NewzIntel.com

Category: Business

  • MIL-OSI New Zealand: Union Name Change – Our union’s new name: ‘FIRST Union’ Becomes ‘Workers First Union’

    Source: Workers First Union

    Workers First Union is pleased to announce that the union has now formally changed its name from ‘FIRST Union’ to ‘Workers First Union’ (or ‘Workers First’, for short) following a vote by delegates at the union’s Annual General Meeting in December 2024.
    Dennis Maga, Workers First General Secretary, said he was proud that the union was making its mission clear with the new name.
    “For too long, employers have been putting workers second or worse, with fair wage rises and workplace wellbeing ranking last after a long list of shareholders, creditors and managers,” said Mr Maga.
    “I’m excited to enter the next era with a new name befitting of our union’s work and purpose – we put workers first.”
    FIRST Union was formed in 2011 through the merger of the National Distribution Union (NDU) and the Finance Sector Union of New Zealand (Finsec). NDU represented workers in the retail, distribution, and textile industries, while Finsec represented employees in banking and finance. The new Workers First Union has since grown to cover over 32,000 workers across retail, finance, transport, logistics and manufacturing. The union is an affiliate of the Council of Trade Unions(CTU) but unaffiliated to any political parties.
    Mr Maga said that the union had sought to change its name to distinguish the organisation from similarly named business entities and encapsulate the union’s purpose more clearly.
    “This change reflects what our members have always known: our union is here to fight for them, whether in wage bargaining, on the picket line, or in the halls of Parliament,” said Mr Maga.
    “The new name embodies the interests of working people in New Zealand and is particularly apt at a time when a far-right Government is abandoning the working class in favour of an illusory ‘growth’ model for their corporate backers.”
    “Workers in Aotearoa face serious challenges ahead, from increasing workplace automation to stagnating wages, but our union is built on collective strength, and we will meet these challenges head-on in 2025 and beyond.”
    Background information
    – The union’s main website address is now workersfirst.nz

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Energy Sector – Electricity Authority shines new spotlight on the retail market

    Source: Electricity Authority

    The Electricity Authority Te Mana Hiko (the Authority) is introducing mandatory retailer reporting of domestic and small business customer data to increase transparency and accountability in New Zealand’s retail electricity market. Towards the end of 2025 the Authority will begin publishing aggregated retail data and insights on its website.
    Authority General Manager Retail and Consumer Andrew Millar says increased retail reporting will enable the Authority to protect consumers’ interests, make proactive regulatory changes that support their needs, and hold the industry to account to ensure vulnerable customers are protected and promote competition.
    “As we build a comprehensive and reliable data set over time, we’ll be able to identify and communicate trends and issues to help inform policy decisions, and share these insights with industry, investors and consumers,” says Millar.
    “Improved oversight of retail plans and prices will enable us to assess the barriers that consumers face, promote retail competition and shine a light on retailer performance.”
    Importantly, retailers will be required to provide information about medically dependent and prepay consumers and disconnections to enable robust compliance monitoring of the new mandatory Consumer Care Obligations.
    “We are putting consumers at the forefront of our decisions to protect their interests, increase their choices, and give people greater control over their electricity use and costs,” Millar said.
    The Authority is providing retailers with a five-month implementation period for the new reporting requirement, to enable them to make any necessary operational changes. As the Authority’s need for retail market information and data continues to increase, this more streamlined, automated process will reduce long-term regulatory burden. Retailers with fewer than 1000 domestic and small business customer connections are excused from some of the new requirements.
    When developing its approach, the Authority confirmed that the long-term benefits for consumers will outweigh any costs. The Authority will work with retailers to respond to questions and implementation challenges if they arise, as they prepare to provide their first report in August 2025.
    The Authority has powerful information gathering powers under the Electricity Industry Act 2010 and in the Electricity Industry Participation Code 2010 (the Code). This new requirement, implemented under clause 2.16 of the Code, supports the Authority’s statutory function to monitor the industry and electricity markets, and make data, information and tools available to help improve participation in and understanding of the electricity markets by consumers and industry participants.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Economy – RBNZ supports release of Police’s National Risk Assessment

    Source: Reserve Bank of New Zealand

    17 March 2025 – The Reserve Bank of New Zealand – Te Pūtea Matua welcomes the release of the latest National Risk Assessment (NRA) from Police’s Financial Intelligence Unit. The report assesses threat and sectoral vulnerability, exploring their impact on money laundering and terrorism financing risk and proliferation financing in New Zealand.

    “An effective Anti-Money Laundering and Countering-Financing of Terrorism (AML/CFT) system enhances the economic wellbeing and prosperity for all New Zealanders by safeguarding the integrity of our financial system and keeping it resilient against crime,” RBNZ Manager AML/CFT Supervision Damian Henry says.

    This Assessment outlines the significant criminal behaviours generating illicit income that threatens New Zealand’s financial system. It also assesses and identifies the vulnerabilities within our financial system that criminals are taking advantage of when they launder proceeds of crime.

    “The release of the NRA is a trigger for reporting entities to review and update their respective risk assessments accordingly. We encourage them all to review the report,” Mr Henry says.

    This NRA identifies that fraud-related crime, drug crime and transnational money laundering are the highest threat, with fraud accelerating and seeing both ‘defrauding’ and the subsequent ‘laundering’ occurring within the financial system.

    This means the banking sector remains highly vulnerable to money laundering, along with any sector that offers services and products enabling movement of proceeds out of or into New Zealand.

    “The NRA is a key document for New Zealand’s AML/CFT system as a clear understanding of risk strengthens our system’s resilience, enabling direct responses and maximising the benefits of security for both our financial sector and communities,” Mr Henry says.
     

    More information

    Read the 2024 National Risk Assessment : https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=6e23c63d40&e=f3c68946f8

    MIL OSI New Zealand News –

  • MIL-OSI China: Investigation report released for deadly 2024 bus crash

    Source: China State Council Information Office 2

    An investigation report released on Sunday concluded that a fatal bus crash in north China’s Shanxi Province in 2024 was a production safety incident.
    Fourteen people were killed and 37 others injured after a passenger bus crashed into a tunnel wall on the Hohhot-Beihai Expressway in Shanxi on March 19, 2024.
    According to the report released by Shanxi provincial department of emergency management, the accident was caused by a combination of driver fatigue, speeding in the tunnel, and the failure to use headlights. negligence by the involved bus company and regulatory authorities also contributed to the crash, the report determined.
    Direct economic losses resulting from this accident were estimated at approximately 15.89 million yuan (about 2.22 million U.S. dollars).
    The report suggested that Li Congyong, the legal representative of Jiajun Transport Company, along with several others, be transferred to judicial authorities.
    Several other involved enterprises and individuals have also been advised for administrative penalties, according to the report.
    A total of 18 people were held accountable by disciplinary inspection and supervisory commissions in Shanxi Province and Henan Province, respectively.
    Three of the people held accountable are in Shanxi, while the remaining 15 are in Henan in central China.

    MIL OSI China News –

  • MIL-Evening Report: Australia’s defence – navigating US-China tensions in changing world

    SPECIAL REPORT: By Peter Cronau for Declassified Australia

    Australia is caught in a jam, between an assertive American ally and a bold Chinese trading partner. America is accelerating its pivot to the Indo-Pacific, building up its fighting forces and expanding its military bases.

    As Australia tries to navigate a pathway between America’s and Australia’s national interests, sometimes Australia’s national interest seems to submerge out of view.

    Admiral David Johnston, the Chief of the Australia’s Defence Force, is steering this ship as China flexes its muscle sending a small warship flotilla south to circumnavigate the continent.

    He has admitted that the first the Defence Force heard of a live-fire exercise by the three Chinese Navy ships sailing in the South Pacific east of Australia on February 21, was a phone call from the civilian Airservices Australia.

    “The absence of any advance notice to Australian authorities was a concern, notably, that the limited notice provided by the PLA could have unnecessarily increased the risk to aircraft and vessels in the area,” Johnston told Senate Estimates .

    Johnston was pressed to clarify how Defence first came to know of the live-fire drill: “Is it the case that Defence was only notified, via Virgin and Airservices Australia, 28 minutes [sic] after the firing window commenced?”

    To this, Admiral Johnston replied: “Yes.”

    If it happened as stated by the Admiral — that a live-fire exercise by the Chinese ships was undertaken and a warning notice was transmitted from the Chinese ships, all without being detected by Australian defence and surveillance assets — this is a defence failure of considerable significance.

    Sources with knowledge of Defence spoken to by Declassified Australia say that this is either a failure of surveillance, or a failure of communication, or even more far-reaching, a failure of US alliance cooperation.

    And from the very start the official facts became slippery.

    What did they know and when did they know it
     The first information passed on to Defence by Airservices Australia came from the pilot of a Virgin passenger jet passing overhead the flotilla in the Tasman Sea that had picked up the Chinese Navy VHF radio notification of an impending live-fire exercise.

    The radio transmission had advised the window for the live-fire drill commenced at 9.30am and would conclude at 3pm.

    We know this from testimony given to Senate Estimates by the head of Airservices Australia. He said Airservices was notified at 9.58am by an aviation control tower informed by the Virgin pilot. Two minutes later Airservices issued a “hazard alert” to commercial airlines in the area.

    The Headquarters of the Defence Force’s Joint Operations Command (HJOC), at Bungendore 30km east of Canberra, was then notified about the drill by Airservices at 10.08am, 38 minutes after the drill window had commenced.

    When questioned a few days later, Prime Minister Anthony Albanese appeared to try to cover for Defence’s apparent failure to detect the live-fire drill or the advisory transmission.

    “At around the same time, there were two areas of notification. One was from the New Zealand vessels that were tailing . ..  the [Chinese] vessels in the area by both sea and air,” Albanese stated. “So that occurred and at the same time through the channels that occur when something like this is occurring, Airservices got notified as well.”

    But the New Zealand Defence Force had not notified Defence “at the same time”. In fact it was not until 11.01am that an alert was received by Defence from the New Zealand Defence Force — 53 minutes after Defence HQ was told by Airservices and an hour and a half after the drill window had begun.

    The Chinese Navy’s stealth guided missile destroyer Zunyi, sailing south in the Coral Sea on February 15, 2025, in a photograph taken from a RAAF P-8A Poseidon surveillance plane. Image: Royal Australian Air Force/Declassified Australia

    Defence Minister Richard Marles later in a round-about way admitted on ABC Radio that it wasn’t the New Zealanders who informed Australia first: “Well, to be clear, we weren’t notified by China. I mean, we became aware of this during the course of the day.

    “What China did was put out a notification that it was intending to engage in live firing. By that I mean a broadcast that was picked up by airlines or literally planes that were commercial planes that were flying across the Tasman.”

    Later the Chinese Ambassador to Australia, Xiao Qian, told ABC that two live-fire training drills were carried out at sea on February 21 and 22, in accordance with international law and “after repeatedly issuing safety notices in advance”.

    Eyes and ears on ‘every move’
     It was expected the Chinese-navy flotilla would end its three week voyage around Australia on March 7, after a circumnavigation of the continent. That is not before finally passing at some distance the newly acquired US-UK nuclear submarine base at HMAS Stirling near Perth and the powerful US communications and surveillance base at North West Cape.

    Just as Australia spies on China to develop intelligence and targeting for a potential US war, China responds in kind, collecting data on US military and intelligence bases and facilities in Australia, as future targets should hostilities commence.

    The presence of the Chinese Navy ships that headed into the northern and eastern seas around Australia attracted the attention of the Defence Department ever since they first set off south through the Mindoro Strait in the Philippines and through the Indonesian archipelago from the South China Sea on February 3.

    “We are keeping a close watch on them and we will be making sure that we watch every move,” Marles stated in the week before the live-fire incident.

    “Just as they have a right to be in international waters . . .  we have a right to be prudent and to make sure that we are surveilling them, which is what we are doing.”

    Around 3500 km to the north, a week into the Chinese ships’ voyage, a spy flight by an RAAF P-8A Poseidon surveillance plane on February 11, in a disputed area of the South China Sea south of China’s Hainan Island, was warned off by a Chinese J-16 fighter jet.

    The Chinese Foreign Ministry responded to Australian protests claiming the Australian aircraft “deliberately intruded” into China’s claimed territorial airspace around the Paracel Islands without China’s permission, thereby “infringing on China’s sovereignty and endangering China’s national security”.

    Australia criticised the Chinese manoeuvre, defending the Australian flight saying it was “exercising the right to freedom of navigation and overflight in international waters and airspace”.

    Two days after the incident, the three Chinese ships on their way to Australian waters were taking different routes in beginning their own “right to freedom of navigation” in international waters off the Australian coast. The three ships formed up their mini flotilla in the Coral Sea as they turned south paralleling the Australian eastern coastline outside of territorial waters, and sometimes within Australia’s 200-nautical-mile (370 km) Exclusive Economic Zone.

    “Defence always monitors foreign military activity in proximity to Australia. This includes the Peoples Liberation Army-Navy (PLA-N) Task Group.” Admiral Johnston told Senate Estimates.

    “We have been monitoring the movement of the Task Group through its transit through Southeast Asia and we have observed the Task Group as it has come south through that region.”

    The Task Group was made up of a modern stealth guided missile destroyer Zunyi, the frigate Hengyang, and the Weishanhu, a 20,500 tonne supply ship carrying fuel, fresh water, cargo and ammunition. The Hengyang moved eastwards through the Torres Strait, while the Zunyi and Weishanhu passed south near Bougainville and Solomon Islands, meeting in the Coral Sea.

    This map indicates the routes taken by the three Chinese Navy ships on their “right to freedom of navigation” voyage in international waters circumnavigating Australia, with dates of way points indicated — from 3 February till 6 March 2025. Distances and locations are approximate. Image: Weibo/Declassified Australia

    As the Chinese ships moved near northern Australia and through the Coral Sea heading further south, the Defence Department deployed Navy and Air Force assets to watch over the ships. These included various RAN warships including the frigate HMAS Arunta and a RAAF P-8A Poseidon intelligence, surveillance and reconnaissance plane.

    With unconfirmed reports a Chinese nuclear submarine may also be accompanying the surface ships, the monitoring may have also included one of the RAN’s Collins-class submarines, with their active range of sonar, radar and radio monitoring – however it is uncertain whether one was able to be made available from the fleet.

    “From the point of time the first of the vessels entered into our more immediate region, we have been conducting active surveillance of their activities,” the Defence chief confirmed.

    As the Chinese ships moved into the southern Tasman Sea, New Zealand navy ships joined in the monitoring alongside Australia’s Navy and Air Force.

    The range of signals intelligence (SIGINT) that theoretically can be intercepted emanating from a naval ship at sea includes encrypted data and voice satellite communications, ship-to-ship communications, aerial drone data and communications, as well as data of radar, gunnery, and weapon launches.

    There are a number of surveillance facilities in Australia that would have been able to be directed at the Chinese ships.

    Australian Signals Directorate’s (ASD) Shoal Bay Receiving Station outside of Darwin, picks up transmissions and data emanating from radio signals and satellite communications from Australia’s near north region. ASD’s Cocos Islands receiving station in the mid-Indian ocean would have been available too.

    The Jindalee Operational Radar Network (JORN) over-the-horizon radar network, spread across northern Australia, is an early warning system that monitors aircraft and ship movements across Australia’s north-western, northern, and north-eastern ocean areas — but its range off the eastern coast is not thought to presently reach further south than the sea off Mackay on the Queensland coast.

    Of land-based surveillance facilities, it is the American Pine Gap base that is believed to have the best capability of intercepting the ship’s radio communications in the Tasman Sea.

    Enter, Pine Gap and the Americans
     The US satellite surveillance base at Pine Gap in Central Australia is a US and Australian jointly-run satellite ground station. It is regarded as the most important such American satellite base outside of the USA.

    The spy base – Joint Defence Facility Pine Gap (JDFPG) – showing the north-eastern corner of the huge base with some 18 of the base’s now 45 satellite dishes and covered radomes visible. Image: Felicity Ruby/Declassified Australia

    The role of ASD in supporting the extensive US surveillance mission against China is increasingly valued by Australia’s large Five Eyes alliance partner.

    A Top Secret ‘Information Paper’, titled “NSA Intelligence Relationship with Australia”, leaked from the National Security Agency (NSA) by Edward Snowden and published by ABC’s Background Briefing, spells out the “close collaboration” between the NSA and ASD, in particular on China:

    “Increased emphasis on China will not only help ensure the security of Australia, but also synergize with the U.S. in its renewed emphasis on Asia and the Pacific . . .   Australia’s overall intelligence effort on China, as a target, is already significant and will increase.”

    The Pine Gap base, as further revealed in 2023 by Declassified Australia, is being used to collect signals intelligence and other data from the Israeli battlefield of Gaza, and also Ukraine and other global hotspots within view of the US spy satellites.

    It’s recently had a significant expansion (reported by this author in The Saturday Paper) which has seen its total of satellite dishes and radomes rapidly increase in just a few years from 35 to 45 to accommodate new heightened-capability surveillance satellites.

    Pine Gap base collects an enormous range and quantity of intelligence and data from thermal imaging satellites, photographic reconnaissance satellites, and signals intelligence (SIGINT) satellites, as expert researchers Des Ball, Bill Robinson and Richard Tanter of the Nautilus Institute have detailed.

    These SIGINT satellites intercept electronic communications and signals from ground-based sources, such as radio communications, telemetry, radar signals, satellite communications, microwave emissions, mobile phone signals, and geolocation data.

    Alliance priorities
     The US’s SIGINT satellites have a capability to detect and receive signals from VHF radio transmissions on or near the earth’s surface, but they need to be tasked to do so and appropriately targeted on the source of the transmission.

    For the Pine Gap base to intercept VHF radio signals from the Chinese Navy ships, the base would have needed to specifically realign one of those SIGINT satellites to provide coverage of the VHF signals in the Tasman Sea at the time of the Chinese ships’ passage. It is not known publicly if they did this, but they certainly have that capability.

    However, it is not only the VHF radio transmission that would have carried information about the live-firing exercise.

    Pine Gap would be able to monitor a range of other SIGINT transmissions from the Chinese ships. Details of the planning and preparations for the live-firing exercise would almost certainly have been transmitted over data and voice satellite communications, ship-to-ship communications, and even in the data of radar and gunnery operations.

    But it is here that there is another possibility for the failure.

    The Pine Gap base was built and exists to serve the national interests of the United States. The tasking of the surveillance satellites in range of Pine Gap base is generally not set by Australia, but is directed by United States’ agencies, the National Reconnaissance Office (NRO) together with the US Defense Department, the National Security Agency (NSA), and Central Intelligence Agency (CIA).

    Australia has learnt over time that US priorities may not be the same as Australia’s.

    Australian defence and intelligence services can request surveillance tasks to be added to the schedule, and would have been expected to have done so in order to target the southern leg of the Chinese Navy ships’ voyage, when the ships were out of the range of the JORN network.

    The military demands for satellite time can be excessive in times of heightened global conflict, as is the case now.

    Whether the Pine Gap base was devoting sufficient surveillance resources to monitoring the Chinese Navy ships, due to United States’ priorities in Europe, Russia, the Middle East, Africa, North Korea, and to our north in the South China Sea, is a relevant question.

    It can only be answered now by a formal government inquiry into what went on — preferably held in public by a parliamentary committee or separately commissioned inquiry. The sovereign defence of Australia failed in this incident and lessons need to be learned.

    Who knew and when did they know
     If the Pine Gap base had been monitoring the VHF radio band and heard the Chinese Navy live-fire alert, or had been monitoring other SIGINT transmissions to discover the live-fire drill, the normal procedure would be for the active surveillance team to inform a number of levels of senior officers, a former Defence official familiar with the process told Declassified Australia.

    Inside an operations room at the Australian Signals Directorate (ASD) head office at the Defence complex at Russell Hill in Canberra. Image: ADF/Declassified Australia

    Expected to be included in the information chain are the Australian Deputy-Chief of Facility at the US base, NSA liaison staff at the base, the Australian Signals Directorate head office at the Defence complex at Russell Hill in Canberra, the Defence Force’s Headquarters Joint Operations Command, in Bungendore, and the Chief of the Defence Force. From there the Defence Minister’s office would need to have been informed.

    As has been reported in media interviews and in testimony to the Senate Estimates hearings, it has been stated that Defence was not informed of the Chinese ships’ live-firing alert until a full 38 minutes after the drill window had commenced.

    The former Defence official told Declassified Australia it is vital the reason for the failure to detect the live-firing in a timely fashion is ascertained.

    Either the Australian Defence Force and US Pine Gap base were not effectively actively monitoring the Chinese flotilla at this time — and the reasons for that need to be examined — or they were, but the information gathered was somewhere stalled and not passed on to correct channels.

    If the evidence so far tendered by the Defence chief and the Minister is true, and it was not informed of the drill by any of its intelligence or surveillance assets before that phone call from Airservices Australia, the implications need to be seriously addressed.

    A final word
     In just a couple of weeks the whole Defence environment for Australia has changed, for the worse.

    The US military announces a drawdown in Europe and a new pivot to the Indo-Pacific. China shows Australia it can do tit-for-tat “navigational freedom” voyages close to the Australian coast. US intelligence support is withdrawn from Ukraine during the war. Australia discovers the AUKUS submarines’ arrival looks even more remote. The prime minister confuses the limited cover provided by the ANZUS treaty.

    Meanwhile, the US militarisation of Australia’s north continues at pace. At the same time a senior Pentagon official pressures Australia to massively increase defence spending. And now, the country’s defence intelligence system has experienced an unexplained major failure.

    Australia, it seems, is adrift in a sea of unpredictable global events and changing alliance priorities.

    Peter Cronau is an award-winning, investigative journalist, writer, and film-maker. His documentary, The Base: Pine Gap’s Role in US Warfighting, was broadcast on Australian ABC Radio National and featured on ABC News. He produced and directed the documentary film Drawing the Line, revealing details of Australian spying in East Timor, on ABC TV’s premier investigative programme Four Corners. He won the Gold Walkley Award in 2007 for a report he produced on an outbreak of political violence in East Timor. This article was first published by Declassified Australia and is republished here with the author’s permission.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Australia: $5 Banknote Theme Celebrates First Nations Connection to Country

    Source: Reserve Bank of Australia

    The Reserve Bank of Australia (RBA) is today announcing the theme for the updated $5 banknote, which will honour the enduring emotional, spiritual, and physical connection of First Nations peoples to country.

    Assistant Governor (Business Services) Michelle McPhee says, ‘The theme encompasses the deep connection First Nations peoples have to the land, the waters and the sky.’

    ‘This inspiring theme will guide the creation of an artwork that will feature on the redesigned banknote.’

    ‘The selection of a theme follows an Australia-wide campaign, which led to more than 2,100 theme nominations from the public.’

    ‘We extend our gratitude to everyone who made a submission.’

    Theme for the $5 Banknote

    For Aboriginal and Torres Strait Islander people, Country is more than just the land. Country is the land, the waters, and the sky. All are connected. The imagery on the $5 banknote should recognise the enduring connection that First Nations peoples have to Country – as an emotional and spiritual connection, as much as a physical one.

    An important context for this connection is the overturning of the concept of terra nullius. This action recognised the existence of Aboriginal and Torres Strait Islander people’s relationship to Country for thousands of years. The artist is invited to reflect how this decision has shaped a positive future for First Nations peoples.

    Key to this theme is the recognition of First Nations communities’ contribution to the restoration and conservation of our environment. Using traditional ecological knowledge First Nations peoples continue to act as custodians to sustain and conserve Country. There is an opportunity for all Australians to learn from Australia’s original stewards on how to nurture and protect our fragile world.

    The theme should be represented in a way that recognises the diversity of First Nations peoples, across Australia and the Torres Strait. In acknowledging connection and caring for Country the theme should be inclusive, recognising the nature of Country varies, but it is all connected – the land, waters and sky. The artwork should avoid being tokenistic or stereotypical. The tone for the banknote is of a hopeful future, where First Nation peoples’ connection to Country is celebrated and respected.

    Background

    Before selecting the theme, the RBA engaged with First Nations organisations across the country to build awareness and encourage the submission of ideas.

    The $5 Redesign Imagery Selection Panel, which includes First Nations representatives and representatives from the RBA and Note Printing Australia, selected the theme.

    The new design will replace the portrait of Her Majesty Queen Elizabeth II, while the reverse side will continue to feature the Australian Parliament. The new design will reflect the chosen theme and incorporate artwork from a First Nations artist.

    MIL OSI News –

  • MIL-OSI USA News: SUNDAY SHOWS: American Strength Is Back Under President Trump

    Source: The White House

    This morning, the Trump Administration took to the TV networks to make clear to the country and world that American strength is back – and no longer will terrorist attacks on U.S. troops and vital international commerce be tolerated.

    Here’s what you missed:

    President Trump on Full Measure

    • On securing the border: “You just needed a new president … I said, ‘close the border’ — and they closed the border.”
    • On tariffs: “We have companies moving into the United States at levels that has never been seen before.”

    Secretary of State Marco Rubio on Face the Nation

    • On Houthi terrorist attacks in the Red Sea: “In the last 18 months, the Houthis have struck or attacked … the U.S. Navy 174 times, and 145 times, they’ve attacked commercial shipping. So, we basically have a band of pirates with guided precision anti-ship weaponry exacting a toll system in one of the most important shipping lanes in the world. That’s just not sustainable.”
    • On revoking visas for terrorist sympathizers: “When you apply to enter the United States and you get a visa, you are a guest … If you tell us when you apply for a visa, ‘I’m coming to the U.S. to participate in pro-Hamas events,’ that runs counter to the foreign policy interest of the United States … If you had told us you were going to do that, we never would have given you the visa.”
    • On tariffs: “I understand why these countries don’t like it — because the status quo of trade is good for them. It benefits them … We are going to set a new status quo … We have de-industrialized the United States of America. There are things we can no longer make.”

    Secretary of Defense Pete Hegseth on Sunday Morning Futures

    • On U.S. strikes against Houthi terrorists: “An era of peace through strength is back … This campaign is about freedom of navigation and restoring deterrence … The minute the Houthis say ‘we’ll stop shooting at your ships, we’ll stop shooting at your drones,’ this campaign will end. But until then, it will be unrelenting.”
    • On President Trump’s agenda: “Shipbuilding, long-range munitions, hypersonics, long-range drones, a Golden Dome, southern border – the president has laid out very clearly his agenda to rebuild the U.S. military … We have revived the warrior ethos.”

    National Security Advisor Mike Waltz on This Week

    • On U.S. strikes against Houthi terrorists: “These were not pinprick, back and forth, what ultimately proved to be feckless attacks. This was an overwhelming response that actually targeted multiple Houthi leaders and took them out.”

    National Security Advisor Mike Waltz on Fox News Sunday

    • On negotiations for peace in Ukraine: “As both President Putin and Zelensky said on our first call just a few weeks ago, only President Trump could drive this to an end … We know who we’re dealing with on all sides.”

    Secretary of the Treasury Scott Bessent on Meet the Press

    • On President Trump’s economic agenda: “One week does not the market make… It would have been very easy for us to come in, run these reckless policies that have been happening before. We’ve got these large government deficits… We are bringing those down in a responsible way.”
    • On tariffs: “Chinese manufacturers will eat the price … I believe that the currency adjusts … If we’re de-regulating, if we’re getting energy prices down, then if we look across the spectrum, Americans will realize lower prices and better affordability.”

    Special Envoy Steve Witkoff on State of the Union

    • On negotiations to end the war in Ukraine: “Before this visit, there was another visit, and before that visit, the two sides were miles apart … The two sides are, today, a lot closer … We’ve narrowed the differences.”
    • On when a deal to end the war could be possible: “The president uses the timeframe weeks — and I don’t disagree with him. I am really hopeful that we’re going to see some real progress here.”
    • On dealing with Hamas: “What happened with the Houthis yesterday, what happened with our strike, ought to inform as to where we stand with the regard to terrorism and our tolerance level for terrorist actions — and I would encourage Hamas to get much more sensible.”

    Press Secretary Karoline Leavitt on Sunday Morning Futures

    • On securing our homeland: “The president signed a proclamation invoking the Alien Enemies Act against Tren de Aragua members who have invaded our country … The president invoked this authority to deport nearly 300 of them who are now in El Salvador, where they will be behind bars where they belong.”
    • On activist legal challenges: “President Trump is not shy of resistance … Clearly, there are left-wing activists who sit behind a bench in a courthouse who don’t like this president and his policies, but the fact is everything President Trump is doing is within his executive authority.”

    MIL OSI USA News –

  • MIL-OSI Australia: How pumped hydro can be a viable large-scale energy asset for private investors

    Source: Allens Insights

    Financing the next generation of PHES projects 11 min read

    Interest in pumped hydro energy storage (PHES) continues to grow as the need for affordable, long-term, firm and weather-independent dispatchable electricity becomes increasingly critical to Australia’s energy transition. However, its high upfront capital costs and complex planning, procurement, and delivery processes, in contrast with its low operational expenses, is prompting debate over its viability as a mainstream asset class and optimal funding strategies.

    PHES assets in Australia are predominantly government-owned, reflecting an era when electricity generation was seen as a public utility and a national asset. The privatisation of many segments within the energy sector raises questions about the future ownership and funding of large-scale PHES assets in today’s market-driven environment.

    In this Insight, we explore the challenges and opportunities related to the financing of PHES projects in Australia and outline possible offtake structures to ensure a successful project.

    Key takeaways

    • Government corporations have traditionally owned and procured PHES assets in Australia.
    • Significant capital costs, extensive civil engineering, underground works and long lead times have made private sector ownership and access to debt capital markets for PHES challenging.
    • Recent advancements seen in the BESS sector underpinned by the development of innovative funding and offtake structures present a potential pathway by which PHES could follow and become a mainstream asset class.
    • In NSW in particular, there is significant government support for PHES projects, with the LDS LTESA and the new Energy Security Corporation focusing on investing in long-duration storage, and in South Australia the proposed Firm Energy Reliability Mechanism.

    Background

    Australia has a PHES fleet of approximately 1.6 GW across the Wivenhoe, Tumut 3 and Shoalhaven power stations, with an additional 2.2 GWs of generation expected to come online with the completion of the Snowy 2.0 expansion project. There is also a significant pipeline of privately procured PHES projects in various stages of feasibility and planning.

    The scale, capital intensity and inherent complexities of delivering a PHES project has meant that, to date, every project that has come to market in Australia has been funded using some form of government support. The most recent example is the Kidston PHES, which reached financial close in 2021. Whilst a privately owned asset, the project was funded with a combination of equity capital, a government grant and a concessional loan.

    A question therefore arises as to whether PHES should continue to seen as public infrastructure necessitating government investment, or market evolution will result in future PHES being funded exclusively by the private sector.

    Could a PHES be privately funded?

    In our view, yes, though in the short term, the success of PHES will depend on a combination of both private and public sector investment. The private sector faces a unique set of challenges when it comes to the development and funding of PHES projects.

    PHES projects have long lead times and are capital-intensive. Upfront development costs are very high, and the construction period typically ranges between three to four years. Up to 80% of asset-life costs can be on upfront capital expenditure, which typically runs into several billions of dollars. As a consequence, PHES is beyond the investment horizons of many private sector investors and the future success of the sector will be contingent on investors gaining access to debt capital markets.

    While the recent $3.5 billion debt financing of Snowy 2.0 is an encouraging example of the willingness of mainstream financiers to lend to PHES, it is a government-procured project backed by an AAA-rated counterparty. Privately procured PHES projects with more limited funding sources will be subject to much more stringent credit requirements. Recent examples of cost and time delays on major PHES projects and the trend towards collaborative contracting and pricing models represent potential challenges from a bankability perspective.

    Prospective financiers will focus heavily on the developer’s chosen procurement model to ensure that there is firm pricing and transferred risk to limit volatility and exposure. Where there are elements of flexibility or uncapped pricing (for example as seen with approaches to managing geotechnical risk on recent government projects), we are seeing developers seeking to forward-solve these issues by implementing robust risk mitigation measures, including, alternative contracting methods, highly structured delay and performance liquidated damages regimes and intricate risk allocation arrangements.

    In addition to enhanced procurement regimes, prospective financiers to PHES projects have, through market soundings, also indicated that highly conversative modelling assumptions and tighter financing terms will be required. As seen with other nascent renewables assets classes during their ascendancy (such as wind, solar and now BESS), developers will likely be required to also build in large contingency packages, contingent undrawn lines, accept front-ended repayment profiles, more stringent cash sweep and upside sharing mechanisms and lower gearing levels.

    Access to debt capital markets will also be contingent on investors demonstrating that PHES as an asset class is commercially viable in the context of private ownership. Traditionally, governments have adopted a model of utilising PHES projects as a form of system support (ie where there has been a shortfall of supply during periods of peak demand). In contrast, private sector investors will need to monetise projects and demonstrate positive price differentials between pumping and generation.

    Owing to the capital cost of PHES, the initial wave of privately held projects will be financed utilising multi-source funding structures. At least initially, it is expected that multilateral agencies which are spearheading Australia’s push to net zero, such as ARENA, the CEFC and NAIF, will provide concessional/grant funding alongside mainstream commercial debt. The limited pool of civil contractors with PHES experience in Australia, combined with a lack of a domestic OEM market will likely result in developers satisfying key credibility requirements for international export credit agencies to also participate in the financing of Australian PHES projects.

    Unlocking private funding for PHES projects

    Despite the challenges in financing PHES assets, recent market developments and potential future changes could pave the way for greater private funding of PHES projects.

    The sheer scale of PHES projects means there is a limited pool of available investment-grade offtakes, and as a consequence, many pipeline PHES developers are seeking to underpin project economics through government revenue underwriting schemes such as the Long-term Energy Support Agreements (LTESA) and Capacity Investment Scheme Agreements (CISA).

    While initially met with scepticism, these agreements are starting to be viewed favourably by financiers, representing a fixed revenue line against which debt sizing can be made. This has been demonstrated by the successful project financings of the Orana BESS project in mid-2024 (the first standalone financing of an LTESA) and recently EnergyAustralia’s Wooreen BESS project (the first standalone financing of a CISA). Both projects also demonstrate the potential upside these products offer to developers, with the revenue underwrite providing scope to trade all or part of a project’s capacity in the merchant market.

    A potential challenge however is whether or not the LTESA and CIS programs are in fact ‘fit-for-purpose’ in the context of PHES, owing to their capital intensity and the quantum that these government support agreements will have to underwrite over the long term. There is a view by some market participants that a more traditional model, whereby the government acquires an equity interest in projects, would be better suited to PHES and would go some way towards solving a number of the key bankability concerns pipeline developers are currently grappling with.

    The NSW Government has sought to address this issue through the Long Duration Storage (LDS) LTESA, which provides a tailored agreement for LDS projects (including PHES) to account for the fundamental differences in their operational and market context.

    Key features of the LDS LTESA that benefit PHES projects are:

    • an underwriting mechanism that grants the operator a series of two-year options to access a variable annuity payment in the form of a top-up to net operational revenue – rather than short-term swaps, which are granted under the generation LTESA;
    • a minimum availability threshold of 97% rather than a minimum generation guarantee; and
    • a contract term of up to 40 years for PHES projects, compared to 20 years for a generation LTESA and 10 years for firming LTESAs.

    The ACEN Phoenix PHES project was recently awarded an LDS LTESA, marking the first time a PHES project has been awarded an LTESA. AEMO Services has indicated that the next LDS tender round will open in the second quarter of 2025 and is encouraging projects with short lead times to participate in order to meet the 2030 minimum objective. This directive does not rule out PHES projects, with many of the PHES currently under development in Australia having expected completion dates of 2030 or earlier. PHES projects with longer lead times are encouraged to participate in future LDS tenders to help meet the 2034 minimum objective.

    While there is no active mechanism in any other jurisdiction, the South Australian Government has announced its proposed Firm Energy Reliability Mechanism (FERM), which is similar to the NSW LDS LTESA tenders and Federal Capacity Investment Scheme, providing a revenue underwrite for long-duration capacity projects. All existing and new generators in South Australia with long-duration firm capacity >30MW (excluding coal) and that can dispatch for a period of at least eight continuous hours must participate in the FERM process, but are not required to bid for financial contracts. The South Australian Government is considering responses to the FERM and is expected to release an update in 2025. With NSW as the frontrunner in supporting LDS projects and SA proposing some support, other jurisdictions may consider similar regimes based on their progress.

    In June 2024, the NSW Energy Security Corporation (ESC) was established to accelerate the state’s renewable energy transition. In February 2025, the government announced the first Investment Mandate for the ESC. The Investment Mandate sets out how the ESC will invest in renewable energy projects where private sector investments alone are insufficient. The ESC has been allocated $1 billion and will co-invest with private investors on PHES, as well as large-scale batteries, community batteries and virtual power plants.

    The Investment Mandate did not provide a breakdown of how the $1 billion would be allocated amongst these projects. However, with a clear mandate to invest in PHES projects, there is hope that the ESC may be able to help address some of the challenges faced by private investment as set out above.

    PHES is often referred to as a ‘water battery’. It is therefore unsurprising that revenue models which have underpinned the recent meteoric rise of the BESS market are similarly being adopted by PHES developers who are currently in the planning phase.

    In particular, the rise of virtual offtake arrangements (ie where the offtaker makes virtual nominations that are effectively separate from the physical operation of the asset). These structures (and the significant capacity size of PHES) allow a developer to retain day-to-day control over the underlying PHES asset, split capacity across multiple offtakers, provide potential for greater equity upside (although also give rise to greater risk on the downside), and importantly can be treated off-balance sheet from an accounting perspective.

    We are anticipating a further evolution of the virtual offtake market, particularly if storage projects can secure an underlying LTESA or CISA, which can give them a base level of security to trade the remaining capacity. Revenue sharing, caps and firmed supply (or a mixture of a number of structures) could be possible, and we expect the PHES market to take inspiration from the BESS market.

    Actions you can take now

    If you are considering entering the PHES space and exploring funding options, it is important to:

    • engage with financiers (both private and government, and concessional providers) early;
    • engage external counsel early and seek guidance on key bankability issues throughout the planning and feasibility phases;
    • develop your revenue stack during the planning phase (in consultation with financiers) and take into consideration the quickly evolving offtake market in the BESS sector;
    • for those projects in NSW:
      • prepare for the next LDS LTESA round which is slated to be undertaken before the second half of this year; 
      • engage with the ESC to explore how it will invest its $1 billion in the context of a PHES project; and
    • for those projects in South Australia, engage with the South Australian government and monitor for updates on the FERM process.

    MIL OSI News –

  • MIL-OSI Australia: Sydney man fined more than $470,000 for unlicensed and uninsured building work

    Source: New South Wales Premiere

    Published: 16 March 2025

    Released by: Minister for Building

    A Sydney man has been hit with a $473,000 fine after being found guilty of more than 40 breaches involving unlicensed and uninsured residential building work for four consumers in 2022.

    Anthony Abi-Merhi, a sole trader business operating under the name “Triscapes” quoted one consumer $99,500 for a job which ended up costing the consumer $142,000.

    During the investigation, Building Commission NSW identified offences including unlicensed work, excessive deposits, and work undertaken without Home Building Compensation Fund insurance.

    He was also found guilty of 27 charges of demanding or receiving payment for building without insurance, while carrying out landscaping work in south-western Sydney.

    In NSW, a licence or certificate is required to do any residential building work, including general building work valued at more than $5,000 in labour and materials.

    This includes construction, repairs, renovating or decorating a property. 

    For contracts valued at more than $5,000 the maximum deposit to cover labour and materials is 10 per cent. 

    Home Building Compensation Fund Insurance is required for projects valued at more than $20,000 and contractors must obtain this cover before starting any work or accepting any payments including deposits.

    This insurance provides a safety net for consumers facing incomplete or defective work in certain circumstances.

    The defendant has 28 days to exercise a right to appeal in respect of the sentence.

    For more information on choosing the right tradesperson for the job visit the Step by step guide to choosing the right tradesperson or builder webpage.

    To check a contractor’s name or licence number visit the Verify Licence website.

    To access the Contract checklist visit the Fair Trading website.

    Quotes attributable to Minister for Building Anoulack Chanthivong:

    “This serious $470,000 fine for unlicensed building work sends a clear message to builders – the Minns Government is serious about eradicating cowboys and shonks from the NSW home construction industry. 

    “Building Commission NSW inspectors are now out in force and will come down hard on those caught doing the wrong thing.

    “Consumers should only engage a contractor once they have researched their credentials including by looking them up on the Verify Licence website, to make sure their licence is valid and whether the licence has any conditions or regulatory issues attached to it.

    “You can also check user ratings online from other consumers who have used the trader, and make sure you use the handy Contract Checklist page on the Fair Trading website before signing a contract and paying any money.”

    MIL OSI News –

  • MIL-OSI Australia: Changes to the Minns Government Ministry

    Source: New South Wales Premiere

    Published: 17 March 2025

    Statement by: The Premier

    Today I am announcing changes to the Cabinet and the Ministry of the NSW Government.

    The Hon John Graham MLC will remain the Special Minister of State, the Minister for the Arts, the Minister for Music and the Night-time Economy and will permanently take on the role of Minister for Transport

    The Hon Jenny Aitchison MP will become the Minister for Roads and the Minister for Regional Transport. Regional roads will now be incorporated into the Roads portfolio. As a regional MP Jenny Aitchison is well placed to ensure the needs of regional and rural communities are met.

    John Graham will continue to take carriage of the Government’s response to the toll review given the Government is mid-negotiation with toll companies about reforming the system.

    The Hon Steve Kamper MP will be sworn in as the Minister for Jobs and Tourism, in addition to his responsibilities as the Minister for Lands and Property, the Minister for Multiculturalism and the Minister for Sport.

    The Minns Labor Government is proud to welcome Janelle Saffin into the NSW Cabinet, to be sworn in as the Minister for Recovery, the Minister for Small Business, and the Minister for the North Coast.

    Janelle is one of the most experienced MPs in the NSW Government. She has been instrumental in helping the Lismore community and surrounds recover from the 2022 floods as well as the recent impacts from Ex Tropical Cyclone Alfred.

    She has intimate knowledge of the workings of the NSW Reconstruction Authority and will be a very strong advocate and voice for the North Coast as well as small businesses across the state.

    Emily Suvaal will also be appointed as the Parliamentary Secretary for Trade and Small Business.

    Parliamentary Secretaries perform an important role in supporting Ministers and driving action to deliver on government priorities in Parliament and Emily is an excellent addition to the team.

    These are important changes to the NSW Ministry that will ensure we continue to invest in essential services that people rely on, and build a better NSW.

    MIL OSI News –

  • MIL-OSI Australia: Export grants supporting Aussie businesses

    Source: Minister for Trade

    The Albanese Labor Government is rolling out larger grants for Australian exporters to help them take on the world through the Export Market Development Grants (EMDG) program.

    Since the most recent grant round opened in November 2024, the government has delivered over $74 million in grant agreements to over 700 Australian exporters.

    The average value of grant agreements executed in the most recent round has risen to $53,000. This is more than double the average grant amount for businesses than was provided under the former coalition government.

    When we came to government, it was clear that the declining size of grants significantly reduced the value of the program for our exporters. We have worked to improve the program, so that exporters have greater support and the program is more effective.

    Since its inception in 1974, the EMDG program has supported more than 51,000 Australian businesses to market their products and services in over 180 countries. It is administered by the Australian Trade and Investment Commission.

    The government is committed to continuously improve businesses’ experience in applying for EMDG, and has appointed Mr Timothy Yeend to conduct the next independent review in accordance with section 106A of the Export Market Development Grants Act 1997.

    Mr Yeend is trade expert with over 30 years’ experience working on trade and international business issues. He is a current board member of Tourism Australia and former Associate Secretary at the Department of Foreign Affairs and Trade. His knowledge of trade and what support export businesses need to compete on the global stage, coupled with his experience in government, will provide a solid foundation for this legislative review.

    Consultations will commence in May 2025, with the final report to be provided to government by November 2025, in accordance with legislative timeframes.

    MIL OSI News –

  • MIL-OSI Australia: Registration of commercial land for foreign investors

    Source: Australian Department of Revenue

    Registering an asset

    If you are a foreign investor, you or your authorised representative must register your Australian asset after both of the following has occurred:

    You register your asset using Online services for foreign investorsExternal Link. Registration is free.

    You must also register a legal interest as lessee in a lease giving rights to occupy commercial land if the term of the lease (including any extension or renewal) is reasonably likely to exceed 5 years, at the time the interest is acquired.

    Registration is required regardless of the value.

    Who must register

    If you are a foreign person and have invested in Australian commercial land from 1 July 2023, you or your authorised representative must register the asset, unless an exemption applies. Generally, the person with the direct legal interest is required to register the commercial land with us, the Australian Taxation Office.

    Joint tenants

    If you have direct legal interest and own property jointly with one or more foreign investors, one owner must register the asset first. Other foreign owners in the joint tenant ownership will then add themselves to the registered asset.

    You need to decide which owner will register the property. Once registered, that owner will need to give the other joint tenants the Asset ID. They will then add themselves to the asset.

    Once all foreign owners are added, any owner can access and update the registered asset details.

    Tenants in common

    If the asset is owned with others and assigned specific ownership, each individual foreign person must register the asset with their percentage of ownership.

    When to register

    A foreign person or their authorised representative must register any interest, other than an equitable interest acquired in commercial land that occurred on or after 1 July 2023, within 30 days of either:

    • purchasing commercial land (settlement)
    • becoming a foreign person while holding an interest in commercial land
    • becoming aware they have an interest in commercial land, which has changed in nature from another type of Australian land.

    Exemptions may apply, see Guidance Note 15External Link.

    Settlement is when you can occupy the property if there is a building on it or you can commence building on vacant land.

    How to register your investment in Australian commercial land

    To register, log in to Online services for foreign investors and select Register asset.

    For more information on registering and for joint tenants to add themselves to the asset, see How to register or manage an asset for foreign investors.

    If you own multiple properties, each property must be registered separately.

    Log in to Online services for foreign investors

    If your situation changes

    You’ll need to update your details in Online services for foreign investorsExternal Link if:

    • you are no longer a foreign person, see Guidance Note 2 at foreigninvestment.gov.auExternal Link
    • your contact details change
    • you no longer hold commercial land
    • other Australian land that you hold becomes commercial land
    • the land ceases to be commercial while you are holding it
    • you become a foreign person while holding commercial land
    • details of the registration change, such as partial divestment, title, or use of land.

    If your:

    Penalties and reporting breaches

    If you do not comply with your obligations to give a register notice or keep your details up to date, you may face an infringement notice or civil penalties.

    As a foreign investor, you should know your obligationsExternal Link and comply with Australia’s foreign investment rules. Together with Treasury, we take compliance actionExternal Link if a foreign investor breaches the foreign investment rules.

    If you have information about someone you think may be deliberately breaking our foreign investment rules, you can confidentially report a breach to us.

    If you are having difficulties meeting your obligations, contact us.

    Statistics and reporting

    The Registrar provides a report to the Treasurer about the operation of the Register. They publish aggregate statistics of foreign ownership.

    The reported statistics may include:

    • number of acquisitions and divestments
    • value of foreign held commercial land
    • land use of foreign held commercial land
    • value of foreign held commercial and by country of ownership.

    Only aggregated statistics are included in the report. Privacy restrictions prevent publishing information which may identify an individual or entity.

    You can view the latest report on the Foreign InvestmentExternal Link website.

    MIL OSI News –

  • MIL-OSI Australia: New requirements for Child Care Subsidy providers from 1 April

    Source: Australian Department of Revenue

    All new Child Care Subsidy (CCS) provider approval applicants will need to supply a statement of tax record (STR) to the Australian Government Department of EducationExternal Link. Some existing providers may also be asked to provide an STR. The Department of Education will notify those existing providers who will require an STR.

    The STR demonstrates your satisfactory engagement with the tax system and is required when applying to administer CCS.

    To apply for an STR, use our online services. After you submit your application, you’ll get a receipt and your STR within 4 business days.

    Important tips:

    1. Check your registration: Make sure you have an Australian business number (ABN), tax file number (TFN) and goods and service tax (GST) registration if your income is above the relevant limits.
    2. Review your tax lodgements: Ensure you’ve submitted at least 90% of your income tax returns, business activity statements (BAS), and fringe benefits tax (FBT) due in the past 4 years (or since your tax record started, if less than 4 years).
    3. Address outstanding debts: If you owe $10,000 or more (not including disputed debts), either pay them off or set up a payment plan.

    Taking these steps will help you resolve any tax issues with us before applying for your STR.

    Keep up to date

    We have tailored communication channels for medium, large and multinational businesses, to keep you up to date with updates and changes you need to know.

    Read more articles in our online Business bulletins newsroom.

    Subscribe to our free:

    • fortnightly Business bulletins email newsletterExternal Link
    • email notifications about new and updated information on our website – you can choose to receive updates relevant to your situation. Choose the ‘Business and organisations’ category to ensure your subscription includes notifications for more Business bulletins newsroom articles like this one.

    MIL OSI News –

  • MIL-Evening Report: Gains for Labor as they lead in three of last five polls

    Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne

    A national Freshwater poll for The Financial Review, conducted March 13–15 from a sample of 1,051, gave the Coalition a 51–49 lead by respondent preferences, a one-point gain for Labor since the late February Freshwater poll.

    Primary votes were 39% Coalition (down two), 31% Labor (steady), 14% Greens (up one) and 16% for all Others (up one). By 2022 election preference flows, this would be about a 50–50 tie.

    Anthony Albanese’s net approval improved one point to -10, while Peter Dutton’s slid four points to -12. In the last two months, Albanese is up eight and Dutton down eight. It’s the first time since May 2024 that Albanese has had a better net approval than Dutton in this poll.

    Albanese led Dutton by 45.9–42.5 as preferred PM, his best lead in this poll since last September. By 42–40, respondents thought Dutton better suited to negotiate with US President Donald Trump than Albanese (47–36 in November).

    The Coalition leads on important issues, but Labor has gained seven points on economic management and three points on cost of living since February.

    There has been improvement for Labor across a range of polls in the last few weeks, and the graph below has Labor leads in three of the last five national polls (two YouGovs and a Morgan), with the Coalition still ahead in Newspoll and Freshwater.

    In analyst Kevin Bonham’s aggregate, Labor now leads by 50.5–49.5 using 2022 election flows, while it’s a 50–50 tie adjusting for a likely pro-Coalition shift in One Nation preferences.

    Last Wednesday Trump imposed 25% tariffs on steel and aluminium imports into the US, including on Australia. I believe this will assist Labor as the tariff imposition will appear unjustified to most Australians, and the Coalition is the more pro-Trump party. If the stock market continues to fall, this will undermine support for Trump’s economic agenda.

    Trump has been threatening Canada with tariffs for much longer than Australia, and the centre-left governing Liberals have surged back in the polls to a near-tie with the Conservatives from over 20 points behind, and have taken the lead since Mark Carney’s March 9 election as Liberal leader.

    Labor retains lead in YouGov

    A national YouGov poll, conducted March 7–13 from a sample of 1,526, gave Labor a 51–49 lead, unchanged from the February 28 to March 6 YouGov poll. YouGov is conducting weekly polls, and the previous poll was the first Labor lead in YouGov since July 2024.

    Primary votes were 36% Coalition (steady), 31% Labor (steady), 13.5% Greens (up 0.5), 7.5% One Nation (up 0.5), 1% Trumpet of Patriots (steady), 9% independents (down one) and 2% others (steady). YouGov is using weaker preference flows for Labor than occurred in 2022, and by 2022 flows Labor would have a lead above 52–48.

    Albanese’s net approval improved three points to -6, with 49% dissatisfied and 43% satisfied, while Dutton’s net approval slid two points to -6. Albanese led Dutton as better PM by an unchanged 45–39.

    Since the first weekly YouGov poll in late February, Albanese has gained six points on net approval while Dutton has slid four points. This is the first time Dutton has not had a better net approval than Albanese in YouGov since March 2024.

    On the ongoing conflict caused by Russia’s invasion of Ukraine, 69% of Australians thought we should stand with Ukraine President Zelensky, while 31% wanted us to stand with Trump.

    Labor regains lead in Morgan poll

    A national Morgan poll, conducted March 3–9 from a sample of 1,719, gave Labor a 51.5–48.5 lead by headline respondent preferences, a two-point gain for Labor since the February 24 to March 2 poll. This is Labor’s second lead in the last three Morgan polls, after they had trailed in this poll since November.

    Primary votes were 37% Coalition (down three), 30% Labor (up 1.5), 13.5% Greens (steady), 5% One Nation (up one), 10.5% independents (steady) and 4% others (up 0.5). By 2022 election flows, Labor led by 52–48, a two-point gain for Labor.

    By 51.5–33, respondents said the country was going in the wrong direction (52–31.5 previously). Morgan’s consumer confidence index was down 0.8 points to 86.9.

    Poll of teal-held seats has the teals struggling

    Freshwater took a poll for the News Corporation tabloids of six seats held by teal independents. These are Curtin in WA, Goldstein and Kooyong in Victoria and Mackellar, Warringah and Wentworth in NSW. The poll was conducted March 5–7 from an overall sample of 830.

    Across the six seats polled, the Liberals had a 51–49 lead, representing a 5% swing to the Liberals since the 2022 election. On these figures, the Liberals would gain four of these teal seats (Curtin, Goldstein, Kooyong and Mackellar).

    Primary votes were 41% Liberals (up two since 2022), 33% teals (steady), 7% Labor (down six), 7% Greens (down two) and 12% others (up six). Albanese and Dutton were tied at 39–39 on better PM. By 47–42, respondents opposed their local MP backing an Albanese Labor minority government.

    The YouGov MRP poll that was conducted between late January and mid-February from a sample of over 40,000 had all the teals holding their seats. At the March 8 Western Australian election, swings to the Liberals were lowest in affluent Perth seats.

    WA election late counting

    With 70% of enrolled voters counted for the WA election, the ABC is calling 43 of the 59 lower house seats for Labor, six for the Liberals, four for the Nationals and six seats remain undecided. The Poll Bludger has Labor ahead in 47 seats, with the Liberals and Nationals ahead in six seats each.

    On election night, it had appeared likely that an independent would win Labor-held Fremantle. However, the independent has performed badly on absent and postal votes, and Labor will retain.

    In the upper house, all 37 seats are elected by statewide proportional representation with preferences, and a quota for election is just 2.63%. With 63% of enrolled counted, Labor has 15.8 quotas, the Liberals 10.5, the Greens 4.1, the Nationals 2.1, One Nation 1.35, Legalise Cannabis and the Australian Christians 1.0 each, an independent group 0.48 and Animal Justice 0.43.

    On current figures, Labor will win 16 seats, the Liberals ten, the Greens four, the Nationals two, One Nation, Legalise Cannabis and the Christians one each and two seats are unclear (Liberals, independent group and Animal Justice contesting). Counting of absents in the lower house has hurt the Liberals, so their vote is likely to drop further. Labor and the Greens will have a combined upper house majority.

    Liberals hold Port Macquarie at NSW byelection

    A byelection occurred on Saturday in the New South Wales Liberal-held state seat of Port Macquarie. Labor did not contest after finishing third behind the Nationals and Liberals at the 2023 NSW election with 19.2%.

    With 59% of enrolled counted, The Poll Bludger is projecting that the Liberals will defeat the Nationals by 52.8–47.2, a 7.9% swing to the Nationals since 2023. Current primary votes are 34.2% Liberals (down 4.1%), 31.2% Nationals (up 5.5%), 12.8% for an independent (new), 10.7% Greens (up 3.7%) and 7.9% Legalise Cannabis (up 3.4%).

    Adrian Beaumont 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. Gains for Labor as they lead in three of last five polls – https://theconversation.com/gains-for-labor-as-they-lead-in-three-of-last-five-polls-252016

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI New Zealand: MIL-OSI News

    Greenpeace Statement: The deep sea mining industry is crumbling and desperate

    Source: Greenpeace
    The 30th Session of the International Seabed Authority, which starts today in Kingston, Jamaica, is the first under the new Secretary-General Leticia Carvalho, a scientist whose appointment brings an opportunity to reset the ISA’s focus away from prioritising deep sea mining industry interests and towards its mandate of protecting the seabed for all.[1][2]
    In stark contrast with Carvalho’s science-driven approach, delegates are being forced to address The Metals Company’s (TMC) threat to submit the world’s first ever deep sea mining application for the international seabed in June without any rules and regulations in place.[3] TMC are seeking regulatory certainty from governments at this meeting, calling on governments to deliver a pathway to greenlight the start of deep sea mining despite growing headwinds.
    Greenpeace International campaigner Louisa Casson, who is attending the meeting, said: “The deep sea mining industry is crumbling and resorting to increasingly desperate tactics as they lose support from governments and investors. The last weeks have repeatedly shown that companies are failing to live up to their hype and downsizing plans before they’ve even started. There’s never been a better time for governments to take decisive action to protect the ocean from this faltering, risky industry.”
    Earlier this year, in a further sign of a faltering industry, TMC gave up one third of their exploration areas in the north-eastern Pacific Ocean. [5]
    Alongside the threat of the first-ever commercial mining application, deep sea mining contractors have sent a joint letter to the ISA Council complaining they have spent US$2 billion, yet governments have not finalised the Mining Code. Indigenous representatives attending the ISA challenged the letter.
    Louisa Casson added: “Deep sea mining companies seem to be confused about the role of the ISA. Governments are not gathered here to protect corporate interests but to co-operate on how to preserve the ocean for future generations. The only way to responsibly respond to these dangerous threats is by putting a moratorium in place.”
    Greenpeace Aotearoa seabed mining campaigner Juressa Lee says: “Wannabe miners like Trans-Tasman Resources also want to plunder the ocean here in Aotearoa, encouraged by the Luxon government’s reckless fast-track process. The threat of seabed mining in Aotearoa is imminent and seabed miners around the world are watching closely what happens here. If TTR is given the go-ahead, it will encourage wannabe miners like TMC to push their application to start deep sea mining in the Pacific.”
    Thirty-two governments have voiced opposition to the start of deep sea mining, calling for a moratorium at the International Seabed Authority in 2025.
    [1] Leticia Carvalho’s inaugural statement: “We will embark on a new era defined by collaboration, equity, inclusiveness, transparency, accountability, effectiveness and sustainability-values that will guide our collective efforts to ensure ISA remains a trusted steward of the ocean […] Together, we must ensure that the ISA embodies the spirit of multilateral cooperation, serving as a model for transparent, inclusive and science-driven governance.”
    [5] The company’s financial filings show that the company’s subsidiary DeepGreen Engineering Pte Ltd has ended its services agreement with Kiribati-sponsored Marawa, which gave TMC exclusive exploration rights to an area covering 74,990 square kilometres in the Clarion Clipperton Zone, the area of international seabed targeted for deep sea mining. https://www.sec.gov/Archives/edgar/data/1798562/000110465924119467/tmc-20240930x10q.htm

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Banks and Security – ASB launches Caller Check to combat scammers

    Source: ASB

    ASB has launched Caller Check, its latest innovation in its fight against scammers to help protect customers from impersonation scams.

    Research by the Global Anti-Scam Alliance last year found half of New Zealanders had experienced a rise in scam encounters over the past 12 months, and more than 40% received these by phone call. [1] Impersonation scammers will often claim to work for a bank or another key service provider and trick victims into providing personal information or access to bank accounts.

    Caller Check allows ASB customers to confirm they’re speaking with an actual ASB employee when they receive a call from the bank by sending a push notification in the ASB Mobile Banking app.

    ASB’s General Manager Fraud and Scams Brodie Macdonald says Caller Check is another critical tool in the bank’s toolbox to help keep customers safe.

    “We know people are often busy, distracted or multi-tasking when they’re receiving calls, and want to give our customers the confidence they’re speaking to the right person.”

    “We are working harder than ever to keep scammers and fraudsters at bay, alongside Government, telcos and the banking industry. In 2024, we extended our 0800 FRAUD hotline to operate 24/7, and worked with the banking industry to launch Confirmation of Payee as an added check for customers when making online payments.”

    Customers interested in downloading ASB’s Mobile Banking app can head to our website to learn more here: Caller Check – Security notifications for ASB Bank calls | ASB

    [1] The State of Scams in New Zealand 2024 conducted by the Global Anti-Scam Alliance (www.gasa.org) in partnership with Netsafe. 1,071 respondents.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: New Business – Soda’s New Online Platform a Game-Changer for Entrepreneurs and Small Business Owners

    Source: Soda

    Kiwi entrepreneurs now have an easier way to turn their business ideas into reality. Soda has launched an online business platform, packed with short business courses that give aspiring entrepreneurs and small business owners the framework to create business success.
    There are six courses which, as a complete set, provide the necessary tools and frameworks to guide aspiring entrepreneurs and new business owners through all the steps of being a business owner.
    Each course is around two hours long and includes real-world insights from successful founders, downloadable checklists, templates, and actionable strategies.
    The six primary Business Fundamentals courses include: Your Business Vision & Goals, Market Validation & Customer Fit, Crafting Your Brand & Competitive Edge, Money Matters, Marketing & Sales, and Legal, Compliance & Future Planning. These are complemented by a Beginners Marketing Toolkit and a free Business Setup Checklist.
    Soda Innovation Specialist, Dr Fern Kelly-Zander has led the platform development and says: “Having worked in innovation and startup environments abroad – and having also launched a business while on maternity leave – I know firsthand how overwhelming starting a business can be. I always wished for a practical, easy-to-access platform like this. Business Fundamentals Online is a supportive learning experience with real-world insights, actionable tools and peer discussion to help entrepreneurs and small business owners succeed.”
    Soda General Manager Anna Devcich adds: “Soda has been supporting entrepreneurs and small business owners for 16 years, during which time we’ve received constant requests for resources to support the establishment of new businesses. In 2023 we created an in-person Business Fundamentals programme which has run successfully in Taranaki and the Waikato, so the next natural step was to create an online version.
    “Our online Business Fundamentals programme enables entrepreneurs and business owners to access everything they need to start a business, all in one easy place. It gives people the ability to learn the fundamentals of being a business owner anywhere, anytime and at a very reasonable price.”
    The courses are targeted at entrepreneurs who wish to start their own business and small business owners who may need to refine and review their strategies.
    Small business owner, Rae MacDonald, has completed all six Business Fundamental courses and says: “Business Fundamentals is jam-packed with critical actions for building a successful business. It is a tiny investment, for a big return. The Sales & Marketing module was a game-changer! I feel empowered and confident to take my business to the next level.”
    Prices start at just $49 per course or $245 for all six courses.
    Background
    Soda helps businesses achieve their goals and create success. We connect entrepreneurs, business owners and key decision makers with the right people, tools, resources and programmes to accelerate business growth. Based in Hamilton, Soda is the Waikato’s Regional Business Partner (RBP), connecting business owners with government funding and support. Soda also provides free one-to-one coaching sessions for startups through Startup Aotearoa.

    MIL OSI New Zealand News –

  • MIL-OSI: Qifu Technology Announces Fourth Quarter and Full Year 2024 Unaudited Financial Results and Raises Semi-Annual Dividend

    Source: GlobeNewswire (MIL-OSI)

    SHANGHAI, China, March 16, 2025 (GLOBE NEWSWIRE) — Qifu Technology, Inc. (NASDAQ: QFIN; HKEx: 3660) (“Qifu Technology” or the “Company”), a leading AI-empowered Credit-Tech platform in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024 and raised semi-annual dividend.

    Fourth Quarter 2024 Business Highlights

    • As of December 31, 2024, our platform has connected 162 financial institutional partners and 261.2 million consumers*1 with potential credit needs, cumulatively, an increase of 11.0% from 235.4 million a year ago.
    • Cumulative users with approved credit lines*2 were 56.9 million as of December 31, 2024, an increase of 11.8% from 50.9 million as of December 31, 2023.
    • Cumulative borrowers with successful drawdown, including repeat borrowers was 34.4 million as of December 31, 2024, an increase of 13.1% from 30.4 million as of December 31, 2023.
    • In the fourth quarter of 2024, financial institutional partners originated 24,814,923 loans*3 through our platform.
    • Total facilitation and origination loan volume*4 reached RMB89,885 million, an increase of 0.4% from RMB89,561 million in the same period of 2023 and an increase of 9.0% from RMB82,436 million in the prior quarter. RMB47,796 million of such loan volume was under capital-light model, Intelligence Credit Engine (“ICE”) and total technology solutions*5, representing 53.2% of the total, an increase of 23.2% from RMB38,798 million in the same period of 2023 and an increase of 5.3% from RMB45,396 million in the prior quarter.
    • Total outstanding loan balance*6 was RMB137,014 million as of December 31, 2024, a decrease of 5.7% from RMB145,270 million as of December 31, 2023 and an increase of 7.3% from RMB127,727 million as of September 30, 2024. RMB79,599 million of such loan balance was under capital-light model, “ICE” and total technology solutions, an increase of 8.6% from RMB73,268 million as of December 31, 2023 and an increase of 7.5% from RMB74,078 million as of September 30, 2024.
    • The weighted average contractual tenor of loans originated by financial institutions across our platform in the fourth quarter of 2024 was approximately 10.00 months, compared with 11.47 months in the same period of 2023.
    • 90 day+ delinquency rate*7 of loans originated by financial institutions across our platform was 2.09% as of December 31, 2024.
    • Repeat borrower contribution*8 of loans originated by financial institutions across our platform for the fourth quarter of 2024 was 93.9%.

    1 Refers to cumulative registered users across our platform.
    2 “Cumulative users with approved credit lines” refers to the total number of users who had submitted their credit applications and were approved with a credit line at the end of each period.
    3 Including 2,799,208 loans across “V-pocket”, and 22,015,715 loans across other products.
    4 Refers to the total principal amount of loans facilitated and originated during the given period. Retrospectively excluding the impact of discontinued service, which did not have and is not expected to have a material impact on our overall business, financial condition, and results of operations.
    5 “ICE” is an open platform primarily on our “Qifu Jietiao” APP (previously known as “360 Jietiao”), we match borrowers and financial institutions through big data and cloud computing technology on “ICE”, and provide pre-loan investigation report of borrowers. For loans facilitated through “ICE”, the Company does not bear principal risk.
    Under total technology solutions, we have been offering end-to-end technology solutions to financial institutions based on on-premise deployment, SaaS or hybrid model since 2023.
    6 “Total outstanding loan balance” refers to the total amount of principal outstanding for loans facilitated and originated at the end of each period, excluding loans delinquent for more than 180 days. Retrospectively excluding the impact of discontinued service, which did not have and is not expected to have a material impact on our overall business, financial condition, and results of operations.
    7 “90 day+ delinquency rate” refers to the outstanding principal balance of on- and off-balance sheet loans that were 91 to 180 calendar days past due as a percentage of the total outstanding principal balance of on- and off-balance sheet loans across our platform as of a specific date. Loans that are charged-off and loans under “ICE” and total technology solutions are not included in the delinquency rate calculation.
    8 “Repeat borrower contribution” for a given period refers to (i) the principal amount of loans borrowed during that period by borrowers who had historically made at least one successful drawdown, divided by (ii) the total loan facilitation and origination volume through our platform during that period.

    Fourth Quarter 2024 Financial Highlights

    • Total net revenue was RMB4,482.3 million (US$614.1 million), compared to RMB4,370.2 million in the prior quarter.
    • Net income was RMB1,912.7 million (US$262.0 million), compared to RMB1,798.8 million in the prior quarter.
    • Non-GAAP*9 net income was RMB1,972.4 million (US$270.2 million), compared to RMB1,825.1 million in the prior quarter.
    • Net income per fully diluted American depositary share (“ADS”) was RMB13.24 (US$1.82), compared to RMB12.18 in the prior quarter.
    • Non-GAAP net income per fully diluted ADS was RMB13.66 (US$1.87), compared to RMB12.35 in the prior quarter.

    9 Non-GAAP income from operations, Non-GAAP net income, Non-GAAP operating margin, Non-GAAP net income margin and Non-GAAP net income per fully diluted ADS are Non-GAAP financial measures. For more information on these Non-GAAP financial measures, please see the section of “Use of Non-GAAP Financial Measures Statement” and the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.

    Full Year 2024 Operational Highlights

    • Total loan facilitation and origination volume*4 in 2024 was RMB321,969 million, representing a decrease of 12.8% from RMB369,132 million in 2023. Loan facilitation volume*4 under Platform Services was RMB170,589 million, an increase of 3.8% from RMB164,321 million in 2023.
    • The weighted average contractual tenor of loans facilitated and originated was 10.05 months in full year 2024, compared with 11.21 months in 2023.
    • Repeat borrower contribution was 93.1% in full year 2024, compared with 91.6% in 2023.

    Full Year 2024 Financial Highlights

    • Total net revenue was RMB17,165.7 million (US$2,351.7 million), compared to RMB16,290.0 million in 2023.
    • Net income was RMB6,248.1 million (US$856.0 million), compared to RMB4,268.6 million in 2023.
    • Non-GAAP net income was RMB6,415.7 million (US$879.0 million), compared to RMB4,454.2 million in 2023.
    • Net income per fully diluted ADS was RMB41.28 (US$5.66), compared to RMB26.08 in 2023.
    • Non-GAAP net income per fully diluted ADS was RMB42.39 (US$5.81), compared to RMB27.22 in 2023.

    Mr. Haisheng Wu, Chief Executive Officer and Director of Qifu Technology, commented, “Although 2024 was a challenging year as macro-economic headwinds persisted, we have made timely adjustments to our operations throughout the year and focused our effort on improving the quality and sustainability of our business. With consistent execution, we closed the year with strong operational and financial results. Throughout 2024, we proactively expanded the scope of our platform services, which makes our business model more resilient and forms a solid foundation for high quality growth in 2025.

    Approximately 58% of the year-end loan balance was under the capital-light model, ICE and total technology solutions. The strong contribution from non-credit risk bearing services helped us mitigate some risks in a challenging environment and demonstrated the efficiency of our platform services. In 2024, we further diversified our user acquisition channels and in the fourth quarter, approximately 47% of our new credit line users were acquired through embedded finance channels. Meanwhile, we continued to solidify our relationships with financial institution partners. With record-setting ABS issuance, we further optimized our funding structure.

    While we started to see some tentative signs of improvement in user activities late in 2024, we will continue to take a prudent approach in our business planning in 2025. We will remain focused on quality growth and further empower our partners and users through our open platform. With the increasing maturity and efficiency of large language models, we expect to allocate more resources to the application of AI across the credit scenarios in the future. We believe such efforts will enable us to better navigate through the current environment and position us well to capture long-term opportunities through innovative technologies, enhanced products and collaborative models.”

    “We are pleased to report another quarter of solid financial results and close the year on a strong note in a still uncertain macro environment. For 2024, total revenue was RMB17.17 billion and Non-GAAP net income was RMB6.42 billion,” Mr. Alex Xu, Chief Financial Officer, commented. “Meanwhile, we generated a record-breaking RMB9.34 billion cash from operations in 2024. Our strong financial positions not only allow us to consistently execute our strategy and support business initiatives, but also enable us to further enhance returns to our shareholders by actively executing 2025 share repurchase plan and significantly raising semi-annual dividends.”

    Mr. Yan Zheng, Chief Risk Officer, added, “Despite facing macro uncertainties, we significantly reduced our overall portfolio risks through 2024 by decisively tightening risk standards early in the year. Overall risk performance reached the best level for the year in the fourth quarter. Among key leading indicators, Day-1 delinquency rate*10 was 4.8% in the fourth quarter, and 30-day collection rate*11 was 88.1%. We feel comfortable with current risk levels and expect to see relatively stable risk performance in the coming quarters as we seek growth opportunities in a changing environment in 2025.”

    10 “Day-1 delinquency rate” is defined as (i) the total amount of principal that became overdue as of a specified date, divided by (ii) the total amount of principal that was due for repayment as of such specified date.
    11 “30-day collection rate” is defined as (i) the amount of principal that was repaid in one month among the total amount of principal that became overdue as of a specified date, divided by (ii) the total amount of principal that became overdue as of such specified date.

    Fourth Quarter 2024 Financial Results

    Total net revenue was RMB4,482.3 million (US$614.1 million), compared to RMB4,495.5 million in the same period of 2023, and RMB4,370.2 million in the prior quarter.

    Net revenue from Credit Driven Services was RMB2,889.5 million (US$395.9 million), compared to RMB3,248.3 million in the same period of 2023, and RMB2,901.0 million in the prior quarter.

    Loan facilitation and servicing fees-capital heavy were RMB363.0 million (US$49.7 million), compared to RMB481.2 million in the same period of 2023 and RMB258.7 million in the prior quarter. The year-over-year and sequential changes were primarily due to the changes in capital-heavy loan facilitation volume.

    Financing income*12 was RMB1,667.3 million (US$228.4 million), compared to RMB1,485.4 million in the same period of 2023 and RMB1,744.1 million in the prior quarter. The year-over-year increase was primarily due to the growth in average outstanding balance of the on-balance-sheet loans.

    Revenue from releasing of guarantee liabilities was RMB761.8 million (US$104.4 million), compared to RMB1,211.8 million in the same period of 2023, and RMB794.6 million in the prior quarter. The year-over-year decrease was mainly due to the decrease in average outstanding balance of off-balance-sheet capital-heavy loans during the period.

    Other services fees were RMB97.4 million (US$13.3 million), compared to RMB69.8 million in the same period of 2023, and RMB103.7 million in the prior quarter. The year-over-year increase reflected the increase in late payment fees under the credit driven services due to improvement in collection rates of late paid loans.

    Net revenue from Platform Services was RMB1,592.8 million (US$218.2 million), compared to RMB1,247.2 million in the same period of 2023 and RMB1,469.1 million in the prior quarter.

    Loan facilitation and servicing fees-capital light were RMB515.1 million (US$70.6 million), compared to RMB697.0 million in the same period of 2023 and RMB574.6 million in the prior quarter. The year-over-year and sequential decreases were primarily due to the decreases in capital-light loan facilitation volume.

    Referral services fees were RMB907.2 million (US$124.3 million), compared to RMB446.5 million in the same period of 2023 and RMB763.1 million in the prior quarter. The year-over-year and sequential increases were mainly due to the increases in loan facilitation volume through ICE.

    Other services fees were RMB170.5 million (US$23.4 million), compared to RMB103.8 million in the same period of 2023 and RMB131.4 million in the prior quarter.

    Total operating costs and expenses were RMB2,591.9 million (US$355.1 million), compared to RMB3,215.9 million in the same period of 2023 and RMB2,081.0 million in the prior quarter.

    Facilitation, origination and servicing expenses were RMB734.7 million (US$100.6 million), compared to RMB731.8 million in the same period of 2023 and RMB707.9 million in the prior quarter.

    Funding costs were RMB126.8 million (US$17.4 million), compared to RMB161.0 million in the same period of 2023 and RMB146.8 million in the prior quarter. The year-over-year decrease was mainly due to the lower average costs of ABS and trusts. The sequential decrease was mainly due to the decline in funding from ABS and trusts and lower average costs.

    Sales and marketing expenses were RMB523.9 million (US$71.8 million), compared to RMB551.6 million in the same period of 2023 and RMB419.9 million in the prior quarter. The year-over-year decrease was primarily due to improved efficiency in acquiring new customers. The sequential increase was primarily due to a more proactive customer acquisition effort and seasonal factors.

    General and administrative expenses were RMB156.1 million (US$21.4 million), compared to RMB108.0 million in the same period of 2023 and RMB92.0 million in the prior quarter.

    Provision for loans receivable was RMB598.4 million (US$82.0 million), compared to RMB639.9 million in the same period of 2023 and RMB477.5 million in the prior quarter. The year-over-year and sequential changes reflected the Company’s consistent approach in assessing provisions commensurate with its underlying loan profile and changes in loan origination volume of on-balance-sheet loans.

    Provision for financial assets receivable was RMB63.3 million (US$8.7 million), compared to RMB148.2 million in the same period of 2023 and RMB64.4 million in the prior quarter. The year-over-year decrease was mainly due to the decline in capital-heavy loan facilitation volume and reflected the Company’s consistent approach in assessing provisions commensurate with its underlying loan profile. The sequential decrease was mainly due to reversal of prior quarters’ provision in the quarter, offsetting by the increase in capital-heavy loan facilitation volume.

    Provision for accounts receivable and contract assets was RMB77.5 million (US$10.6 million), compared to RMB91.1 million in the same period of 2023 and RMB108.8 million in the prior quarter. The year-over-year and sequential decreases reflected the Company’s consistent approach in assessing provisions commensurate with its underlying loan profile.

    Provision for contingent liability was RMB311.4 million (US$42.7 million), compared to RMB784.3 million in the same period of 2023 and RMB63.6 million in the prior quarter. The year-over-year and sequential changes reflected the Company’s consistent approach in assessing provisions commensurate with its underlying loan profile as well as the changes in capital-heavy loan facilitation volume.

    Income from operations was RMB1,890.3 million (US$259.0 million), compared to RMB1,279.6 million in the same period of 2023 and RMB2,289.2 million in the prior quarter.

    Non-GAAP income from operations was RMB1,950.0 million (US$267.2 million), compared to RMB1,322.1 million in the same period of 2023 and RMB2,315.5 million in the prior quarter.

    Operating margin was 42.2%. Non-GAAP operating margin was 43.5%.

    Income before income tax expense was RMB1,932.7 million (US$264.8 million), compared to RMB1,330.9 million in the same period of 2023 and RMB2,356.9 million in the prior quarter.

    Income taxes expense was RMB20.0 million (US$2.7 million), compared to RMB 223.2 million in the same period of 2023 and RMB558.1 million in the prior quarter. The year-over-year and sequential changes were mainly due the writeback of withholding taxes related to the Company’s dividend and share repurchase plans, as the Company became eligible to a lower tax rate in the fourth quarter.

    Net income was RMB1,912.7 million (US$262.0 million), compared to RMB1,107.7 million in the same period of 2023 and RMB1,798.8 million in the prior quarter.

    Non-GAAP net income was RMB1,972.4 million (US$270.2 million), compared to RMB1,150.3 million in the same period of 2023 and RMB1,825.1 million in the prior quarter.

    Net income margin was 42.7%. Non-GAAP net income margin was 44.0%.

    Net income attributed to the Company was RMB1,916.6 million (US$262.6 million), compared to RMB1,111.7 million in the same period of 2023 and RMB1,802.9 million in the prior quarter.

    Non-GAAP net income attributed to the Company was RMB1,976.4 million (US$270.8 million), compared to RMB1,154.3 million in the same period of 2023 and RMB1,829.2 million in the prior quarter.

    Net income per fully diluted ADS was RMB13.24 (US$1.82).

    Non-GAAP net income per fully diluted ADS was RMB13.66 (US$1.87).

    Weighted average basic ADS used in calculating GAAP net income per ADS was 142.94 million.

    Weighted average diluted ADS used in calculating GAAP and non-GAAP net income per ADS was 144.71 million.

    12 “Financing income” is generated from loans facilitated through the Company’s platform funded by the consolidated trusts and Fuzhou Microcredit, which charge fees and interests from borrowers.

    Full Year 2024 Financial Results

    Total net revenue was RMB17,165.7 million (US$2,351.7 million), compared to RMB16,290.0 million in 2023.

    Net revenue from Credit Driven Services was RMB11,719.0 million (US$1,605.5 million), compared to RMB11,738.6 million in 2023.

    Loan facilitation and servicing fees-capital heavy were RMB1,016.5 million (US$139.3 million), compared to RMB1,667.1 million in 2023. The year-over-year decrease was primarily due to a decline in capital-heavy loan facilitation volume.

    Financing income was RMB6,636.5 million (US$909.2 million), compared to RMB5,109.9 million in 2023. The year-over-year increase was primarily due to the growth in average outstanding balance of on-balance-sheet loans.

    Revenue from releasing of guarantee liabilities was RMB3,695.0 million (US$506.2 million), compared to RMB4,745.9 million in 2023. The year-over-year decrease was mainly due to decrease in average outstanding balance of off-balance-sheet capital-heavy loans during the period.

    Other services fees were RMB371.0 million (US$50.8 million), compared to RMB215.6 million in 2023. The year-over-year increase was mainly due to an increase in late payment fees in connection with improvement in collection rate of late paid loans under the credit driven services.

    Net revenue from Platform Services was RMB5,446.6 million (US$746.2 million), compared to RMB4,551.5 million in 2023.

    Loan facilitation and servicing fees-capital light were RMB2,116.8 million (US$290.0 million), compared to RMB3,214.0 million in 2023. The year-over-year decrease was primarily due to a decline in loan facilitation volume under the capital-light model.

    Referral services fees were RMB2,842.6 million (US$389.4 million), compared to RMB950.0 million in 2023. The year-over-year increase was primarily due to an increase in the loan facilitation volume through ICE.

    Other services fees were RMB487.2 million (US$66.7 million), compared to RMB387.5 million in 2023.

    Total operating costs and expenses were RMB9,637.1 million (US$1,320.3 million), compared to RMB11,433.1 million in 2023.

    Facilitation, origination and servicing expenses were RMB2,900.7 million (US$397.4 million), compared to RMB2,659.9 million in 2023. The year-over-year increase was primarily due to higher collection fees.

    Funding costs were RMB590.9 million (US$81.0 million), compared to RMB645.4 million in 2023. The year-over-year decrease was mainly due to the lower average cost of ABS and trusts, partially offset by the growth in funding from ABS and trusts.

    Sales and marketing expenses were RMB1,725.9 million (US$236.4 million), compared to RMB1,939.9 million in 2023. The year-over-year decrease was mainly due to our prudent customer acquisition approach and lower unit customer acquisition cost.

    General and administrative expenses were RMB449.5 million (US$61.6 million), compared to RMB421.1 million in 2023.

    Provision for loans receivable was RMB2,773.3 million (US$379.9 million), compared to RMB2,151.0 million in 2023. The year-over-year increase was mainly due to the growth in loan origination volume of on-balance-sheet loans.

    Provision for financial assets receivable was RMB296.9 million (US$40.7 million), compared to RMB386.1 million in 2023. The year-over-year decrease was mainly due to a decline in capital-heavy loan facilitation volume.

    Provision for accounts receivable and contract assets was RMB421.5 million (US$57.7 million), compared to RMB175.8 million in 2023. The year-over-year increase reflected the Company’s consistent approach in assessing provisions commensurate with its underlying loan profile.

    Provision for contingent liability was RMB478.4 million (US$65.5 million), compared to RMB3,053.8 million in 2023. The year-over-year decrease was mainly due to a decline in capital-heavy loan facilitation volume and the reversal of prior provision as loans facilitated in previous period performed better than expected.

    Income from operations was RMB7,528.6 million (US$1,031.4 million), compared to RMB4,857.0 million in 2023.

    Non-GAAP income from operations was RMB7,696.2 million (US$1,054.4 million), compared to RMB5,042.6 million in 2023.

    Operating margin was 43.9%. Non-GAAP operating margin was 44.8%.

    Income before income tax expense was RMB7,892.4 million (US$1,081.3 million), compared to RMB5,277.5 million in 2023.

    Income taxes expense was RMB1,644.3 million (US$225.3 million). Effective tax rate was 20.4%, compared to 18.5% in 2023. The increase in effective tax rate was mainly due to withholding taxes related to the Company’s dividend and share repurchase plan.

    Net income attributed to the Company was RMB6,264.3 million (US$858.2 million), compared to RMB4,285.3 million in 2023.

    Non-GAAP net income attributed to the Company was RMB6,431.9 million (US$881.2 million), compared to RMB4,470.9 million in 2023.

    Net income margin was 36.4%. Non-GAAP net income margin was 37.4%.

    Net income per fully diluted ADS was RMB41.28 (US$5.66).

    Non-GAAP net income per fully diluted ADS was RMB42.39 (US$5.81).

    Weighted average basic ADS used in calculating GAAP net income per ADS was 149.01 million.

    Weighted average diluted ADS used in calculating GAAP and non-GAAP net income per ADS was 151.72 million.

    30 Day+ Delinquency Rate by Vintage and 180 Day+ Delinquency Rate by Vintage

    The following charts and tables display the historical cumulative 30 day+ delinquency rates by loan facilitation and origination vintage and 180 day+ delinquency rates by loan facilitation and origination vintage for all loans facilitated and originated through the Company’s platform. Loans under “ICE” and total technology solutions are not included in the 30 day+ charts and the 180 day+ charts:

    http://ml.globenewswire.com/Resource/Download/2a5d124f-5f90-4a71-a264-908b101a7e87

    http://ml.globenewswire.com/Resource/Download/95f56823-ce1f-4ade-baf5-cdc0bcf8526c

    Semi-Annual Dividend for the Second Half of 2024

    The board of directors of the Company (the “Board”) has approved a dividend of US$0.35 per Class A ordinary share, or US$0.70 per ADS for the second half of 2024 to holders of record of Class A ordinary shares and ADSs as of the close of business on April 23, 2025 Hong Kong Time and New York Time, respectively, in accordance with the Company’s dividend policy. For holder of Class A ordinary shares, in order to qualify for the dividend, all valid documents for the transfers of shares accompanied by the relevant share certificates must be lodged for registration with the Company’s Hong Kong branch share registrar, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Hong Kong no later than 4:30 p.m. on April 23, 2025 (Hong Kong Time). The payment date is expected to be on May 28, 2025 for holders of Class A ordinary shares and around June 2, 2025 for holders of ADSs.

    Update on Share Repurchase

    On March 12, 2024, the Board approved a share repurchase plan (the “2024 Share Repurchase Plan”) whereby the Company is authorized to repurchase its ADSs or Class A ordinary shares with an aggregate value of up to US$350 million during the 12-month period from April 1, 2024.

    In the fourth quarter, the Company had in aggregate purchased approximately 3.1 million ADSs in the open market for a total amount of approximately US$107 million (inclusive of commissions) at an average price of US$34.5 per ADS. As of December 30, 2024, the Company had utilized substantially all of the total authorized value for the 2024 Share Repurchase Plan.

    On November 19, 2024, the Board approved a new share repurchase plan (the “2025 Share Repurchase Plan”) whereby the Company is authorized to repurchase up to US$450 million worth of its ADSs or Class A ordinary shares over the next 12 months starting from January 1, 2025.

    As of March 14, 2025, the Company had in aggregate purchased approximately 2.2 million ADSs in the open market for a total amount of approximately US$86 million (inclusive of commissions) at an average price of US$39.7 per ADS pursuant to the 2025 Share Repurchase Plan.

    Business Outlook

    As macro-economic uncertainties persist, the Company intends to maintain a prudent approach in its business planning for 2025. Management will continue to focus on enhancing efficiency of the Company’s operations. As such, for the first quarter of 2025, the Company expects to generate a net income between RMB1.75 billion and RMB1.85 billion and a non-GAAP net income*13 between RMB1.80 billion and RMB1.90 billion, representing a year-on-year growth between 49% and 58%. This outlook reflects the Company’s current and preliminary views, which is subject to material changes.

    13 Non-GAAP net income represents net income excluding share-based compensation expenses.

    Conference Call Preregistration

    Qifu Technology’s management team will host an earnings conference call at 7:30 AM U.S. Eastern Time on Monday, March 17, 2025 (7:30 PM Beijing Time on the same day).

    All participants wishing to join the conference call must pre-register online using the link provided below.

    Registration Link: https://s1.c-conf.com/diamondpass/10045854-hg6t5r.html

    Upon registration, each participant will receive details for the conference call, including dial-in numbers and a unique access PIN. Please dial in 10 minutes before the call is scheduled to begin.

    Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of the Company’s website at https://ir.qifu.tech.

    About Qifu Technology

    Qifu Technology is a leading AI-empowered Credit-Tech platform in China. By leveraging its sophisticated machine learning models and data analytics capabilities, the Company provides a comprehensive suite of technology services to assist financial institutions and consumers and SMEs in the loan lifecycle, ranging from borrower acquisition, preliminary credit assessment, fund matching and post-facilitation services. The Company is dedicated to making credit services more accessible and personalized to consumers and SMEs through Credit-Tech services to financial institutions.

    For more information, please visit: https://ir.qifu.tech.

    Use of Non-GAAP Financial Measures Statement

    To supplement our financial results presented in accordance with U.S. GAAP, we use Non-GAAP financial measure, which is adjusted from results based on U.S. GAAP to exclude share-based compensation expenses. Reconciliations of our Non-GAAP financial measures to our U.S. GAAP financial measures are set forth in tables at the end of this earnings release, which provide more details on the Non-GAAP financial measures.

    We use Non-GAAP income from operation, Non-GAAP operating margin, Non-GAAP net income, Non-GAAP net income margin, Non-GAAP net income attributed to the Company and Non-GAAP net income per fully diluted ADS in evaluating our operating results and for financial and operational decision-making purposes. Non-GAAP income from operation represents income from operation excluding share-based compensation expenses. Non-GAAP operating margin is equal to Non-GAAP income from operation divided by total net revenue. Non-GAAP net income represents net income excluding share-based compensation expenses. Non-GAAP net income margin is equal to Non-GAAP net income divided by total net revenue. Non-GAAP net income attributed to the Company represents net income attributed to the Company excluding share-based compensation expenses. Non-GAAP net income per fully diluted ADS represents net income excluding share-based compensation expenses per fully diluted ADS. Such adjustments have no impact on income tax. We believe that Non-GAAP income from operation, Non-GAAP operating margin, Non-GAAP net income, Non-GAAP net income margin, Non-GAAP net income attributed to the Company and Non-GAAP net income per fully diluted ADS help identify underlying trends in our business that could otherwise be distorted by the effect of certain expenses that we include in results based on U.S. GAAP. We believe that Non-GAAP income from operation and Non-GAAP net income provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making. Our Non-GAAP financial information should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for or superior to U.S. GAAP results. In addition, our calculation of Non-GAAP financial information may be different from the calculation used by other companies, and therefore comparability may be limited.

    Exchange Rate Information

    This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB 7.2993 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of December 31, 2024.

    Safe Harbor Statement

    Any forward-looking statements contained in this announcement are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward-looking statements. Qifu Technology may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in announcements made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including the Company’s business outlook, beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, which factors include but not limited to the following: the Company’s growth strategies, the Company’s cooperation with 360 Group, changes in laws, rules and regulatory environments, the recognition of the Company’s brand, market acceptance of the Company’s products and services, trends and developments in the credit-tech industry, governmental policies relating to the credit-tech industry, general economic conditions in China and around the globe, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks and uncertainties is included in Qifu Technology’s filings with the SEC and announcements on the website of the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and Qifu Technology does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    For more information, please contact:

    Qifu Technology
    E-mail: ir@360shuke.com

    Unaudited Condensed Consolidated Balance Sheets
    (Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“USD”)
    except for number of shares and per share data, or otherwise noted)
           
      December 31, December 31, December 31,
      2023 2024 2024
      RMB RMB USD
    ASSETS      
    Current assets:      
    Cash and cash equivalents 4,177,890 4,452,416 609,978
    Restricted cash 3,381,107 2,353,384 322,412
    Short term investments 15,000 3,394,073 464,987
    Security deposit prepaid to third-party guarantee companies 207,071 162,617 22,278
    Funds receivable from third party payment service providers 1,603,419 462,112 63,309
    Accounts receivable and contract assets, net 2,909,245 2,214,530 303,389
    Financial assets receivable, net 2,522,543 1,553,912 212,885
    Amounts due from related parties 45,346 8,510 1,166
    Loans receivable, net 24,604,487 26,714,428 3,659,862
    Prepaid expenses and other assets 329,920 1,464,586 200,647
    Total current assets 39,796,028 42,780,568 5,860,913
    Non-current assets:      
    Accounts receivable and contract assets, net-noncurrent 146,995 27,132 3,717
    Financial assets receivable, net-noncurrent 596,330 170,779 23,397
    Amounts due from related parties 4,240 51 7
    Loans receivable, net-noncurrent 2,898,005 2,537,749 347,670
    Property and equipment, net 231,221 362,774 49,700
    Land use rights,net 977,461 956,738 131,073
    Intangible assets 13,443 11,818 1,619
    Goodwill 41,210 42,414 5,811
    Deferred tax assets 1,067,738 1,206,325 165,266
    Other non-current assets 45,901 36,270 4,969
    Total non-current assets 6,022,544 5,352,050 733,229
    TOTAL ASSETS 45,818,572 48,132,618 6,594,142
           
    LIABILITIES AND EQUITY      
    Current liabilities:      
    Payable to investors of the consolidated trusts-current 8,942,291 8,188,454 1,121,814
    Accrued expenses and other current liabilities 2,016,039 2,492,921 341,529
    Amounts due to related parties 80,376 67,495 9,247
    Short term loans 798,586 1,369,939 187,681
    Guarantee liabilities-stand ready 3,949,601 2,383,202 326,497
    Guarantee liabilities-contingent 3,207,264 1,820,350 249,387
    Income tax payable 742,210 1,040,687 142,574
    Other tax payable 163,252 109,161 14,955
    Total current liabilities 19,899,619 17,472,209 2,393,684
    Non-current liabilities:      
    Deferred tax liabilities 224,823 439,435 60,202
    Payable to investors of the consolidated trusts-noncurrent 3,581,800 5,719,600 783,582
    Other long-term liabilities 102,473 255,155 34,956
    Total non-current liabilities 3,909,096 6,414,190 878,740
    TOTAL LIABILITIES 23,808,715 23,886,399 3,272,424
    TOTAL QIFU TECHNOLOGY INC EQUITY 21,937,483 24,190,043 3,314,022
    Noncontrolling interests 72,374 56,176 7,696
    TOTAL EQUITY 22,009,857 24,246,219 3,321,718
    TOTAL LIABILITIES AND EQUITY 45,818,572 48,132,618 6,594,142
           
    Unaudited Condensed Consolidated Statements of Operations
    (Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“USD”)
    except for number of shares and per share data, or otherwise noted)
                   
      Three months ended December 31,   Year ended December 31,
      2023 2024 2024   2023 2024 2024
      RMB RMB USD   RMB RMB USD
    Credit driven services 3,248,263   2,889,500   395,860     11,738,560   11,719,027   1,605,500  
    Loan facilitation and servicing fees-capital heavy 481,195   362,958   49,725     1,667,119   1,016,514   139,262  
    Financing income 1,485,446   1,667,340   228,425     5,109,921   6,636,511   909,198  
    Revenue from releasing of guarantee liabilities 1,211,787   761,827   104,370     4,745,898   3,695,017   506,215  
    Other services fees 69,835   97,375   13,340     215,622   370,985   50,825  
    Platform services 1,247,240   1,592,752   218,206     4,551,467   5,446,629   746,185  
    Loan facilitation and servicing fees-capital light 696,985   515,062   70,563     3,213,955   2,116,797   290,000  
    Referral services fees 446,486   907,207   124,287     950,016   2,842,637   389,440  
    Other services fees 103,769   170,483   23,356     387,496   487,195   66,745  
    Total net revenue 4,495,503   4,482,252   614,066     16,290,027   17,165,656   2,351,685  
    Facilitation, origination and servicing 731,787   734,659   100,648     2,659,912   2,900,704   397,395  
    Funding costs 161,016   126,841   17,377     645,445   590,935   80,958  
    Sales and marketing 551,590   523,936   71,779     1,939,885   1,725,877   236,444  
    General and administrative 108,037   156,061   21,380     421,076   449,505   61,582  
    Provision for loans receivable 639,886   598,353   81,974     2,151,046   2,773,323   379,944  
    Provision for financial assets receivable 148,198   63,251   8,665     386,090   296,857   40,669  
    Provision for accounts receivable and contract assets 91,105   77,450   10,611     175,799   421,481   57,743  
    Provision for contingent liabilities 784,323   311,372   42,658     3,053,810   478,404   65,541  
    Total operating costs and expenses 3,215,942   2,591,923   355,092     11,433,063   9,637,086   1,320,276  
    Income from operations 1,279,561   1,890,329   258,974     4,856,964   7,528,570   1,031,409  
    Interest income, net 46,970   74,951   10,268     217,307   237,015   32,471  
    Foreign exchange (loss) gain (815 ) 2,680   367     2,356   1,512   207  
    Other income, net 5,209   (35,251 ) (4,829 )   230,936   125,325   17,169  
    Investment loss –   –   –     (30,112 ) –   –  
    Income before income tax expense 1,330,925   1,932,709   264,780     5,277,451   7,892,422   1,081,256  
    Income taxes expense (223,237 ) (20,042 ) (2,746 )   (1,008,874 ) (1,644,306 ) (225,269 )
    Net income 1,107,688   1,912,667   262,034     4,268,577   6,248,116   855,987  
    Net loss attributable to noncontrolling interests 4,052   3,970   544     16,759   16,198   2,219  
    Net income attributable to ordinary shareholders of the Company 1,111,740   1,916,637   262,578     4,285,336   6,264,314   858,206  
    Net income per ordinary share attributable to ordinary shareholders of Qifu Technology, Inc.
    Basic 3.51   6.70   0.92     13.36   21.02   2.88  
    Diluted 3.44   6.62   0.91     13.04   20.64   2.83  
                   
    Net income per ADS attributable to ordinary shareholders of Qifu Technology, Inc.
    Basic 7.02   13.40   1.84     26.72   42.04   5.76  
    Diluted 6.88   13.24   1.82     26.08   41.28   5.66  
                   
    Weighted average shares used in calculating net income per ordinary share
    Basic 316,325,750   285,872,913   285,872,913     320,749,805   298,012,150   298,012,150  
    Diluted 323,305,948   289,427,077   289,427,077     328,508,945   303,449,864   303,449,864  
                   
    Unaudited Condensed Consolidated Statements of Cash Flows
    (Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“USD”)
    except for number of shares and per share data, or otherwise noted)
                   
      Three months ended December 31,   Year ended December 31,
      2023 2024 2024   2023 2024 2024
      RMB RMB USD   RMB RMB USD
    Net cash provided by operating activities 2,351,791   3,051,606   418,067     7,118,350   9,343,311   1,280,027  
    Net cash used in investing activities (1,885,694 ) (945,611 ) (129,548 )   (11,147,789 ) (7,994,081 ) (1,095,184 )
    Net cash (used in) provided by financing activities (911,621 ) (1,873,516 ) (256,671 )   1,066,458   (2,114,463 ) (289,680 )
    Effect of foreign exchange rate changes (877 ) 31,464   4,311     9,615   12,036   1,649  
    Net (decrease) increase in cash and cash equivalents (446,401 ) 263,943   36,159     (2,953,366 ) (753,197 ) (103,188 )
    Cash, cash equivalents, and restricted cash, beginning of period 8,005,398   6,541,857   896,231     10,512,363   7,558,997   1,035,578  
    Cash, cash equivalents, and restricted cash, end of period 7,558,997   6,805,800   932,390     7,558,997   6,805,800   932,390  
                   
    Unaudited Condensed Consolidated Statements of Comprehensive (Loss)/Income
    (Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“USD”)
    except for number of shares and per share data, or otherwise noted)
           
      Three months ended December 31,
      2023 2024 2024
      RMB RMB USD
    Net income 1,107,688   1,912,667 262,034
    Other comprehensive income, net of tax of nil:      
    Foreign currency translation adjustment (3,606 ) 145,610 19,948
    Other comprehensive (loss) income (3,606 ) 145,610 19,948
    Total comprehensive income 1,104,082   2,058,277 281,982
    Comprehensive loss attributable to noncontrolling interests 4,052   3,970 544
    Comprehensive income attributable to ordinary shareholders 1,108,134   2,062,247 282,526
           
           
      Year ended December 31,
      2023 2024 2024
      RMB RMB USD
    Net income 4,268,577   6,248,116 855,987
    Other comprehensive income, net of tax of nil:      
    Foreign currency translation adjustment 17,118   46,534 6,375
    Other comprehensive income 17,118   46,534 6,375
    Total comprehensive income 4,285,695   6,294,650 862,362
    Comprehensive loss attributable to noncontrolling interests 16,759   16,198 2,219
    Comprehensive income attributable to ordinary shareholders 4,302,454   6,310,848 864,581
    Unaudited Reconciliations of GAAP and Non-GAAP Results
    (Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“USD”)
    except for number of shares and per share data, or otherwise noted)
           
      Three months ended December 31,
      2023 2024 2024
      RMB RMB USD
    Reconciliation of Non-GAAP Net Income to Net Income      
    Net income 1,107,688   1,912,667   262,034
    Add: Share-based compensation expenses 42,572   59,720   8,182
    Non-GAAP net income 1,150,260   1,972,387   270,216
    GAAP net income margin 24.6 % 42.7 %  
    Non-GAAP net income margin 25.6 % 44.0 %  
           
    Net income attributable to shareholders of Qifu Technology, Inc. 1,111,740   1,916,637   262,578
    Add: Share-based compensation expenses 42,572   59,720   8,182
    Non-GAAP net income attributable to shareholders of Qifu Technology, Inc. 1,154,312   1,976,357   270,760
    Weighted average ADS used in calculating net income per ordinary share for both GAAP and non-GAAP EPS -diluted 161,652,974   144,713,538   144,713,538
    Net income per ADS attributable to ordinary shareholders of Qifu Technology, Inc. -diluted 6.88   13.24   1.82
    Non-GAAP net income per ADS attributable to ordinary shareholders of Qifu Technology, Inc. -diluted 7.14   13.66   1.87
           
    Reconciliation of Non-GAAP Income from operations to Income from operations      
    Income from operations 1,279,561   1,890,329   258,974
    Add: Share-based compensation expenses 42,572   59,720   8,182
    Non-GAAP Income from operations 1,322,133   1,950,049   267,156
    GAAP operating margin 28.5 % 42.2 %  
    Non-GAAP operating margin 29.4 % 43.5 %  
           
           
      Year ended December 31,
      2023 2024 2024
      RMB RMB USD
    Reconciliation of Non-GAAP Net Income to Net Income      
    Net income 4,268,577   6,248,116   855,987
    Add: Share-based compensation expenses 185,604   167,613   22,963
    Non-GAAP net income 4,454,181   6,415,729   878,950
    GAAP net income margin 26.2 % 36.4 %  
    Non-GAAP net income margin 27.3 % 37.4 %  
           
    Net income attributable to shareholders of Qifu Technology, Inc. 4,285,336   6,264,314   858,206
    Add: Share-based compensation expenses 185,604   167,613   22,963
    Non-GAAP net income attributable to shareholders of Qifu Technology, Inc. 4,470,940   6,431,927   881,169
    Weighted average ADS used in calculating net income per ordinary share for both GAAP and non-GAAP EPS -diluted 164,254,473   151,724,932   151,724,932
    Net income per ADS attributable to ordinary shareholders of Qifu Technology, Inc. -diluted 26.08   41.28   5.66
    Non-GAAP net income per ADS attributable to ordinary shareholders of Qifu Technology, Inc. -diluted 27.22   42.39   5.81
           
    Reconciliation of Non-GAAP Income from operations to Income from operations      
    Income from operations 4,856,964   7,528,570   1,031,409
    Add: Share-based compensation expenses 185,604   167,613   22,963
    Non-GAAP Income from operations 5,042,568   7,696,183   1,054,372
    GAAP operating margin 29.8 % 43.9 %  
    Non-GAAP operating margin 31.0 % 44.8 %  
           

    The MIL Network –

  • MIL-OSI Video: Flying High in Drone Training

    Source: United States Department of Defense (video statements)

    —————
    @usarmy Paratroopers from @173AirborneBrigade conduct Unmanned Aircraft System training at Gasinci training area, Croatia.

    For more on the Department of Defense, visit: http://www.defense.gov
    —————
    Keep up with the Department of Defense on social media!

    Like the DoD on Facebook: http://facebook.com/DeptofDefense
    Follow the DoD on Twitter: http://twitter.com/DeptofDefense
    Follow the DoD on Instagram: http://instagram.com/DeptofDefense
    Follow the DoD on LinkedIn: https://www.linkedin.com/company/DeptofDefense

    https://www.youtube.com/watch?v=HfXn8aZmw1M

    MIL OSI Video –

  • MIL-OSI Europe: Prime Minister hosts Join Sweden Summit

    Source: Government of Sweden

    On Wednesday 19 February, Prime Minister Ulf Kristersson is hosting the Join Sweden Summit 2025, bringing together more than 600 international and Swedish companies, investors and decision makers. HRH Prince Daniel will open the conference and a number of Government ministers are also participating.

    MIL OSI Europe News –

  • MIL-OSI Australia: Albanese Government infrastructure to help unlock 60,000 homes in New South Wales

    Source: Australia Government Ministerial Statements

    The Albanese Labor Government is building Australia’s future, giving the green light for critical infrastructure to support nearly 60,000 new homes and make more than 100 social houses available across New South Wales. 

    We are providing $304.3 million to support housing development across the state, as part of our Housing Support Program.

    The Albanese Government’s investment includes $76.1 million to boost social housing in key growth areas including Parramatta, Blacktown, Campbelltown, Randwick and Albury.

    It also includes $228.2 million for five public place projects that will open up much-needed green and community spaces across the greater Sydney area. 

    The new public space projects will be delivered under the NSW Government’s Parks for People program, which will be implemented over three successive phases with Bankstown, Bella Vista and Kellyville all included in the first stage.

    Working in partnership with the Minns Labor Government, projects have been selected in the state’s Transport Oriented Development (TOD) Accelerated Precincts to deliver parks and shared community spaces in high-priority growth areas.  

    This will fill an essential piece of the puzzle by delivering green space in the city’s new urban precincts, providing places to exercise, rest and socialise. It means more homes, more jobs and more public parks within walking distance of accessible transport. 

    This will create capacity for nearly 60,000 homes and 120,000 jobs around major metro and rail stations, including mandatory affordable housing. 

    Our latest funding builds on more than $182 million already allocated across NSW for enabling infrastructure works such as roads, sewage and water, and to support new homes with connections to transport links and open spaces.

    We’re also investing $610 million into NSW via the Social Housing Accelerator Fund, which is funding many of the state’s shovel-ready social housing projects. 

    This is part of the Albanese Government’s $32 billion Home of Your Own Plan to meet the ambitious national target of building 1.2 million new, well-located homes over the next 5 years.

    Quotes attributable to Federal Minister for Infrastructure, Transport, Regional Development and Local Government Catherine King:

    “We’re turbocharging housing supply by delivering the infrastructure New South Wales needs.

    “A place to call home is fundamental, but for too many Australians has been out of reach.

    “Addressing housing shortages will take all levels of Government to respond, which is why we’re working in lockstep with the Minns Labor Government to fast-track housing development across the state. 

    “This means more homes, more jobs and more green space in well-located, well-connected growth areas.”

    Quotes attributable to Federal Minister for Housing and Homelessness Clare O’Neil: 

    “This investment shows just how important it is to have a Commonwealth Government that works in coperation with State governments – like the Minns Government – to deliver more well located houses for more people.

    “We’re starting the largest house build in Australian history. We have an ambitious target for 1.2 million new homes and we’re delivering 55,000 social and affordable rental homes. We’re directly investing in building new homes – just like we used to. 

    “We are tackling this housing crisis from every angle, which includes working closely with States and Territories to make sure there is critical infrastructure to support homes in a cities and regions.”

    Quotes attributable to NSW Minister for Planning and Public Spaces Paul Scully:

    “The Commonwealth’s investment will help NSW address our housing challenges and deliver on the National Housing Accord target.

    “Through the Minns Government’s Transport Oriented Development Accelerated Precincts we’re delivering nearly 60,000 homes, and these areas include great public greenspaces thanks to this funding from the Albanese Government.”

    Quotes attributable to NSW Minister for Housing and Homelessness Rose Jackson: 

    “Every bit of funding helps and we’re thankful to the Commonwealth for this additional support to help us house people who need it as soon as we possibly can.  

    “This is a significant investment, and it allows us to make an instant impact during a housing crisis.  

    “The Homes NSW teams have been scouring the state for opportunities to acquire fit-for-purpose housing that will be immediately used to house those who are most in need.”

    MIL OSI News –

  • MIL-OSI Australia: Executive Leadership Team changes

    Source: National Australia Bank

    NAB Group Chief Executive Officer (CEO) Andrew Irvine today announced changes to the bank’s Executive Leadership Team.

    • Andrew Auerbach, an experienced business and wealth banker from Canada, will join NAB as Group Executive, Business & Private Banking (B&PB) on 16 June;
    • Rachel Slade, currently Group Executive B&PB, will leave NAB on 1 July, allowing for a transition period and to work with Mr Irvine as a senior adviser; and
    • Nathan Goonan has resigned as Group Chief Financial Officer (CFO). He will leave NAB later this year after meeting his contractual obligations.

    Mr Irvine said transition arrangements from Tuesday 18 March would be:

    • Michael Saadie, currently Executive, Private Wealth and CEO of JB Were, acting as Group Executive B&PB until Mr Auerbach starts at NAB;
    • Shaun Dooley, currently Group Chief Risk Officer (CRO), acting as Group CFO while NAB recruits a new Group CFO; and
    • Peter Whitelaw, currently Executive, Chief Resilience Risk Officer, acting as Group CRO.

    “NAB has good business momentum and is executing a clear strategy based on being better for customers and our colleagues. We have great talent and leadership across the bank and I’m confident we will maintain momentum while we embed these changes,” Mr Irvine said.

    Mr Auerbach spent more than 21 years in senior executive roles with the Bank of Montreal (BMO) in Canada, including alongside Mr Irvine.  During his career he has worked closely with business owners and entrepreneurs delivering strong customer and commercial outcomes. On leaving BMO, in 2023 he co-founded and is CEO of Canadian wealth management firm Delisle Advisory Group. He will end his involvement with Delisle before joining NAB.

    “Andrew will be a tremendous addition to the NAB team and a strong leader for our leading business bank as we continue to execute our strategy and drive performance in a competitive environment. In particular, he brings a strong track record of improving both customer experiences and financial performance,” Mr Irvine said.

    Ms Slade joined NAB in 2017 and was appointed to the Executive Leadership Team in 2018 as Chief Customer Experience Officer, then Group Executive, Personal Banking in 2020. Ms Slade became Group Executive, B&PB last year when Mr Irvine became NAB Group CEO.

    Mr Goonan has been with NAB for a total of 15 years in two periods, holding various executive roles. He joined the Executive Leadership Team in 2020 as Group Executive, Strategy & Innovation and was appointed Group CFO in 2023.

    “Rachel and Nathan have been dedicated to NAB, very supportive of successive Group CEOs and focused on customers every day. I have appreciated their support in our time together and wish them well for the future,” Mr Irvine said.

    Mr Auerbach’s appointment is subject to regulatory approvals.

    Read the announcement on the ASX. 

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    Media Enquiries

    For all media enquiries, please contact the NAB Media Line on 03 7035 5015

    MIL OSI News –

  • MIL-OSI New Zealand: Education delegation departs for Europe & UK

    Source: New Zealand Government

    Education Minister Erica Stanford is leading a New Zealand delegation to Iceland to participate in the 2025 International Summit on the Teaching Profession (ISTP). 

    “The summit will be attended by Education Ministers, union leaders, and teacher leaders from high performing OECD countries. It provides an excellent opportunity for sharing best practice and gaining an international perspective on common challenges,” Ms Stanford says.

    The New Zealand delegation includes representatives from the Ministry of Education, the Post Primary Teachers’ Association (PPTA) Te Wehengarua and the New Zealand Educational Institute (NZEI) Te Riu Roa. 

    This year’s summit theme is ‘Quality Education: The Key to Prosperity and Well-being’. The discussion topics include building a foundation for equitable and inclusive education, supporting educators to foster equity and wellbeing, and the educator’s role in child-centred education systems.

    “Everything we’re doing is aimed at lifting achievement and closing the equity gap so all Kiwi kids can succeed. I look forward to continuing to share our education journey with my ministerial counterparts and strengthening New Zealand’s education ties with the world,” Ms Stanford says.

    Minister Stanford will also travel to the United Kingdom, Sweden and Germany.

    While in the UK, she will meet with the Secretary of State for Education, Department for Education officials, the Office for Standards in Education, and the Education Endowment Foundation. She will also visit local schools and have meetings with Oxford University Press and the Cambridge Assessment.

    In Stockholm, Sweden, Minister Stanford will give a keynote speech and participate in the 2025 Knowledge Rich Curriculum Forum. In Hamburg, Germany, Minister Stanford will participate in a German New Zealand Chamber of Commerce networking event to promote overseas investment in New Zealand. 

    Minister Stanford travelled to the UK and Europe on 16 March and returns to New Zealand on 29 March. 

    MIL OSI New Zealand News –

  • MIL-Evening Report: Whatever happens to Star, the age of unfettered gambling revenue for casinos may have ended

    Source: The Conversation (Au and NZ) – By Charles Livingstone, Associate Professor, School of Public Health and Preventive Medicine, Monash University

    Casino operator Star Entertainment has been under financial pressure for some time. The company’s share price has tanked, and the business, with its three casino properties, has been bleeding money.

    Last year’s opening of a new riverside casino in Queen’s Wharf, Brisbane, was seen as a way to revitalise the business. But Star has swung from one lifeline to another.

    Just as it was set to run out of cash on Friday March 7, Star announced a last-minute rescue package. This centred on selling its 50% stake in the Queens Wharf casino to Hong-Kong-based joint venture partners for $53 million.

    Star has also started documentation for a $250 million bridging loan but still needs to finalise a proposal for long-term refinancing.

    All of this remains subject to details being finalised, and regulatory approvals. An alternative $250 million takeover offer from US casino operator Bally’s currently isn’t Star’s preference because it is considered too low.

    But Star is far from out of the woods yet. Whatever happens to it and its casino assets, there are bigger questions about whether the age of unfettered gambling revenue for casinos may have already ended.

    Elsewhere, gambling is booming

    If Australian casinos are struggling, it’s not because punters are giving up gambling. Whereas most of the gambling market recovered rapidly after the end of pandemic restrictions, casinos floundered.

    Between 2018–19 and 2022–23, before and after pandemic restrictions were in place, total Australian gambling expenditure (in other words, gamblers’ losses) grew by 6.8% in real terms (adjusted for inflation).

    Real wagering losses grew by 45%. This segment has clearly emerged as the second-biggest gambling market in the country, with gambling expenditure of $8.4 billion.

    But over the same period, expenditure at casinos declined by more than 35% nationally, and by 42% in New South Wales.



    Read more:
    The rate of sports betting has surged more than 57% – and younger people are betting more

    Do casinos have a viable business model?

    Both Star and Australia’s other major casino operator, Crown, have emerged from a range of high-profile scandals in recent years.

    Media reporting, inquiries, and royal commissions into Crown, and then Star, give some insight into how the casino business used to be run in Australia.

    Star’s (and Crown’s) business model appears to have previously relied on two major revenue streams: benefiting from the proceeds of crime (by operating as a cash laundry for organised criminal gangs), and exploiting every vulnerable person who walked onto their premises.

    Both casinos facilitated money laundering, particularly via junket operators, organisers of casino visits by high rollers. Unfortunately, many of these people had strong links to organised crime gangs keen to launder their illegally acquired money.

    Former Star executives and board members are now facing Federal Court proceedings brought by ASIC, with two already having been fined.



    Read more:
    ‘Multiple red flags’: ASIC’s court case against Star executives shows the risks of complacency

    Star and Crown preyed on addiction

    Both Star and Crown were also found to have encouraged significant expenditure by addicted gamblers.

    This wasn’t just high rollers. Ordinary people were also encouraged to use poker machines for hours without any attempt at encouraging a break, as mandated by “responsible gambling” codes.

    The Victorian Royal Commissioner, investigating Crown, regarded its “responsible gambling” failures as particularly heinous.

    The result was the turnover of the board and management, hundreds of millions of dollars in fines, and increased regulatory oversight.

    Although neither casino chain closed its doors, regulatory breaches led to appointment of special managers to oversee the business and hold the licences. Further change included beefing up regulators’ powers and resources.

    Turning a page

    Without significant funds from the proceeds of crime, or exploitation of the vulnerable, casinos are clearly struggling.

    In NSW and Victoria, the casinos have been required to introduce “cashless gaming” systems.

    This takes cash out of the system, deterring money launderers. Gamblers must also set a limit on their gambling spend, and adhere to it. The system is in the process of being introduced in Queensland.

    Certainly, overcapitalisation of new developments has played a part in casinos’ struggles. Crown Melbourne was effectively sold to Kerry Packer in 1998 on the back of its own financial issues. Overcapitalisation of the business was seen as an issue then.

    Stronger competition

    Competition from online wagering and pokie venues may also be playing a part. These businesses are not currently regulated as effectively as casinos.

    Precommitment systems for online wagering would be relatively easy to introduce. They would require punters to set a limit on deposits or bets, or indeed the time they spend gambling, and enforce these technically.

    Getting these in place, however, may be as formidable a task as getting gambling ads banned from sporting broadcasts, if not more so.

    The gambling industry understandably opposes this. After all, these measures would reduce the amount that people lose. From a public health perspective, however, they provide an effective system to prevent harm in the first place, rather than simply picking up the pieces.

    Without effective reform of local gambling venues and online wagering, casinos may try to mount an argument for less effective regulation. That would be an admission that their “tourism” attractiveness has waned. It’s also a powerful argument to speed up the transition of effective regulation to all gambling operators.

    Charles Livingstone has received funding from the Victorian Responsible Gambling Foundation, the (former) Victorian Gambling Research Panel, and the South Australian Independent Gambling Authority (the funds for which were derived from hypothecation of gambling tax revenue to research purposes), from the Australian and New Zealand School of Government and the Foundation for Alcohol Research and Education, and from non-government organisations for research into multiple aspects of poker machine gambling, including regulatory reform, existing harm minimisation practices, and technical characteristics of gambling forms. He has received travel and co-operation grants from the Alberta Problem Gambling Research Institute, the Finnish Institute for Public Health, the Finnish Alcohol Research Foundation, the Ontario Problem Gambling Research Committee, the Turkish Red Crescent Society, and the Problem Gambling Foundation of New Zealand. He was a Chief Investigator on an Australian Research Council funded project researching mechanisms of influence on government by the tobacco, alcohol and gambling industries. He has undertaken consultancy research for local governments and non-government organisations in Australia and the UK seeking to restrict or reduce the concentration of poker machines and gambling impacts, and was a member of the Australian government’s Ministerial Expert Advisory Group on Gambling in 2010-11. He is a member of the Lancet Public Health Commission into gambling, and of the World Health Organisation expert group on gambling and gambling harm. He made a submission to and appeared before the HoR Standing Committee on Social Policy and Legal Affairs inquiry into online gambling and its impacts on those experiencing gambling harm.

    – ref. Whatever happens to Star, the age of unfettered gambling revenue for casinos may have ended – https://theconversation.com/whatever-happens-to-star-the-age-of-unfettered-gambling-revenue-for-casinos-may-have-ended-251248

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: How long will you live? New evidence says its much more about your choices than your genes

    Source: The Conversation (Au and NZ) – By Hassan Vally, Associate Professor, Epidemiology, Deakin University

    Rawpixel.com/Shutterstock

    One of the most enduring questions humans have is how long we’re going to live. With this comes the question of how much of our lifespan is shaped by our environment and choices, and how much is predetermined by our genes.

    A study recently published in the prestigious journal Nature Medicine has attempted for the first time to quantify the relative contributions of our environment and lifestyle versus our genetics in how we age and how long we live.

    The findings were striking, suggesting our environment and lifestyle play a much greater role than our genes in determining our longevity.

    What the researchers did

    This study used data from the UK Biobank, a large database in the United Kingdom that contains in-depth health and lifestyle data from roughly 500,000 people. The data available include genetic information, medical records, imaging and information about lifestyle.

    A separate part of the study used data from a subset of more than 45,000 participants whose blood samples underwent something called “proteomic profiling”.

    Proteomic profiling is a relatively new technique that looks at how proteins in the body change over time to identify a person’s age at a molecular level. By using this method researchers were able to estimate how quickly an individual’s body was actually ageing. This is called their biological age, as opposed to their chronological age (or years lived).

    The researchers assessed 164 environmental exposures as well as participants’ genetic markers for disease. Environmental exposures included lifestyle choices (for example, smoking, physical activity), social factors (for example, living conditions, household income, employment status) and early life factors, such as body weight in childhood.

    They then looked for associations between genetics and environment and 22 major age-related diseases (such as coronary artery disease and type 2 diabetes), mortality and biological ageing (as determined by the proteomic profiling).

    These analyses allowed the researchers to estimate the relative contributions of environmental factors and genetics to ageing and dying prematurely.

    What did they find?

    When it came to disease-related mortality, as we would expect, age and sex explained a significant amount (about half) of the variation in how long people lived. The key finding, however, was environmental factors collectively accounted for around 17% of the variation in lifespan, while genetic factors contributed less than 2%.

    This finding comes down very clearly on the nurture side in the “nature versus nurture” debate. It suggests environmental factors influence health and longevity to a far greater extent than genetics.

    Not unexpectedly, the study showed a different mix of environmental and genetic influences for different diseases. Environmental factors had the greatest impact on lung, heart and liver disease, while genetics played the biggest role in determining a person’s risk of breast, ovarian and prostate cancers, and dementia.

    The environmental factors that had the most influence on earlier death and biological ageing included smoking, socioeconomic status, physical activity levels and living conditions.

    Genetic factors affected the risk of some diseases more than others.
    Kleber Cordeiro/Shutterstock

    Interestingly, being taller at age ten was found to be associated with a shorter lifespan. Although this may seem surprising, and the reasons are not entirely clear, this aligns with previous research finding taller people are more likely to die earlier.

    Carrying more weight at age ten and maternal smoking (if your mother smoked in late pregnancy or when you were a newborn) were also found to shorten lifespan.

    Probably the most surprising finding in this study was a lack of association between diet and markers of biological ageing, as determined by the proteomic profiling. This flies in the face of the extensive body of evidence showing the crucial role of dietary patterns in chronic disease risk and longevity.

    But there are a number of plausible explanations for this. The first could be a lack of statistical power in the part of the study looking at biological ageing. That is, the number of people studied may have been too small to allow the researchers to see the true impact of diet on ageing.

    Second, the dietary data in this study, which was self-reported and only measured at one time point, is likely to have been of relatively poor quality, limiting the researchers’ ability to see associations. And third, as the relationship between diet and longevity is likely to be complex, disentangling dietary effects from other lifestyle factors may be difficult.

    So despite this finding, it’s still safe to say the food we eat is one of the most important pillars of health and longevity.

    What other limitations do we need to consider?

    Key exposures (such as diet) in this study were only measured at a single point in time, and not tracked over time, introducing potential errors into the results.

    Also, as this was an observational study, we can’t assume associations found represent causal relationships. For example, just because living with a partner correlated with a longer lifespan, it doesn’t mean this caused a person to live longer. There may be other factors which explain this association.

    Finally, it’s possible this study may have underestimated the role of genetics in longevity. It’s important to recognise genetics and environment don’t operate in isolation. Rather, health outcomes are shaped by their interplay, and this study may not have fully captured the complexity of these interactions.

    This study found environmental factors influence health and longevity to a far greater extent than genetics.
    Ground Picture/Shutterstock

    The future is (largely) in your hands

    It’s worth noting there were a number of factors such as household income, home ownership and employment status associated with diseases of ageing in this study that are not necessarily within a person’s control. This highlights the crucial role of addressing the social determinants of health to ensure everyone has the best possible chance of living a long and healthy life.

    At the same time, the results offer an empowering message that longevity is largely shaped by the choices we make. This is great news, unless you have good genes and were hoping they would do the heavy lifting.

    Ultimately, the results of this study reinforce the notion that while we may inherit certain genetic risks, how we eat, move and engage with the world seems to be more important in determining how healthy we are and how long we live.

    Hassan Vally 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. How long will you live? New evidence says its much more about your choices than your genes – https://theconversation.com/how-long-will-you-live-new-evidence-says-its-much-more-about-your-choices-than-your-genes-251054

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Australia’s next government may well be in minority. Here’s how that can be a good outcome for the country

    Source: The Conversation (Au and NZ) – By Shamit Saggar, Executive Director, Australian Centre for Student Equity and Success and Professor of Public Policy, Curtin University

    Two months out from an Australian federal election, the polling is pointing to a very tight race between the two major parties. This means, if the polls are correct, neither party will likely win enough seats to command a parliamentary working majority.

    Australia’s most recent experience of a hung parliament was the Gillard-Rudd government of 2010–13. Many still see that as an unhappy era, with internal division within Labor’s party room in Canberra, and yet another leadership coup, as the lasting, bitter memory.

    So, it is time to reassess whether – or how well – Australia might be governed in similar circumstances.

    Building a stable coalition

    The answer depends on us being open to the meaning of a stable, inter-party coalition. This is particularly tricky in Australia for three reasons. First, although the political parties themselves are coalitions of philosophies and factions, this is often masked by high levels of party discipline. With very few exceptions, MPs elected through the major parties pretty much do as they are told when they go to Canberra.

    Second, the popular vote share that goes to the two major parties has been in long-term decline, from about 90% 40 years ago, to about 70% of late. The drift hasn’t just gone towards populist insurgents and protests, but increasingly to the benefit of the Greens and, more recently, the Teals. The national preferential voting system pushes candidates to compete in the traditional left-right middle ground. But this overlooks the fact that some voters’ sympathies lie in single-issue campaigns.

    Third, and most importantly, our model of minority government is conspicuously one-dimensional. For instance, party leaders and managers think purely in terms of confidence and supply agreements. These are important, of course, but they provide artificial stability by limiting disagreement in parliament that might bring down a government.

    One eye-catching proposition for stable minority government involves Labor and the Coalition coming together to agree not to topple the other for an arbitrary period of half a parliamentary term.

    There are several better options. The UK’s Conservatives and Liberal Democrats ran a joint government from 2010–15, with some distinction. A big party and small party formed a coalition, and once they had agreed to disagree, they ringfenced specific policy areas as belonging to one party and the other party signed up to it as a policy priority of the whole government. This resulted in the full implementation of their respectively most prized policies.

    And just two months ago, Ireland’s centre-right Fianna Fáil and Fine Gail parties, working with unaligned independents and a more formal Independent Ireland, came up with similar coalition agreement.

    The inference is that stable multi-party government involves a mature negotiation on the issues, priorities and policies that can unite across party lines. It also requires a readiness to prioritise policy issues within parties.

    Of course, this is an indirect way of asking if the Teals can and wish to operate as a de facto party. And while the Greens are a political party to begin with, the extent of their party discipline has not been tested to the full.

    Meanwhile, there is evidence of pressure to keep both the Teals and Greens at a distance from any such agreement, with reports that lobby groups for the hospitality and coal sectors respectively will fund major party candidates to help defeat hostile crossbenchers.

    As politicians mull these challenges, we should consider the likely “safe” issues – as against the “tricky” ones – in the coming parliament that a stable minority government or coalition would face. Their appetite to govern will be affected accordingly.

    ‘Safe’ and ‘tricky’ issues in a minority government

    From Labor’s perspective, the nucleus is around a disparate set of economic and social modernisation policies. Since many of these have begun in this parliament, the focus in the next will be on pursuing them to full implementation.

    For the Coalition, reshaping tax and spending, increasing housing affordability checking workplace employee rights and a bold nuclear power proposal sit at the core. This is accompanied by wariness of immigration and identity politics. Survey research points to its broad appeal certainly but less is known about the depth of this support.

    Finding a middle path on these issues that would satisfy enough crossbenchers to help one of the major parties form government will be the challenge. It is not necessarily a bad outcome for the nation. But it means all MPs will have to take into account the greatly enhanced premium on stable government before any serious horse-trading happens.

    Shamit Saggar 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. Australia’s next government may well be in minority. Here’s how that can be a good outcome for the country – https://theconversation.com/australias-next-government-may-well-be-in-minority-heres-how-that-can-be-a-good-outcome-for-the-country-252162

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Governor Mike Kehoe Provides Update on Missouri’s Storm Response and Recovery Efforts

    Source: US State of Missouri

    MARCH 16, 2025

    Jefferson City — Today, Governor Mike Kehoe provided an update on Missouri’s recovery efforts following the devastating tornadoes that struck on March 14, leaving widespread destruction across 27 counties.

    The storm has resulted in 12 confirmed fatalities, with one person still missing. Hundreds of homes, schools, and businesses have been either destroyed or severely damaged. At the height of the storm, more than 140,000 homes and businesses were without power, and 101 roads were closed due to debris, flooding, and structural damage. While significant progress has been made, approximately 47,000 customers remain without power as crews continue restoration efforts. The State Emergency Management Agency (SEMA) also had reports of over 130 wildland fires on Friday, some of which damaged homes and structures.

    “The scale of devastation across our state is staggering,” said Governor Kehoe. “While we grieve the lives of those lost, we are also focused on action—getting power restored, clearing debris, and ensuring our communities have the resources they need to recover. The strength and resilience of Missourians are already on display, and we will be with them every step of the way.”

    Ahead of the storm on Friday, Governor Kehoe issued a State of Emergency declaration, which allowed first responders, road crews, and emergency management officials to move quickly. The Missouri’s State Emergency Operations Plan remains in effect.

    • Damage Assessments and Federal Support: SEMA regional coordinators continue working swiftly with local emergency managers to make initial damage assessments in preparation for a federal major disaster declaration request. To expedite the process, SEMA has shifted additional regional coordinators into the most heavily impacted areas of the state. SEMA staff are coordinating resource requests from local emergency managers for needed supplies, materials, and support services with sheltering, debris clearance, damage assessments, and other needs.
    • White House Coordination: Governor Kehoe has been in direct contact with the White House and Federal Emergency Management Agency (FEMA) officials, who have assured him they are closely monitoring the situation and are ready to assist as soon as Missouri request is submitted.

    Governor Kehoe and state officials spent yesterday surveying some of the hardest-hit areas, including Wayne, Butler, and Jefferson counties. Wayne County alone saw six of the 12 reported fatalities, underscoring the storm’s devastating impact.

    All levels of government are fully engaged, and recovery efforts continue across the state.

    • The Missouri State Highway Patrol (MSHP) and Missouri Department of Transportation (MODOT) crews have all been deployed to clear debris, reopen roadways, and ensure the safety of Missourians across all affected counties.
    • Utility companies, including investor-owned, municipal, and cooperative providers, are working around the clock to restore power.
    • Emergency shelters remain open in impacted areas, offering food, medical support, and temporary housing for displaced residents.

    SEMA also continues to coordinate with volunteer and faith-based partners to identify needs and assist residents over the coming days and weeks. The American Red Cross of Missouri has opened shelters at the following locations for individuals and families that have been displaced or otherwise impacted:

    • Franklin County: Moose Lodge | 905 Highway 50, Union, MO 63084
    • Howell County: First United Methodist Church | 503 W Main St., West Plains, MO 65775
    • Jefferson County: St. David’s Catholic Church | 2334 Tenbrook Rd., Arnold, MO 63010
    • Phelps County: First Baptist Church | 801 N Cedar St., Rolla, MO 65401
    • Louis County: North County Rec Plex | 2577 Redman Avenue, St Louis MO 63136

    Residents who have experienced damage to their homes, cars and property should contact their insurance company and document damage with photographs. Missourians with unmet needs are encouraged to contact United Way by dialing 2-1-1 or the American Red Cross at 1-800-733-2767.

    ###

    MIL OSI USA News –

  • MIL-Evening Report: When is workplace chat ‘just gossip’ and when is it ‘sharing information’? It depends who’s doing it

    Source: The Conversation (Au and NZ) – By James Greenslade-Yeats, Research Fellow in Management, Auckland University of Technology

    THEBILLJR/Shutterstock

    When two junior employees bump into each other in the corridor and start chatting about their manager’s overbearing manner, it’s typically considered gossip. But what about when two managers have an off-record catch-up to discuss an under-performing employee?

    Both scenarios meet traditional definitions of gossip – the information being shared is about other people, the people it’s about are absent, the information is shared in a way that casts judgement on those people, and it’s informal. Yet the two situations are viewed very differently.

    What counts as gossip is much more slippery than we might think. I reviewed 184 academic articles to understand what really constitutes workplace gossip.

    The key, I found, is not any set of objective criteria, but rather people’s shared agreement that a situation counts as gossip.

    This understanding of gossip helps us make sense of the “workplace gossip paradox” – the idea that gossip can be considered both a reliable source of social information (“the inside word”) and an unreliable information source (“just gossip”).

    My work also provides insights into how businesses can manage gossip before it becomes a scandal.

    Knowledge is power – but power controls knowledge

    How does recognising the slipperiness of gossip help us understand the workplace paradox? The answer has to do with the role of power in legitimising information.

    Leaders and managers need information to justify action. If a manager is going to investigate a sexual harassment claim, they can’t do so based solely on a hunch. They need to hear about from it someone.

    If the victim of sexual harassment complains directly to their manager, an investigation is automatically justified. But what if the manager hears about harassment indirectly and unofficially (for example, through “gossip”), with the added complication that the alleged perpetrator is another manager?

    If the manager does something about what they’ve heard and the source turns out to be unreliable, they could face negative consequences for acting on what was essentially “just gossip.” But if they don’t act, and the information turns out to be credible, they could face repercussions for ignoring the “inside word.”

    There is evidence that such paradoxical situations play out quite frequently in real-world workplaces. For example, inside information about negligence towards patient safety in healthcare settings has, in the past, been dismissed as “just gossip” until it provoked a public scandal.

    The same thing happened in a university where gossip shared through a “whisper network” was eventually corroborated by an independent inquiry. In this case, the inquiry also found official complaints had been ignored.

    One case study from the United States found managers tended to keep an ear out for information passing through the grapevine and selectively use it to further their own interests.

    If gossip threatened their power, they repressed it as “just gossip”. But if gossip provided “useful” information – ammunition against a subversive employee, for example – management legitimised gossip as “official information”.

    To avoid workplace scandals when gossip is ignored, managers should co-opt the information and make it safe to address anti-social behaviour.
    La Famiglia/Shutterstock

    How to manage the workplace gossip paradox

    To avoid scandals stemming from when gossip is ignored, managers might consider “co-opting” gossip, bringing it into official communication channels.

    But there’s a problem with this approach. Gossip gains its credibility as the inside word because it takes place outside official communication channels. Therefore, if managers try to co-opt gossip into formal management processes, it’s likely to have the unintended consequence of discrediting the shared information.

    Instead, “managing gossip” requires a better understanding of its functions and motivations.

    One function is to reduce uncertainty. Research suggests gossip often arises to fill information gaps. For example, people might speculate about a manager’s salary by gossiping about their expensive car or holiday.

    Such gossip is likely to be exaggerated and counterproductive. However, it could be managed simply by being transparent about staff salaries, filling the information gap before gossip does.

    Another key function of gossip is to warn against antisocial behaviours like bullying. But if employees feel comfortable speaking up about such behaviour — even when it’s perpetrated by those with official power – managers will not face the dilemma of whether to act on information that could turn out to be “just gossip.”

    Gossip is a slippery and paradoxical form of communication. Some would say it’s unmanageable. But what can be managed are the workplace behaviours and hierarchical relationships that gossip loves to sink its teeth into.

    The author would like to acknowledge Trish Corner, Helena Cooper-Thomas and Rachel Morrison for their contributions to developing this research.

    James Greenslade-Yeats 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. When is workplace chat ‘just gossip’ and when is it ‘sharing information’? It depends who’s doing it – https://theconversation.com/when-is-workplace-chat-just-gossip-and-when-is-it-sharing-information-it-depends-whos-doing-it-251242

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Governor Polis Raises Canadian National Flag at Colorado State Capitol to Celebrate March 15th as Colorado Canada Friendship Day

    Source: US State of Colorado

    DENVER – Today, Governor Polis will celebrate Colorado Canada Friendship Day by raising the Canadian National Flag at the Colorado State Capitol, and in the evening, lighting up the Capitol with the Canadian white and red. 

    “From maple syrup to hockey players and much more, we in Colorado appreciate our friendship and close ties with Canada. Raising the Canadian flag today is symbolic of our friendship, showing that when we work together, even in challenging times, we grow our economy and make the people of both sovereign nations better off. I am grateful for our friends to the north, and look forward to annually celebrating Colorado Canada Friendship day,” said Governor Polis. 

    “Thank you, Governor Polis, for recognizing the strength of the Canada and Colorado relationship. Canadians appreciate your gesture today. I am proud to see Canada’s flag flying alongside Colorado’s at the State Capitol, which reaffirms our partnership, friendship, and alliance!” said Sylvain Fabi, Consul General of Canada in Denver. 

    In 2023, Colorado exported $1.8 billion in Colorado goods and produce to Canada, accounting for 18% of Colorado’s trade exports. Nearly a quarter of those exports were from Colorado beef, supporting our local hardworking farmers and ranchers. In the same year, 176,612 visitors traveled from Canada to enjoy Colorado, strengthening our tourism industry and supporting small businesses and our economy. Colorado is also home to 272 Canadian-owned companies employing 21,000 Colorado workers. The Capital will be lit red and white tonight to showcase. Colorado Canada friendship. 

    The Governor will also be hosting a Colorado Mexico Friendship Day. Details are forthcoming. 

    ###

    MIL OSI USA News –

  • MIL-OSI Africa: President Ramaphosa to open ECD leadership summit

    Source: South Africa News Agency

    Sunday, March 16, 2025

    President Cyril Ramaphosa will on Monday officially open the Bana Pele Early Childhood Development (ECD) Leadership Summit at the Atlas Studios, in Johannesburg.

    The summit, convened by the Department of Basic Education (DBE) and Business Leadership South Africa (BLSA), aims to mobilise a public and private coalition behind the DBE’s 2030 ECD Roadmap for quality, universal access to early learning.

    In a statement on Saturday, The Presidency noted that in South Africa, more than 1.3 million children are not enrolled in any form of ECD programme, leaving them without the foundational literacy and numeracy skills required to succeed in school.

    “This learning gap affects their ability to take on critical subjects, such as Mathematics, Science, Accounting, and Economics in later years, which are the skills that are vital for innovation, economic growth, and job creation,” the Presidency said.

    The summit will bring together government, business, civil society and education experts to “construct a roadmap for universal access to quality ECD across the country.

    “This initiative is a crucial step toward ensuring that every child, regardless of background, has access to the early learning opportunities they need to thrive in life,” the Presidency said. – SAnews.gov.za

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