropping serpentinized peridotite central Seahorse Lake Intrusion

Table 1 – 2024 Lithogeochemical Sample Selected Analytical Results

Baikie Belt High-Grade Targets

The Baikie-Sub-belt volcanic package is highly encouraging for nickel discoveries throughout the volcanic stratigraphy, rather than just the Baikie Showing horizon, the primary target of Falconbridge, where a small deposit was delineated. CRI is continuing to sample the ultramafic lavas in the area of priority targets, following the recognition of numerous Al₂O₃-undepleted ultramafic volcanic areas (i.e., more primitive lavas, associated with nickel mineralization), as stacked targets located throughout the upper Eastern Volcanic areas of the greenstone belt, and importantly also within the more basal Western Volcanics. Kambalda-style nickel sulphide deposits occur primarily in the basal portions of ultramafic volcanic sequences.

Figure 4 following shows the location of 2024 lithogeochemical samples detailed in Table 1, as well as the location of all other CRI surface samples collected since 2021. As well Dr. Derek Wilton has sampled numerous historical drill holes, and NL Government Geological Survey geologists have sampled the rest of the historical drillholes, which data will be available in the near-term to further our compilations of geochemical data and follow-up plans. CRI is in close contact with the Geological Survey team, who are actively assessing the Baikie and Seahorse Lake areas through mapping, lithogeochemistry and age-dating of surface and core samples and who completed their first field season in the Florence Lake area in 2024. The Geological Survey is planning to be active again this summer on our property and the collaboration will be extremely helpful to Churchill.

2024 soil sampling was modest in sample numbers and targeted to assess VTEM conductors lower in the stratigraphy in the Western Volcanics per Figure 5. Moderate nickel anomalies were generated in several areas for follow-up this summer.

The technical and scientific information in this news release has been reviewed and approved by Dr. Derek H.C Wilton, P.Geo., FGC, who is a “qualified person” as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Mr. Wilton is an honourary research professor of Economic Geology at Memorial University and is independent of the Company for the purposes of NI 43-101.

The lithogeochemical samples reported here were whole rock pieces, collected from outcrop and historical drill core by Dr. Wilton during fieldwork in September/October 2024. These samples were sealed in labelled plastic bags in the field. All sample bags were photographed and transported to Thunder Bay, ON, by secure courier. The samples were analysed by ALS Geochemistry Ltd. in Thunder Bay using ME-ICP06 whole rock and ME-MS61L analytical protocols. Samples with over limit Ni contents were re-assayed using OG-46 Aqua-Regia overlimit method. Quality control results, including the laboratory’s own control samples, were evaluated immediately.¹

The soil samples were placed in labelled, sealed kraft paper bags and delivered to Eastern Analytical of Springdale, NL, an ISO/IEC 17025 certified facility. The samples were analysed using ICP 34 (inductively coupled plasma) analytical protocols. Samples with over limit Ni contents were re-assayed using Eastern’s Ore Grade Assay (multi acid digestion) overlimit method. Quality control results, including the laboratory’s control samples, were evaluated immediately.

Figure 4 – CRI Lithogeochemical Samples 2021-2024 in Baikie Sub-belt

Figure 5 – CRI Soil Samples 2022-2024 in Baikie Sub-belt on detailed CRI magnetics

About Churchill Resources Inc.

Churchill Resources Inc. is a Canadian exploration company focused on high grade, magmatic nickel sulphides in Canada, principally at its prospective Taylor Brook and Florence Lake properties in Newfoundland & Labrador. The Churchill management team, board and its advisors have decades of combined management experience in mineral exploration and in the establishment of successful publicly listed mining companies, both in Canada and around the world. Churchill’s Taylor Brook and Florence Lake projects have the potential to benefit from the province’s large and diversified minerals industry, which includes world class nickel mines and processing facilities, and a well-developed mineral exploration sector with locally based drilling and geological expertise.

Further Information

For further information regarding Churchill, please contact:

Churchill Resources Inc.
Paul Sobie, Chief Executive Officer
Tel.		+1 416.365.0930 (o)
		+1 647.988.0930 (m)
Email		psobie@churchillresources.com

Alec Rowlands, Corporate Consultant
Tel.		+1 416.721.4732 (m)
Email		arowlands@churchillresources.com

Cautionary Note Regarding Forward Looking Information

This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “proposed”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate to, among other things, the Company’s objectives, goals and exploration activities conducted and proposed to be conducted at the Company’s properties; future growth potential of the Company, including whether any proposed exploration programs at any of the Company’s properties will be successful; exploration results; and future exploration plans and costs and financing availability.

These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: the expected benefits to the Company relating to the exploration conducted and proposed to be conducted at the Company’s properties; failure to identify any mineral resources or significant mineralization; the preliminary nature of metallurgical test results; uncertainties relating to the availability and costs of financing needed in the future, including to fund any exploration programs on the Company’s properties; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, silver, base metals or certain other commodities; fluctuations in currency markets (such as the Canadian dollar to United States dollar exchange rate); change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining and mineral exploration; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); the unlikelihood that properties that are explored are ultimately developed into producing mines; geological factors; actual results of current and future exploration; changes in project parameters as plans continue to be evaluated; soil sampling results being preliminary in nature and are not conclusive evidence of the likelihood of a mineral deposit; title to properties; and those factors described in the most recently filed management’s discussion and analysis of the Company. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements and information. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward-looking information, will prove to be accurate. The Company does not undertake to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

¹ The Company reminds investors that surface rock samples are select samples and may not be representative of all mineralization on the Florence Lake property.

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/a4a7348e-6b56-4bb1-8fed-cb6009e554be

https://www.globenewswire.com/NewsRoom/AttachmentNg/63543e74-a8d5-455e-a5b4-539e2bc771fd

https://www.globenewswire.com/NewsRoom/AttachmentNg/1640a47f-264a-4f11-962f-d3cb179b030c

https://www.globenewswire.com/NewsRoom/AttachmentNg/584d7791-09ee-45bc-ab69-c6a7e7332132

https://www.globenewswire.com/NewsRoom/AttachmentNg/d275b392-66dd-4a1a-937a-2488d04f4555

https://www.globenewswire.com/NewsRoom/AttachmentNg/4ad8cf7b-9b04-44ed-871c-34ec8a2d094b

The MIL Network –

February 11, 2025

MIL-OSI: Tower Semiconductor Reports 2024 Fourth Quarter and Full Year Financial Results

Source: GlobeNewswire (MIL-OSI)

MIGDAL HAEMEK, Israel, Feb. 10, 2025 (GLOBE NEWSWIRE) — Tower Semiconductor (NASDAQ: TSEM & TASE: TSEM) reports today its results for the fourth quarter of 2024 and for the year ended December 31, 2024.

Fourth Quarter of 2024 Results Overview
Revenues for the fourth quarter of 2024 were $387 million as compared to $371 million for the third quarter of 2024 and $352 million for the fourth quarter of 2023, representing 5% quarter over quarter growth and 10% year over year growth. The Company met its expressed target of sequential quarter over quarter revenue growth within 2024, resulting in 18% growth fourth quarter over first quarter.

Gross profit for the fourth quarter of 2024 was $87 million, compared to $84 million for the fourth quarter of 2023. During the fourth quarter of 2024, the Company took on for the first time its portion of incremental costs of the greenfield Agrate facility.

Operating profit for the fourth quarter of 2024 was $46 million as compared to $45 million for the fourth quarter of 2023.

Net profit for the fourth quarter of 2024 was $55 million, reflecting $0.49 basic and diluted earnings per share. Net profit for the fourth quarter of 2023 was $54 million, or $0.49 basic and $0.48 diluted earnings per share.

Cash flow generated from operating activities in the fourth quarter of 2024 was $101 million and investments in property and equipment, net were $93 million.

Full year 2024 Results Overview
Revenues for the full year of 2024 were $1.44 billion, gross profit was $339 million, operating profit was $191 million. Net profit for the full year of 2024 was $208 million, or $1.87 basic and $1.85 diluted earnings per share. For the full year of 2023, revenues were $1.42 billion, gross profit was $354 million, operating profit was $547 million and included $314 million, net, from the Intel merger contract termination and $33 million of restructuring income, net, from the previously disclosed reorganization and restructure of our Japan operations during 2022. Net profit for the full year of 2023 was $518 million, or $4.70 basic and $4.66 diluted earnings per share and included $290 million, net, due to the merger contract termination payment by Intel and $11 million restructuring income, net.

Cash flow generated from operating activities for the year ended December 31, 2024, was $449 million. Investments in property and equipment, net for the year ended December 31, 2024, were $432 million and debt payments, net totaled $32 million.

6” Fab Consolidation Update
During the fourth quarter of 2024, the lower margin legacy of 150mm flows were discontinued in Fab1, with last Fab outs occurring in January 2025. The forward-looking strategic flows have been transferred into the Fab2 200mm factory. This strategic integration enables the Company to streamline its production processes, enhancing overall efficiency.

Business Outlook
Tower Semiconductor guides revenues for the first quarter of 2025 to be $358 million, with an upward or downward range of 5%. First quarter mid-range guidance reflects about 10% year-over-year growth.

Russell Ellwanger, Chief Executive Officer of Tower Semiconductor, stated:
“With the close of 2024, we are pleased with our progress, in having brought to market highly differentiated end application advancing platforms, hence strengthening our position for sustainable growth. Our 2025 revenue target is year-over-year growth, with sequential quarter-over-quarter revenue growth, and an acceleration in the second half of the year. This momentum is fueled by increasing production shipments as our previously announced capacity investments progress through the final stages of customer qualifications.”

Ellwanger further added: “Our commitment to customer partnered innovation and streamlined execution continues to drive our ability to meet the growing and evolving needs of our customers in a quickly changing business environment, whilst expanding our available market size and share. We look forward to the year ahead with confidence and enthusiasm.”

Teleconference and Webcast
Tower Semiconductor will host an investor conference call today, Monday, February 10, 2025, at 10:00 a.m. Eastern time (9:00 a.m. Central time, 8:00 a.m. Mountain time, 7:00 a.m. Pacific time and 5:00 p.m. Israel time) to discuss the Company’s financial results for the fourth quarter and full year of 2024 and its business outlook.

The call will be webcast and available through the Investor Relations section of Tower Semiconductor’s website at ir.towersemi.com. The pre-registration form required for dial-in participation is accessible here. Upon completing the registration, participants will receive the dial-in details, a unique PIN, and a confirmation email with all necessary information. To access the webcast, click here. The teleconference will be available for replay for 90 days.

Non-GAAP Financial Measures
The Company presents its financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”). The financial information included in the tables below includes unaudited condensed financial data. Some of the financial information, which may be used and/or presented in this release and/or prior earnings related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, which we may describe as adjusted financial measures and/or reconciled financial measures, are non-GAAP financial measures as defined in Regulation G and related reporting requirements promulgated by the Securities and Exchange Commission (the “SEC”) as they apply to our Company. These adjusted financial measures are calculated excluding the following: (i) amortization of acquired intangible assets as included in our costs and expenses, (ii) compensation expenses in respect of equity grants to directors, officers, and employees as included in our costs and expenses, (iii) merger contract termination fees received from Intel, net of associated cost and taxes following the previously announced Intel contract termination as included in net profit in 2023 and (iv) restructuring income, net, which includes income, net of cost and taxes associated with the reorganization and restructure of our operations in Japan including the cessation of operations of the Arai facility, which occurred during 2022, as included in net profit. These adjusted financial measures should be evaluated in conjunction with, and are not a substitute for, GAAP financial measures. The tables also present the GAAP financial measures, which are most comparable to the adjusted financial measures used and/or presented in this release, as well as a reconciliation between the adjusted financial measures and the comparable GAAP financial measures. As used and/or presented in this release and/or prior earnings related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, as well as may be included and calculated in the tables herein, the term Earnings Before Interest Taxes, Depreciation and Amortization which we define as EBITDA consists of operating profit in accordance with GAAP, excluding (i) depreciation expenses, which include depreciation recorded in cost of revenues and in operating cost and expenses lines (e.g., research and development related equipment and/or fixed other assets depreciation), (ii) stock-based compensation expense, (iii) amortization of acquired intangible assets, (iv) merger contract termination fees received from Intel, net of associated cost following the previously announced Intel contract termination, as included in operating profit and (v) restructuring income, net in relation to the reorganization and restructure of our operations in Japan including the cessation of operations of the Arai facility, as included in operating profit. EBITDA is reconciled in the tables below and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company from GAAP operating profit. EBITDA and the adjusted financial information presented herein and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, are not a required GAAP financial measure and may not be comparable to a similarly titled measure employed by other companies. EBITDA and the adjusted financial information presented herein and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, should not be considered in isolation or as a substitute for operating profit, net profit or loss, cash flows provided by operating, investing and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP. The term Net Cash, as may be used and/or presented in this release and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, is comprised of cash, cash equivalents, short-term deposits, and marketable securities less debt amounts as presented in the balance sheets included herein. The term Net Cash is not a required GAAP financial measure, may not be comparable to a similarly titled measure employed by other companies and should not be considered in isolation or as a substitute for cash, debt, operating profit, net profit or loss, cash flows provided by operating, investing and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP. The term Free Cash Flow, as used and/or presented in this release and/or prior earnings related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, is calculated to be net cash provided by operating activities (in the amounts of $101 million, $125 million and $126 million for the three months periods ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively and in the amounts of $449 million and $677 million for the years ended December 31, 2024 and December 31, 2023, respectively (less cash used for investments in property and equipment, net (in the amounts of $93 million, $128 million and $136 million for the three months periods ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively and in the amounts of $432 million and $432 million for the years ended December 31, 2024 and December 31, 2023, respectively). The term Free Cash Flow is not a required GAAP financial measure, may not be comparable to a similarly titled measure employed by other companies and should not be considered in isolation or as a substitute for operating profit, net profit or loss, cash flows provided by operating, investing, and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP.

About Tower Semiconductor
Tower Semiconductor Ltd. (NASDAQ/TASE: TSEM), the leading foundry of high-value analog semiconductor solutions, provides technology, development, and process platforms for its customers in growing markets such as consumer, industrial, automotive, mobile, infrastructure, medical and aerospace and defense. Tower Semiconductor focuses on creating a positive and sustainable impact on the world through long-term partnerships and its advanced and innovative analog technology offering, comprised of a broad range of customizable process platforms such as SiGe, BiCMOS, mixed-signal/CMOS, RF CMOS, CMOS image sensor, non-imaging sensors, displays, integrated power management (BCD and 700V), photonics, and MEMS. Tower Semiconductor also provides world-class design enablement for a quick and accurate design cycle as well as process transfer services including development, transfer, and optimization, to IDMs and fabless companies. To provide multi-fab sourcing and extended capacity for its customers, Tower Semiconductor owns one operating facility in Israel (200mm), two in the U.S. (200mm), two in Japan (200mm and 300mm) which it owns through its 51% holdings in TPSCo, shares a 300mm facility in Agrate, Italy with STMicroelectronics as well as has access to a 300mm capacity corridor in Intel’s New Mexico factory. For more information, please visit: www.towersemi.com.

CONTACT:
Liat Avraham | Investor Relations | +972-4-6506154 | liatavra@towersemi.com

Forward-Looking Statements
This release, as well as other statements and reports filed, stated and published in relation to this quarter’s results, includes certain “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, among others, projections and statements with respect to our future business, financial performance and activities. The use of words such as “projects”, “expects”, “may”, “targets”, “plans”, “intends”, “committed to”, “tracking”, or words of similar import, identifies a statement as “forward-looking.” Actual results may vary from those projected or implied by such forward-looking statements and you should not place any undue reliance on such forward-looking statements, which describe information known to us only as of the date of this release. Factors that could cause actual results to differ materially from those projected or implied by such forward-looking statements include, without limitation, risks and uncertainties associated with: (i) demand in our customers’ end markets, (ii) reliance on acquisitions and/or gaining additional capacity for growth, (iii) difficulties in achieving acceptable operational metrics and indices in the future as a result of operational, technological or process-related problems, (iv) identifying and negotiating with third-party buyers for the sale of any excess and/or unused equipment, inventory and/or other assets, (v) maintaining current key customers and attracting new key customers, (vi) over demand for our foundry services resulting in high utilization and its effect on cycle time, yield and on schedule delivery, as well as customers potentially being placed on allocation, which may cause customers to transfer their business to other vendors, (vii) financial results that may fluctuate from quarter to quarter, making it difficult to forecast future performance, (viii) our debt and other liabilities that may impact our financial position and operations, (ix) our ability to successfully execute acquisitions, integrate them into our business, utilize our expanded capacity and find new business, (x) fluctuations in cash flow, (xi) our ability to satisfy the covenants stipulated in our agreements with our debt holders, (xii) pending litigation, (xiii) meeting the conditions set in approval certificates and other regulations under which we received grants and/or royalties and/or any type of funding from the Israeli, US and/or Japan governmental agencies, (xiv) receipt of orders that are lower than the customer purchase commitments and/or failure to receive customer orders currently expected, (xv) possible incurrence of additional indebtedness, (xvi) the effects of global recession, unfavorable economic conditions and/or credit crisis, (xvii) our ability to accurately forecast financial performance, which is affected by limited order backlog and lengthy sales cycles, (xviii) possible situations of obsolete inventory if forecasted demand exceeds actual demand when we create inventory before receipt of customer orders, (xix) the cyclical nature of the semiconductor industry and the resulting periodic overcapacity, fluctuations in operating results and future average selling price erosion, (xx) financing capacity acquisition related transactions, strategic and/or other growth or M&A opportunities, including funding Agrate fab’s significant 300mm capacity investments and acquisition or funding of equipment and other fixed assets associated with the capacity corridor transaction with Intel as announced in September 2023, in addition to other capacity and capability expansion plans, and the possible unavailability of such financing and/or the availability of such financing on unfavorable terms, (xxi) operating our facilities at sufficient utilization rates necessary to generate and maintain positive and sustainable gross, operating and net profit, (xxii) the purchase of equipment and/or raw material (including purchases beyond our needs), the timely completion of the equipment installation, technology transfer and raising the funds therefor, (xxiii) product returns and defective products, (xxiv) our ability to maintain and develop our technology processes and services to keep pace with new technology, including artificial intelligence, evolving standards, changing customer and end-user requirements, new product introductions and short product life cycles, (xxv) competing effectively, (xxvi) the use of outsourced foundry services by both fabless semiconductor companies and integrated device manufacturers, (xxvii) our dependence on intellectual property rights of others, our ability to operate our business without infringing others’ intellectual property rights and our ability to enforce our intellectual property against infringement, (xxviii) the Fab 3 landlord’s alleged claims that the noise abatement efforts made thus far are not adequate under the terms of the amended lease that caused him to request a judicial declaration that there was a material non-curable breach of the lease and that he would be entitled to terminate the lease, as well the ability to extend such lease or acquire the real estate and obtain the required local state and/or approvals required to be able to continue operations beyond the current lease term, (xxix) retention of key employees and recruitment and retention of skilled qualified personnel, (xxx) exposure to inflation, currency rates (mainly the Israeli Shekel, the Japanese Yen and the Euro) and interest rate fluctuations and risks associated with doing business locally and internationally, as well as fluctuations in the market price of our traded securities, (xxxi) meeting regulatory requirements worldwide, including export, environmental and governmental regulations, as well as risks related to international operations, (xxxii) potential engagement for fab establishment, joint venture and/or capital lease transactions for capacity enhancement in advanced technologies, including risks and uncertainties associated with the Agrate fab and the capacity corridor transaction with Intel as announced in September 2023, such as their qualification schedule, technology, equipment and process qualification, facility operational ramp-up, customer engagements, cost structure, required investments and other terms, which may require additional funding to cover their significant capacity investment needs and other payments, the availability of which funding cannot be assured on favorable terms, if at all, (xxxiii) potential liabilities, cost and other impacts that may be incurred or occur due to reorganization and consolidation of fabrication facilities, including the impact of cessation of operations of our facilities, including with regard to our 6 inch facility, (xxxiv) potential security, cyber and privacy breaches, (xxxv) workforce that is not unionized which may become unionized, and/or workforce that is unionized and may take action such as strikes that may create increased cost and operational risks, (xxxvi) the issuance of ordinary shares as a result of exercise and/or vesting of any of our employee equity, as well as any sale of shares by any of our shareholders, or any market expectation thereof, as well as the issuance of additional employee stock options and/or restricted stock units, or any market expectation thereof, which may depress the market value of the Company and the price of the Company’s ordinary shares and in addition may impair our ability to raise future capital, and (xxxvii) climate change, business interruptions due to floods, fires, pandemics, earthquakes and other natural disasters, the security situation in Israel, global trade “war” and the current war in Israel, including the potential inability to continue uninterrupted operations of the Israeli fab, impact on global supply chain to and from the Israeli fab, power interruptions, chemicals or other leaks or damages as a result of the war, absence of workforce due to military service as well as risk that certain countries will restrict doing business with Israeli companies, including imposing restrictions if hostilities in Israel or political instability in the region continue or exacerbate, and other events beyond our control. With respect to the current war in Israel, if instability in neighboring states occurs, Israel could be subject to additional political, economic, and military confines, and our Israeli facility’s operations could be materially adversely affected. Any current or future hostilities involving Israel or the interruption or curtailment of trade between Israel and its present trading partners, or a significant downturn in the economic or financial condition of Israel, could have a material adverse effect on our business, financial condition and results of operations.

A more complete discussion of risks and uncertainties that may affect the accuracy of forward-looking statements included in this release or which may otherwise affect our business is included under the heading “Risk Factors” in the Company’s most recent filings on Forms 20-F and 6-K, as were filed with the SEC and the Israel Securities Authority. Future results may differ materially from those previously reported. The Company does not intend to update, and expressly disclaims any obligation to update, the information contained in this release.

TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(dollars in thousands)
	December 31,	December 31,
	2024	2023
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$ 271,894	$ 260,664
Short-term deposits	946,351	790,823
Marketable securities	—	184,960
Trade accounts receivable	211,932	154,067
Inventories	268,295	282,688
Other current assets	61,817	35,956
Total current assets	1,760,289	1,709,158
PROPERTY AND EQUIPMENT, NET	1,286,622	1,155,929
GOODWILL AND OTHER INTANGIBLE ASSETS, NET	10,196	12,115
OTHER LONG-TERM ASSETS	23,378	41,315
TOTAL ASSETS	$ 3,080,485	$ 2,918,517
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Short-term debt	$ 48,376	$ 58,952
Trade accounts payable	130,624	139,128
Deferred revenue and customers’ advances	21,655	18,418
Other current liabilities	84,409	60,340
Total current liabilities	285,064	276,838
LONG-TERM DEBT	132,437	172,611
LONG-TERM CUSTOMERS’ ADVANCES	7,690	25,710
OTHER LONG-TERM LIABILITIES	15,114	16,319
TOTAL LIABILITIES	440,305	491,478
TOTAL SHAREHOLDERS’ EQUITY	2,640,180	2,427,039
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 3,080,485	$ 2,918,517

TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(dollars and share count in thousands, except per share data)
	Three months ended
	December 31,	September 30,	December 31,
	2024	2024	2023
REVENUES	$ 387,191	$ 370,512	$ 351,711
COST OF REVENUES	300,338	277,451	267,294
GROSS PROFIT	86,853	93,061	84,417
OPERATING COSTS AND EXPENSES:
Research and development	20,622	19,867	20,849
Marketing, general and administrative	19,812	17,432	18,401
	40,434	37,299	39,250

OPERATING PROFIT	46,419	55,762	45,167
FINANCING AND OTHER INCOME, NET	8,315	6,104	16,682
PROFIT BEFORE INCOME TAX	54,734	61,866	61,849
INCOME TAX EXPENSE, NET	(2,149)	(7,026)	(10,130)
NET PROFIT	52,585	54,840	51,719
Net loss (profit) attributable to non-controlling interest	2,553	(193)	2,128
NET PROFIT ATTRIBUTABLE TO THE COMPANY	$ 55,138	$ 54,647	$ 53,847
BASIC EARNINGS PER SHARE	$ 0.49	$ 0.49	$ 0.49
Weighted average number of shares	111,493	111,237	110,796
DILUTED EARNINGS PER SHARE	$ 0.49	$ 0.49	$ 0.48
Weighted average number of shares	112,967	112,474	111,308
RECONCILIATION FROM GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY TO ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY:
GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY	$ 55,138	$ 54,647	$ 53,847
Stock based compensation	10,684	8,611	6,662
Amortization of acquired intangible assets	574	448	442
ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY	$ 66,396	$ 63,706	$ 60,951
ADJUSTED EARNINGS PER SHARE:
Basic	$ 0.60	$ 0.57	$ 0.55
Diluted	$ 0.59	$ 0.57	$ 0.55

TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(dollars and share count in thousands, except per share data)
	Year ended
	December 31,
	2024	2023
REVENUES	$ 1,436,122	$ 1,422,680
COST OF REVENUES	1,096,680	1,069,161
GROSS PROFIT	339,442	353,519
OPERATING COSTS AND EXPENSES:
Research and development	79,434	79,808
Marketing, general and administrative	74,964	72,454
Restructuring income, net *	(6,270)	(32,506)
Merger-contract termination fee, net **	—	(313,501)
	148,128	(193,745)

OPERATING PROFIT	191,314	547,264
FINANCING AND OTHER INCOME, NET	26,113	37,578
PROFIT BEFORE INCOME TAX	217,427	584,842
INCOME TAX EXPENSE, NET	(10,205)	(65,312)
NET PROFIT	207,222	519,530
Net loss (profit) attributable to non-controlling interest	642	(1,036)
NET PROFIT ATTRIBUTABLE TO THE COMPANY	$ 207,864	$ 518,494
BASIC EARNINGS PER SHARE	$ 1.87	$ 4.70
Weighted average number of shares	111,153	110,289
DILUTED EARNINGS PER SHARE	$ 1.85	$ 4.66
Weighted average number of shares	112,343	111,216
* Restructuring income, net resulted from the previously disclosed reorganization and restructure of our Japan operations during 2022.
** Merger-contract termination fee received from Intel during the third quarter of 2023, net of associated cost.

RECONCILIATION FROM GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY TO ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY:
GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY	$ 207,864	$ 518,494
Stock based compensation	33,837	27,931
Amortization of acquired intangible assets	1,918	1,923
Restructuring income, net ***	(2,634)	(11,224)
Merger-contract termination fee, net ****	—	(289,988)
ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY	$ 240,985	$ 247,136
ADJUSTED EARNINGS PER SHARE:
Basic	$ 2.17	$ 2.24
Diluted	$ 2.15	$ 2.22
*** Restructuring income, net resulted from the previously disclosed reorganization and restructure of our Japan operations during 2022, net of tax.
**** Merger-contract termination fee received from Intel during the third quarter of 2023, net of associated cost and tax.

TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONSOLIDATED SOURCES AND USES REPORT (UNAUDITED)
(dollars in thousands)
	Three months ended
	December 31,	September 30,		December 31,
	2024	2024		2023
CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD	$ 270,979	$ 265,313		$ 314,816
Net cash provided by operating activities	100,816	124,743		126,098
Investments in property and equipment, net	(93,396)	(127,624)		(136,426)
Debt received (repaid), net	2,795	(16,402)		(8,950)
Effect of Japanese Yen exchange rate change over cash balance	(4,972)	5,537		2,101
Proceeds from (investment in) deposits, marketable securities and other assets, net	(4,328)	19,412		(36,975)
CASH AND CASH EQUIVALENTS – END OF PERIOD	$ 271,894	$ 270,979		$ 260,664
	Year ended
	December 31,	December 31,
	2024	2023
CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD	$ 260,664	$ 340,759
Net cash provided by operating activities	448,682	676,561	*
Investments in property and equipment, net	(431,653)	(432,184)
Debt repaid, net	(32,455)	(32,346)
Proceeds from investment in subsidiary	—	1,932
Effect of Japanese Yen exchange rate change over cash balance	(4,758)	(5,395)
Proceeds from (investment in) deposits, marketable securities and other assets, net	31,414	(288,663)
CASH AND CASH EQUIVALENTS – END OF PERIOD	$ 271,894	$ 260,664
* Merger-contract termination fee received from Intel during 2023, net of associated cost, in the amount of $313,501
was included within the net cash provided by operating activities for the year ended December 31, 2023.

TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(dollars in thousands)
	Year ended
	December 31,	December 31,
	2024	2023
CASH FLOWS – OPERATING ACTIVITIES
Net profit for the period	$ 207,222	$ 519,530
Adjustments to reconcile net profit for the period
to net cash provided by operating activities:
Income and expense items not involving cash flows:
Depreciation and amortization *	266,279	258,021
Effect of exchange rate differences and fair value adjustment	133	(1,632)
Other expense (income), net	24,721	(7,047)
Changes in assets and liabilities:
Trade accounts receivable	(60,169)	(3,160)
Other current assets	(33,992)	(9,541)
Inventories	4,778	8,682
Trade accounts payable	35,784	(8,254)
Deferred revenue and customers’ advances	(14,783)	(35,676)
Other current liabilities	22,021	(70,163)
Other long-term liabilities	(3,312)	25,801
Net cash provided by operating activities	448,682	676,561	**
CASH FLOWS – INVESTING ACTIVITIES
Investments in property and equipment, net	(431,653)	(432,184)
Proceeds from (investments in) deposits, marketable securities and other assets, net	31,414	(288,663)
Net cash used in investing activities	(400,239)	(720,847)
CASH FLOWS – FINANCING ACTIVITIES
Debt repaid, net	(32,455)	(32,346)
Proceeds from investment in subsidiary	—	1,932
Net cash used in financing activities	(32,455)	(30,414)
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE	(4,758)	(5,395)

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	11,230	(80,095)
CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD	260,664	340,759
CASH AND CASH EQUIVALENTS – END OF PERIOD	$ 271,894	$ 260,664
* Includes amortization of acquired intangible assets and stock based compensation in the amounts of $35,755
and $29,854 for the years ended December 31, 2024, and December 31, 2023, respectively.
** Merger-contract termination fee received from Intel during the third quarter of 2023, net of associated cost, in the amount
of $313,501 was included within the net cash provided by operating activities for the year ended December 31, 2023.

The MIL Network –

February 11, 2025

MIL-OSI Asia-Pac: Boosting Food Processing & Storage Infrastructure in India

Source: Government of India (2)

Posted On: 10 FEB 2025 1:02PM by PIB Delhi

Pradhan Mantri Kisan SAMPADA Yojana (PMKSY) was envisaged as a comprehensive package which will result in creation of modern infrastructure with efficient supply chain management from farm gate to retail outlet. It will not only provide a big boost to the growth of food processing sector in the country but also improve the capacity of food processing units which help in providing better returns to farmers and creating employment opportunities especially in the rural areas, reducing wastage of agricultural produce, increasing the processing level and enhancing the export of the processed foods.

However, standalone cold storages are not supported under PMKSY. The state-wise number of storages approved for captive use under PMKSY since inception in 2017 are at Annexue-1. Further, under the Scheme for Integrated Cold Chain & Value Addition Infrastructure a sub-scheme of PMKSY, 06 projects are approved in the state of Telangana in the last five years. The details district –wise are at Annexure-2.

As informed by Food Corporation of India, Ministry of Consumer Affairs, Food and Public Distribution, in order to upgrade and modernize the storage facilities, Government of India approved Action Plan for construction of steel silos on PPP (Public Private Partnership) mode in the country. Under this plan, Silos with capacity of 24.25LMT at various locations throughout country are under implementation. Out of which silos with a capacity of 17.75LMT have been completed and remaining 6.5LMT are under various stages of development. In addition to above, silos of 5.5LMT capacity at 7 locations have already been constructed and put to in use in 2007-09 under circuit base model. Further, under phase –I of Hub & Spoke model Silos of 10.125 LMT at 14 locations on FCI owned land awarded and 24.75 LMT at 66 locations on private land have been awarded and are in development stage. As per the data of Food Corporation of India (FCI), the status of Grain Silos construction as on 30.11.2024 is placed at Annexure-3

MoFPI has been implementing Central Sector Umbrella Scheme – PMKSY since 2016-17 to create post-harvest infrastructure and processing facilities to boost the overall development of the food processing sector including reduction in post-harvest losses. The component schemes under PMKSY provide credit linked financial assistance (capital subsidy) in the form of grants-in-aid to entrepreneurs for setting up of food processing/preservation infrastructure which, inter-alia, includes cold storages and refrigerated vehicles to minimize post-harvest losses.

As per the Evaluation Study conducted and submitted by NABARD Consultancy Services Pvt. Ltd. (NABCONS) in 2020 on “Impact of Units Implemented under Scheme for Integrated Cold Chain and Value Addition Infrastructure assisted by Ministry of Food Processing Industries (MoFPI)”, it was highlighted that due to interventions of the Integrated Cold Chain and Value Addition Infrastructure Scheme of Ministry of Food Processing Industries, while all sectors had shown some decrease in wastages, but Fruits & Vegetables, Dairy and Fisheries sector had shown significant reduction in wastages.

Apart from MoFPI, Ministry of Agriculture and Farmers Welfare has also launched the Agriculture Infrastructure Fund (AIF) Scheme in July 2020 under the Atmanirbhar Bharat package in order to improve post-harvest infrastructure and create community farming assets. The AIF Scheme facilitates sanction of medium to long term loans by Banks and other lending institutions for the setting up of cold storage facilities, warehouses and processing units, aimed at reducing crop wastage and enhancing value addition.

This information was provided by the minister of state for food processing industries Shri Ravneet Singh in a written reply to rajysabha.

*****

ANNEXURE-1

ANNEXURE REFERRED TO IN REPLY TO PART (a) OF RAJYA SABHA UNSTARRED QUESTION NO. 578 FOR ANSWER ON 07^TH FEBRUARY, 2025 REGARDING “STORAGE FACILITIES UNDER PRADHAN MANTRI KISAN SAMPADA YOJNA”

Ministry is implementing Pradhan Mantri Kisan Sampada Yojna (PMKSY). Under PMKSY standalone Cold storages/ frozen storage/ CA/ MA are not supported. The number of storages approved for captive use under PMKSY since inception in 2017 are as follows:

S.No	State	No of Cold storages/ frozen storage/ CA/ MA	Capacity (LMT/Annum)
1	Andaman & Nicobar	2	0.29
2	Andhra Pradesh	31	7.88
3	Arunachal Pradesh	1	0.14
4	Assam	8	6.97
5	Bihar	1	7.44
6	Chandigarh	0	0.0
7	Chhattisgarh	6	2.61
8	Dadar & Nagar Haveli and Daman & Diu	0	0.05
9	Delhi	0	0.0
10	Goa	0	0.06
11	Gujarat	35	20.28
12	Haryana	30	8.89
13	Himachal Pradesh	28	4.34
14	Jammu & Kashmir	16	1.99
15	Jharkhand	0	0.0
16	Karnataka	35	12.17
17	Kerala	12	4
18	Ladakh	0	0.0
19	Lakshadweep	0	0.0
20	Madhya Pradesh	17	8.17
21	Maharashtra	93	72.71
22	Manipur	5	0.09
23	Meghalaya	0	0.12
24	Mizoram	9	0.58
25	Nagaland	3	0.35
26	Orissa	8	2.54
27	Puduchery	0	0.0
28	Punjab	61	14.69
29	Rajasthan	29	7.18
30	Sikkim	0	0.0
31	Tamil Nadu	59	10.6
32	Telangana	16	9.49
33	Tripura	1	1.11
34	Uttar Pradesh	38	16.92
35	Uttarakhand	64	11.61
36	West Bengal	35	8.06
	TOTAL	643	241.33

ANNEXURE-2

ANNEXURE REFERRED TO IN REPLY TO PART (a) OF RAJYA SABHA UNSTARRED QUESTION NO. 578 FOR ANSWER ON 07^TH FEBRUARY, 2025 REGARDING “STORAGE FACILITIES UNDER PRADHAN MANTRI KISAN SAMPADA YOJNA”

Details of sanctioned projects in the state of Telangana under the scheme of Integrated Cold Chain & Value Addition Infrastructure, a component of Pradhan Mantri Kisan Sampada Yojna (PMKSY) in the last five years (as on 31.12.2024)
Sr.No.	Project	Sector	District	State	Total project cost (₹ in crore)	Approved grant (₹ in crore)	Amount of grant released (₹ in crore)	Status
1	Sri Krupa RGR Agrogatros	F&V	Nalgonda	Telangana	36.22	9.36	2.22	Under Implementation
2	VNR Dairy Products	Dairy	Nalagonda	Telangana	26.20	6.84	4.56	Under Implementation
3	Dadus	Dairy	Malkajgiri	Telangana	77.31	7.35	2.45	Under Implementation
4	Almond House Private Limited	Dairy	Hyderabad	Telangana	56.81	7.62	2.54	Under Implementation
5	Manjeera Dairy Products	Dairy	Sangareddy	Telangana	22.71	6.51	0	Under Implementation
6	AL QAWI Frozen Foods Pvt Ltd	Meat	Sangareddy	Telangana	32.71	8.68	0	Under Implementation
	TOTAL				251.96	46.36	11.77

ANNEXURE-3

ANNEXURE REFERRED TO IN REPLY TO PART (b) OF RAJYA SABHA UNSTARRED QUESTION NO. 578 FOR ANSWER ON 07^TH FEBRUARY, 2025 REGARDING “STORAGE FACILITIES UNDER PRADHAN MANTRI KISAN SAMPADA YOJNA”

(Position as on 30.11.2024)

STATEMENT SHOWING AGENCY-WISE STATE-WISE STATUS OF SILO CONSTRUCTION

(Fig. In LMT)

Agency	State	Target as per Action Plan	Completed	Under Construction	Grand Total
FCI	Assam	0.5	0.5	0	0.5
	Bihar	4.5	1.5	2.0	3.5
	Chattisgarh	1	0	0	0
	Delhi	1	0	0	0
	Gujarat	1	1.50	0	1.5
	Karnataka	0.25	0	0	0
	Haryana	3	2.50	0	2.5
	Maharashtra	1	0	0	0
	Punjab	4.25	3.75	0	3.75
	Rajasthan	1.5	0	0	0
	Uttar Pradesh	7	1.50	2.0	3.5
	West Bengal	4	0	1.0	1
Total		29	11.25	5.00	16.25
CWC	Punjab	2.5	0	0	0
State Govt.	Andhra Pradesh	3.5	0	0	0
	Bihar	5	0	0	0
	Gujrat	2	0	0	0
	Haryana	6.5	0	0	0
	Madhya Pradesh	10	4.5	0	4.5
	Maharashtra	0.5	0	0	0
	Orrisa	2	0	0	0
	Punjab	24.25	2.0	0	2.0
	Rajasthan	4.75	0	0	0
	Telangana	1.5	0	0	0
	Uttar Pradesh	5	0	1.5	1.5
	West Bengal	3.5	0	0	0
Total		68.5	6.50	1.50	8.00
Grand Total		100	17.75	6.50	24.25

Note: In addition the silos under process, it has been decided to construct further silos under Hub & Spoke model.

STK

(Release ID: 2101244) Visitor Counter : 48

MIL OSI Asia Pacific News –

February 11, 2025

MIL-OSI Asia-Pac: Sydney ETO showcases Hong Kong’s vibrancy in Sydney Lunar New Year Dragon Boat Festival (with photos)

Source: Hong Kong Government special administrative region

Sydney ETO showcases Hong Kong’s vibrancy in Sydney Lunar New Year Dragon Boat Festival (with photos)
Sydney ETO showcases Hong Kong’s vibrancy in Sydney Lunar New Year Dragon Boat Festival (with photos)
******************************************************************************************

The Hong Kong Economic and Trade Office, Sydney (Sydney ETO) showcased Hong Kong’s vibrancy at the Sydney Lunar New Year Dragon Boat Festival held in Sydney, Australia, from February 7 to 9. Over 2 000 paddlers churned up the waters in various races during the three-day event in Darling Harbour. The Sydney ETO organised the Hong Kong team to compete in the Corporate Category of the races and won the second place in the Government Industry Challenge on February 7. Four of the races this year were named the “Hong Kong Talent Cup”, the “Hong Kong Innovation Cup”, the “Hong Kong Future Cup” and the “HKETO Government Industry Challenge”, with medals presented by the Director of the Sydney ETO, Mr Ricky Chong, who also attended the opening ceremony of the Festival on February 8. The Sydney ETO set up a marquee during the Dragon Boat Festival to promote the latest developments in Hong Kong, in particular the exciting mega events held in the city and various talent attraction initiatives rolled out by the Government. Souvenirs distributed at the marquee for promoting Hong Kong were very well received. The Sydney Lunar Festival, organised by the City of Sydney, is one of the largest celebrations of the Lunar New Year outside Asia. During the festival held from January 29 to February 16 this year, the celebration features an array of programmes including lion dancing, a lantern display, cultural performances as well as jet pack and firework shows. The Sydney Lunar New Year Dragon Boat Festival, which is the biggest event of its kind in the southern hemisphere, was a highlight of the Sydney Lunar Festival, attracting tens of thousands of spectators. The Sydney ETO also displayed Hong Kong-themed banners with new year greetings in major locations across Sydney during the festive period.

Ends/Monday, February 10, 2025Issued at HKT 15:05

NNNN

MIL OSI Asia Pacific News –

February 11, 2025
MIL-OSI United Kingdom: New satellite deal to boost military operations, jobs and growth
Source: United Kingdom – Executive Government & Departments 3

Armed forces personnel will have access to the latest space-based imagery for military operations, following a deal signed for a new satellite system, named Oberon.
New satellite system to enhance military operations, named ‘Oberon’, will be designed and built in the UK.

The £127 million contract with Airbus will support around 200 skilled jobs in Stevenage and Portsmouth, boosting the UK’s space sector and delivering on the government’s Plan for Change.

Oberon will strengthen the UK’s intelligence, reconnaissance and surveillance capabilities.

Armed forces personnel will have access to the latest space-based imagery for military operations, following a deal signed for a new satellite system, named Oberon.

The £127 million deal with Airbus will support around 200 skilled jobs in Stevenage and Portsmouth, boosting the UK’s space capabilities and delivering on the Government’s Plan for Change.

The Oberon satellite system, made up of two Synthetic Aperture Radar (SAR) satellites, will be able to capture day and night-time images of the Earth’s surface, strengthening the UK’s Intelligence, Surveillance, and Reconnaissance (ISR) capabilities. Expected to launch in 2027, Oberon will have advanced imagery sensors, building on the capabilities of Tyche, UK Space Command’s first satellite which successfully launched in August last year.

The deal comes as UK Space Command has published the first images captured by Tyche. The images of Heathrow Airport, Sydney, Washington DC, and the California wildfires, demonstrate Tyche’s ability to capture imagery from anywhere on earth when Defence needs it.

Both satellites form part of the Ministry of Defence’s space-based Intelligence, Surveillance, and Reconnaissance programme, known as ISTARI, which will deliver a constellation of satellites and supporting ground systems by 2031.

These satellites will support military operations, for example by monitoring adversary activities, and contribute to other government tasks, including natural disaster monitoring, the development of mapping information, and tracking the impact of climate change around the world. 

UK Space Commander, Major General Paul Tedman said:  

Through UK Space Command, defence is partnering with industry and continuing to invest in advanced and innovative space technologies.

Oberon, alongside Tyche and other satellites in our ISTARI constellation, will allow us to observe what’s happening on Earth from space at any time and through any weather. This will enable and enhance UK and allied military operations around the world.

The contract for Oberon was awarded via competitive procurement to Airbus, which worked with Small and Medium-Sized Enterprises across the UK to leverage innovative new technologies for the 400kg satellites. The antennas for the spacecraft will be supplied by Oxford Space Systems, which has developed carbon fibre structures that stow away in very small volumes for launch but spring into shape once in orbit.

Oberon will play a key part in securing critical UK skills in the growing global space sector. The aerospace sector added almost £40 billion to the economy last year, a growth of 50% in the last 10 years, and employs tens of thousands of people. The project will also help inform the procurement strategy for future space capability requirements.

Space-based intelligence, surveillance and reconnaissance offers unparalleled earth observation, operating over any part of the globe. Constellations of ISR satellites can use different sensors and cameras, allowing focus to move quickly from one area of the world to another. In contrast to conventional cameras, Oberon will use Synthetic Aperture Radar (SAR) to capture imagery in all-weather conditions.

Ben Bridge, Airbus Defence and Space UK Chairman, said:

Oberon’s satellites will give the UK a much-needed sovereign capability and greatly enhance its space surveillance autonomy.

Airbus in the UK has more than 45 years’ experience in the design and build of high-resolution radar satellites and, once in orbit, these spacecraft will play a vital role in keeping our Armed Forces safe around the world.

Paul Russell, Space team leader at DE&S said:

This has been a superb team effort by members of DE&S, Space Command, DSTL and industry.

With the award of the Oberon contract, we will deliver the next in a series game changing capabilities to UK Space Command providing the UK military with leading Space Based Synthetic Aperture Radar whilst helping to keep our nation safe and prosperous.

We are looking forwards to working with Airbus as our Mission Partner to deliver this important capability together.

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Published 10 February 2025
MIL OSI United Kingdom –
February 11, 2025
MIL-OSI United Kingdom: Spectra 2025 draws thousands to city centre

Source: Scotland – City of Aberdeen

A giant slinky, an inflatable castle, a huge neon colouring wall and a high-powered light beam sharing a morse code message with the universe, were just some of the illuminated exhibits on display as thousands of visitors from across Scotland and the UK took to the streets of Aberdeen to experience Spectra, Scotland’s Festival of Light.

Over 100,000 visits were recorded across the four-day free-to-attend event, which ran from Thursday 6 to Sunday 9 February. Featuring 15 artworks from artists from both the UK and Australia, as well as an assortment of entertainment from street performers to dancers, and musicians, this year’s event marked the festival’s 11^th year of lighting up the city.

Councillor Martin Greig, cultural spokesperson for Aberdeen City Council, said: “Spectra offers an unrivalled cultural feast f light installations and entertainment. It’s great that thousands came out in such numbers to enjoy the festival. It has been a wonderful opportunity for people in the city to get together and make Spectra 2025 such a success. Many visitors have come to our wonderful city to experience the amazing images and sounds. I would like to thank the brilliantly talented artists who have created these inspiring artworks.

“Our production team, Live Event Management, deserve sincere thanks for their splendid work to make this festival happen. We are all grateful for the very generous sponsorship from Burness Paull, Vattenfall, First Aberdeen, Aberdeen Inspired and EventScotland. Their funding support has made a huge difference and is much appreciated.

“The festival theme of Journeys was especially appropriate as the city gets ready to host the Tall Ships Races in a few months time. This will be another opportunity to keep our profile up. A majestic fleet of ships will return for the first time in almost 30 years. This is going to be a very exciting time for the Granite City as it hosts another major free celebration for residents and visitors to enjoy together.”

Fiona Doherty, an Aberdonian who now lives in Livingston, attended the festival for the first time after winning a social media competition. She visited on Sunday with her husband and two-year little girl.

She said: “It’s been amazing to visit Spectra. I’m originally from Aberdeen but previously never visited the festival so it was great to have the opportunity to finally attend with my daughter after winning the competition!

It’s been lovely to travel up from Livingston for the night. Taking the train made for a really easy and stress-free trip, with my little girl enjoying the views along the way as well as the lights and atmosphere of Spectra. We’ll definitely visit again in the future!”

Scott Morrice is from Aberdeen and is a regular visitor to Spectra. He said: “Spectra is such a wonderful spectacle for the city. I come every year and it’s really great to see so many people out and about at a time when the city centre might need a bit of a boost.”

Highlights of the festival included a 50m long multi-sensory walkway by Kent-based Lucid Creates, which explored the contrast between light and dark using strobes of light, the heartbeats of over 65 Aberdonians, a sprawling illuminated fungal network and a virtual exhibition by artist Craig Barrowman and local artists in partnership with Look Again at RGU’s Gray’s School of Art.

A specially commissioned art piece by Aberdeen Art Gallery and Scottish artist, Council Baby, took pride of place in the Gallery’s magnificent Sculpture Court area which saw a large-scale video installation projection comprising of four striking stained-glass designs inspired by works in the city’s collection and visits to the area, with each animated panel capturing different aspects of Aberdeen’s rich history. The piece will continue to feature at the gallery as part of its permanent collection.

The iconic ABERDEEN letters by Aberdeen Inspired also featured a special design for the occasion outside Marischal College. The letters will now return to their usual position in Union Terrace Gardens.

Eventgoers are being invited to share their thoughts and feedback on Spectra by completing the visitor survey.

MIL OSI United Kingdom –

February 11, 2025
MIL-OSI: Move Digital Leads AI Revolution in 2025, Expands High-Level Consulting for Family Offices Worldwide

Source: GlobeNewswire (MIL-OSI)

MAHE, SEYCHELLES, Feb. 10, 2025 (GLOBE NEWSWIRE) — Move Digital, under the leadership of CEO Kristof Schöffling, is setting a groundbreaking trajectory for 2025, transitioning from an AI-first company to a premier consulting powerhouse for major family offices across Monaco, Tokyo, Hong Kong, Sydney, Bangkok, and other global financial hubs. This strategic shift positions Move Digital as the go-to advisor for high-net-worth individuals and influential organizations seeking cutting-edge AI solutions and investment exposure.

AI-Powered Transformation Meets Elite Advisory Services

Move Digital has long been at the forefront of technological innovation, pioneering AI-driven applications that enhance efficiency, accessibility, and user experience. Now, as the AI revolution accelerates, the company is expanding its impact beyond software—providing strategic counsel to family offices, corporations, and private investors looking to harness AI for competitive advantage.

Schöffling’s approach is clear: AI is not just a trend; it is an economic force that, when applied correctly, redefines industries. Move Digital is uniquely positioned to advise on AI’s integration into business operations, offering solutions that improve efficiency, optimize workflows, and create long-term value.

“Artificial intelligence is no longer a niche for tech firms—it’s a transformative asset for global investors and enterprises. Move Digital is committed to bridging the gap between AI innovation and strategic investment, ensuring that businesses and high-net-worth individuals worldwide gain real exposure to its potential,” Schöffling stated.

Monaco: A Hub for AI Innovation and Strategic Investment

A major focus of Move Digital’s consulting division is Monaco—a global center for wealth management and economic innovation. The firm collaborates closely with leading family offices in the principality, guiding them on AI adoption, investment strategies, and the integration of smart AI solutions into corporate infrastructures.

Through direct engagements with high-net-worth individuals and wealth managers, Move Digital provides tailored insights into the evolving AI landscape, helping stakeholders identify lucrative opportunities and future-proof their portfolios.

Beyond Monaco, the firm’s advisory reach extends across Tokyo, Hong Kong, Sydney, Bangkok, and other financial capitals, ensuring its clients stay ahead in the rapidly advancing AI ecosystem. Move Digital’s expertise spans AI-powered automation, investment allocation strategies, and enterprise-level AI deployments, enabling organizations to leverage intelligent systems for maximum efficiency.

Expanding AI’s Role in Global Business and Investment

Move Digital’s shift into high-end consulting aligns with the increasing demand for AI-focused expertise among family offices, institutional investors, and multinational corporations. The firm’s deep understanding of both AI development and its real-world applications allows it to offer exclusive insights into AI-driven wealth strategies, operational efficiencies, and next-gen technology adoption.

As businesses and investors seek to navigate the complex AI landscape, Move Digital stands as a trusted partner—delivering tailored solutions that transform industries and secure long-term technological and financial advantages.

About Kristof Schöffling

Kristof Schöffling is a serial entrepreneur with over a decade of experience in emerging technologies. His leadership at Move Digital has established the company as a premier force in AI innovation and high-end consulting, helping businesses and investors capitalize on the future of artificial intelligence.

About Move Digital

Move Digital Limited is a global technology and consulting firm specializing in AI applications, strategic AI investment advisory, and smart AI solutions for enterprise efficiency. With operations spanning Monaco, Tokyo, Hong Kong, Sydney, Bangkok, and other major financial hubs, the company empowers family offices, high-net-worth individuals, and corporations to integrate AI for maximum impact.

Media Contact

Brand: Move Digital Limited

Contact: Kristof Schöffling

Email: hello@movedigital.io

Website: https://movedigital.com

The MIL Network –

February 10, 2025
MIL-OSI United Kingdom: Mummy’s micro morsel discovered in museum’s tiny treasure trove

Source: City of Leeds

A crumb of bread entombed thousands of years ago alongside an ancient Egyptian’s mummified remains has been discovered amongst an astonishing collection of microscopic treasures in Leeds.

Believed to be up to 3,000 years old, records show the tiny morsel was originally unearthed in Thebes, the site of some of the most famous and spectacular archaeological finds of the last century.

Collected and preserved by an unknown Victorian microscopist, it has since been stored as part of a collection of previously uncatalogued slides, which have only recently begun to be documented at the Leeds Discovery Centre.

Stored in small, wooden trays, the collection is thousands strong and is being painstakingly reviewed as part of a volunteer project.

And remarkably, the piece of bread is not the only astonishing miniature marvel found during the work.

Another slide contains a mote of dust from the infamous Krakatoa volcanic eruption of 1883, one of the most destructive events of its kind in recorded history, which was so loud it was heard more than 1,900 miles away.

The miniscule speck itself landed on the deck of a ship called the Arabella, which was sailing 1,000 miles to the west of the Indonesian island.

Specimens of microscopic sea creatures found during one of history’s most renowned and influential scientific voyages are also among the amazing array of slides.

The HMS Challenger left Sheerness on the north Kent coast in 1872, embarking on an unprecedented mission to circumnavigate the globe and comprehensively explore the deep seas for the first time.

Returning three and a half years and 68,890 nautical miles later, the crew had gathered marine plants and animals, sea-floor deposits and rocks from the depths which completely changed scientific understanding of the oceans.

Examples found in the Leeds collection today include small disc-like fossils called orbitolites, which were gathered 18 fathoms down off the coast of Fiji.

Also part of the collection is a fully miniaturised late Victorian copy of The Times, with all 12,500 words shrunk down to a size where they can only be read with the aid of extreme magnification.

The slides are now in the process of being carefully catalogued by volunteer Stephen Crabtree, who initially began working with the museum to study fossilised plants.

His studies soon revealed a hoard of historical treasures, with slides created by noted Victorian microscopists including James Lomax, Walter Hemingway and James Spencer.

Clare Brown, Leeds Museums and Galleries’ curator of natural sciences, who has supervised the slides project, said: “What began as a fairly routine cataloguing exercise has slowly uncovered a remarkable archive that includes of some of the most important moments in scientific history.

“Discovering a morsel of ancient Egyptian bread was particularly surprising, and the fact we can connect the Leeds collection to bread baked thousands of years ago on a different continent is fascinating.

“We don’t know exactly how or where many of these slides were collected, but we do know that each one of them was meticulously preserved for study and posterity by a diligent microscopist more than a century ago.

“That in itself is evidence of how important they thought these specimens were and how much they wanted future generations to see and be inspired by them. We’re extremely grateful to them, and to Stephen for following in their footsteps and rediscovering their work all these years later.”

Once the collection has been documented and photographed, the aim will be to add it to a national database so it can be viewed and accessed by academics, experts and the public.

Councillor Salma Arif, Leeds City Council’s executive member for adult social care, active lifestyles and culture, said: “Leeds has a truly world class museum collection and it speaks volumes about its quality and scale that we’re still making such amazing discoveries today.

“Our museums play such an important part in preserving history and heritage so that visitors have the chance to learn, and engage with it for many years to come.”

The Leeds Discovery Centre is open to the public for free, pre-booked visits. For more information, please visit: https://museumsandgalleries.leeds.gov.uk/leeds-discovery-centre

ENDS

MIL OSI United Kingdom –

February 10, 2025
MIL-OSI New Zealand: Spaghetti Government
Source: ACT Party

The Haps

The country turned 185 on Thursday, but not everyone wanted to celebrate and debate. David Seymour’s address is here. They turned their backs and took his microphone, but nobody actually tried to argue that division based on ancestry is better than liberal democracy.

Spaghetti Government

Just over a year ago the New Zealand Initiative, a think tank, released a short and brilliant report on Government in New Zealand. Cabinet Congestion: The Growth of a ministerial maze.

The gist of the report is that our Government has far more Ministers, and far more portfolios, than similar-sized countries. For example the Government of Ireland has fifteen ministers with eighteen portfolios and eighteen departments.

Once upon a time New Zealand was roughly like that. Cabinet had sixteen ministers who all attended the main Cabinet meeting. Each Minister had one or two departments they were responsible for, and that was also their portfolio. For example, if you were the Minister of Police, you were responsible for Police, Police was your portfolio, and you were the only Minister of Police.

Then came the MMP and the Government required multiple parties. It meant the Bolger Government needed to share power, but wouldn’t. Instead, Ministerial power was diluted with a little water in the wine.

National negotiated the position of ‘Treasurer’ for Winston Peters, because they couldn’t imagine giving up Finance. The idea of a Minister outside Cabinet was also born, meaning Ministers who don’t attend the main Cabinet meeting. Four of these new Ministers meant 20 in total.

Not to be outdone, Helen Clark formed an even bigger Government three years later. Cabinet expanded to 20 Ministers, and Ministers outside cabinet doubled to eight. Then there were 28.

Not much has changed since then, except for an eruption of portfolios and departments. We now have a Ministry for Pacific Peoples, and a Ministry for Ethnic Affairs. Then there are portfolios without a specific department, including Racing, Mental Health, Auckland, the South Island, to name a few of the 78 Portfolios that now exist.

There are other complications. For example needing to pick nearly 30 Ministers from a Government majority of just over 60 MPs affects quality. It means nearly half of MPs are Ministers when their ‘side’ is in Government. There’s been more than a few in recent years who wouldn’t have got a job like being a Minister otherwise.

Most Ministers have multiple portfolios, around three to four on average. They’ll be less effective at, say, improving foreign relations if they’re also responsible for local government (Nanaia Mahuta was terrible at both). They’ll be less effective because they can’t specialise, but also because a specialist is less likely to be appointed in the first place.

On the other hand, many departments have multiple ministers. There are three in Education, but that’s nothing compared with the 18 that MBIE is responsible to. Who is in charge?

As the Initiative report argues, confusion empowers the bureaucracy. They can face multiple Ministers who themselves have many other jobs, often in totally unrelated areas. This makes it extremely difficult to shrink Government, or get much done at all.

Some will criticise ACT for creating the Minister for Regulation. The Party would respond that restricting how other people can use their property is the most important government power to restrain besides taxing and spending. The latter has the Minister of Finance and Treasury, but who restrains regulation?

ACT is now at the centre of government for the first time, and sits at the table that’s been set over the last thirty years of MMP. If the Party was charged with setting the table, there would be fewer placemats.

How would we do it again? Any future Government should stick to three rules when it’s being set up.
1. Every Minister sits in Cabinet so they’re part of every discussion.
2. Every Minister has a department, so there are no portfolios that don’t involve managing a department.
3. No Department has more than one Minister, so every public servant knows who they’re accountable to.
This would mean getting rid of about half the portfolios and eight Ministers. It would go a long way to improving government efficiency and allow the government to get a lot more done much faster with much less ‘resource.’

MIL OSI New Zealand News –
February 10, 2025
MIL-OSI United Kingdom: Portsmouth’s social work degree apprentices fulfil lifelong dream to support families

Source: City of Portsmouth

A duo of degree apprentices in children’s social care at Portsmouth City Council are fulfilling lifelong ambitions to support families in their community.

Victoria Nash, a family support worker and Sonja Renfrew, a newly qualified social worker have shared their stories during National Apprenticeship Week 2025.

National Apprenticeship Week (10 – 16 February 2025) is a week-long celebration that brings together businesses and apprentices across the country to shine a light on the positive impact that apprenticeships make to individuals and organisations.

Councillor Steve Pitt, Leader of Portsmouth City Council said:

“Portsmouth is fortunate to have a dedicated and loyal workforce of social care practitioners who support families every day. Apprenticeships enable colleagues to upskill within children’s social care to become social workers.

“This helps us address some of the challenges around social work recruitment. Portsmouth is not immune to these challenges and is taking steps to strengthen its teams with employment programmes that develop staff internally who may wish to progress in their careers.”

For those who already work in children’s social care, practitioners without a degree have the option to undertake a social work apprenticeship.

Sonja began her career in London before moving to Portsmouth to support a local charity. She joined the council in 2017 as a family mentor progressing to become an education and early help worker. Sonja said:

“I moved to Portsmouth and worked with a local charity called the EC Roberts Centre. This experience inspired me to consider the apprenticeship route as the best fit for me. It is a continuation of my work with the most vulnerable members of our society.

“A standout moment for me was when I was at university on my apprenticeship during my third year. I volunteered to play the social worker being cross examined for a court skills session. The solicitor cross examined me and didn’t hold back. However, I remained calm, collected, and even managed to correct him at one point!

“I got some amazing feedback from the university staff involved as well as my fellow degree apprentices. Certainly, a memorable moment!”

Sonja completed her degree apprenticeship and has started her first year in employment as a newly qualified social worker this year.

By providing accessible, work-based routes into social work for existing staff members, apprenticeships help expand the talent pipeline while equipping future social workers with vital skills and experience.

Victoria started a social work diploma at university when she was 19 years old but did not complete the qualification as she felt she lacked life experience. As a family support officer working with families up to tier three, Victoria wanted to revisit a social work qualification. Victoria said:

“I have worked for Portsmouth City Council for many years in different roles that support families. I wanted to explore my options that would allow me to work on tier four assessments. This required a formal social work qualification.

“The apprenticeship was the best route for me. I have had to carefully balance my work, life and family commitments but I have loved every moment.

“During my training, I have found the cohort of students I work with to be very supportive, as well as my university lecturers. It has also been insightful to link my current practice to the theory.

“If you work for an internal service and want to progress by doing an apprenticeship, take the leap. I haven’t looked back since!”

Social work degree apprenticeships aren’t advertised externally at Portsmouth City Council. However, it remains a valid training route for existing staff wanting to become social workers.

External options including the Assessed and Supported Year in Employment (ASYE) programme and Step Up to Social Work scheme are available for those who have compatible level six qualifications (degree or equivalent). Each programme has its own entry criteria.

For more information on social work degree apprenticeships, visit www.strongerfutures.co.uk/national-apprenticeship-week

MIL OSI United Kingdom –

February 10, 2025
MIL-OSI Economics: Media Release: NT gas industry welcomes crackdown on activist lawfare – Australian Energy Producers

Source: Australian Petroleum Production & Exploration Association

Headline: Media Release: NT gas industry welcomes crackdown on activist lawfare – Australian Energy Producers

The NT gas industry says the Territory Government’s moves to clamp down on lawfare will boost investment and energy security.

Australian Energy Producers NT Director David Slama welcomed the Petroleum, Planning and Water Legislation Amendment Bill 2025, set to be introduced in Parliament this week, as an important step in stopping activist groups from vexatiously using the legal system to delay critical gas projects in the Territory.

“We commend the Territory Government for moving decisively to stamp out activist lawfare putting at risk economic and energy security for Territorians,” Mr Slama said.

“At a time when Australians are facing cost-of-living pressures, the Territory Government has recognised the need to remove barriers to new gas supply so Territorians continue to have reliable and affordable energy.

“It is not in the public interest for activist lawyers to damage the Territory’s attractiveness as a place to do business and to invest, undermining our economic and energy security.”

Mr Slama said activists exploiting the Merits Review process had deterred much-needed investment in the Territory.

“A long list of vexatious cases has exposed the extreme tactics of activists who are more interested in delaying projects than genuinely representing the interests of Territory communities,” he said.

“Removing the Merits Review process is a significant step towards streamlining approval processes to enable new gas supply to be brought online sooner.

“We need to expedite project delivery, improve environmental outcomes, and attract the investment in new gas supply that will be essential to the NT’s long-term energy security and economic prosperity.”

MIL OSI Economics –

February 10, 2025
MIL-Evening Report: Eugene Doyle: Trump and foolish old men who redraw maps

COMMENTARY: By Eugene Doyle

It generally ends badly. An old tyrant embarks on an ill-considered project that involves redrawing maps.

They are heedless to wise counsel and indifferent to indigenous interests or experience. Before they fail, are killed, deposed or otherwise disposed of, these vicious old men can cause immense harm.

To see Trump through this lens, let’s look at a group of men who tested their cartographic skills and failed: King Lear and, of course, Hitler and Napoleon Bonaparte, and latterly, George W Bush and Saddam Hussein.

I even throw in a Pope. But let’s start first with Benjamin Netanyahu and Donald Trump himself.

Benjamin Netanyahu and a map of a ‘New Middle East’ — without Palestine
In September 2023, a month before the Hamas attack on Israel, Benjamin Netanyahu spoke to an almost-empty UN General Assembly. Few wanted to share the same air as the man.

In his speech, he presented a map of a “New Middle East” — one that contained a Greater Israel but no Palestine.

In a piece in The Jordan Times titled: “Cartography of genocide”, Ramzy Baroud explained why Netanyahu erased Palestine from the map figuratively. Hamas leaders also understood the message all too well.

“Generally, there was a consensus in the political bureau: We have to move, we have to take action. If we don’t do it, Palestine will be forgotten — totally deleted from the international map,” Dr Bassem Naim, a leading Hamas official said in the outstanding Al Jazeera documentary October 7.

Hearing Trump and Netanyahu last week, the Hamas assessment was clear-eyed and prescient.

Donald Trump
In defiance of UN resolutions and international law, he recognised Jerusalem as Israel’s capital, recognised the Syrian Golan Heights as part of Israel, and now wants to turn Gaza into a US real estate development, reconquer Panama, turn Canada into the 51st State of the USA, rename the Gulf of Mexico and seize Greenland, if necessary by force.

And it’s only February. The US spent blood, treasure and decades building the Rules-Based International Order. Biden and Trump have left it in tatters.

Trump is a fitting avatar for the American state: morally corrupt, narcissistic, burning down all the temples to international law, and generally causing chaos as he flames his way into ignominy.

The past week — where “Bonkers is the New Normal” — reminded me of a famous Onion headline: “FBI Uncovers Al-Qaeda Plot To Just Sit Back And Enjoy Collapse Of United States”.

The Iranians made a brilliant counter-offer to the US plan to ethnically cleanse Gaza and create a US statelet next to Israel — send the Israelis to Greenland! Unlike the genocidal US and Israeli leadership, the Iranians were kidding.

Point taken, though.

King Lear: ‘Meantime we will express our darker purpose. Give me the map there.’

Lear makes the list because of Shakespeare’s understanding of tyrants and those who oppose them.

Trump, like Lear, surrounds himself with a college of schemers, deviants and psychopaths. Image: www.solidarity.co.nz

Kent: My life I never held but as a pawn to wage against thy enemies.

Lear: Out of my sight!

Kent and all those who sought to steer the King towards a more prudent course were treated as enemies and traitors. I think of Ambassador Chas Freeman, John Mearsheimer, Colonel Larry Wilkerson, George Beebe and all the other wiser heads who have been pushed to the periphery in much the same way.

Trump, like Lear, surrounds himself with a college of schemers, deviants and psychopaths.

Napoleon Bonaparte
I was fortunate to study “France on the Eve of Revolution” with the great French historian Antoine Casanova. His fellow Corsican caused a fair bit of mayhem with his intention to redraw the map of Europe.

British statesman William Pitt the Younger reeled in horror as Napoleon got to work, “Roll up that map; it will not be wanted these 10 years,” he presciently said.

Bonaparte was an important historical figure who left a mixed and contested legacy.

Before effective resistance could be organised, he abolished the Holy Roman Empire (good job), created the Confederation of the Rhine, invaded Russia and, albeit sometimes for the better, torched many of the traditional power structures.

Millions died in his wars.

We appear to be back to all that: a leader who tears up all rule books. Trump endorses the US-Israeli right of conquest, sanctions the International Criminal Court (ICC) for trying to hold Israel and the US to the same standard as others, and hands out the highest offices to his family and confidantes.

Hitler
“Lebensraum” (Living space) was the Nazi concept that propelled the German war machine to seize new territories, redraw maps. As they marched, the soldiers often sang “Deutschland über alles” (Germany above all), their ultra-nationalist anthem that expressed a desire to create a Greater Germany — to Make Germany Great Again.

All sounds a bit similar to this discussion of Trump and Netanyahu, doesn’t it? Again: whose side should we be on?

Saddam Hussein and George W Bush
When it comes to doomed bids to remake the Middle East by launching illegal wars, these are two buttocks of the same bum. Now we have the Trump-Netanyahu pair.

Will countries like Australia, New Zealand and the UK really sign up for the current US-Israeli land grab? Will they all continue to yawn and look away as massive crimes against humanity are committed? I fear so, and in so doing, they rob their side of all legitimacy.

Pope Alexander VI
There is a smack of the Borgias about the Trumps. They share values — libertinism and nepotism, to name two — and both, through cunning rather than aptitude, managed to achieve great power.

Pope Alexander VI, born Rodrigo Borgia, father to Lucretia and Cesare, was Pope in 1492 when Columbus sailed the ocean blue.

1494. The Treaty of Tordesillas hands the New World over to the Spanish and Portuguese. Image: www.solidarity.co.nz

He was responsible for the greatest reworking of the map of the world: the Treaty of Tordesillas which divided the “New World” between the Spanish and Portuguese empires. Millions died; trillions were stolen.

We still live with the depravities the Europeans and their heritors unleashed upon the world.

I’m sure the Greenlanders, the Canadians, the Panamanians and whoever else the United States sets their sights on will resist the unwelcome attempt to colour the map of their country in stars & stripes.

History is littered with blind map re-makers, foolish old men who draw new maps on old lands.

Like Sykes, Picot, Balfour and others, Trump thinks with a flourish of his pen he can whisk away identity and deep roots. Love of country and long-suffering mean Palestinians will never accept a handful of coins and parcels of land spread across West Asia or Africa as compensation for a stolen homeland.

They have earned the right to Palestine not least because of the blood-spattered identity that they have carved out of every inch of land through their immense courage and steadfastness. We should stand with them.

Eugene Doyle is a community organiser and activist in Wellington, New Zealand. He received an Absolutely Positively Wellingtonian award in 2023 for community service. His first demonstration was at the age of 12 against the Vietnam War. This article was first published at his public policy website Solidarity and is republished here with permission.

MIL OSI Analysis – EveningReport.nz –

February 10, 2025
MIL-Evening Report: What do the changes to IUD access mean for Australian women?
Source: The Conversation (Au and NZ) – By Danielle Mazza, Director, SPHERE NHMRC Centre of Research Excellence in Women’s Sexual and Reproductive Health in Primary Care and Professor and Head of the Department of General Practice, Monash University

PeopleImages.com – Yuri A/Shutterstock

Ahead of the government’s response this week to a Senate inquiry into access to reproductive health care in Australia, the government has announced new measures to make it easier to get an intrauterine device, or IUD.

Payments to doctors and nurse practitioners to insert and remove these devices will increase. The government will also set up eight centres to train health-care professionals in IUD insertion, and ensure they are skilled and confident.

The Coalition has vowed to match this commitment if it wins the federal election.

So what are IUDs? And how might these changes impact Australian women?

‘Set and forget’ contraception

IUDs are small devices that are implanted in the uterus to prevent pregnancy. There are two types: “hormonal IUDs”, which contain the hormone levonorgestrel, and “copper IUDs”.

Another long-acting reversible contraceptive, the contraceptive implant, is about 4cm long, made of plastic and inserted just under the skin in the arm.

Hormonal IUDs (known by brand names Mirena and Kyleena in Australia) and the contraceptive implant are subsidised under the PBS, costing A$31.60 ($7.70 concession). However copper IUDs aren’t, and cost around $100.

However, women may face significant out-of-pocket costs to have IUDs and implants inserted.

IUDs are types of long-acting reversible contraception. They are often called “set and forget” because once inserted, nothing more needs to be done. Long-acting reversible contraceptives are the most effective way to prevent pregnancy (over 99%).

This compares with the commonly used contraceptive pills containing estrogen and progestogen, which need to be taken every day. These have a failure rate of 8-9% with typical use.

The hormonal IUDs’ contraceptive effect lasts for eight years, while a copper IUD can last up to ten years, depending on the type. The contraceptive implant protects against pregnancy for three years.

IUDs are a ‘set and forget’ form of contraception.
Yashkin Ilya/Shutterstock

The levonorgestrel in hormonal IUDs acts locally inside the uterus to thin the lining of the womb, so much so that after about six months of use, many women experience very little, if any, bleeding.

This reduction in menstruation can prevent or reduce conditions such as heavy menstrual bleeding, iron deficiency and period pain.

Like all contraceptives, there are potential side effects. IUD insertion is painful, there is a small risk of expulsion of IUDs and they may not be positioned correctly at the time of insertion.

Copper IUDs may cause heavier bleeding than usual.

And the contraceptive implant is associated with unpredictable (although mostly tolerable) bleeding patterns.

Australian women are less likely to use them

Just 6% of women use an IUD and another 5% use the contraceptive implant.

This compares with Sweden, where 30.9% use a long-acting reversible contraceptive, and in England, it’s over 30%.

Part of the reason is many women don’t know much about these contraceptive options, especially about IUDs.

But our research found that women were more likely to choose an IUD when their doctor incorporated information about how much more effective long-acting reversible contraceptives were during contraceptive consultations, and could refer women to get an insertion done quickly if they didn’t provide insertions themselves.

Some women rely on the pill because they don’t know they have other options.
Layue/Shutterstock

Women often struggle to find a GP who can insert an IUD and face long waiting times to get one inserted.

Despite a small increase to the Medicare rebate in 2022, the current rebate doesn’t reflect the costs or time needed by GPs to conduct the insertion. This has put a lot of GPs off from providing this service.

It can also be difficult for GPs to take time off from their clinical work to do the training, with courses costing around $1,500 and GPs not earning any income while attending.

What did the Senate inquiry recommend?

To overcome these issues, a Senate inquiry into barriers to reproductive health care recommended:
- appropriate remuneration and reimbursement for GPs providing IUD and implant insertion and removal services, including through increased Medicare rebates
- improved insertion and removal training to support the increased use of IUDs and implants in Australia.
How does this announcement stack up?

The new women’s health package directly addresses these issues by:
- increasing the clinician rebate for inserting and removing IUDs and implants
- providing Medicare rebates for nurse practitioner insertions
- providing GPs with an incentive to bulk bill insertions so women will not face any out-of-pocket costs
- funding eight centres across Australia to train clinicians to ensure they’re trained, skilled and confident in IUD insertion.
These measures complement announcements made last year to provide training scholarships for GPs and nurses to train in IUD insertion and to fund an online “community of practice” to support practitioners to provide these services.

With the increased rebates rolling out from November 1, and the training centres in the next year or two, we should see many more GPs skilled up and providing IUDs in the next few years.

This should make it more affordable and much easier for women to find a clinician to insert it.

Another reproductive health issue remains unaddressed

The government is expected to table its response in parliament this week to the reproductive health care access Senate inquiry.

While there have been many improvements in access to medical abortion, particularly the ability for women to receive a medical abortion via telehealth through Medicare, key challenges remain in ensuring all Australian women can access surgical abortion.

Policymakers will need to focus attention on training a new generation of clinicians to undertake surgical abortions, and developing transparent local pathways for women to access care.

Danielle Mazza has received funding for research and conference attendance and served on advisory boards for Bayer, Organon, MSD and Gedeon Rechter. SPHERE and the ACCORd trial mentioned in the article were funded by the NHMRC and the Extend Prefer study by the Australian Department of Health. The roundtable on barriers to LARC was funded by Bayer.

– ref. What do the changes to IUD access mean for Australian women? – https://theconversation.com/what-do-the-changes-to-iud-access-mean-for-australian-women-249473
MIL OSI Analysis – EveningReport.nz –
February 10, 2025
MIL-OSI Australia: Youth charged in relation to evade and crash at Bridgewater

Source: Tasmania Police

Youth charged in relation to evade and crash at Bridgewater

Monday, 10 February 2025 – 4:23 pm.

A youth has been charged in relation to an evade incident and crash on the Bridgewater Bridge yesterday.
The 15-year-old has been charged with aggravated evade, motor vehicle stealing, unlicensed driving, and traffic offences.
They will appear before the Youth Justice Court tonight.

MIL OSI News –

February 10, 2025
MIL-OSI Australia: (WIP) Stamp duty complexities in Sale and Purchase Agreements: insights from Van Dairy
Source: Allens Insights

Care required not to trigger duty or double duty 10 min read

The recent Tasmanian case of Van Dairy¹ suggests that an agreement to procure a sale of property might be liable to duty as an agreement for sale, even if the owner of the property is not a party to it. This is significant because, in the context of this case, it meant the Sale and Purchase Agreement (SPA) triggered adverse stamp duty implications. This included that the purchaser became a land-rich entity before completion, so that a double duty liability was triggered by the transfer of its shares before completion of the land purchase.

To ‘change your mind’ after the contract is signed involves a major risk of incurring double duty under the landholder duty provisions of each Australian jurisdiction.

The principle in the case is potentially relevant when a corporate or other entity, which wholly controls one or more subsidiaries, undertakes to procure or arrange for those subsidiaries to sell land, shares or other assets held by them to a buyer.² It could potentially apply to impose duty on other agreements where the owners of the relevant sale property are not parties, such as scheme implementation agreements, or global business sale agreements in which parent companies of global groups undertake to procure their subsidiaries in various countries to buy and sell relevant businesses or companies.

We understand that the taxpayers have appealed the decision, and it remains to be seen whether the decision is overturned, or whether it will be followed in other Australian jurisdictions.

The case is also a salutary lesson about the importance of establishing ownership of a special purpose entity before it enters into a contract to acquire land assets, to ensure double duty does not arise under the landholder duty provisions in any Australian jurisdiction.

Key takeaways
- A sale and purchase agreement under which a controlling entity agrees to procure the sale of property by an entity which it controls, can potentially be characterised as a binding agreement for the sale of that property, even though the entity that owns the property is not a party to the agreement. Thus, such an agreement can trigger adverse duty consequences.
- Taxpayers establishing entities to acquire land assets or other property should strive to establish them with the correct or intended ownership prior to signing any contract to purchase the assets. To ‘change your mind’ after the contract is signed involves a major risk of incurring double duty under the landholder duty provisions of each Australian jurisdiction.
- This is subject to the potential for a taxpayer that is a member of a corporate group being able to rely on corporate reconstruction exemptions and concessions, to obtain an exemption or reduction in duty for a change in ownership within a corporate group of the special purpose entity after it acquires the land assets.
Who in your organisation needs to know about this?

Members of the tax and legal teams, and others involved in negotiating SPAs and global sale agreements, and in establishing special purpose entities to acquire land or other assets.
A summary of the Van Dairy case
Facts

In October 2015, certain Tasmanian properties (the Woolnorth properties) were marketed for sale. They were then owned by two companies named Van Diemen’s Land Company (VDL) and Tasman Ferndale Pty Ltd (TFPL), both of which were wholly owned by Tasman Land Company (TLC).

Mr Lu Xianfeng (Mr Lu) wanted to purchase the Woolnorth properties and related assets that were to be sold by interests controlled by TLC. Mr Lu at all relevant times controlled the corporate appellants in the matter. On 30 October 2015, Moon Lake Investments Pty Ltd (Moon Lake) was incorporated, with Mr Lu as the sole shareholder, holding all five shares in the company.

On 20 November 2015, Mr Lu, Moon Lake and TLC executed a written agreement referred to as the SPA. Under this agreement, as per clause 3, TLC agreed to ‘procure the sale and transfer to [Moon Lake] of the Assets … with affect from Closing’. The Assets referenced were owned by ‘the group’, which consisted of TFPL and VDL, which—as noted above—were wholly owned subsidiaries of TLC.

On 12 January 2016, according to the Moon Lake share register held by the Australian Securities and Investments Commission, Mr Lu’s five shares in Moon Lake were transferred to Ningbo Kaixin Investment Co Ltd (Ningbo).

On 24 March 2016, Ningbo’s shares in Moon Lake were then transferred to Van Dairy (Hong Kong) Group Ltd (VDHK).

On 31 March 2016, completion of the sale of the land took place. Moon Lake partly funded payment of the purchase price by issuing a large number of shares to VDHK. Moon Lake received the executed land transfers from VDL and TFPL and, on around 4 April 2016, these were lodged to be assessed for stamp duty by the State Revenue Office (SRO), together with payment of estimated duty of over $8 million.

Subsequently the SRO told Moon Lake’s solicitors it would give further consideration as to whether Ningbo and/or VDHK had any liability to pay land-rich duty, separately from Moon Lake’s liability to pay duty on the acquisition of the Woolnorth properties.

On 28 January 2021, the corporate appellants received a notice from the SRO that it intended to investigate whether Ningbo and/or VDHK had acquired any relevant interest in a land-rich corporation.

On 20 April 2021, Moon Lake received further correspondence from the SRO, which included the following statement:

The acquisition by shares by [Ningbo] on 15 January 2016 and then subsequently by [VDHK] on 24 March each resulted in a separate dutiable transaction under s66 of the Act as at the time of each of those majority acquisitions, Moon Lake was deemed to be a land-rich company.

On 5 July 2021, the SRO informed Ningbo and VDHK that each were liable to pay duty interest and penalty tax in the sum of approximately $10.5 million.

On 2 September 2021, Ningbo and VDHK each lodged notices of objection with the Commissioner regarding the 5 July 2021 assessments. The Commissioner disallowed their objections (apart from a reduction in the quantum of each assessment). The assessments, as revised, were the subject of challenge in the case.

Issues

The most significant issue from a duty viewpoint was whether the SPA was an uncompleted agreement for the sale of land, despite the fact that the owners of the land were not parties to the agreement. If so, it meant the SPA had the effect of causing Moon Lake to be a land-rich corporation both at the time of the transfer of its shares to Ningbo and then to VDHK, triggering multiple duty.

The decision on whether the SPA was an uncompleted agreement for the sale of land

Under section 60(1) of the Duties Act 2001, a private corporation was land rich if:
- it had land holdings in Tasmania where the unencumbered value is $500,000 or more; and
- its land holdings in all places, whether within or outside Australia, comprised 60% or more of the unencumbered value of all its property.
A land holding included any interest in land, with some exceptions that were not relevant to the facts of the case.³

Under section 61(4), the vendor and the purchaser under an uncompleted agreement for the sale of land were each taken to be separately entitled to the whole of the land. While the land-rich duty provisions in Tasmania were subsequently replaced by landholder duty provisions (removing the 60% requirement), there is an equivalent provision in section 79(1) of the current Act. In addition, all Australian jurisdictions have an equivalent provision in their landholder duty legislation.

Before the Supreme Court of Tasmania, Ningbo and VDHK argued that s61(4) did not deem Moon Lake to be entitled to the whole of the land the subject of the SPA as it was not a purchaser under an uncompleted agreement for the sale of land. The basis of this argument was that the SPA was a contract between TLC and Moon Lake. The land was not owned by TLC, but by companies controlled by TLC. Ningbo asserted that this is different from TLC itself selling the land to Moon Lake.

Acting Justice Marshall noted that the proper interpretation of s61 was central to the resolution of this issue. Firstly, his Honour noted that the expression ‘agreement for the sale of land’ was not defined in the Act. In turning to the ordinary natural meaning of the words, his Honour held:

“The ordinary natural meaning of the words is to provide a description of an agreement which results in the sale of land. The words in the section are not “an agreement for the sale of land by a vendor and its purchase by a buyer”.

This approach highlights that the words ‘for the sale of land’ are the key element of the description of the agreement and should not be construed narrowly or pedantically. The words indicate binding agreements by which the sale of land is effected. On the facts of the case there was no doubt TLC was able to secure the sale of the land to Moon Lake as required under the SPA. Therefore, Moon Lake was a purchaser under an uncompleted agreement for the sale of land, and was treated as holding an interest in the land for the purposes of s61(1) of the Act.

The court also referred to the judgment of Justice Fullagar in Hall v Busst, where his Honour said there were ‘three essential elements’ required for a concluded agreement including the parties, the subject matter and the price.⁴ All three were satisfied in Van Dairy, including the parties.

Implications

The decision suggests that an agreement to procure a sale of property might be liable to duty as an agreement for sale, even if the owner of the property is not a party to it.

We understand an appeal against the decision of the Tasmanian Supreme Court has been lodged in the Tasmanian Court of Appeal by the taxpayers. Pending the outcome of that appeal, the decision remains persuasive in other jurisdictions.

It remains to be seen whether the decision is ultimately overturned, or is followed in other jurisdictions. It may be that it can be confined to its facts—although the owners of the relevant land were not parties to the SPA, their controlling parent company, TLC, undertook a binding obligation to procure that they sold the land, and there was no other agreement for sale entered into or contemplated. The SPA operated as the agreement that regulated the sale of the land. It might be different if the agreement had been drafted as an obligation of TLC to procure that its subsidiaries entered into a separate agreement for the sale of the land with the purchaser. This is often the case with global sale agreements, where the parent company of a multinational group undertakes to procure that its subsidiaries enter into separate country-specific agreements relating to the sale of downstream assets.

The result in Van Dairy might also have been different if the question was whether the deeming provision in s61(4) applied to the owners of the land as vendors, since they were not parties. Alternatively, if only TLC and Mr Lu (but not Moon Lake) had entered into the agreement, perhaps s61(4) would not have applied because Moon Lake, as purchaser, would not have been a party to the agreement.

In the case of a scheme implementation agreement in a takeover context, the target company undertakes to take steps to seek shareholder (and court) approval of a scheme for the sale of its shares by the shareholders to the acquirer. This might potentially trigger a landholder duty liability under the provisions of the duties legislation in Queensland or Western Australia. However, the target company is generally not in a position to definitely procure the sale—there is doubt about the scheme proceeding, because it generally depends on approval by the shareholders (and the court). So, on that basis, the position might be distinguishable from the decision in Van Dairy.

As indicated in Van Dairy, double duty can be triggered when ownership of a purchaser entity is not established correctly at the outset. There were two transfers of the shares in Moon Lake after the SPA had been signed, triggering two lots of duty on the transfers of shares in Moon Lake, in addition to the duty on the purchase of the land. Therefore, it is important to seek to establish the correct entities as shareholders (or unitholders in the case of a unit trust) prior to the purchaser entity entering into a contract to acquire the land. Any transfer of ownership of the purchaser entity after it becomes a landholder could potentially attract landholder duty. This is subject to whether relief might be available under exemptions or concessions for transfers within a corporate group, as explained below.

As noted above, the landholder duty legislation of other Australian jurisdictions has similar provisions deeming a company to be a holder of land where it has entered into an uncompleted agreement to purchase the land. For this reason, the Van Dairy decision will be persuasive authority on the interpretation of those provisions.

For example, under section 160(1) of the Duties Act 1997 (NSW), the transferor and the transferee under an uncompleted agreement for the sale or transfer of land are each taken to be separately entitled to the whole of the land.⁵

The use of the terms transferor and transferee correspond to the use of the terms vendor and the purchaser in the Tasmanian Act. If the same facts as in Van Dairy occurred in relation to NSW land, then the case would be persuasive authority for the same interpretation of the NSW legislation.

Corporate reconstruction exemptions and concessions

For the purposes of changing the structure of a corporate group or changing the holding of assets within a corporate group, a taxpayer may seek to consider corporate reconstruction exemptions and concessions. A corporate group broadly consists of a parent corporation and its subsidiaries where there is at least 90% ownership.⁶ Where such an exemption or concession is available, it provides some flexibility to change the ownership of a landowning entity within a corporate group even after it has acquired land or entered into a contract to acquire land.

By way of example, the Duties Act 1997 (NSW) relevantly provides for a duty concession for corporate reconstruction transactions. For eligible transactions that occur on or after 1 February 2024, the duty is reduced to 10% of the duty that would otherwise be payable.

Section 273B applies to a transaction if the Chief Commissioner is satisfied, on application by a party to the transaction, that—
- the transaction is a corporate reconstruction transaction, and
- the transaction, or the series of transactions of which the transaction is a part, is undertaken for the purpose of either or both of the following—
  - changing the structure of a corporate group,
  - changing the holding of assets within a corporate group, and
- the transaction, or the series of transactions of which the transaction is a part—
  - is not undertaken for a purpose of avoiding or reducing duty under this Act on another transaction, and
  - is not undertaken for the sole or dominant purpose of avoiding or reducing a liability for tax, other than duty under this Act, under a law of an Australian jurisdiction.
All Australian jurisdictions have broadly similar exemptions or concessions, including Tasmania. The Tasmanian exemption was presumably not available in Van Dairy for the transfers of shares in Moon Lake. In the case of the first transfer from Mr Lu to Ningbo, Mr Lu, as an individual, could not have been a member of a relevant corporate group. In the case of the second transfer from Ningbo to VDHK, presumably the two companies were not part of the same corporate group as defined under the duties legislation.

Actions you can take now
- Exercise caution when establishing the ownership of a purchaser entity and seek to have the correct ultimate shareholders in place prior to the signing of a contract to acquire land or completion of the purchase. Be aware of the double duty risk if you ‘change your mind’ later.
- Consider the duty implications of entering into sale and purchase agreements, including where the intended seller or purchaser of the property is not a party to the agreement. Seek timely advice.
MIL OSI News –
February 10, 2025
MIL-Evening Report: With ‘damp drinking’ and ‘zebra striping’, Gen Z are embracing moderation – not abstinence – from alcohol

Source: The Conversation (Au and NZ) – By Katinka van de Ven, Alcohol and other drug specialist, UNSW Sydney

Fewer young Australians are drinking. And when they do drink, they are drinking less and less often than previous generations at the same age.

It’s a trend happening all around the world.

The proportion of young people who drink infrequently is growing in the long term. In 2001, 13.6% of Australians aged 18–24 drank less than once a month. That’s since increased to 20%, or one in five.

The proportion of young people who’ve never consumed a full glass of alcohol has also more than doubled since 2001, from 7.5% to 16.3%.

But for many, abstinence is not necessarily the goal. An interest in mindful drinking means trends that encourage moderation – including “zebra striping” and “damp drinking” – have taken off on social media.

So, what are these strategies for cutting down? And are they really something new?

What is ‘zebra striping’?

“Zebra striping” means alternating between alcoholic and non-alcoholic drinks. It effectively halves alcohol consumption for most people. This reduces the risk of intoxication because it gives your body time to process the alcohol.

The term is new but the concept of alternating drinks has long been a cornerstone of harm-reduction strategies.

A UK study commissioned by a zero-alcohol beer brand found that 25% of pub goers alternate between alcoholic and non-alcoholic beer. While commercial research like this requires cautious interpretation, it does highlight a growing appetite for moderation.

Is it different to ‘damp drinking’?

The rise of “damp drinking” is another shift from all-or-nothing approaches to alcohol. In a recent survey, close to 40% of drinkers want to drink less compared to 6.5% who say they want to quit altogether.

Going “damp” – rather than completely “dry” – means reducing alcohol without cutting it out altogether.

Having a drink is reserved for special occasions, but generally doesn’t feature in everyday life. This is also known as being “99% sober”.

It’s an approach that resonates with many young people who are “sober curious”, but do not want to completely abstain from alcohol.

Moderation can be a sustainable strategy for people who are not dependent on alcohol. Sometimes even people who were dependent can achieve moderation, usually after a period of abstinence. In the past, the consensus was that people who were dependent on alcohol should only aim for complete abstinence.

Strict sobriety goals can increase risk of relapse. This is referred to as the abstinence violation effect, which can sometimes lead to a cycle of binge drinking and guilt when people feel they’ve failed.

Moderation strategies, such as damp drinking or zebra striping, are more likely to foster self-compassion and gradual change.

So what’s behind this cultural shift?

In part, popular wellness trends have promoted alcohol-free living as a positive and aspirational lifestyle.

But health concerns are only part of the answer.

Young people especially face increasing social and economic pressures, and may be more focused on professional and personal growth than previous generations.

Studies show many view excessive drinking – and accompanying anxiety and hangovers – as incompatible with their ambitions and desire to stay in control.

Read more:
Why do I get so anxious after drinking? Here’s the science behind ‘hangxiety’

Adding to this, social media can make what you do more visible to others – and serve as a permanent record. So some young people are more careful with behaviours that might lead to regret.

The increasing availability of better-tasting zero-alcohol drinks helps, too.

Zero-alcohol beer and wine, and mocktails, offer a way to participate socially without the drawbacks of alcohol consumption. These alternatives have reduced the stigma once associated with abstaining or drinking less in social settings.

This shift is also underpinned by a changing narrative around alcohol. Unlike older generations who often associated drinking with celebration and bonding, younger people are more likely to question the role of alcohol in their lives.

Binge drinking, once seen as a rite of passage, simply may not be as “cool” anymore.

Finding support for change

Given the health risks associated with drinking, such as cancer, liver disease and mental health issues, it’s great news more young people are reducing their drinking.

But four in ten young people (42%) are still consuming alcohol at risky levels.

The Australian national alcohol guidelines try to balance the social benefits and the health risks of drinking.

If you drink within the guidelines – no more than ten drinks a week and no more than four in any one day – you have a one in 100 chance of dying from an alcohol- related illness like cancer or heart disease.

If you drink above those guidelines the risk of these issues exponentially increases.

If you are looking to change your relationship with alcohol, self-reflection is a vital first step. Key questions to consider include:

• is alcohol negatively impacting my health, relationships or work?
• do I struggle to enjoy social occasions without drinking?

Alcohol and other drug support organisations such as Hello Sunday Morning and Smart Recovery offer free, evidence-based, digital support and resources for people looking to change their drinking.

These services emphasise harm reduction and self-compassion, encouraging individuals to set realistic goals and achieve lasting change.

Dr Katinka van de Ven is the Research Manager of Hello Sunday Morning. She also works as a paid evaluation and training consultant in alcohol and other drugs. Katinka has previously been awarded grants by state governments and public funding bodies for alcohol and other drug research.

Nicole Lee works as a paid evaluation and training consultant in alcohol and other drugs. She has previously been awarded grants by state and federal governments, NHMRC and other public funding bodies for alcohol and other drug research. She is CEO of Hello Sunday Morning.

– ref. With ‘damp drinking’ and ‘zebra striping’, Gen Z are embracing moderation – not abstinence – from alcohol – https://theconversation.com/with-damp-drinking-and-zebra-striping-gen-z-are-embracing-moderation-not-abstinence-from-alcohol-246250

MIL OSI Analysis – EveningReport.nz –

February 10, 2025
MIL-OSI Australia: Albanese Government creating a better pathway for financial advisers
Source: Australian Treasurer

The Albanese Government is rebuilding a strong and sustainable financial advice industry that ensures Australians can access high quality and affordable financial advice.

The advice industry was abandoned and decimated by the former Coalition government, as the number of advisers fell from 28,000 in January 2019 to less than 16,000.

The Government will reform the education requirements for professional financial advisers to create a sustainable pathway for new advisers to enter the profession.

Currently, the professional pathway for financial advisers is composed of four requirements:
- completion of an approved qualification, with the list of approved qualifications limited to those focused specifically on financial advice;
- a 1,600 hour professional year;
- completion of the financial adviser exam; and
- continuing professional education.
The current education pathway is not sustainable. School leavers are not attracted to the specialised area of study, and it is a significant investment for career changers. Fewer Higher Education Providers are offering courses due to the lack of entrants.

Under the Government’s changes, the proposed education standard will centre around a new requirement to hold a bachelor’s degree or higher in any discipline.

Prospective advisers will need to meet minimum study requirements in relevant financial concepts such as finance, economics or accounting. They will also need to complete financial advice subjects covering ethics, legal and regulatory obligations, consumer behaviour and the financial advice process.

This provides relevant core knowledge for an adviser, streamlines entry into the industry and retains the important role of tertiary education.

It will also bring down the costs on prospective advisers and make it easier for people to change careers into financial advice later in life.

For most students studying a Commerce, Economics or Finance degree – or people moving across from other financial services careers – the cost and time to meet the requirements under the new standard will be halved.

Advisers will still need to complete a professional year, pass the financial adviser exam and undertake ongoing continuing professional education.

These reforms will complement the education requirements for the new class of financial advisers. We will ensure the pathway is aligned to enable the new class of adviser to transition into the professional advice ranks.

The Government will work with industry and higher education providers to ensure an appropriate transition to the new education standard.

Further, the Government will no longer proceed with Stage 2 of the registration process for financial advisers established by the Better Advice Act. This stage would have required individual advisers to register annually with the Australian Securities and Investments Commission from 1 July 2026.

Financial advisers are already registered by their authorising Australian Financial Services licensees under Stage 1. Not proceeding with Stage 2 removes unnecessary red tape on individual advisers.

These reforms build on the Government’s Delivering Better Financial Outcomes package to help address the current supply shortage of financial advisers, cut red tape that is not leading to better consumer outcomes, and strengthen the industry’s ability to meet the future demand for financial advice.

MIL OSI News –
February 10, 2025
MIL-OSI Australia: Address to Conexus – Advice Policy Summit

Source: Australian Treasurer

Introduction

I would like to acknowledge the Ngunnawal and Ngambri people as the traditional custodians of the land we are meeting on.

I pay my respects to their Elders past and present, and I acknowledge any First Nations Australians in attendance.

Thank you to Colin and the team at Conexus for the opportunity to contribute to your discussion this week.

Australians need access to quality and affordable financial advice.

Quality financial advice can give Australians peace of mind.

It can help protect them from the risks of scams and dodgy investments.

And it can lift their financial well‑being and set them up for the future.

But – as you well know – quality financial advice is sadly out of reach for too many Australians.

It is why I have spent my time as Minister undertaking the largest reform project to financial advice in over a decade.

Because Australians need it.

And reform was needed.

This space was left in tatters by the previous government.

Under their watch, the number of advisers fell from 28,000 in 2019 to where we are today with fewer than 16,000 advisers.

A shrinking pool of advisers became laden with higher costs that made advice increasingly unaffordable and inaccessible for Australians.

Now I am heartened by comments from the Shadow Minister and Opposition who I believe want to support our reform direction.

And I take that support at face value.

But unfortunately, their actions when in government told a different story.

Within a few months, we will be asked to vote on the direction of the country.

Australians who want better access to advice and information will need to judge the Opposition on their record, not just their rhetoric.

In contrast, the actions of our reforms have been based around 3 objectives.

We need to retain and attract more financial advisers into the industry.

We need to cut unnecessary red tape that is driving up costs without providing a consumer benefit.

And we need to ensure Australians have confidence to seek advice and engage in the financial system.

Retaining financial advisers in the industry

Before coming to government, I made a commitment to address a glaring problem in the sector.

It has been a bipartisan commitment to professionalise the financial advice industry.

The modern financial adviser will have a degree, pass an exam, adhere to a code of ethics, and undertake on‑the‑job training.

This has raised the quality of financial advice that clients expect, giving them confidence and supporting better outcomes.

However, the implementation of the requirement for financial advisers to hold tertiary education qualifications was bungled.

Long‑time advisers, who had diligently acted in their clients’ best interests, were told to go back to university or find a new line of work.

Unsurprisingly, advisers started leaving the industry in droves.

Not every exit was a tragedy.

But plenty of good advisers felt they had no choice but to abandon their work like they had been abandoned by the previous government.

This was a genuine crisis point for the industry’s viability.

I couldn’t stand by and let this continue to unfold.

So we made an election commitment to introduce a new pathway for experienced advisers with a clean record to remain in the industry.

And upon coming to government, we quickly acted to legislate this reform.

Over a quarter of the industry has now used our pathway to continue to provide Australians with the advice and information they need.

4,000 advisers who could have been lost to the industry.

It was a necessary change that was in the public interest.

Bringing new financial advisers into the industry

But this only staunched the bleeding.

FASEA put an albatross around the neck of the industry with an unwieldy and impractical education standard for advisers.

Even the opposition realised the folly of their ways and disbanded FASEA.

But its effect was not addressed.

Most people who end up in the financial advice industry have told me that they did not take a direct path there.

They didn’t know at the age of 18 that they wanted to be an adviser.

But the previous government set up a system that immediately thins the herd of potential new advisers.

Individuals are required to make a significant investment in a highly specialised degree.

That means many young people are locked out if they want to keep their options open by studying degrees that apply across many industries.

There are also very few universities offering a degree in financial planning –

And there will be even fewer if we keep on the current track as the demand is not there.

In some ways, the previous government set up a perfect process so long as you don’t need it to train new advisers.

No other industry has been treated like this and it needs to be addressed.

We’re committed to the professionalisation of the industry.

We’re committed to a high quality of advice for consumers.

And we want to repair and rebuild the sector by expanding the pool of advisers.

So today I am announcing the next step in our reform of the financial advice industry.

The government will reform the education standards for professional financial advisers to expand the supply of high quality, helpful and safe advice.

The new standard will continue to recognise the important role of tertiary education.

Under our proposal, individuals will be able to hold a bachelor’s degree or higher in any discipline.

Prospective advisers will need to meet a minimum study requirement in financial concepts such as finance, economics or accounting.

This means firms will be able to attract graduates with degrees in economics, commerce, and finance, amongst others.

They will also need to complete core prescribed accredited financial advice subjects.

This will cover ethics, legal and regulatory obligations, consumer behaviour, and the financial advice process.

This creates a better pathway for career changers who will be able to enter the industry later in life.

For example, someone with a Commerce degree may only need to do the financial advice components – if they haven’t already done it.

This will be complemented by the remaining standards that advisers need to meet –

Namely, the professional year, the financial adviser exam and ongoing education obligations – which will be unchanged.

In combination, this will give consumers confidence that they are getting value and quality.

The cost and time to meet the requirements under the new standard will be halved for most students studying a commerce, economics or finance degree.

It will be halved for people moving across from other financial services careers.

We will also ensure that the education requirements for the new class of adviser will be aligned.

This will create another logical entry‑point to rebuild the advice industry.

This is all about keeping the pipeline of prospective advisers open as wide as possible for as long as possible.

I recognise that some advisers have followed the current pathway.

And I respect the hard work they have done to enter the profession – which is not going to be taken away from them.

But the status quo is unsustainable and without change, the profession will hit another crisis point down the track.

All while the demand for advice is only going to go up because of the 5 million Australians at or approaching retirement.

Cutting unnecessary red tape

We also need to free up advisers to help their clients with relevant advice that is safe and quality.

As it stands, the law makes it difficult for advisers to satisfy themselves that they have met the best interests of their clients unless they provide comprehensive advice.

Everything flows from that.

Advice is not always targeted at what the client wants.

Statements of advice are too long and unhelpful.

And the cost of advice is too high.

The second tranche of our financial advice reform package will address this.

I will be the first to say that I wish I could give you a draft bill right now.

It is our priority and is being written as we speak.

But it is complex.

And we cannot risk endangering consumers by getting this wrong.

Or being too cautious so as to miss this moment to shift the dial.

We have worked constructively across all sectors of the industry – and will continue to do so.

That has taken time, but it has led to a better package for consumers.

There are some who are still suggesting that all the recommendations of the Quality of Advice Review should have been adopted in full.

That should be challenged.

If we had done that, the legislation would not have been supported by stakeholders or by parliament.

But I reaffirm that we are committed to modernising the best interests duty and reforming statements of advice.

Just as we are committed to introducing a new class of adviser that any financial firm can employ to give safe advice.

And we are committed to ensuring those 5 million Australians are able to access helpful advice, information and nudges through their super fund.

I also announce today that we are going further in cutting red tape.

The government will not proceed with Stage 2 of the registration process for financial advisers established by the Better Advice Act under the previous government.

This stage would have required individual advisers to register with ASIC from 1 July 2026 on an ongoing annual basis.

Financial advisers are already registered by their authorising AFSL under Stage 1.

Not proceeding with Stage 2 will retain this existing requirement but will remove an additional regulatory burden on individual advisers.

This would have simply been an additional cost for no benefit to consumers.

Confidence to seek advice and engage in the financial system

The final piece of the puzzle is to ensure that Australians have confidence to seek advice and engage in the financial system.

I was delighted to see our Scams Prevention Framework legislation pass the House of Representatives last week.

This is another step forward in making Australia the toughest place in the world for scammers to target.

Financial advice and our scams prevention work are 2 sides of the same coin.

We want to ensure that advice is affordable so that Australians go to regulated and safe sources of advice – not dodgy scammers.

Preventing scams is also necessary for Australians to feel confident to invest and engage in the financial system.

So our scams work is vital for our financial advice reform.

Sadly, Australians can get inappropriate financial advice that means they lose everything.

And there is a bipartisan commitment that consumers should have access to some redress when this occurs.

The previous government failed to implement the Compensation Scheme of Last Resort, even though they talked about doing it.

We have implemented it as recommended by the Ramsay Review and Hayne Royal Commission.

We welcomed the bipartisan support for its design – given it is the same scheme introduced into parliament by the last government.

But, I am not convinced that it is in its final form.

I am concerned about the sustainability of the scheme on its current trajectory.

It is not sustainable for financial advisers.

And it is no good for consumers if the scheme falls over.

Some people want the quick fix – and I wish there was one.

Unfortunately, 2 of the biggest cases to hit the CSLR – Dixon and United Global Capital – have very different characteristics that make a quick fix very difficult.

So I have tasked Treasury to review the CSLR immediately.

We need to ensure that it is sustainable.

And we need to ensure that it is meeting the objective that we all support.

It is not about guaranteeing investment returns.

But about ensuring genuine victims have access to some redress.

This is an important part of the financial system for advisers.

Because it gives Australians confidence that there is a back stop in situations of genuine last resort.

It’s in all our interests to ensure that is what it is doing.

Conclusion

So – more financial advisers and less red tape.

And confidence for Australians to seek advice and engage in the financial system.

It’s a big piece of work, but a piece of work that is in the public interest.

I am not the first Assistant Treasurer to say a word on financial advice.

And I won’t be the last.

But I’m confident that I am leaving the sector in a better place, and on a better path.

And I believe that Australians will be better off because of it.

MIL OSI News –

February 10, 2025
MIL-OSI Australia: 35-2025: *Update* Scheduled Outage: Saturday 15 February to Sunday 16 February 2025 – BICON, eCertificates, EVE, EXDOC, NEXDOC

Source: Australia Government Statements – Agriculture

10 February 2025

Who does this notice affect?

All clients required to use the Biosecurity Import Conditions System (BICON) during this planned maintenance period.

All clients required to use the Export / Next Export Documentation (EXDOC/NEXDOC) systems during this planned maintenance period.

Approved arrangements operators who will be required to view electronic government certificates (eCertificates) and relevant attachments online via external verification for…

MIL OSI News –

February 10, 2025
MIL-OSI Australia: Arrest – Kava seizure – Maningrida

Source: Northern Territory Police and Fire Services

The Northern Territory Police Force has arrested a 24-year-old male in relation to a Kava seizure that occurred in Maningrida on Saturday.

Around 12:00pm, local police conduced a lawful search of a property in the community after they received intelligence that the substance was present at the premises.

During the search, police located and seized 255.13kg of Kava and over $3,900 in cash.

A 24-year-old male was arrested at the scene and charged with possess commercial quantity of kava and supply commercial quantity of kava.

The alleged offender is due to appear in the Darwin Local Court on Thursday 13 February 2025.

Sergeant Timothy Gillahan said, “I commend the officers for their swift action in response to intelligence, as well as the community for their reporting.

“This seizure will undoubtedly reduce the social and financial harm within the community often caused by Kava use.

“The NT Police Force remains committed to disrupting the flow of destructive substances into restricted communities.”

MIL OSI News –

February 10, 2025
MIL-Evening Report: As Coles slashes its product range, will well-known brands disappear from supermarket shelves?

Source: The Conversation (Au and NZ) – By Flavio Macau, Associate Dean – School of Business and Law, Edith Cowan University

Hitra/Shutterstock

Coles is reducing its product range by at least 10%, a move that has sparked public backlash and renewed discussions about the role of supermarkets in the cost-of-living crisis.

In cutting the range of items on offer Coles is moving closer to Aldi and Costco’s strategy to grow exclusive brands and limit product range.

The goal is to boost profitability by reducing costs, increasing sales, and increasing control over the supply chain.

Coles is unlikely to cut traditional brands, especially those from companies with significant market power like Coca-Cola or Nestle. In a battle between giants, the status quo is likely to prevail.

Smaller suppliers are likely to bear the load as they struggle to renew contracts and face increased competition from home brands.

To fully understand the reasons behind this move and its impact on the cost of living, insights from psychology, finance, and supply chain management come in handy.

Why cut back on brands?

The Coles move is all about profitability.

Over the past decade, competition in the Australian supermarket sector has intensified. Coles’ market share declined from 31% to 25% between 2013 and 2023, while Woolworths’ share fell from 41% to 37%.

This shift reflects the rise of Aldi, which now holds approximately 10% of the market, and its strong position in the home brand space.

Aldi’s smaller range helps to keep costs down.
Audreycmk/Shutterstock

To boost profitability with a smaller customer base, Coles needs to find ways to enhance its earnings. This can be achieved by raising prices, cutting costs, or increasing the market share of its home brands.

Raising prices vs cutting costs

Raising prices is not a viable option, as consumers are already struggling with high food prices inflation and the rising cost-of-living. However, there is room to cut costs.

One approach is to squeeze suppliers, but again this is unlikely to be effective. The consumer watchdog, the Australian Competition and Consumer Commission (ACCC), is holding an inquiry into concerns that the supermarkets are using their market power to the disadvantage of their suppliers and consumers.

Additionally, as producers exit unprofitable businesses, supermarkets risk supply chain disruptions due to increased market concentration among surviving suppliers.

Another strategy is to reduce complexity. The more product variety there is, the more complicated and expensive it becomes to manage. Tasks such as stocking shelves, adjusting prices, maintaining inventory, managing delivery schedules, and disposing of expired products all contribute to higher costs.

Anna Croft, Coles’ operations and sustainability officer, explained the strategy when telling investors in November that 13 basic table salts could be cut to five.

Simplifying the product range can also boost sales. When faced with too many options, consumers can experience “choice overload”. A widely recognised study in psychology found that people are more likely to make a purchase when presented with a limited selection rather than an extensive array of choices.

Coles has pointed to shampoo and salt as two potential product ranges that can be simplified.
I.K.Media/Shutterstock

Shifting to home brands

Simplifying the range will likely focus on items where Coles has a home brand. Home brands now account for 33.5% of Coles’ sales, with 6,000 products. About 1,100 were added over the past year.

This move is a response to competitors like Aldi and Costco. While Coles and Woolworths manage over 25,000 items in their stores, Aldi limits its offering to about 1,800 products.

Coles is focusing on its home brands to better compete with non-branded offerings from Aldi. In its report to the ACCC, the supermarket highlights its investment in expanding its own-brand range to provide more affordable prices, up to 40% cheaper than similar proprietary brands.

While consumers may have fewer choices, it is expected that they will benefit from better prices.

This shift towards home brands is not exclusive to Australia. In the United States, private label sales hit a record in 2023 across a range of items from beauty products to general merchandise. In the United Kingdom, home brand products now account for over half of supermarket sales.

Have we been here before?

Almost 10 years ago, Woolworths and Coles started a significant move to adjust their price positioning in response to the competition. Along with Metcash (IGA), they reduced product ranges in 2015–16 by 10% to 15% to simplify the weekly grocery shop for consumers.

At that time, the culling of products put suppliers under pressure (as now) while consumers were ambivalent: some wanted more brand variety and others preferred less.

As history repeats itself, it will be interesting to see if Woolworths and Metcash will follow the latest move from Coles and how customers, suppliers, and the ACCC will react this time.

A/Prof Flavio Macau is affiliated with the Project Management Institute (PMI)

– ref. As Coles slashes its product range, will well-known brands disappear from supermarket shelves? – https://theconversation.com/as-coles-slashes-its-product-range-will-well-known-brands-disappear-from-supermarket-shelves-249274

MIL OSI Analysis – EveningReport.nz –

February 10, 2025
MIL-OSI Australia: Charges – Property offences and Indecent assault – Lyons

Source: Northern Territory Police and Fire Services

The Northern Territory Police Force has charged a 17-year-old male following a series of property offences and indecent incidents in Lyons last week.

Between 3 and 6 February, it was observed through CCTV that the 17-year-old allegedly entered a residence on seven different occasions, stealing alcohol and personal items, and indecently exposing himself on several occasions.

On 6 February, an adult resident allegedly witnessed the male and intervened before he fled the scene.

On 8 February, about 8:30pm, Strike Force Trident Detectives attended the victim’s residence to progress their investigation, when the Detectives were notified of an alleged indecent touching incident that had only just occurred, on a female who was exercising in Lyons.

Trident Detectives swiftly located and arrested the 17-year-old male and he was subsequently charged with:

•          7 x Trespass

•          2 x Aggravated burglary

•          4 x Theft

•          2 x Indecent exposure

•          Damage to property

•          Indecent touching

•          Breach bail

He was remanded over the weekend and will appear in court today.

Detective Acting Senior Sergeant Chris Humphries said “I commend the efforts of my Detectives for their swift response and comprehensive investigation into these incidents.

“This behaviour will not be tolerated and police will continue to put serious offenders before the courts.”

MIL OSI News –

February 10, 2025
MIL-OSI Australia: The Gambia

Source: Australia Safe Travel Advisories

We’ve reviewed our advice for The Gambia and continue to advise exercise a high degree of caution due to the threat of crime (see ‘Safety’). We’ve lowered our advice for the southern border with the Casamance region of Senegal and now advise exercise a high degree of caution.

MIL OSI News –

February 10, 2025
MIL-OSI New Zealand: Speech to the Financial Services Council

Source: New Zealand Government

Good morning, everyone.
I would like to begin by thanking Kirk Hope and the Financial Services Council for the opportunity to speak to you all this morning. I’d also like to acknowledge our friends at the FMA and in particular the CE, Samantha Barrass, who you will be hearing from shortly.
I’m delighted to speak to you at the start of the year. I hope everyone is refreshed after a good summer, and ready for another big year of delivering for New Zealanders. 2024 was a big year. It was a challenging year. I know all of you in the room today would have felt firsthand the economic challenges. But we got a lot of important work underway and 2025 is shaping up to be an exciting year.
At this event last year, many of you will remember that I announced plans to reform the financial services sector. As you all know, things were not in a good place.
Over successive years, governments had layered up regulations, causing a lack of clarity and excessive conservativism. My mission when I took on the Commerce and Consumer Affairs portfolio was to simplify the financial services landscape. This meant:

Clarifying the roles of the various regulators to remove duplication; and
Tidying up laws and regulations that were constraining businesses from providing great financial products and services.

My guiding principle was to make it simpler to provide financial services, while balancing the need for appropriate guardrails and consumer protections. Over time this equation had become unbalanced and was so risk-averse that it was harming consumers.
Many of you will have heard me talk before about the perverse outcomes of making it too hard for Kiwis to access a safe loan from a reputable provider. I am very pleased to say that these financial services reforms are now well progressed.
Democracy is a wonderful thing, but the nature of developing good policy and running a thorough consultation process means it can take a long time to for change to work its way through the system. However, we are on track to have the Financial Services Bill passed through all stages by the end of Q1 next year.
Contracts of Insurance
One key highlight of 2024 was passing into law the Contracts of Insurance Act. This work was long overdue. The Law Commission recommended that our insurance law be updated in the 1990s. It is fantastic that we finally got it over the line.
In terms of other work, the Commerce and Consumer Affairs Minister is responsible for six crown entities including the Commerce Commission and the FMA. And, according to the Department of Prime Minister and Cabinet, the Minister is broadly responsible for:

corporate law and governance
financial markets
competition policy
consumer policy
protecting intellectual property; and,
trade policy and international regulatory cooperation.

It’s no small list. These are absolutely foundational pieces of architecture for our economy, and in 2024 I kicked off work relating to nearly every single thing on that list.
This year I intend to tick two remaining items off that list by progressing a review of copyright and intellectual property and launching a review of the Fair Trading Act.
The Fair Trading Act is a hugely consequential piece of legislation that covers everything from product safety and product descriptions, through to contract terms and advertising standards.
Unfortunately, the structural economic issues we face – whether that be declining productivity, lack of capital, a dearth of foreign investment, or over-regulation stymieing growth and innovation – means economic reform is urgent. As a result, you should hopefully have heard me in the media or at events like this talking about work I have underway to modernise our economy, including:

Reviewing the Companies Act and reforming our corporate governance laws; and

Related to this, launching a review of directors’ duties and liabilities led by the Law Commission;

Implementing a ‘consumer data right’ and laying the foundations for ‘open banking’ and ‘open electricity’ to inject more competition into our economy;
Creating a new model for the economic regulation of water services;
Initiating a more coordinated whole-of-government approach to combatting online financial scams;
Invigorating New Zealand’s capital markets by removing barriers to list on the stock exchange and making it easier for KiwiSaver funds to be invested in unlisted assets;
Reviewing our competition law to prevent excessive market concentration; and
Finally, responding to recommendations from the Commerce Commission to improve competition in the banking and grocery sector.

2025
2025 is all about delivering on this work. And I know it sounds like a long and unwieldy list, but you can broadly view all the work underway through the lens of two key themes:

Creating the conditions for businesses and private enterprise to thrive so that we can grow our economy.

As you have heard the PM talk about – a bigger, wealthier economy means more jobs and higher salaries for Kiwis, and it means increased tax revenue which pays for public services like schools, roads and hospitals.
This means making sure that the laws and regulations that determine the operating environment for businesses are modern, fair, and fit for purpose.

The second key theme is competition.

The reality is that New Zealand suffers from overly concentrated markets in several key sectors of our economy – whether that be banking, groceries, building supplies, or parking services.
The OECD and others have drawn a link between our lack of competition and falling productivity and the spotlight is well and truly focused on invigorating completion.

From the government’s perspective we will be going through every key initiative and programme of work line by line and asking ourselves and our officials: Will this grow the economy? Will this improve competition?
Will this help New Zealanders to take legitimate business risks? Will it enable them to hire more staff or access capital to invest in new equipment? Will it free up their time so it can be used more productively? Will it encourage innovation and enable them to offer new products and services? And if the answer is no, then don’t expect to see it progressed this year. If the answer is yes, then we will be working at pace to implement it.
One of my top focuses this year is improving competition.
Competition is one of the most important ways to drive productivity, grow the economy, and lift living standards. That’s why I have launched a two-part review:

First, I have asked officials to update the merger and competition provisions in the Commerce Act, to ensure our legal framework is fit for purpose.

Mergers can improve market efficiencies but can also entrench market power and create monopolies. Our merger regime has not been reviewed in over 20 years and since then our economic landscape has changed significantly.
I think everyone in this room can probably point to a merger or acquisition that – with the benefit of hindsight – did not serve us well.

I have also commissioned an independent review of the governance and effectiveness of the Commerce Commission to maximise its performance.

On the one hand, we need strong competition laws, and on the other hand we need a powerful and courageous regulator to enforce the law.

These are important structural changes and signify a strategic shift for our economy.
This year I am also continuing with reforms to unlock capital for the benefit of New Zealand’s economy.
I know that New Zealand urgently needs to address our falling productivity and failing infrastructure. That’s why I want to invigorate our capital markets, to encourage investment in infrastructure and productive businesses. As part of this, we are looking at changes to make it easier for KiwiSaver funds to be invested in unlisted assets, such as infrastructure projects and great New Zealand business.
We are also exploring adjustments to reduce the costs and barriers faced by companies listed, or listing, on the stock exchange. We will look at other aspects of capital markets settings in the second half of this year.
Consumer Data Right
As many of you may be aware, the Customer and Product Data Bill is currently being progressed and is set to have its second reading in Parliament’s next sitting block, which starts next week. This Bill will establish a framework to unlock the potential of customer data, driving innovation and competition in key sectors.
We recently consulted on applying the Bill to the banking sector to enable open banking and are beginning work on applying it out to the electricity sector too. The ability to provide new data-driven products and services is hugely exciting.
Possible applications for open banking include the ability to apply for a 10-minute online home loan and make instant, low-cost payments. Meanwhile open electricity will make it easier to compare electricity plans and switch providers.
Scams
Lastly, I want to talk about a big issue for the financial services sector: Scams.
Last year, New Zealanders reportedly lost around $200 million to scams, which is 15 per cent more than the previous year. However, some estimates suggest the real losses could be as high as $1 billion. This has prompted me to lead an all-of-government effort to engage with industry to tackle this growing issue.
I am working closely with telco, banking, and digital platforms and am watching the reforms being progressed in Australia. I expect to be in a position to announce progress on this work shortly.
Combatting scams is an important social and moral issue – scammers are causing harm and distress to Kiwis – but it is also a business and financial issue. As Kiwis become increasingly concerned about scams, they become distrustful and unwilling to do business online.
One of the by-products of scams is legitimate businesses are finding it increasingly difficult to get in touch with their clients. Consumers no longer want to pick up the phone to an unknown number, or respond to unexpected emails or text messages.
For all these reasons, it is vital that we work with industry to better protect Kiwis from sophisticated and devious scammers – most of whom are based overseas and fall outside our law enforcement.
ACC
Before I close, I just want to briefly talk about ACC, which is a new portfolio I have recently taken up. I am incredibly excited about my new responsibility.
ACC has nearly $50 billion under investment. And while there is a lot to be proud of about ACC, the scheme faces several significant challenges.
For the last 10 years, ACC’s performance – measured as rehabilitating injured people and getting them back to work – has continuously declined. And this comes at an enormous cost. The liability of existing ACC claims increased from $52 billion in 2022/23 to $60 billion in the last financial year. That’s an increase of $8 billion in a single year.
Clearly that’s unsustainable.
As employers, you will know that levies are set to rise around 5 per cent to help meet these rising costs. But we cannot meet the increased costs through levies alone. That’s why we have commissioned an independent review of ACC’s performance so we can address broader, underlying issues with the scheme. Turning around ACC’s performance is no mean feat. It is like turning around a super tanker.
There are a number of key actions that I will initiate early this year, but it will take a while for these actions to flow through to the front lines and for them to show up on the balance sheet. My job as Minister is to chart the course by creating a robust action plan and setting tight expectations so that within a few years, the super tanker is heading in the right direction.
I want to be clear that this is not about cost cutting. It is about ensuring ACC is fair and sustainable and can serve future generations without saddling them with unreasonably high levy increases.
One of the key principles of the ACC scheme is that future generations should not pay for today’s injuries. If we do not arrest the financial situation now, all we do is kick the can down the line and make it the next generation’s problem.
Close
As you can tell, 2024 was a busy year. And 2025 is shaping up to be just as critical. We’ve got several work streams on the go, which I’ve outlined today.
I expect to be progressing them at rapid pace, and I look forward to working with you to take our economic growth to the next level.
Thank you again to the Financial Services Council for having me here today.

MIL OSI New Zealand News –

February 10, 2025
MIL-OSI Australia: Parliamentary Friends of Northern Australia Universities Alliance Event
Source: Australian Executive Government Ministers

Good morning, everyone.

It is a privilege to join you today at the Parliamentary Friends of Northern Australia Universities Alliance event.

Having worked in the University sector for over ten years, it is a subject matter that I have a keen interest in.

I begin by acknowledging the Traditional Owners of the lands on which we meet, the Ngunnawal and Ngambri people, and pay my respects to their Elders, past, present and emerging.

Before we begin can I say that the floods in large parts of north Queensland are a reminder of the struggles communities in northern Australia often face.

But its also a good reminder of how strong and resilient communities in northern Australia are.

I extend my thoughts to those who have been impacted by this event and express my sincere condolences to those who tragically lost a loved one.

I also acknowledge the work of emergency services and all those responding to – or impacted by – this devastating event. The true character of the north is once again on display, and it is truly inspiring.

My federal colleagues including Minister McAllister are working closely with the Queensland government to support all those affected and will continue in the days, weeks and months to come.

Recovering from a disaster like this can take a while, and government, industry and communities all need to work together to help out.

I’d like to acknowledge my parliamentary colleagues here today, particularly the Hon. Milton Dick MP, Speaker of the House of Representatives, for giving us access to this beautiful courtyard.

And to the co-chairs of the Parliamentary Friends of the North and our hosts today:

– Luke Gosling OAM MP, Special Envoy for Northern Australia, and

– Senator Susan McDonald, Shadow Minister for Northern Australia

Both of you work tirelessly for the north, with your sustained advocacy and efforts towards making a real difference to the region.

I want to thank the Northern Australia University Alliance and their Vice Chancellors who I will be meeting with later today:

-Professor Nick Klomp, Vice Chancellor and President of Central Queensland University

-Professor Scott Bowman, Vice Chancellor and President of Charles Darwin University; and

-Professor Simon Briggs, Vice Chancellor and President of James Cook University

Working together is what this event is all about and is at the heart of the Northern Australia agenda.

I know this all too well through the Ministerial Forum on Northern Development which has met four times since it was re-established by the Albanese Labor Government . This Forum has been critical in ensuring that the Federal, Western Australia, Northern Territory and Queensland Governments are working together.

Another important part of the Federal Government’s investment in the north is the Northern Australia Infrastructure Facility which we have topped up by $2 billion to bring their total appropriation to $7 billion.

More recently we appointed an independent panel to undertake a Statutory Review of the NAIF Act. I received an interim report including recommendations in December and I look forward to receiving the final report in coming weeks.

The NAIF has made a significant investment in northern Universities. It has provided:
- $76 million to Central Queensland University to support Digital Transformation through supporting infrastructure, enhancing campuses and remote learning through digital infrastructure;
- $151.5 million to Charles Darwin University’s education and community precinct and Casuarina Campus project; and
- at James Cook University, $140 million for the Engineering & Innovation Place and Student Halls of Residence projects
These projects are critical to attracting domestic and international students to northern universities and solidifies the role of universities in their respective regional economies.

I’m appreciative of the collaborative work and consultation that has gone into the Equity and Workforce initiative you are here this week to discuss.

Events such as this are critical in fostering new relationships, strengthening existing ones and learning more about the potential and the future of northern Australia.

As noted in the Northern Australia Action Plan I released last year, Universities are an important developing partner to ensure the needs of the north are addressed through government action.

This is why I’m looking forward to connecting with new and old friends and hearing your insights on how we can continue to work together to unlock the full potential of northern Australia.

Thank you.

MIL OSI News –
February 10, 2025
MIL-OSI Australia: Party in the Paddock patrolled by police

Source: Tasmania Police

Party in the Paddock patrolled by police

Monday, 10 February 2025 – 2:10 pm.

Police are conducting a large-scale road safety operation at Carrick today, to ensure motorists departing the annual Party in the Paddock festival are safe.
Inspector Grant Twining said “Over the weekend, we saw thousands of people descend on Carrick for the annual Party in the Paddock festival.”
“Police, including drone operators and members from Launceston and Central North Uniform, and Taskforces Raven and Scelus, were on-site for the duration of the festival conducting proactive patrols throughout the site, to ensure public safety.”
“Pleasingly, police would like to thank the large majority of attendees who were well behaved and safe during the event.”
“Disappointingly, a number of people were detected for drug related matters and will be dealt with by the courts.”
During the festival police detected a number of offences including:

A 25-year-old man from New Norfolk was arrested in relation to serious drug matters. He was charged with Possess Controlled Drug, Sell Controlled Drug and Wilfully Obstruct Police. He will appear before the Hobart Magistrates Court at a later date.

Five people will be proceeded against for minor drug matters.

A 24-year-old man from South Launceston was charged with drink driving after he drove through the boundary fence to exit the festival on Saturday night. He will appear before the Launceston Magistrates Court at a later date.

MIL OSI News –

February 10, 2025
MIL-OSI China: Chinese box office hit ‘Ne Zha 2’ premieres in LA

Source: China State Council Information Office 3

A poster for “Ne Zha 2.” [Image courtesy of Coloroom Pictures]

Chinese box office hit “Ne Zha 2” made its overseas premiere Saturday night in Hollywood, Los Angeles, drawing hundreds of fans and filmmakers from both China and the United States.

Li Zhiqiang, China’s deputy consul general in Los Angeles, highlighted the film’s strong performance in China and its growing global appeal. He said at the premiere that pre-sales for “Ne Zha 2” were booming in North America and emphasized the potential for deeper collaboration between China and the United States in the film and television industry.

Hollywood producer Robert King praised the film’s quality and scale after watching the premiere, saying that Chinese films have made significant strides in storytelling in recent years. He expressed hope for stronger cooperation between Hollywood and the Chinese film industry in the future.

The animated epic fantasy film has captivated Chinese audiences with its exquisite animation production, grand visual imagination and rich cultural expression. After opening on Jan. 29, the first day of Chinese New Year, the film has smashed box office records, becoming the highest-grossing film of all time in China.

By 0220 GMT on Monday, the film had grossed over 8.15 billion yuan (about 1.15 billion U.S. dollars) in the Chinese mainland, surpassing Star Wars: The Force Awakens as the highest-grossing film ever in a single market, according to ticketing platform Maoyan.

“Ne Zha 2” is the sequel to the 2019 animated blockbuster “Ne Zha.” Both films were inspired by the classic 16th-century novel “The Investiture of the Gods.”

CMC Pictures is set to release “Ne Zha 2” in the United States, Canada, Australia and New Zealand next week.

The film, presented in Mandarin with English subtitles, will be available in around 60 IMAX theaters in 30 North American cities, including Los Angeles, New York, Toronto and Montreal, starting Wednesday.

MIL OSI China News –

February 10, 2025
MIL-Evening Report: Golf courses can be safe havens for wildlife and beacons of biodiversity

Source: The Conversation (Au and NZ) – By Jacinta Humphrey, Research Fellow in Urban Ecology, RMIT University

Golf courses are sometimes seen as harmful to the environment. According to the popular notion, the grass soaks up too much water, is cut too short and sprayed with dangerous chemicals. But in reality, golf courses can act as safe havens for native wildlife, especially in cities.

Cities are home to a wide range of plants and animals, including 30% of Australia’s threatened species. But ongoing population growth and urban development threatens this biodiversity. We’re still losing green space and tree cover, leaving less habitat and resources for native birds, bats, possums, lizards, frogs, beetles and butterflies.

This is where golf courses can play a role. Australia is one of the golfing capitals of the world, with more than 1,800 active courses. These courses represent large, continuous green spaces often with native vegetation, mature trees, lakes and wetlands. Given their ubiquity, golf courses could help conserve urban biodiversity.

This week, the annual LIV Golf tournament returns to Grange Golf Club in South Australia. Grange is one of 30 Australian golf courses certified for its commitment to sustainability, partly due to its extensive woodland, natural habitats and wildlife. So what makes a golf course good or bad for biodiversity?

Grange Golf Club has a Biodiversity Manager.

The gold in the rough

From a biodiversity perspective, the most valuable part of a golf course is the area all golfers seek to avoid: the “rough”. These spaces between the green, manicured fairways can include remnant or restored bushland with dense leaf litter, long grass, thick shrubs, and both living and dead trees. This vegetation is often native and features a diversity of plant species.

Collectively, this can provide a range of resources for native wildlife including food, shelter and tree hollows for nesting. In Melbourne, research found golf courses provided better habitat for wildlife than nearby suburban streets and parklands. They were also home to a greater diversity of birds and bats.

Golf courses also have relatively little human activity. Golfers are only allowed on the course during certain hours of the day. Courses usually do not allow dogs. And there are few cars and roads, so there’s less noise and light pollution than in other urban areas. This makes golf courses pretty attractive to native animals looking for somewhere to live.

Many golf courses are heavily irrigated to ensure high-quality playing surfaces. This ample water supply (typically from recycled sources) is fantastic for wildlife, especially in warmer and drier climates. Birds are known to flock to water resources during drought – a behaviour likely to become more common under future climate change.

Much-feared water hazards for golfers, such as lakes and ponds, actually provide valuable habitat for aquatic birds, frogs, fish and insects. These water bodies are particularly important in cities where wetlands are regularly cleared to make way for new houses, shops and roads.

Importantly, once constructed, golf courses are rarely threatened by clearing or development. In Perth, research found golf courses helped protect native vegetation as development spread through surrounding suburbs. The mere existence of a golf course can help secure a home for native species for many decades to come.

Golf courses are not a perfect solution

However, not all land on golf courses is valuable for wildlife. Large open areas such as fairways typically only benefit species adapted to life in cities such as the aggressive noisy miner.

Golf courses can also harbour pests such as cane toads, rats and common mynas. These undesirable species may pose a threat to native biodiversity.

The use of pesticides and fertilisers can affect soil quality, contaminate water sources, and make frogs sick.

Frequent lawn mowing can reduce insect diversity, particularly among bugs, bees, wasps and ants. This is likely to have flow-on effects for animals that feed on insects, and for flowering plants that depend on insects for pollination and seed dispersal.

Some urban golf courses may also be physically isolated from other suitable habitats, making it hard for wildlife to safely move around to find food, water and a mate. To get in and out, animals may need to cross busy roads or move through dangerous areas where they are exposed to predators such as cats and foxes.

Four golf courses in Adelaide are working together to improve and connect habitat.
Glenelg Golf Club

So, how can we best manage golf courses for biodiversity?

In an ideal world, golf courses should only be constructed in developed areas. That’s because constructing courses in natural, undisturbed areas is likely to involve clearing vegetation for fairways, greens, car parks and club houses.

As a result, the biodiversity value of a golf course increases the closer it is to a city.

Existing golf courses can help protect biodiversity by retaining and restoring diverse bushland patches in the rough. Important conservation areas can also be fenced off and deemed “out of bounds” to golfers.

The use of harsh chemicals should be reduced to minimise risks to soil, water and wildlife. “Organic golf courses” overseas are already making progress in this space, but they are far from mainstream.

Finally, efforts must be made to connect golf courses to nearby parks and reserves through wildlife corridors, road underpasses, and special crossing structures such as rope bridges. This will enable animals to safely move around the urban landscape.

Many golf courses now have biodiversity management plans and are working hard to make their practices more sustainable. In other cases, disused golf courses are even being converted into conservation reserves, such as the Yalukit Willam Nature Reserve in Elsternwick, Melbourne.

While golf courses cannot replace natural habitats, they can provide a useful alternative for many species that call our cities home.

Jacinta Humphrey receives funding from the Holsworth Wildlife Research Endowment, the Ecological Society of Australia, BirdLife Australia, Australian Wildlife Society, and the Field Naturalists Club of Victoria.

– ref. Golf courses can be safe havens for wildlife and beacons of biodiversity – https://theconversation.com/golf-courses-can-be-safe-havens-for-wildlife-and-beacons-of-biodiversity-246673

MIL OSI Analysis – EveningReport.nz –

February 10, 2025
MIL-Evening Report: Different songs for different days: why it’s important to actively choose the music for your mood

Source: The Conversation (Au and NZ) – By Katrina McFerran, Professor and Head of Creative Arts and Music Therapy Research Unit; Director of Researcher Development Unit, The University of Melbourne

New York Public Library

Many of us take pleasure in listening to music. Music accompanies important life events and lubricates social encounters. It represents aspects of our existing identity, as well as our hopes and dreams. It expresses emotions that cannot be explained with words. Music also distracts us from boredom and difficulty and helps us escape into another world.

Music seems to have a magical power: a wand to be waved that makes life feel better. But what if the power was not in the music itself? In fact, the power of music comes from our choices in what to listen to and the human agency we express in this act.

It can be seen as a placebo effect where the music is endowed with special powers by our minds. The qualities of the music are important. But as with all art, it is how we uniquely perceive the song that makes our experience powerful.

My research has shown most of us operate on autopilot when it comes to choosing music, often assuming previous music selections will have the same effect even under very different circumstances.

Stepping out of autopilot and being more intentional in the songs we chose can move from hoping the music will make you feel good, to knowing it will and seeing how it does.

Choose the right music for you

The way we experience music is personal. There is no one song that is going to make everyone feel the same.

Think about trying to pick a song to make you feel happy, or to listen to when you’re happy. If the power was in the musical qualities of the song itself, Pharrell Williams’ Happy might work. The song has several uplifting musical features: a simple but catchy melody; an energising rhythm emphasised by the singer clicking along; a lively tempo; and words that repeat the key idea.

It’s similar to Psy’s Gangnam Style, Katrina and the Waves’ Walking on Sunshine or ABBA’s Waterloo.

But just because these songs sound happy, do they make you feel happy? Would they make it into your personal top five pleasure-inducing tracks?

Your song selections are different to your friends because of the personal associations you have with them, including your personal taste. That’s why AI can’t generate the right songs for you if you ask it for “happy songs”.

You would be better off to start by looking at your own playlists and frequently played tracks to identify which ones actually make you feel good, personally.

Understanding meaning

It’s important to distinguish between pleasure-inducing tracks and meaningful songs.

Meaningful songs are linked to a range of emotions, identities, histories and social connections – but only some of those are pleasure inducing. Others connect to poignant and beautiful feelings such as grief and loss, whether that is missing home or missing people and creatures we love. This poignancy is distinct from hedonism, which is happiness without negative affect.

If you’re experiencing grief, for example, there may be a beauty in remembering your loved one, but it is connected to the pain of their absence. Choosing pleasure-inducing songs operates as an aesthetic distraction to take our mind away from the pain, which is a different (not necessarily worse or better) choice.

Listening to sad songs when you feel low may help with emotional processing – but not always.
Antonio Guillem/Shutterstock

Sometimes meaning doesn’t come with a beautiful purpose. Like the love song that becomes the breakup song. Or the favourite artist whose death renders a song poignant rather than uplifting. Then the song may help with emotional processing, or it may not, it can just fulfil a desire for rumination – a thought we keep circling around without discharging the intensity or our perspective on it.

It might seem obvious that these events will change the way we feel when we listen to a song. But it can be surprisingly difficult to let go of music we love.

Sad songs can be enjoyable and/or a beautiful way of connecting to emotional experiences. But they can also intensify our negative emotions, which doesn’t always lead to resolution.

Being conscious and intentional in music choices is important, especially if you’re tending to ruminate. During down times in life, it is worth checking in after listening to make sure the song is helping you process and resolve, and not just intensify and maintain a negative state you would rather leave behind.

Finding what you love

But most days you are safe to let your instincts guide you. After all, there’s nothing more pleasurable than spending time listening to a banger.

In technical speak, we call these “preferred songs” – songs that might not be personally meaningful, or fill you with joy exactly, but they are just great tracks. Music you love, appreciate and rate.

But even identifying preferred songs is still personal. Despite what many people think, it’s very difficult to get agreement about what makes a good song. But it’s not difficult to identify the songs that you think are great. In fact, it’s a super fun thing to do.

Katrina McFerran has received funding from the Australian Research Council and the University of Melbourne to investigate this topic. She is a registered music therapist with the Australian Music Therapy Association.

– ref. Different songs for different days: why it’s important to actively choose the music for your mood – https://theconversation.com/different-songs-for-different-days-why-its-important-to-actively-choose-the-music-for-your-mood-246233

MIL OSI Analysis – EveningReport.nz –

February 10, 2025
MIL-Evening Report: Trump is now flagging tariffs on steel and aluminium. Can Albanese win an exemption for Australia?

Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

The Albanese government is set to mount a major effort to win an exemption from a proposed 25% tariff on steel and aluminium imports to the United States foreshadowed by President Donald Trump.

Assuming Trump follows through on the move, it will put major pressure on the prime minister to match the success of the Turnbull government in 2018 when Trump put a 25% tariff on steel and a 10% tariff on aluminium in his first administration.

Speaking to reporters travelling on Air Force One, Trump flagged he would make the tariff announcement on Monday (Washington time). He said the tariffs would start “almost immedciately” on all foreign steel and aluminium imports.

The Australian government on Monday was scrambling to put together its response, although government sources insisted it was not surprised and was well prepared.

Cabinet met on Monday morning where the Trump comments were presumably discussed.

Trade Minister Don Farrell said on Monday:

We have consistently made the case for free and fair trade, including access into the US market for Australian steel and aluminium.

Our bilateral economic relationship is mutually beneficial – Australian steel and aluminium is creating thousands of good paying American jobs, and are key for our shared defence interests too.

Sources said the government had been making representations on steel and aluminium for months.

Last week, Farrell said he was seeking talks with incoming US Commerce Secretary Howard Lutnick, but that would have to wait until he was confirmed.

In the lobbying for special treatment, the government will stress that the US has a trade surplus with Australia.

In 2023-24, the US imported about 240,000 tonnes of steel products from Australia, valued at US$250 million (A$400 million).

US imports of Australian aluminium peaked in 2019 at about 270,000 tonnes and declined to around 83,000 in 2024. The three-year average imports from Australia were 167,000 tonnes per year, valued at US$496 million (A$791 million).

Nationals leader David Littleproud said the issue was a test for Anthony Albanese and Australia’s ambassador to the US, Kevin Rudd.

Littleproud said:

When you make disparaging comments about leaders in other parts of the world sometimes it comes back to bite you.

And unfortunately it could be the Australian economy that gets the bite.

This is a test to see whether Anthony Albanese’s previous remarks and Kevin Rudd’s previous remarks about President Trump has done this nation harm.

Littleproud said if Rudd was “not the right person to have these discussions, then we should be mature enough as a country to send someone who can have those discussions to get that carveout”.

Deputy Prime Minister Richard Marles has just returned from Washington.

At a news conference there, he was asked whether Australia was concerned about direct reciprocal tariffs or a flow-on effect from them.

Marles said:

We obviously are engaging with the United States in respect of our bilateral relationship in respect to tariffs.

We’ll obviously press Australia’s interest in our case in respect of that. But none of this is a surprise. We know what President Trump’s platform was as he went into the American election.

He’s been very clear about his policy direction. And so I think we all understand that is going to see changes in American policy in relation to this. From an Australian point of view, we will continue to press the Australian case around the question of trade.

Michelle Grattan does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Trump is now flagging tariffs on steel and aluminium. Can Albanese win an exemption for Australia? – https://theconversation.com/trump-is-now-flagging-tariffs-on-steel-and-aluminium-can-albanese-win-an-exemption-for-australia-249476

MIL OSI Analysis – EveningReport.nz –

February 10, 2025

Category: Australia

UK Space Commander, Major General Paul Tedman said:

Ben Bridge, Airbus Defence and Space UK Chairman, said:

Paul Russell, Space team leader at DE&S said:

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