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Category: Business

  • MIL-OSI USA: Reed Cries ‘Fowl’ Over Big Corporate Egg Producers Padding Profits & Stock Buybacks at the Expense of Consumers & Taxpayers

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed
    WASHINGTON, DC – The top five egg producing companies in the U.S. own almost half of all egg-laying commercial hens. 
    While consumers and small businesses are feeling the pain from high egg prices at restaurants and supermarkets, the largest egg conglomerates are doing remarkably well.  One egg company which produces one in every five eggs eaten in the U.S. has seen profits soar to record heights and is issuing exponentially higher shareholder dividends than it did before the outbreak and egg price increases.
    U.S. Senator Jack Reed (D-RI) says something smells rotten and wants the Trump Administration to ensure the biggest corporate egg producers in the highly concentrated egg industry aren’t unfairly padding their profits, contributing to inflated prices, and then turning around and feathering their C suites with stock buybacks that are subsidized by U.S. taxpayers and windfall profits. 
    Reed, who has led efforts to crack down on egg price gouging since 2023, is urging the U.S. Department of Agriculture (USDA) “to ensure that taxpayer funding intended to fight the avian flu outbreak is used responsibly to eradicate the disease and lower the cost of eggs, and does not go to publicly traded companies that are conducting stock buybacks.” 
    Senator Reed sent a letter today to the head of the USDA expressing deep concern about the impact that the avian flu outbreak is having on the price of eggs and American consumers.  Reed noted USDA has exacerbated this problem by recently laying off key workers on the frontlines of combating avian: “Since President Trump took office, the price of a dozen eggs has nearly doubled, and the Administration fired several employees working to combat avian flu.  While the Administration has since announced a new effort to rehire those employees and invest in solutions, it must do better to coordinate an effective response that actually results in lower prices for Americans.”
    The avian flu outbreak has proven to be incredibly profitable for Cal-Maine Foods Inc., the nation’s largest egg producer and distributor.  Due to the fact that Cal-Maine Foods Inc. is a publicly-traded egg producer, it must report basic financial data.  Last month, Cal-Maine reported price hikes have been good for business: generating over $350 million in gross quarterly profits, a fourfold increase from a year prior.  With the excess profits, Cal-Maine executives announced a $500 million stock buyback program, which enriches corporate executives and wealthy investors while consumers continue paying record prices.
    Stock buybacks are a controversial financial maneuver by large corporations that remove shares from the market and enable a company to increase its share price and earnings per share and offset dilution when executives exercise stock options or when insiders want to sell their shares. Until 1982, buybacks were uncommon and generally considered a form of market manipulation. But during the Reagan Administration, when the Securities and Exchange Commission (SEC) adopted rule 10b-18 that year, it gave large companies a “safe harbor” to buy back stock.
    Despite its tremendous profits, and the fact that Cal-Maine has 75 percent more hens than the next largest company, Cal-Maine received $44 million in USDA indemnity payments to compensate for bird deaths due to the avian flu outbreak.
    Reed’s letter states that USDA“should ensure the funding it does make available for the avian flu response is used effectively to help producers who need it most – not highly-profitable companies.  A company that has earmarked hundreds of millions of dollars of cash on-hand and expected earnings for stock buybacks also has the resources to recover from losses and implement biosecurity measures without taxpayer assistance.” 
    While USDA Secretary Brooke Rollins outlined a plan to invest $1 billion in curbing avian flu, that figure represents about half of what the Biden Administration was spending to tackle the problem.  And coupled with the USDA layoffs, the Trump Administration’s inadequate attention to the problem is exacerbating the situation.
    “Donald Trump said he’d bring down egg prices on day one.  Since he took office, the price of a dozen eggs has nearly doubled.  I guess the “yolk” is on every consumer and business who are now paying a higher price,” said Senator Reed.  “Trump finds time to bully America’s allies and trading partners, but he chickens out when it comes to antitrust enforcement and special interests.  He won’t take five minutes to call the top egg producers together to ensure consumers are getting a fair deal and egg prices aren’t manipulated to artificially high levels.”
    Full text of the letter follows:
    March 6, 2025
    The Honorable Brooke Rollins, Secretary
    U.S. Department of Agriculture
    1400 Independence Ave., S.W.
    Washington, DC 20250
    Dear Secretary Rollins:
    I write to urge you to ensure that taxpayer funding intended to fight the avian flu outbreak is used responsibly to eradicate the disease and lower the cost of eggs, and does not go to publicly traded companies that are conducting stock buybacks. 
    As I wrote to you before your confirmation, I am deeply concerned about the impact that the avian flu outbreak is having on the price of eggs and American consumers.  I am also concerned about the effects of possible price gouging by large egg producers, which I expressed in a previous letter to the Biden Administration.  Since President Trump took office, the price of a dozen eggs has nearly doubled, and the Administration fired several employees working to combat avian flu.  While the Administration has since announced a new effort to rehire those employees and invest in solutions, it must do better to coordinate an effective response that actually results in lower prices for Americans.
    A key piece of this effort includes ensuring taxpayer dollars are invested wisely and effectively.  In your first two weeks on the job, you visited a Cal-Maine Foods facility in Bogata, Texas to view the company’s implementation of biosecurity measures to prevent the spread of avian flu.  You may know that Cal-Maine Foods is the largest U.S. egg producer and recently announced in a SEC filing that it is spending up to $500 million to buy back shares for the benefit of the founder’s family.  Cal-Maine last month also reported over $350 million in gross quarterly profits, a fourfold increase from a year prior.  Despite its tremendous profits, last year the company received $44 million in USDA indemnity payments to compensate for bird deaths due to the avian flu outbreak.
    As the Trump Administration limits federal resources, including for USDA, it should ensure the funding it does make available for the avian flu response is used effectively to help producers who need it most – not highly-profitable companies.  A company that has earmarked hundreds of millions of dollars of cash on-hand and expected earnings for stock buybacks also has the resources to recover from losses and implement biosecurity measures without taxpayer assistance. 
    I appreciate your attention to this important issue, and look forward to your prompt reply.
    Sincerely,

    MIL OSI USA News –

    March 7, 2025
  • MIL-Evening Report: More than two-thirds of organisations have a formal work-from-home policy. Here’s how the benefits stack up

    Source: The Conversation (Au and NZ) – By Christina Boedker, Professor, Business School, University of Newcastle

    Floral Deco/Shutterstock

    The opposition wants to call time on letting public servants work from home. In a speech to the Menzies Research Institute this week, shadow public service minister Jane Hume said, if elected, a Coalition government would require public servants in the office five days a week:

    While work from home arrangements can work, in the case of the [Australian Public Service], it has become a right that is creating inefficiency.

    Hume said Labor had given public servants a “blank cheque” to work from home, creating an “unsustainable” system that was no longer working.

    She stressed that exceptions “can and will be made”, but only “where they work for everyone rather than be enforced on teams by an individual”.

    Few workplace issues have drawn such heated debate as whether people should be allowed to work from home. The Coalition’s latest election promise, with parallels to a similar move by Donald Trump in the United States, has brought these questions back into the spotlight.

    What impact do work from home arrangements have, not only on performance and productivity but also employee wellbeing? Is it really wise to reverse course?

    Our research has examined these questions in detail – and we’ve found a changing picture.




    Read more:
    Dutton hints he’ll sack 36,000 public servants. Voters deserve to know what services will be affected


    Our research

    We have examined the impacts of working from home on staff performance and productivity in Australian workplaces as part of the Australian Workplace Index, surveying 2,932 Australian employees across 2022 and 2024.

    This is a research collaboration project between Australian National University and University of Newcastle.

    The Coalition argues public servants should return to the office.
    Ground Picture/Shutterstock

    An Australian Workplace Index 2022 working paper (which has not been peer-reviewed) actually suggested working from home was linked with a number of negative impacts.

    In 2022, we saw that compared to those who didn’t, employees who worked from home three to four days a week experienced lower wellbeing, higher depression and anxiety, and higher loneliness.

    They also experienced more administrative hassles, higher pressure to meet targets and increased levels of conflict with supervisors and colleagues.

    We found working from home was also associated with a reduction in staff productivity, job-target performance and an increase in staff turnover intentions.

    A changing picture

    We have recently completed analysis for a similar study based on data from 2024, to be published in an upcoming working paper. And it paints a very different picture.

    We found the negative impacts of working from home, originally found in 2022, had reversed in 2024.

    In the most recent 2024 Australian Workplace Index employment data, we see no significant difference in productivity between employees who work from home and those in the office.

    In fact, the latest data suggest numerous benefits.

    For example, staff who worked from home one or more days a week had 9.9% more autonomy in how they carried out their work. Those with higher job autonomy were up to 16.8% more productive in their work when compared to those with low job autonomy.

    We found staff who work from home also save on average 100 minutes in commuting time each day.

    But on top of this, staff who worked from home one or more days a week were 10.6% less burnt out from work compared to those who never did, and had reported lower intention to quit their jobs.

    A reduced need to commute is a major benefit of work-from-home arrangements.
    Adam Calaitzis/Shutterstock

    Better support for employees

    This positive trend likely reflects investment by employers in improving support for staff who work from home.

    In 2024, we found a majority of organisations (69%) now had a work-from-home policy in place.

    There was also an increase in the physical, technological and psychological infrastructure support available to staff who work from home. For example:

    • Physical: 82% of staff have a dedicated workspace, 93% have their own desk, and 93% have air conditioning.
    • Technological: 85% of staff have access to IT support, 94% have access to collaborative technology and 95% have internet access.
    • Psychological: 80% of staff have access to psychological support from their supervisor and 72% have access to counselling services.

    Importantly, employees still value the opportunity highly. Our 2024 data show 38% of Australian employees chose to work from home for 50% or more of their work hours.

    32% of Australian employees would prefer to exclusively work from home, 41% prefer a hybrid option, while 27% prefer to work exclusively from the office.

    Christina Boedker has received research grant funding from the University of Newcastle’s RSP Stimulus Funding Scheme and from The Australian National University for this research project.

    Kieron Meagher received research grant funding from the University of Newcastle’s RSP Stimulus Funding Scheme and from The Australian National University for this research project.

    Aeson Luiz Dela Cruz 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. More than two-thirds of organisations have a formal work-from-home policy. Here’s how the benefits stack up – https://theconversation.com/more-than-two-thirds-of-organisations-have-a-formal-work-from-home-policy-heres-how-the-benefits-stack-up-251598

    MIL OSI Analysis – EveningReport.nz –

    March 7, 2025
  • MIL-OSI USA: Senate Advances Bipartisan Bill to Permanently Classify Illicit Fentanyl Knockoffs as Schedule I Drugs

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell
    03.06.25
    Senate Advances Bipartisan Bill to Permanently Classify Illicit Fentanyl Knockoffs as Schedule I Drugs
    Legislation would also enable research into fentanyl-related substances
    WASHINGTON, D.C. – Today, the United States Senate voted 82-12 to advance the bipartisan Halt All Lethal Trafficking of (HALT) Fentanyl Act. U.S. Senator Maria Cantwell (D-WA), ranking member of the Senate Committee on Commerce, Science, and Transportation and senior member of the Senate Finance Committee, voted in favor of the bill.
    “The HALT Fentanyl Act maintains strong penalties for trafficking fentanyl, while allowing for important scientific research and medical applications to continue,” said Sen. Cantwell. “We still have more work to do on other bills to address the fentanyl scourge, from providing more treatment options, to additional resources for first responders, to more tools for law enforcement to stop traffickers and dealers.”
    The bill now awaits final passage by the Senate.
    The legislation would:
    Permanently schedule illicit fentanyl-related substances:
    Amends the Controlled Substances Act to permanently classify fentanyl-related substances as Schedule I.
    Ends the game of whack-a-mole Congress has played since 2018; Congress has repeatedly extended the first Trump administration’s temporary Schedule I classification of fentanyl-related substances.
    Locks in permanent classification of fentanyl-related substances before its temporary Schedule I status expires on March 31, 2025.
    Protect patients’ access to legitimate, FDA-approved fentanyl:
    Preserves the Schedule II status and FDA-approved use of fentanyl for legitimate medical purposes:
    Nine major medical associations affirmed the HALT Fentanyl Act’s distinction between illicit, fentanyl-related substances and FDA-approved fentanyl, citing the bill’s ability to, “effectively combat the illicit fentanyl epidemic while preserving access to legitimate, physician-directed pain management.”
    Support law enforcement and codify existing penalties:
    Maintains existing criminal penalties for fentanyl trafficking to ensure illicit manufacturers and traffickers can be fully prosecuted and victims and their families receive justice.
    Penalties under the HALT Fentanyl Act are identical to what current law dictates under the temporary scheduling of fentanyl-related substances.
    Utilizes the same class-scheduling rubric enacted seven years ago. This rubric has only ever been used to target lethal fentanyl-related substances and arrest defendants convicted of illicit drug trafficking and manufacturing.
    Advance scientific and medical research:
    Streamlines the registration process for Schedule I researchers, allowing more scientists to study fentanyl-related substances.
    Includes provisions to permit a single registration for related research sites, allowing researchers with ongoing studies to examine newly added fentanyl-related substances and authorize registered researchers to manufacture small quantities of fentanyl-related substances without a separate registration.
    In 2023 and 2024, Sen. Cantwell traveled across the State of Washington to 10 communities — Tacoma, Everett, Tri-Cities, Seattle, Spokane, Vancouver, Port Angeles, Walla Walla, Yakima, and Longview – hearing from people on the front lines of the fentanyl crisis, including first responders, law enforcement, health care providers, and people with firsthand experience of fentanyl addiction.  She also participated in the National Tribal Opioid Summit, a gathering of approximately 900 tribal leaders, health care workers, and first responders from across the country hosted by the Tulalip Tribes following the first-ever statewide summit hosted by the Lummi Nation.  Sen. Cantwell has since used what she heard in those roundtables and related events to craft and champion specific legislative solutions, including:
    The Stop Smuggling Illicit Synthetic Drugs on U.S. Transportation Networks Act, which would crack down on the trafficking of illicit synthetic drugs, like fentanyl, using the U.S. transportation network;
    The Opioid Overdose Data Collection Enhancement Act, which would expand the use of tools that record fatal and nonfatal overdoses in near-real time and help first responders deploy resources faster;
    The FEND Off Fentanyl Act, signed into law by President Joe Biden, which will help U.S. government agencies disrupt opioid supply chains by imposing sanctions on traffickers and fighting money laundering;
    The Fight Illicit Pill Presses Act, which would require that all pill presses be engraved with a serial number and impose penalties for the removal or alteration of the number.;
    The Combating Illicit Xylazine Act, which would list xylazine as a Schedule III controlled substance while protecting the drug’s legal use by veterinarians, farmers, and ranchers, enable the Drug Enforcement Administration to track xylazine’s manufacturing to ensure it is not diverted to the illicit market;
    The TRANQ Research Act of 2023, signed into law by President Biden, which will spur more research into xylazine (also called “tranq”) and other novel synthetic drugs by directing the National Institute of Standards and Technology to tackle these issues; and
    The Parity for Tribal Law Enforcement Act, which would bolster Tribal law enforcement agencies by helping them hire and retain tribal law enforcement officers by raising their retirement, pension, death, and injury benefits to be on part with those of federal law enforcement officers.
    In addition, Sen. Cantwell voted for a series of federal funding bills allocating $1.69 billion to combat fentanyl and other illicit drugs coming into the United States, including an additional $385.2 million to increase security at U.S. ports of entry, with the goal of catching more illegal drugs like fentanyl before they make it across the border.  Critical funding will go toward Non-Intrusive Inspection (NII) technology at land and sea ports of entries. NII technologies—like large-scale X-ray and Gamma ray imaging systems, as well as a variety of portable and handheld technologies—allow U.S. Customs and Border Protection to help detect and prevent contraband from being smuggled into the country without disrupting flow at the border.
    A full timeline of Sen. Cantwell’s actions to combat the fentanyl crisis is available HERE.

    MIL OSI USA News –

    March 7, 2025
  • MIL-OSI New Zealand: Release: Chris Hipkins’ State of the Nation address

    Source: New Zealand Labour Party

    I want to start by acknowledging Simon Bridges and all the members of the Auckland Chamber – thank you for hosting us here today.

    Mayor Wayne Brown, union and business leaders, my deputy Carmel Sepuloni and all my Labour colleagues – thank you for taking the time to be here.

    Today, I want to talk to you about the challenges and opportunities ahead and set out the priorities for a new Labour Government.

    After 18 months of chaos and broken promises, we need a stable government that is relentlessly focused on making New Zealand better.

    For everyone. 

    One that is driven forward by clear, focused objectives; that works with people and business, instead of talking them down.

    A government that will put the politics of division aside and brings people together to do what’s right.

    A government that goes to work every single day and fights for you.

    That’s the government I will lead – and today I will tell you what it will be focused on.

    ***

    Politics at its best changes lives. It’s why I got into it in the first place.

    It lifts people up.

    It unites hope and action to build the future we all want that works for all of us.

    It doesn’t ignore the challenges we face, or blame someone else, and then at the last possible moment come up with half-baked solutions.

    It focuses on real solutions; solutions that work, not empty slogans.

    It reflects people’s hopes, not the mess and division currently resident in the Beehive.

    If we’re going to make progress on the things we care about, the things that really affect people’s lives, then we need to be the antidote to that division.

    Last year I was one of the tens of thousands of people who came together in a single voice to protect the promises woven into the fabric of Aotearoa New Zealand.

    Toitū Te Tiriti Hikoi showed beyond doubt the pride we have in who we are.

    That solving the challenges we face depends on us being able to listen to each other, see ourselves in each other, and find common ground.

    Regardless of where we come from, what we look like, or what’s in our bank account, we all have the same worries; the same hopes for ourselves and our children, the same commitment to making this the best possible country it can be.

    That common ground must be the foundation of our journey ahead. 

    ***

    One of the best parts of my job is travelling around the country meeting people from all walks of life.

    It is a real privilege to be welcomed into their lives and to have the time to understand their hopes and concerns about the future.

    Usually there are two stories they tell. 

    The first is a story of ambition.

    The ambition they have for themselves, their kids, and their communities. 

    Whether it’s hearing about the successful local businesses serving their community despite a Prime Minister talking their efforts down.

    Or the innovation and ingenuity happening all over the country.

    The ideas and entrepreneurship that are creating new opportunities to make life better for all of us. 

    I see the teachers working tirelessly to give our kids the education they deserve.

    The nurses going above and beyond to look after our loved ones.  

    The volunteers and community organisations restoring local native wildlife, and those making sure their neighbours don’t go hungry.

    But I also hear people’s genuine and legitimate concern for what the future holds.

    Far too many people are worried that their kids or their grandkids will be among the record numbers of people leaving New Zealand.

    They’re concerned that once this Government has finished selling off our schools and hospitals to the highest bidder, there will be nothing left to pass on.

    I hear about the people sitting around the kitchen table looking through the bills trying to make it all add up, wondering how they are going to plan for the future.

    This is what the cost of living does. It makes it harder for us to focus on what’s ahead. It intrudes on the little things we love.

    Taking the kids out for the day; a weekend trip to catch up with loved ones; picking up a Friday night treat in the supermarket, only to put it back on the shelf.

    ***

    No matter how trivial and small politics seems sometimes, I know that the stakes for families and communities up and down New Zealand couldn’t be bigger.

    Our schools and hospitals are run down and in desperate need of investment.

    Our homes are unaffordable. The cost of everything – from keeping the house warm to the weekly groceries – is too high.

    People’s chance of success is more closely tied to what they inherit than what they earn through their own hard work.

    It would be easy for me to stand here and blame everything on National. But the reality is that some of the problems we face go back decades.

    For too long, we’ve looked for quick fixes and easy answers, rather than dealing with the underlying problems.

    This government is a case in point. Their choices have made our problems deeper, longer lasting and more painful.

    Eighteen months has been more than enough time for Christopher Luxon to make clear to people why this government is in power and what it wants to do.

    So, what does New Zealand have to show for it?

    A country more divided than ever.

    A recession. A recession made worse by the choice to cut jobs and prioritise tax cuts for landlords.

    Cancelled ferries.

    Too many kids going hungry at school.

    I’m not going to do the whole list. I haven’t got time. But doesn’t it make clear where this government’s priorities are?

    Ask yourself this: do I feel better off today than I did 18 months ago?

    This government is turning New Zealand into a game only a few can afford to play. And the long-term costs will far outweigh the short-term benefits.

    And what does that say about the so-called “tough choices” Christopher Luxon has made over the last year and half.

    What about the choice to prioritise tax cuts for landlords ahead of supporting the thousands of people all over New Zealand who spend all day on their feet, struggling to earn enough to pay the bills.

    Brave, committed, hardworking people teaching our kids, caring for our loved ones, running small businesses, cleaning our offices. 

    It just cannot be right that with every passing month, their lives get harder and harder, as those at the top amass ever greater wealth.

    Some of you in the audience might be landlords yourself, and I can understand why. If you’ve got equity behind you, buying investment properties has been a good way to make money.

    But I’d encourage you to all ask yourselves a pretty important question:

    What’s more important, capturing a greater share of the nation’s limited residential property market, potentially shutting out future generations of first-home-buyers, or investing in and growing productive businesses that create good, well-paying jobs?

    And what about the government’s choice to reopen oil and gas drilling instead of seizing the opportunity to lower people’s energy bills and create jobs by investing to upgrade our homes and businesses to run on clean energy.

    Or their choice to cancel free prescriptions; to make it more expensive to catch the bus or train; to cut jobs.

    Every government should be judged on the choices it makes – and in nearly every case, this government has chosen to make life harder for people.

    *****

    Eighteen months ago, I wasn’t expecting National to keep in place every one of the changes Labour had made.

    But I think like most people, I did expect them to show some interest in doing what’s right for the country.

    To acknowledge what was working and to continue to invest in the places where it would make the biggest difference.

    While election campaigns highlight the things we disagree on, New Zealand’s recent history has seen new incoming governments build on the work of their predecessors, not try to turn the clock backwards.

    Until this one.

    Most New Zealanders understand that coalition government requires careful thought, compromise, and listening to those with whom you don’t always agree.

    But they also expect, as I do too, that their government will reflect what people actually voted for.  

    By allowing ACT and New Zealand First to call the shots, Christopher Luxon has turned his back on the promises he made.

    He is devoid of ideas; unfocussed; and too weak to confront the challenges we face today and set us up for tomorrow.

    He has put style over substance.

    Messing around on social media ahead over doing the job.

    Talking points over ideas.

    This type of small politics will no longer do. Not when our shared future is at stake.

    ***

    Now, I am not going to stand here and ask you to give your support to the Labour Party just so we can put everything back in place – and start the merry-go-round again.

    And I can assure you we aren’t going to spend our first year back in government pausing, cancelling, and reviewing everything. 

    Just because the current government started something we aren’t just going to stop it because it was their idea not ours. If it’s working, we will keep moving forward.

    No more throwing the baby out with the bathwater just to make a political point.

    Infrastructure projects will not be stopped dead or contracts ripped up as has happened under National

    The current government’s decision pause or cancel new state house builds, school upgrades, hospital re-builds, transport projects and big infrastructure works contributed to a loss of over 13,000 jobs in building and construction right at a time when we need them most.

    We will not repeat that mistake.

    No more games.

    No more broken promises.

    No more gutting the things that help New Zealand grow.

    Instead, I want to ask for your support for a new way of doing things.

    An approach to government built on collaboration.

    Where we work with people, with communities and businesses, experts and unions to achieve a clear set of shared goals. 

    A government that sets a direction and sees its role as creating the space for innovation and creativity.

    Finding new ways of working together to meet the challenges we face.  

    We will lead a government of action. All of us, working together for change.

    People action that changes their lives for the better – and the current Government is not strong or united enough to deliver it.

    Labour has always led Governments of change – introducing Kiwisaver, the SuperFund, Kiwibank and the list goes on.

    Those changes helped New Zealand grow and prosper and our next government will build on that.

    Today, I am signaling that we intend to make changes in government that will put New Zealand on a solid, sustainable and sound footing for the future.

    ****

    When I look across the Tasman at why our young people might be attracted to Australia, I see an economy with high savings rates, large domestic pools of capital, Research and Development incentives and yes, a tax system that encourages investment in local businesses and new jobs, not just houses.

    I see an economy that views growing wages and better working conditions as a sign of success, not a constraint.

    I see a public sector that pays its doctors, nurses, teachers, police and other public servants more because it sees that as an investment, not ‘wasteful spending’.

    You can expect the next Labour Government to move New Zealand in that same economic direction.

    Our next Labour government will be focused on three goals. Each one targeted on the issues that matter most to people.

    And it starts with an economy that works for everyone.

    We’ll raise living standards and boost incomes across New Zealand, so people have more money to pay the bills, put food on the table, or buy new shoes and warm clothes for the kids.

    We’ll support our innovators and entrepreneurs and remove barriers that make residential property investment more profitable than investing in Kiwi businesses.

    We’ll embrace new technology and the opportunities of clean, renewable energy.

    Lower power bills due to a rapid uptake of renewable energy, including exciting new opportunities in solar and geothermal, which can help Kiwi businesses lower their costs and get ahead of their international competitors.

    New Zealand has a proven track record in innovation. Think foiling yachts, jet boats, electric fences, rockets, clever animation, humidified respiration and electromagnets. Science, innovation and creativity must help drive our economy forward and help create jobs, boost incomes, and lower costs for people.

    We need to build an economy that ends the reliance on trickle-down and instead grows from the local community out.

    Where an idea that starts around a kitchen table or in a garage can be turned into a new business.

    Where prosperity is built from the contribution of every person, every community, every region.

    I’m not interested in an economy where one part of the country races ahead of the rest. Nor will I accept growth that depends on jobs that are low paid and insecure.

    I want the benefits of a prosperous, thriving economy to be felt on every farm, at every kitchen table, at every rugby club, at every family BBQ.

    Meaningful, secure jobs in every part of the country that pay enough to cover life’s essentials, like good food and a warm home.

    ***

    And when I say a warm home, I also mean one that is affordable to live in.

    Which leads me to the second of our national goals: for everyone to have a safe, healthy, and affordable place to call home.

    Labour will get New Zealand building again. More warm, dry, and affordable homes in the places people want to live.

    We will work with local councils and communities, taking a long-term view of our housing requirements, so we can invest in land now and start building services families need, like schools, drinking water, and reliable roads and buses.

    Opportunities for first time buyers in every community.

    And for the one and a half million people who rent, we will support you to make your rented property a home, a place that is warm and safe, where you can put down roots and be part of the local community.   

    Because a home is the very foundation of our health and wellbeing.

    But when it matters, I also want people to be able to access the quality healthcare they need.

    Which is why the third goal is a quality public health care system where everyone has access to the care they need, when they need it.

    Where prevention comes first and where care is closer to home.

    We’ll end the postcode lottery so the quality of care you or your loved ones receive doesn’t depend on where you live. 

    And make it easier and quicker for people to see a doctor.

    I want people to know that no matter what happens, they and their loved ones will be well looked after.

    So, we will also make it a priority to ensure our nurses and healthcare workers are properly valued and paid what they deserve.

    And support kaupapa Māori and Pasifika approaches to care so everyone is cared for equally.

    ***

    This is our plan:

    A fair economy with secure jobs that pay a decent wage, health care you can rely on, and a warm home you can afford and make your own with a great school down the road.

    In short: jobs, health and homes.

    We know that the government can’t do this alone. We’re going to need to work in partnership with people and businesses in communities up and down New Zealand.

    Government setting the direction – but with every step of the journey taken together.

    So, today, as well as setting out what a Labour-led government means for New Zealand, I am announcing the team who will take this work forward.

    Labour will have a refreshed economic team led by Barbara Edmonds.

    Barbara is well known to you all – she will keep doing her great work with an expanded Finance and Economy portfolio and the new Savings and Investment portfolio.

    I’ve tasked Barbara with making sure we’re ready to balance the books, increase our savings, expand the opportunities we have to invest in ourselves, and create the economic conditions for all Kiwis to thrive.

    As part of our work to build an economy that works for everyone, we will make good quality, meaningful, well-paid jobs getting Kiwis back to work a key focus, with Ginny Andersen taking on the new Jobs and Incomes portfolio.

    Reuben Davidson joins the economic team, with Science, Innovation and Technology, alongside Broadcasting, Media and the Creative Economy.

    Peeni Henare picks up Economic Development and Cushla Tangaere-Manual a new focus on the Māori Economy.

    These MPs will work together, along with our team of energy, infrastructure, manufacturing and industry spokespeople on an economic plan that will put New Zealand on a solid, sustainable and sound footing for the future.

    Simply inviting cash from offshore is not an economic strategy. Our own people need the tools to innovate, create and thrive and it will be a Labour Government that makes that happen.

    An economy that delivers for all New Zealanders needs public investment. We’ve run down our infrastructure and sold off many of the public assets built up and passed down to us by previous generations.

    I want our next government to be one of rebuilding.

    Kieran McAnulty picks up the new portfolio of Public Investment and Infrastructure, alongside his existing work in Housing. Tangi Utikere will work alongside him in Transport and Local Government.

    Ayesha Verrall keeps health. Willow Jean Prime moves into Education, and Willie Jackson Social Development.

    I know that Auckland’s success will be New Zealand’s success. That’s why I’ve asked my deputy, Carmel Sepuloni, to take on the Auckland Issues portfolio and make it her major focus.

    ***

    In the coming weeks and months, this new Labour Party team will be supporting me to deliver the goals I have set out today.

    Meeting with communities, talking to experts, listening to businesses, and gathering ideas from Kiwis.

    You can expect policy announcements from us this year, not in the weeks before election day.

    Our policy packages will work with the three priorities I’ve announced today: jobs, health and homes.

    We want to work with you as we finalise that policy, not just tell you how it’s going to be.

    We do this because I know we all have the shared goal of building a better New Zealand, together. 

    A future where our kids see a good life for themselves in the places where they grew up, with great schools down the road, and surgeries and hospitals nearby where the doctor and nurses looking after you aren’t burnt out.

    A future where nobody’s opportunities in life are limited by who they are, or where they are from.

    A future where businesses – large and small – are supported to thrive and grow, creating well-paid jobs that cover the essentials and leave enough for people to enjoy the little things.

    Where the decisions we make about how to confront climate change make life better for people, lower their bills, and create new opportunities for well-paid work in communities everywhere.

    This is the future that is within reach.

    Whether or not we make it happen, will depend entirely on the choices we make together.

    So, let’s get to work.


    Media: Check against delivery.

    MIL OSI New Zealand News –

    March 7, 2025
  • MIL-OSI: Sagtec Global Limited Announces Pricing of Initial Public Offering

    Source: GlobeNewswire (MIL-OSI)

    KUALA LUMPUR, Malaysia, March 06, 2025 (GLOBE NEWSWIRE) — Sagtec Global Limited (NASDAQ: SAGT) (“Sagtec” or the “Company”), a leading provider of customizable software solutions that has revolutionized Malaysia’s Food and Beverage industry with Speed+, a pioneering cloud point of sale (POS) system integrated QR Pay, today announced the pricing of its initial public offering (the “Offering”) of an aggregate 1,750,000 ordinary shares at a public offering price of $4.00 per share. In addition, the Company has granted the sole book-running manager a 30-day option (the “Over-Allotment Option”) to purchase up to an additional 262,500 ordinary shares from the Company at the initial public offering price, less underwriting discounts and commissions. The Company expects to receive total gross proceeds from the Offering of approximately $7 million, before deducting underwriting discounts and commissions and offering expenses, excluding any exercise of the Over-Allotment Option.

    The ordinary shares are expected to begin trading on the Nasdaq Capital Market on March 7, 2025, under the ticker symbol “SAGT”. The Offering is expected to close on March 10, 2025, subject to customary closing conditions.

    The Benchmark Company, LLC is acting as sole book-running manager for the Offering.

    The Offering is being conducted pursuant to the Company’s registration statement on Form F-1 related to the Offering, as amended (File No. 333-284053), which was filed with the United States Securities and Exchange Commission (the “SEC”) and was declared effective on March 6, 2025. The Offering is being made only by means of a prospectus forming a part of the registration statement. Electronic copies of the final prospectus relating to the Offering may be obtained, when available, by visiting the SEC’s website located at http://www.sec.gov or by contacting: The Benchmark Company, LLC, 150 E. 58th St., 17th Floor, New York, NY 10155, by telephone at +1 212-312-6700 or by email at Prospectus@benchmarkcompany.com.

    This press release has been prepared for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy the Company’s securities, nor shall there be any offer, solicitation, or sale of such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    About Sagtec Global Limited

    Sagtec is a leading provider of customizable software solutions, primarily serving the Food & Beverage (F&B) sector. The Company also offers software development, data management, and social media management to enhance operational efficiency across various industries, including Key Opinion Leaders (KOLs). Additionally, Sagtec operates power-bank charging stations at 300 locations across Malaysia through its subsidiary, CL Technology (International) Sdn Bhd.

    For more information on the Company, please log on to https://www.sagtec-global.com/.

    Safe Harbor Statement

    This press release contains forward-looking statements that reflect our current expectations and views of future events, including but not limited to, the Offering. Known and unknown risks, uncertainties and other factors, including those listed under “Risk Factors” in the registration statement on Form F-1 related to the Offering, may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. You can identify some of these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements involve various risks and uncertainties. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. We qualify all of our forward-looking statements by these cautionary statements.

    Contact Information:

    Sagtec Global Limited Contact:
    Kevin Ng
    Chairman, Executive Director & Chief Executive Director
    Telephone +6011-6217 3661
    Email: info@sagtec-global.com

    The MIL Network –

    March 7, 2025
  • MIL-OSI Video: RBNZ 35 years of flexible inflation targeting conference: Session 4 – Lessons from theory

    Source: Reserve Bank of New Zealand (video statements)

    Monetary policy as insurance – (01:03) Stefano Eusepi, Brown University; Christopher G. Gibbs, University of Sydney; Bruce Preston, University of New South Wales Business School.

    Should monetary and fiscal policy pull in the same direction? – (40:47) Drago Bergholt, Norges Bank; Øistein Røisland, Norges Bank; Tommy Sveen, BI Norwegian Business School; Ragnar Torvik, Norwegian University of Science and Technology.

    https://www.youtube.com/watch?v=WOP22ySgt6I

    MIL OSI Video –

    March 7, 2025
  • MIL-OSI Economics: Silk Typhoon espionage group now targeting IT supply chain

    Source: Microsoft

    Headline: Silk Typhoon espionage group now targeting IT supply chain

    Executive summary:
    Microsoft Threat Intelligence identified a shift in tactics by Silk Typhoon, a Chinese espionage group, now targeting common IT solutions like remote management tools and cloud applications to gain initial access. While they haven’t been observed directly targeting Microsoft cloud services, they do exploit unpatched applications that allow them to elevate their access in targeted organizations and conduct further malicious activities. After successfully compromising a victim, Silk Typhoon uses the stolen keys and credentials to infiltrate customer networks where they can then abuse a variety of deployed applications, including Microsoft services and others, to achieve their espionage objectives. Our latest blog explains how Microsoft security solutions detect these threats and offers mitigation guidance, aiming to raise awareness and strengthen defenses against Silk Typhoon’s activities.

    Silk Typhoon is an espionage-focused Chinese state actor whose activities indicate that they are a well-resourced and technically efficient group with the ability to quickly operationalize exploits for discovered zero-day vulnerabilities in edge devices. This threat actor holds one of the largest targeting footprints among Chinese threat actors. Part of this is due to their opportunistic nature of acting on discoveries from vulnerability scanning operations, moving quickly to the exploitation phase once they discover a vulnerable public-facing device that they could exploit.

    As a result, Silk Typhoon has been observed targeting a wide range of sectors and geographic regions, including but not limited to information technology (IT) services and infrastructure, remote monitoring and management (RMM) companies, managed service providers (MSPs) and affiliates, healthcare, legal services, higher education, defense,  government, non-governmental organizations (NGOs), energy, and others located in the United States and throughout the world.

    Silk Typhoon has shown proficiency in understanding how cloud environments are deployed and configured, allowing them to successfully move laterally, maintain persistence, and exfiltrate data quickly within victim environments. Since Microsoft Threat Intelligence began tracking this threat actor in 2020, Silk Typhoon has used a myriad of web shells that allow them to execute commands, maintain persistence, and exfiltrate data from victim environments.

    As with any observed nation-state threat actor activity, Microsoft has directly notified targeted or compromised customers, providing them with important information needed to secure their environments. We’re publishing this blog to raise awareness of Silk Typhoon’s recent and long-standing malicious activities, provide mitigation and hunting guidance, and help disrupt operations by this threat actor.

    Recent Silk Typhoon activity

    Supply chain compromise

    Since late 2024, Microsoft Threat Intelligence has conducted thorough research and tracked ongoing attacks performed by Silk Typhoon. These efforts have significantly enhanced our understanding of the actor’s operations and uncovered new tradecraft used by the actor. In particular, Silk Typhoon was observed abusing stolen API keys and credentials associated with privilege access management (PAM), cloud app providers, and cloud data management companies, allowing the threat actor to access these companies’ downstream customer environments. Companies within these sectors are possible targets of interest to the threat actor. The observations below were observed once Silk Typhoon successfully stole the API key:

    • Silk Typhoon used stolen API keys to access downstream customers/tenants of the initially compromised company.
    • Leveraging access obtained via the API key, the actor performed reconnaissance and data collection on targeted devices via an admin account. Data of interest overlaps with China-based interests, US government policy and administration, and legal process and documents related to law enforcement investigations.
    • Additional tradecraft identified included resetting of default admin account via API key, web shell implants, creation of additional users, and clearing logs of actor-performed actions.
    • Thus far the victims of this downstream activity were largely in the state and local government, and the IT sector.

    Password spray and abuse

    Silk Typhoon has also gained initial access through successful password spray attacks and other password abuse techniques, including discovering passwords through reconnaissance. In this reconnaissance activity, Silk Typhoon leveraged leaked corporate passwords on public repositories, such as GitHub, and were successfully authenticated to the corporate account. This demonstrates the level of effort that the threat actor puts into their research and reconnaissance to collect victim information and highlights the importance of password hygiene and the use of multifactor authentication (MFA) on all accounts.

    Silk Typhoon TTPs

    Initial access

    Silk Typhoon has pursued initial access attacks against targets of interest through development of zero-day exploits or discovering and targeting vulnerable third-party services and software providers. Silk Typhoon has also been observed gaining initial access via compromised credentials. The software or services targeted for initial access focus on IT providers, identity management, privileged access management, and RMM solutions.

    In January 2025, Silk Typhoon was also observed exploiting a zero-day vulnerability in the public facing Ivanti Pulse Connect VPN (CVE-2025-0282). Microsoft Threat Intelligence Center reported the activity to Ivanti, which led to a rapid resolution of the critical exploit, significantly reducing the period that highly skilled and sophisticated threat actors could leverage the exploit.

    Lateral movement to cloud

    Once a victim has been successfully compromised, Silk Typhoon is known to utilize common yet effective tactics to move laterally from on-premises environments to cloud environments. Once the threat actor has gained access to an on-premises environment, they look to dump Active Directory, steal passwords within key vaults, and escalate privileges. Furthermore, Silk Typhoon has been observed targeting Microsoft AADConnect servers in these post-compromise activities. AADConnect (now Entra Connect) is a tool that synchronizes on-premises Active Directory with Entra ID (formerly Azure AD). A successful compromise of these servers could allow the actor to escalate privileges, access both on-premises and cloud environments, and move laterally.

    Manipulating service principals/applications

    While analyzing post-compromise tradecraft, Microsoft identified Silk Typhoon abusing service principals and OAuth applications with administrative permissions to perform email, OneDrive, and SharePoint data exfiltration via MSGraph. Throughout their use of this technique, Silk Typhoon has been observed gaining access to an application that was already consented within the tenant to harvest email data and adding their own passwords to the application. Using this access, the actors can steal email information via the MSGraph API. Silk Typhoon has also been observed compromising multi-tenant applications, potentially allowing the actors to move across tenants, access additional resources within the tenants, and exfiltrate data.

    If the compromised application had privileges to interact with the Exchange Web Services (EWS) API, the threat actors were seen compromising email data via EWS.

    In some instances, Silk Typhoon was seen creating Entra ID applications in an attempt to facilitate this data theft. The actors would typically name the application in a way to blend into the environment by using legitimate services or Office 365 themes.

    Use of covert networks

    Silk Typhoon is known to utilize covert networks to obfuscate their malicious activities. Covert networks, tracked by Microsoft as “CovertNetwork”, refer to a collection of egress IPs consisting of compromised or leased devices that may be used by one or more threat actors. Silk Typhoon was observed utilizing a covert network that is comprised of compromised Cyberoam appliances, Zyxel routers, and QNAP devices. The use of covert networks has become a common tactic among various threat actors, particularly Chinese threat actors.

    Historical Silk Typhoon zero-day exploitation

    Since 2021, Silk Typhoon has been observed targeting and compromising vulnerable unpatched Microsoft Exchange servers, GlobalProtect Gateway on Palo Alto Networks firewalls, Citrix NetScaler appliances, Ivanti Pulse Connect Secure appliances, and others. While not exhaustive, below are historical zero-day vulnerabilities that Silk Typhoon was observed compromising for initial access into victim environments.

    GlobalProtect Gateway on Palo Alto Networks Firewalls

    In March 2024, Silk Typhoon used a zero-day exploit for CVE-2024-3400 in GlobalProtect Gateway on Palo Alto Networks firewalls to compromise multiple organizations:

    • CVE-2024-3400 – A command injection as a result of arbitrary file creation vulnerability in the GlobalProtect feature of Palo Alto Networks PAN-OS software for specific PAN-OS versions and distinct feature configurations may enable an unauthenticated attacker to execute arbitrary code with root privileges on the firewall.

    Citrix NetScaler ADC and NetScaler Gateway

    In early 2024, Microsoft began to observe Silk Typhoon compromising zero-day vulnerabilities within Citrix NetScaler ADC and NetScaler Gateways:

    • CVE-2023-3519 – An unauthenticated remote code execution (RCE) vulnerability affecting NetScaler (formerly Citrix) Application Delivery Controller (ADC) and NetScaler Gateway

    Microsoft Exchange Servers

    In January 2021, Microsoft began to observe Silk Typhoon compromising zero-day vulnerabilities in Microsoft Exchange Servers. Upon discovery, Microsoft addressed those issues and issued security updates along with related guidance (related links below):

    • CVE-2021-26855 – A server-side request forgery (SSRF) vulnerability in Exchange that could allow an attacker to send arbitrary HTTP requests and authenticate as the Exchange server.
    • CVE-2021-26857 – An insecure deserialization vulnerability in the Unified Messaging service. Insecure deserialization is where untrusted user-controllable data is deserialized by a program. Exploiting this vulnerability gave Silk Typhoon the ability to run code as SYSTEM on the Exchange server. This requires administrator permission or another vulnerability to be exploited.
    • CVE-2021-26858 – A post-authentication arbitrary file write vulnerability in Exchange. If Silk Typhoon could authenticate with the Exchange server, then it could use this vulnerability to write a file to any path on the server. It could authenticate by exploiting the CVE-2021-26855 SSRF vulnerability or by compromising a legitimate administrator’s credentials.
    • CVE-2021-27065 – A post-authentication arbitrary file write vulnerability in Exchange. If Silk Typhoon could authenticate with the Exchange server, then it could use this vulnerability to write a file to any path on the server. It could authenticate by exploiting the CVE-2021-26855 SSRF vulnerability or by compromising a legitimate administrator’s credentials.

    During recent activities and historical exploitation of these appliances, Silk Typhoon utilized a variety of web shells to maintain persistence and to allow the actors to remotely access victim environments.

    Hunting guidance

    To help mitigate and surface various aspects of recent Silk Typhoons activities, Microsoft recommends the following:

    • Inspect log activity related to Entra Connect serversfor anomalousactivity.
    • Where these targeted applications have highly privileged accounts, inspect service principals for newly created secrets (credentials).
    • Identify and analyze any activity related to newly created applications.
    • Identify all multi-tenant applications and scrutinize authentications to them.
    • Analyze any observed activity related to use of Microsoft Graph or eDiscovery particularly for SharePoint or email data exfiltration
    • Look for newly created users on devices impacted by vulnerabilities targeted by Silk Typhoon and investigate virtual private network (VPN) logs for evidence of VPN configuration modifications or sign-in activity during the possible window of compromise of unpatched devices.

    Microsoft Sentinel

    Microsoft Sentinel customers can use the TI Mapping analytics (a series of analytics all prefixed with ‘TI map’) to automatically match the malicious domain indicators mentioned in this blog post with data in their workspace. If the TI Map analytics are not currently deployed, customers can install the Threat Intelligence solution from the Microsoft Sentinel Content Hub to have the analytics rule deployed in their Sentinel workspace.

    Microsoft Sentinel customers can use the following queries to detect behavior associated with Silk Typhoon:

    Customers can use the following query to detect vulnerabilities exploited by Silk Typhoon:

    DeviceTvmSoftwareVulnerabilities
    | where CveId in ("CVE-2025-0282")
    | project DeviceId,DeviceName,OSPlatform,OSVersion,SoftwareVendor,SoftwareName,SoftwareVersion,
    CveId,VulnerabilitySeverityLevel
    | join kind=inner ( DeviceTvmSoftwareVulnerabilitiesKB | project CveId, CvssScore,IsExploitAvailable,VulnerabilitySeverityLevel,PublishedDate,VulnerabilityDescription,AffectedSoftware ) on CveId
    | project DeviceId,DeviceName,OSPlatform,OSVersion,SoftwareVendor,SoftwareName,SoftwareVersion,
    CveId,VulnerabilitySeverityLevel,CvssScore,IsExploitAvailable,PublishedDate,VulnerabilityDescription,AffectedSoftware
    

    Recommendations

    To help detect and mitigate Silk Typhoon’s activity, Microsoft recommends the following:

    • Ensure all public facing devices are patched. It’s important to note that patching a vulnerable device does not remediate any post-compromise activities by a threat actor who gained privileged access to a vulnerable device.
    • Validate any Ivanti Pulse Connect VPN are patched to address CVE-2025-0282 and run the suggested Integrity Checker Tool as suggested in their Advisory. Consider terminating any active or persistent sessions following patch cycles.
    • Defend against legitimate application and service principal abuse by establishing strong controls and monitoring for these security identities. Microsoft recommends the following mitigations to reduce the impact of this threat:
      • Audit the current privilege level of all identities, users, service principals, and Microsoft Graph Data Connect applications (use the Microsoft Graph Data Connect authorization portal) to understand which identities are highly privileged. Scrutinize privileges more closely if they belong to an unknown identity, belong to identities that are no longer in use, or are not fit for purpose. Admins may assign identities privileges over and above what is required. Defenders should pay attention to apps with app-only permissions as those apps might have over-privileged access. Read additional guidance for investigating compromised and malicious applications.
      • Identify abused OAuth apps using anomaly detection policies. Detect abused OAuth apps that make sensitive Exchange Online administrative activities through App governance. Investigate and remediate any risky OAuth apps.
      • Review any applications that hold EWS.AccessAsUser.All and EWS.full_access_as_app permissions and understand whether they are still required in the tenant. If they are no longer required, they should be removed.
      • If applications must access mailboxes, granular and scalable access can be implemented using role-based access control for applications in Exchange Online. This access model ensures applications are only granted to the specific mailboxes required.
    • Monitor for service principal sign-ins from unusual locations. Two important reports can provide useful daily activity monitoring:
      • The risky sign-ins report surfaces attempted and successful user access activities where the legitimate owner might not have performed the sign-in. 
      • The risky users report surfaces user accounts that might have been compromised, such as a leaked credential that was detected or the user signing in from an unexpected location in the absence of planned travel. 
    • Defend against credential compromise by building credential hygiene, practicing the principle of least privilege, and reducing credential exposure. Microsoft recommends the following mitigations to reduce the impact of this threat.
    • Implement the Azure Security Benchmark and general best practices for securing identity infrastructure, including:
      • Prevent on-premises service accounts from having direct rights to the cloud resources to prevent lateral movement to the cloud.
      • Ensure that “break glass” account passwords are stored offline and configure honey-token activity for account usage.
      • Implement Conditional Access policies enforcing Microsoft’s Zero Trust principles.
    • Enable risk-based user sign-in protection and automate threat response to block high-risk sign-ins from all locations and enable multifactor authentication (MFA) for medium-risk ones.
    • Ensure that VPN access is protected using modern authentication methods.
    • Identify all multi-tenant applications, assess permissions, and investigate suspicious sign-ins.

    Indicators of compromise

    Silk Typhoon is not known to use their own dedicated infrastructure in their operations. Typically, the threat actor uses compromised covert networks, proxies, and VPNs for infrastructure, likely to obfuscate their operations. However, they have also been observed using short-lease virtual private server (VPS) infrastructure to support their operations.

    Microsoft Defender XDR detections

    Microsoft Defender XDR customers can refer to the list of applicable detections below. Microsoft Defender XDR coordinates detection, prevention, investigation, and response across endpoints, identities, email, apps to provide integrated protection against attacks like the threat discussed in this blog.

    Customers with provisioned access can also use Microsoft Security Copilot in Microsoft Defender to investigate and respond to incidents, hunt for threats, and protect their organization with relevant threat intelligence.

    Microsoft Defender for Endpoint

    The following Microsoft Defender for Endpoint alerts can indicate associated threat activity:

    • Silk Typhoon activity group

    The following alerts might also indicate threat activity related to this threat. Note, however, that these alerts can be also triggered by unrelated threat activity.

    • Possible exploitation of Exchange Server vulnerabilities
    • Suspicious web shell detected
    • Suspicious Active Directory snapshot dump
    • Suspicious credential dump from NTDS.dit

    Microsoft Defender for Identity

    The following Microsoft Defender for Identity alerts can indicate associated threat activity:

    • Suspicious Interactive Logon to the Entra Connect Server
    • Suspicious writeback by Entra Connect on a sensitive user
    • User Password Reset by Entra Connect Account
    • Suspicious Entra sync password change

    Microsoft Defender XDR

    The following alerts might indicate threat activity related to this threat. Note, however, that these alerts can be also triggered by unrelated threat activity.

    • Suspicious activities related to Azure Key Vault by a risky user

    Microsoft Defender for Cloud

    The following alerts might indicate threat activity related to this threat. Note, however, that these alerts can be also triggered by unrelated threat activity.

    • Unusual user accessed a key vault
    • Unusual application accessed a key vault
    • Access from a suspicious IP to a key vault
    • Denied access from a suspicious IP to a key vault

    Microsoft Defender for Cloud Apps

    The following Microsoft Defender for Cloud Apps alerts can indicate associated threat activity if app governance is enabled:

    • Unusual addition of credentials to an OAuth app
    • Suspicious credential added to dormant app
    • Unused app newly accessing APIs
    • App with suspicious metadata has Exchange permission
    • App with an unusual user agent accessed email data through Exchange Web Services
    • App with EWS application permissions accessing numerous emails
    • App made anomalous Graph calls to Exchange workload post certificate update or addition of new credentials
    • Suspicious user created an OAuth app that accessed mailbox items
    • Suspicious OAuth app used for collection activities using Graph API
    • Risky user updated an app that accessed Email and performed Email activity through Graph API
    • Suspicious OAuth app email activity through Graph API
    • Suspicious OAuth app email activity through EWS API

    Microsoft Defender Vulnerability Management

    Microsoft Defender Vulnerability Management surfaces devices that may be affected by the following vulnerabilities used in this threat:

    • CVE-2021-26855
    • CVE-2021-26857
    • CVE-2021-26858
    • CVE-2021-27065

    Microsoft Defender External Attack Surface Management

    Attack Surface Insights with the following title can indicate vulnerable devices on your network but is not necessarily indicative of exploitation:

    • [Potential] CVE-2024-3400 – Palo Alto Networks PAN-OS Command Injection Vulnerability’
    • [Potential] CVE-2023-3519 – Citrix NetScaler ADC and Gateway Unauthenticated
    • ProxyLogon – Microsoft Exchange Server Vulnerabilities (Hotfix Available)

    Note: An Attack Surface Insight marked as [Potential] indicates a service is running but cannot validate whether that service is running a vulnerable version. Customers should check resources to verify that they are up to date as part of their investigation.

    Microsoft Security Copilot

    Security Copilot customers can use the standalone experience to create their own prompts or run the following pre-built promptbooks to automate incident response or investigation tasks related to this threat:

    • Incident investigation
    • Microsoft User analysis
    • Threat actor profile
    • Threat Intelligence 360 report based on MDTI article (see Threat intelligence reports below)
    • Vulnerability impact assessment

    Note that some promptbooks require access to plugins for Microsoft products such as Microsoft Defender XDR or Microsoft Sentinel.

    Threat intelligence reports

    Microsoft customers can use the following reports in Microsoft products to get the most up-to-date information about the threat actor, malicious activity, and techniques discussed in this blog. These reports provide the intelligence, protection information, and recommended actions to prevent, mitigate, or respond to associated threats found in customer environments.

    Microsoft Defender Threat Intelligence

    Microsoft Security Copilot customers can also use the Microsoft Security Copilot integration in Microsoft Defender Threat Intelligence, either in the Security Copilot standalone portal or in the embedded experience in the Microsoft Defender portal to get more information about this threat actor.

    Learn more

    For the latest security research from the Microsoft Threat Intelligence community, check out the Microsoft Threat Intelligence Blog: https://aka.ms/threatintelblog.

    To get notified about new publications and to join discussions on social media, follow us on LinkedIn at https://www.linkedin.com/showcase/microsoft-threat-intelligence, and on X (formerly Twitter) at https://x.com/MsftSecIntel.

    To hear stories and insights from the Microsoft Threat Intelligence community about the ever-evolving threat landscape, listen to the Microsoft Threat Intelligence podcast: https://thecyberwire.com/podcasts/microsoft-threat-intelligence.

    MIL OSI Economics –

    March 7, 2025
  • MIL-OSI USA: Tuberville, Moran Introduce Bill to Expand Capital for Rural Communities

    US Senate News:

    Source: United States Senator Tommy Tuberville (Alabama)
    WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) joined U.S. Senator Jerry Moran (R-KS) in reintroducing the Access to Credit for our Rural Economy (ACRE) Act. This legislation would benefit American families, farmers, and rural communities nationwide by providing greater flexibility to more financial institutions to offer affordable lines of credit to rural and agricultural borrowers. 
    Senator Tuberville cosponsored this legislation in the 118th Congress.
    “As Alabama’s voice on the Senate Ag Committee, I will always advocate for Alabama’s farmers and rural communities here in Washington,” said Senator Tuberville. “Our farmers are struggling with cash flow and desperately need expanded access to credit to continue their farm operations. I’m proud to join my colleagues in cosponsoring this bill that would bolster our agricultural economy and stimulate rural housing for all Alabamians.”
    “Persistent inflation and high interest rates are putting a strain on farmers and rural homeowners in Kansas and across the country,” said Senator Moran. “Rural Americans should have the flexibility to access the capital needed to expand their family farms and achieve the dream of homeownership. This legislation will help to boost rural housing and support the agricultural economy that plays a vital role in small towns across America.”
    Senators Tuberville and Moran were joined by Senators Kevin Cramer (R-ND), Ruben Gallego (D-AZ), Angus King (I-ME), and Roger Marshall (R-KS) in cosponsoring the legislation.
    American Bankers Association and Independent Community Bankers of America endorsed the legislation.
    Read full text of the legislation here. 
    BACKGROUND:
    The ACRE Act would:
    Amend the Internal Revenue Code to exclude interest received on certain loans secured by rural or agricultural real property from gross income
    Allow farm real estate borrowers and rural homeowners access to lower interest rates by expanding the same tax-exempt status on certain earned interest that applies to other lenders
    Apply to agricultural real estate and single-family home mortgage loans in rural communities with fewer than 2,500 residents and for mortgages less than $750,000
    Expand access to affordable agricultural and home loans to over 4,000 rural communities nationwide and save family farmers and producers well over $400 million in annual interest expenses
    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP, and Aging Committees.

    MIL OSI USA News –

    March 7, 2025
  • MIL-OSI USA: Shaheen Introduces Bipartisan, Bicameral Proposal to Make Child Care More Affordable

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen
    (Washington, DC) – U.S. Senator Jeanne Shaheen (D-NH) introduced the Child Care Availability and Affordability Act and the Child Care Workforce Act—bipartisan, bicameral legislation that together form a bold proposal to make child care more affordable and accessible by strengthening existing tax credits to lower child care costs and increase the supply of child care providers. The bill was co-led by U.S. Senators Katie Britt (R-AL), Tim Kaine (D-VA) and Joni Ernst (R-IA). U.S. Representatives Mike Lawler (NY-17) and Salud Carbajal (CA-24) introduced a companion bill in the U.S. House of Representatives. The bill includes language from Shaheen’s Right Start Child Care and Education Act legislation.
    “I hear time and again from parents in New Hampshire who are desperate for reliable, affordable child care options, but for too many families, their options are limited at best and nonexistent at worst,” said Senator Shaheen. “For an issue that impacts so many families in every corner of every state, it’s time we find a bipartisan path forward, which is why I’m proud to join my colleagues on this commonsense, bipartisan proposal to lower child care costs, increase wages for the workforce and ensure providers can keep their doors open.”
    Additional cosponsors of the Child Care Availability and Affordability Act include U.S. Senators John Curtis (R-UT), Angus King (I-ME), Shelley Moore Capito (R-WV), Kirsten Gillibrand (D-NY) and Susan Collins (R-ME). The bill text can be viewed here.
    The Child Care Workforce Act is also cosponsored by U.S. Senators King and Gillibrand. The proposal contains two bills because one proposes changes to existing tax credits, falling under the jurisdiction of the Senate Finance Committee, and the other authorizes a new pilot program, falling under the jurisdiction of the Senate HELP Committee. The bill text can be viewed here.
    The worsening child care crisis is holding families, child care workers, businesses and our entire economy back. Across the country, too many families cannot find—or afford—the high-quality child care they need so parents can go to work and children can thrive. Over the last few decades, the cost of child care has increased by 263%, forcing families—and mothers, in particular—to make impossible choices.
    More than half of all families live in child care deserts. Meanwhile, child care workers are struggling to make ends meet on their poverty-level wages and child care providers are struggling to simply stay afloat. The crisis—which was exacerbated by the pandemic—is costing our economy approximately $122 billion in economic losses each year.
    New national polling in conjunction with First Five Years Fund (FFYF) reflects overwhelming bipartisan support for the Child and Dependent Care Tax Credit (CDCTC), with 86% of voters in support of increasing the CDCTC. Additionally, 79% of Republican voters say they want President Trump and Republicans in Congress to do more to help hardworking families afford child care with 72% saying investing in child care is a good use of tax dollars. According to polling from Fabrizio Ward, 63% of all voters say helping working class families is their top priority when it comes to changes in tax policy.
    Senator Shaheen has been a leader in advocating for more affordable and accessible child care, including by delivering more than $77 million to New Hampshire through the American Rescue Plan and other COVID relief laws to the Granite State. Since then, Shaheen had urged state and local officials to distribute those federal funds, especially in communities that lack access to child care. In August, Shaheen visited Colebrook Community Child Care Center to discuss challenges and solutions to the child care crisis in rural communities, and in October Shaheen hosted Acting Secretary of Labor Julie Su for a discussion on child care and workforce challenges in Brentwood. 
    Last year, Shaheen introduced the Right Start Child Care and Education Act, which would make child care more affordable and accessible for working families by reforming the federal tax code. She also introduced the bipartisan Expanding Child Care for Military Families Act. Additionally, she helped introduce the Child and Dependent Care Tax Credit Enhancement Act to permanently expand the Child and Dependent Care Tax Credit, which helps households offset their child care costs.
    Last April, Shaheen convened a hearing as former Chair of the U.S. Senate Small Business and Entrepreneurship Committee to hear testimony from expert witnesses on the child care industry’s broken business model and what Congress can do to support small business child care providers, employees and families. A subsequent U.S. Small Business Administration (SBA) Office of Advocacy issue brief, in response to data challenges raised at the hearing, details the role of small businesses in the child care industry and fills data gaps in child care industry research.
    Last Congress, Shaheen helped introduce the Child Care Stabilization Act, which would provide additional federal child care stabilization funding—which was provided in the American Rescue Plan—and ensure that child care providers can keep their doors open and continue serving children and families in every part of the country. Shaheen joined Senator Patty Murray (D-WA) to introduce the Child Care for Working Families Act, which would provide affordable child care for all working families, expand access to preschool programs and increase wages for early childhood workers. She also joined U.S. Senators Amy Klobuchar (D-MN) and Dan Sullivan (R-AK) in reintroducing the bipartisan Childcare Workforce and Facilities Act to address the national shortage of affordable, quality child care, especially in rural communities. In the government funding bill for fiscal year (FY) 2024, Senator Shaheen worked to include a $1 billion increase for early education, including a $725 million increase to $8.75 billion for Child Care and Development Block Grants to states and a $275 million increase to Head Start4. The law additionally included $315 million for Preschool Development Grants.
    The Child Care Availability and Affordability Act is endorsed by A+ Education Partnership, Alabama Arise, Alabama School Readiness Alliance, American Federation of Teachers (AFT), Bipartisan Policy Center Action (BPCA), Business Council of Alabama, Care.com, Chamber of Progress, Chamber RVA, Child Care Aware of America (CCAoA), Child Care Aware of Virginia, Children’s Institute, Early Care & Education Consortium (ECEC), Educare Learning Network, FFYF, Gingerbread Kids Academy, Hampton Roads Chamber, Healthy Kids AL, KinderCare Learning Companies, Manufacture Alabama, Metrix IQ, Mobile Area Education Foundation, National Association of Women Business Owners (NAWBO), National Child Care Association (NCCA), Northern Virginia Chamber of Commerce (NVC), Save the Children, Small Business Majority, Start Early, Third Way, U.S. Chamber of Commerce, Virginia Chamber of Commerce, Virginia Early Childhood Foundation (VECF), VOICES for Alabama’s Children and Voices for Virginia’s Kids. In addition to those groups, the Child Care Workforce Act is endorsed by the National Association for Family Child Care (NAFCC), National Association for the Education of Young Children (NAEYC) and ZERO TO THREE.

    MIL OSI USA News –

    March 7, 2025
  • MIL-OSI Security: Portland Couple Sentenced to Federal Prison for Stealing $34 Million from Former Client

    Source: Office of United States Attorneys

    A husband and wife from Portland, who together owned and operated a local chauffeur and limousine business, were sentenced to federal prison Wednesday for stealing $34 million dollars from two former clients.

    Sergey Lebedenko, 54, and Galina Lebedenko, 49, were both sentenced to 57 months in federal prison and three years’ supervised release. The sum of restitution they must pay to the victim will be determined at a later date.

    According to court documents, the Lebedenkos owned and operated a Portland area chauffeur and limousine businesses that eventually became Astra Car Service, LLC. Sergey did the driving, and Galina handled the company’s books and finances.

    The Lebedenkos met their victim in 2007 when Sergey was hired to drive the individual to the airport. The individual soon became a regular customer of the Lebedenkos. By 2018, Sergey was driving the individual almost daily in and around Portland, and Galina was performing other personal tasks for the victim and the victim’s partner including paying their bills, sorting their mail, and providing pet care. This expansive personal services arrangement between the Lebedenkos and their victim continued from approximately 2018 until 2023.

    Despite the volume and frequency of paid services the Lebedenkos provided, they never had a written business agreement or contract. In 2013, Galina produced an invoice showing hourly rates of $90 for driving and $60 for other services. In about 2016, after nearly a decade of working together, the victim gave the Lebedenkos his American Express credit card information so they could directly charge the card for their services.

    Other than the single invoice issued in 2013, the Lebedenkos never provided their victim with logs of their hours or information about how much they were charging for their services. For much of their work, only the Lebedenkos knew the amount of time they spent providing services. On rare occasions, Sergey was questioned by the victim about certain minimal charges and Sergey would repeatedly play up their longstanding, trusting relationship.

    The Lebedenkos stole approximately $34 million over seven years. On a single day in 2023, the Lebedenkos charged their victim’s credit card 17 times for a total of $17,900 for picking up and delivering a prescription and meals.

    The Lebedenkos used their ill-gotten gains to fund an extraordinarily extravagant lifestyle for themselves and others, purchasing 14 homes and properties, 7 vehicles, an ownership interest in a private jet, and countless luxury items including shoes, watches, wallets, jewelry, and gold bars. As part of their sentences, the court entered a Final Order of Forfeiture against assets the Lebedenkos purchased with proceeds of their fraud, including 14 real properties and 19 financial accounts, which are pending forfeiture and sale. The government intends to seek remission of forfeited assets to the victim.

    On January 22, 2024, the Lebedenkos were together charged by federal criminal complaint with committing wire fraud and money laundering. Later, on February 21, 2024, a federal grand jury in Portland returned an indictment charging the couple with conspiracy to commit wire fraud and money laundering, and 34 individual counts of wire fraud.

    On October 25, 2024, the Lebedenkos both pleaded guilty to one count of conspiracy to commit wire fraud, conspiracy to commit money laundering, and wire fraud.

    This case was investigated by the FBI and IRS Criminal Investigation. It was prosecuted by Meredith D.M. Bateman and Andrew T. Ho, Assistant U.S. Attorneys for the District of Oregon. Forfeiture proceedings are being handled by Assistant U.S. Attorney Katie C. de Villiers, also of the District of Oregon.

    MIL Security OSI –

    March 7, 2025
  • MIL-OSI: The Keg Royalties Income Fund Announces Fourth Quarter 2024 and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Not for distribution to U.S. News wire services or dissemination in the U.S.

    VANCOUVER, British Columbia, March 06, 2025 (GLOBE NEWSWIRE) — The Keg Royalties Income Fund (the “Fund”) (TSX: KEG.UN) is pleased to announce its financial results for the three months ended December 31, 2024 (the “quarter”) and the twelve months ended December 31, 2024 (“YTD”).

    HIGHLIGHTS

    • Royalty Pool Sales(1) down 7.1% to $188.2M for the quarter and down 3.0% to $719.5M YTD
    • Keg Restaurants Ltd. (“KRL”) Average Sales per Operating Week(1) up 0.4% to $140,000 for the quarter and down 0.8% to $132,000 YTD
    • KRL Same Store Sales(1) up 2.6% for the quarter and down 0.7% YTD
    • Distributable Cash(1) up 9.9% to $0.262/Fund unit for the quarter and up 7.7% to $1.248/Fund unit YTD
    • Special cash distribution of $0.04/Fund unit declared on December 23, 2024, and was and paid on January 31, 2025
    • Payout Ratio(2) was 123.8% for the quarter and 94.2% YTD        

    Royalty Pool Sales reported by the 105 Keg restaurants in the Royalty Pool were $188,167,000 for the fourth quarter of 2024, a decrease of $14,350,000 or 7.1% from the comparable quarter of the prior year. The decrease in Royalty Pool Sales during the fourth quarter of 2024 was primarily due to the extra week of sales reported by KRL in the fourth quarter of 2023. Year-to-date, Royalty Pool Sales decreased by $22,157,000, or 3.0% to $719,541,000 due to the combination of the extra week of sales reported by KRL in the year ended December 31, 2023, and the slight decrease in Same Store Sales of 0.7% for the comparable 52-week periods.

    Royalty income decreased by $574,000 or 7.1% from $8,101,000 in the three months ended December 31, 2023 to $7,527,000 in the three months ended December 31, 2024. For the twelve months of 2024, royalty income decreased by $886,000 or 3.0% from $29,668,000 for the twelve months ended December 31, 2023 to $28,782,000 for the twelve months ended December 31, 2024.

    Distributable Cash available to pay distributions to public unitholders increased by $268,000 from $2,703,000 ($0.238/Fund unit) to $2,971,000 ($0.262/Fund unit) for the quarter, and increased by $1,016,000 from $13,154,000 ($1.159/Fund unit) to $14,170,000 ($1.248/Fund unit) year-to-date. During the fourth quarter of 2024, distributions of $3,677,000 ($0.324/Fund unit) were declared to Fund unitholders, compared to $4,130,000 ($0.364/Fund unit) in the fourth quarter of 2023. During 2024, distributions of $13,343,000 ($1.175/Fund unit) were declared to Fund unitholders, compared to $13,797,000 ($1.215/Fund unit) during the 2023 fiscal year. The decrease of $0.04/Fund unit in distributions declared to Fund unitholders for both the three and twelve month comparable periods, is entirely due to the difference between the $0.08/Fund unit special distribution declared in December of 2023, compared to the $0.04/Fund unit special distribution declared in December of 2024, as a result of KRL’s 53rd week of operation in 2023.

    In any reporting period, the Fund’s Distributable Cash is affected, both positively and negatively, by any changes in non-cash Working Capital Before Classification of Class C and Exchangeable Partnership Units as Current Liabilities balances recognized in that reporting period. The increase in the Fund’s Distributable Cash in the fourth quarter of 2024, was primarily attributable to the positive effects of changes in non-cash operating Working Capital Before Classification of Class C and Exchangeable Partnership Units as Current Liabilities balances during the fourth quarter of 2024. The increase in the Fund’s Distributable Cash in the twelve months of 2024, was primarily attributable to the positive effects of changes in non-cash operating Working Capital Before Classification of Class C and Exchangeable Partnership Units as Current Liabilities balances during the twelve months of 2024, as the incremental operating cash flow associated with KRL’s 53rd week of operation in the 2023 fiscal year was not received by the Fund until January 2024. The Fund’s year ended December 31, 2024 included this extra week of operating cash flow, thereby increasing Distributable Cash and decreasing the year-to-date Payout Ratio.

    The Payout Ratio was 123.8% for the fourth quarter of 2024 and 94.2% for the year.

    The Fund remains financially well positioned with cash on hand of $2,065,000 and a positive Working Capital Before Classification of Class C and Exchangeable Partnership Units as Current Liabilities balance of $2,627,000 as at December 31, 2024.

    (1) This is a non-IFRS supplementary financial measure. Please refer to the “Non-GAAP and other financial measures disclosure (NI 52-112)” section of this press release.
    (2) This is a non-IFRS ratio. Please refer to the “Non-GAAP and other financial measures disclosure (NI 52-112)” section of this press release.

    “We are very pleased with the financial results of the Fund in the fourth quarter of 2024, despite the continued challenges facing the full-service restaurant category” said Kip Woodward, Chairman of the Fund. “Management continues their solid focus on operating efficiencies and delivering the best guest dining experience during these times of softening economic conditions. We are heartened by our long-term guest loyalty which we always endeavor to earn.”

    “We are pleased with KRL’s sales performance during the fourth quarter of 2024. Same store sales increased 2.6% versus the comparable quarter of 2023. Our guests continue to trust that they will receive a great experience each time they visit one of our locations” said Nick Dean, President of KRL. “Throughout 2024, management focused on empowering our exceptionally talented team of Keggers to deliver our promise of superior hospitality and product quality for our guests. With this strategy firmly in place, we expect guest demand for The Keg will continue to improve well into 2025”, he concluded.

    NON-GAAP AND OTHER FINANCIAL MEASURES DISCLOSURE (“NI 52-112”)

    NI 52-112 prescribes disclosure requirements that apply to certain Non-IFRS measures known as “specified financial measures”. This press release makes reference to certain non-IFRS measures which provides important information regarding the Fund’s financial performance and ability to pay distributions to unitholders. By considering these non-IFRS measures in combination with IFRS measures, the Fund believes that readers are provided with additional and more useful information about the Fund’s financial performance as opposed to considering IFRS measures alone. The terms “System Sales”, “Royalty Pool”, “Royalty Pool Sales”, “Same Store Sales”, “Distributable Cash Before SIFT Tax”, “Distributable Cash”, “Payout Ratio”, “Operating Weeks”, “Average Sales per Operating Week” and “Working Capital Before Classification of Class C and Exchangeable Partnership Units as Current Liabilities” are non-IFRS measures and non-IFRS ratios. These non-IFRS measures reported by the Fund do not have standardized meanings as prescribed by IFRS, and the Fund’s method of calculating these measures may differ and may not be comparable to similar measures reported by other issuers.

    “System Sales” is a non-IFRS supplementary financial measure representing the gross sales of all corporate restaurants owned by KRL, and the gross sales reported to KRL by franchise restaurants without independent audit, in any period. The total System Sales of KRL are of interest to readers as it best reflects KRL’s overall sales performance.

    “Royalty Pool” is a non-IFRS supplementary financial measure representing a specific pool of Keg restaurants for which System Sales is calculated, obligating KRL to make monthly royalty payments to the Partnership equal to 4% of these gross sales.

    “Royalty Pool Sales” is a non-IFRS supplementary financial measure representing the total gross sales reported by Keg restaurants included in a specified Royalty Pool, for which the Fund receives a royalty of 4% on these reported gross sales in any period.

    “Same Store Sales” is a non-IFRS supplementary financial measure representing the overall increase or decrease in gross sales from a group of Keg restaurants (those restaurants that operated during the entire period of both the current and prior years), compared to gross sales for the same group of restaurants for the same period of the prior year.

    “Distributable Cash Before SIFT Tax” is a non-IFRS supplementary financial measure and is defined as the periodic cash flows from operating activities as reported in the IFRS consolidated financial statements, including the effects of changes in non-cash Working Capital Before Classification of Class C and Exchangeable Partnership Units as Current Liabilities, plus the Specified Investment Flow-through Trust tax (“SIFT” tax) paid (including current year instalments), less interest and financing fees paid on the term loan, less the Partnership distributions attributable to KRL through its ownership of Exchangeable units.

    “Distributable Cash” is a non-IFRS supplementary financial measure and is defined as the amount of cash available for distribution to the Fund’s public unitholders and is calculated as Distributable Cash Before SIFT Tax, less current year SIFT tax expense. Distributable cash is a non-IFRS financial measure that does not have a standardized meaning prescribed by IFRS, and therefore may not be comparable to similar measures presented by other issuers. However, the Fund believes that Distributable Cash, both before and after SIFT tax, provides useful information regarding the amount of cash available for distribution to the Fund’s public unitholders.

    “Payout Ratio” is a non-IFRS ratio and is computed as the ratio of aggregate cash distributions paid during the period plus any special distributions declared or paid during the same period (numerator) to the aggregate Distributable Cash of the period (denominator).

    “Operating Weeks” is a non-IFRS supplementary financial measure representing the number of weeks a restaurant is open for in-store dining, without significant capacity restrictions, during a respective period.

    “Average Sales per Operating Week” is a non-IFRS supplementary financial measure and is defined as the sales generated by an average restaurant during those operating weeks when restaurants were fully open for in-store dining, during a respective period. This metric is calculated by dividing total System Sales for any financial period by the total Operating Weeks open during the same financial period.

    “Working Capital Before Classification of Class C and Exchangeable Partnership Units as Current Liabilities” is a non-IFRS supplementary financial measure and is defined as the Fund’s current assets less current liabilities before Class C and Exchangeable Partnership units. The Fund believes this metric provides useful information to readers as Working Capital Before Classification of Class C and Exchangeable Partnership Units as Current Liabilities represents the Fund’s current working capital amounts expected to be settled for cash within the next twelve months.

    FINANCIAL HIGHLIGHTS

        Three months ended   Twelve months ended
          December 31,       December 31,       December 31,       December 31,  
    ($000’s expect per unit amounts)     2024       2023       2024       2023  
                     
    Restaurants in the Royalty Pool     105       107       105       107  
    Royalty Pool Sales   $ 188,167     $ 202,517     $ 719,541     $ 741,698  
    Royalty income (1)   $ 7,527     $ 8,101     $ 28,782     $ 29,668  
    Interest income (2)     1,091       1,106       4,361       4,383  
    Total income   $ 8,618     $ 9,207     $ 33,143     $ 34,051  
    Administrative expenses (3)     (122 )     (106 )     (468 )     (480 )
    Interest and financing expenses (4)     (224 )     (268 )     (1,002 )     (1,028 )
    Operating income   $ 8,272     $ 8,833     $ 31,673     $ 32,543  
    Distributions to KRL (5)     (3,398 )     (3,572 )     (13,134 )     (13,414 )
    Profit before fair value gain (loss) and income taxes   $ 4,874     $ 5,261     $ 18,539     $ 19,129  
    Fair value gain (loss) (6)     1,526       (2,616 )     (5,123 )     11,119  
    Income tax recovery (expense) (7)     (1,337 )     (1,439 )     (4,992 )     (5,091 )
    Profit (loss) and comprehensive income (loss)   $ 5,063     $ 1,206     $ 8,424     $ 25,157  
    Distributable Cash Before SIFT Tax   $ 4,287     $ 4,107     $ 19,137     $ 18,260  
    Distributable Cash   $ 2,971     $ 2,703     $ 14,170     $ 13,154  
    Distributions to Fund unitholders (8)   $ 3,677     $ 4,130     $ 13,343     $ 13,797  
    Payout Ratio     123.8 %     152.8 %     94.2 %     104.9 %
                     
    Per Fund unit information (9)                
    Profit before fair value gain (loss) and income taxes   $ 0.429     $ 0.463     $ 1.633     $ 1.685  
    Profit (loss) and comprehensive income (loss)   $ 0.446     $ 0.106     $ 0.742     $ 2.216  
    Distributable Cash Before SIFT Tax   $ 0.378     $ 0.362     $ 1.686     $ 1.608  
    Distributable Cash   $ 0.262     $ 0.238     $ 1.248     $ 1.159  
    Distributions to Fund unitholders (8)   $ 0.324     $ 0.364     $ 1.175     $ 1.215  
                     
    Notes:
    (1)   The Fund, indirectly through The Keg Rights Limited Partnership (the “Partnership”), earns royalty income equal to 4% of gross sales of Keg restaurants in the Royalty Pool.
    (2)   The Fund directly earns interest income on the $57.0 million loan to KRL (the “Keg Loan”), with interest income accruing at 7.5% per annum, payable monthly.
    (3)   The Fund, indirectly through the Partnership, incurs administrative expenses and interest on the operating line of credit, to the extent utilized.
    (4)   The Fund, indirectly through The Keg Holdings Trust (“KHT”), incurs interest expense on the $14.0 million term loan and amortization of deferred financing charges.
    (5)   Represents the distributions of the Partnership attributable to KRL during the respective periods on the Class A, entitled Class B, and Class D Partnership units (“Exchangeable units”) and Class C Partnership units held by KRL. The Exchangeable units are exchangeable into Fund units on a one-for-one basis. These distributions are presented as interest expense in the financial statements.
    (6)   Fair value gain (loss) is the non-cash decrease or increase in the market value of the Exchangeable units held by KRL during the respective period. Exchangeable units are classified as a financial liability under IFRS. The Fund is required to determine the fair value of that liability at the end of each reporting period and adjust for any increase or decrease, taking into consideration the sale of any Exchangeable units and Additional Entitlements during the same period.
    (7)   Income taxes include the SIFT tax expense, and either a non-cash deferred tax expense or deferred tax recovery. The deferred tax expense or recovery primarily results from differences in income recognition between the Fund’s accounting methods and enacted tax laws. It is also partially due to temporary differences between accounting and tax bases of the Keg Rights owned by the Partnership.
    (8)   Distributions to Fund unitholders include all regular monthly cash distributions paid to Fund unitholders during a period and any special distributions, either declared or paid, to Fund unitholders in the same period.
    (9)   All per unit amounts are calculated based on the weighted average number of Fund units outstanding, which are those units held by public unitholders during the respective period. The weighted average number of Fund units outstanding for the three and twelve months ended December 31, 2024 were 11,353,500 (three and twelve months ended December 31, 2023 – 11,353,500).
         

    The Fund (TSX: KEG.UN) is a limited purpose, open-ended trust established under the laws of the Province of Ontario that, through The Keg Rights Limited Partnership, owns certain trademarks and other related intellectual property used by Keg Restaurants Ltd. (“KRL”). In exchange for use of those trademarks, KRL pays the Fund a royalty of 4% of gross sales of Keg restaurants included in the Royalty Pool.

    With approximately 10,000 employees, over 100 restaurants and annual System Sales exceeding $700 million, Vancouver-based KRL is the leading operator and franchisor of steakhouse restaurants in Canada and has a substantial presence in select regional markets in the United States. KRL continues to operate The Keg restaurant system and expand that system through the addition of both corporate and franchised Keg steakhouses. KRL has been named the number one restaurant company to work for in Canada in the latest edition of Forbes “Canada’s Best Employers 2025” survey.

    This press release may contain certain “forward looking” statements reflecting The Keg Royalties Income Fund’s current expectations in the casual dining segment of the restaurant food industry. Investors are cautioned that all forward looking statements involve risks and uncertainties, including those relating to the Keg’s ability to continue to realize historical same store sales growth, changes in market and existing competition, new competitive developments, and potential downturns in economic conditions generally. Additional information on these and other potential factors that could affect the Fund’s financial results are detailed in documents filed from time to time with the provincial securities commissions in Canada.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy, which may be made only by means of the prospectus, nor shall there be any sale of the Fund units in any state, province or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state, province or jurisdiction. The Keg Royalties Income Fund units have not been, and will not be registered under the U.S. Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an application for exemption from the registration requirement under U.S. securities laws.

    The Trustees of the Fund have approved the contents of this press release.

    The MIL Network –

    March 7, 2025
  • MIL-OSI China: Trump pauses some Canada and Mexico tariffs until April 2

    Source: China State Council Information Office

    U.S. President Donald Trump said on social media Thursday that tariffs on Mexico will be paused until April 2, applying to anything covered under the United States-Mexico-Canada Agreement (USMCA).

    “After speaking with President Claudia Sheinbaum of Mexico, I have agreed that Mexico will not be required to pay Tariffs on anything that falls under the USMCA Agreement. This Agreement is until April 2nd,” Trump said in a post on “Truth Social.”

    “I did this as an accommodation, and out of respect for, President Sheinbaum,” Trump said, noting that “our relationship has been a very good one.”

    Earlier that day, U.S. Commerce Secretary Howard Lutnick told CNBC that more one-month tariff exemptions under USMCA are “likely.”

    “It’s likely that it will cover all USMCA compliant goods and services, so that which is part of President Trump’s deal with Canada and Mexico are likely to get an exemption from these tariffs,” Lutnick said.

    Trump’s latest announcement on Mexico tariffs came one day after White House Press Secretary Karoline Leavitt said that the president is granting a one-month exemption to three major automakers from the newly imposed 25 percent tariffs on Mexico and Canada.

    The United States-Mexico-Canada Agreement (USMCA) is a trade agreement negotiated, signed, and ultimately enacted during Trump’s first term, aimed at replacing the former North American Free Trade Agreement (NAFTA).

    On Feb. 1, Trump signed an executive order imposing a 25 percent tariff on products imported from Mexico and Canada, with a 10 percent tariff increase on Canadian energy products. On Feb. 3, Trump announced a 30-day delay in implementing the tariffs on both countries and continued negotiations. According to this decision, the relevant tariff measures took effect on March 4.

    Canada has announced retaliatory measures, while Mexico has signaled its intent to implement tariffs and other economic countermeasures. Businesses are increasingly concerned about the rising costs due to these tariffs, which could drive up consumer prices and contribute to an economic slowdown.

    The stock market has shown significant volatility in response to the new tariffs, with investor uncertainty mounting as fears of potential economic repercussions grow.

    The escalating tensions and economic uncertainties might have prompted Trump to reassess his trade policies.

    Trump has yet to make announcement on an overall pause on Canada tariffs. In a post on Truth Social Thursday, he accused Canadian Prime Minister Justin Trudeau of using the tariff problem to further his reelection bid.

    Trudeau, meanwhile, said on Thursday that Canada will continue to be in a trade war with the United States for the foreseeable future.

    MIL OSI China News –

    March 7, 2025
  • MIL-OSI USA: Fischer Questions Expert Witnesses on Defense Mobilization

    US Senate News:

    Source: United States Senator for Nebraska Deb Fischer
    Today, U.S. Senator Deb Fischer (R-Neb.), a senior member of the Senate Armed Services Committee, questioned expert witnesses about the use of the Defense Protection Act (DPA) for defense mobilization. She asked the witnesses about ensuring that the DPA is invoked only for situations that truly relate to national defense.
    During the hearing, Senator Fischer questioned Founder and Chief Executive Officer of MMR Defense Solutions Dr. Christine Michienzi on whether she recommends any statutory changes to better define what qualifies as national defense.
    Additionally, Senator Fischer asked Dr. John McGinn, Executive Director of the Greg and Camille Baroni Center for Government Contracting at George Mason University’s Costello College of Business, for his assessment of the Department of Defense’s National Defense Industrial Strategy and any recommendations he would propose for implementation.
    Click the image above to watch a video of Senator Fischer’s questioning
    Click here to download audio
    Click here to download video
    Fischer Questions Expert Witnesses:
    Senator Fischer: I strongly believe the administration should maximize its use of the Defense Production Act. They have the authority to address challenges in our defense industrial base. However, I am concerned by the expanding definition of what qualifies as national defense. For example, in 2022 President Biden invoked the Defense Production Act to ramp up domestic production of clean energy technologies. Dr. McGinn, how should the Defense Production Act be used for defense mobilization? Should the DPA investments be focused on areas clearly related to the national defense of this country?
    Dr. McGinn: Thank you very much, Senator Fischer. Yes, the Defense Production Act is an incredibly powerful tool, and it is best used for national security defense purposes. And that’s how it’s been used during the development of the MRAP during the Afghanistan and Iraq War. That’s how it was used during COVID, and that’s how it’s being used to rebuild our defense industrial base in areas such as rare earth processing, castings, and forgings and the like, specialty chemicals. So, that is how it is best used. And the more it is focused on national defense, it is not a political issue, therefore it’s a national security issue.Senator Fischer: Thank you. And how should the Act be used for defense mobilization? Should the investments be focused on areas clearly related to being able to get that done?Dr. Michienzi: Thank you. I just wanted to make sure, it should absolutely be focused on mobilization efforts. But some of the efforts that DPA is funding now, it’s difficult sometimes to realize that those go towards mobilization—so things that Jerry mentioned, such as rare earth processing and critical chemicals.Senator Fischer: Would you look at any statutory changes to be able to make it work and make it identify, truly, what is national defense? Is there anything we need to be looking at here?
    Dr. Michienzi: I think making sure that it is centered on national defense issues and national security is critically important, as Dr. McGinn mentioned, because we don’t want to dilute the efforts of the DPA that are being very successfully used currently and can be used going forward. 
    Senator Fischer: Thank you. Dr. McGinn, in January of 2024, the Department released its first National Defense Industrial Strategy, and later in October, released an implementation plan. What’s your assessment of the strategy?
    Dr. McGinn: Well, I think the strategy did a very good job at kind of bringing together a lot of efforts that have been led across recent administrations. One of the good things about this area is it’s very bipartisan. There’s been a lot of similar themes being addressed across the Obama administration, through the Trump administration first, through Biden and today’s. So, I think that the strategy did a good job at identifying the progress that has been made, but also setting a vector for the future. And I think that there were a number of good things in that report. I particularly like the focus on importance of production as well as the importance of working with allies and partners. The key will be kind of how that’s instantiated in the FY26 budget submission.
    Senator Fischer: Are there any additional areas that you’d recommend the Department would consider that maybe were lacking from the previous strategies?
    Dr. McGinn: I think two things I would recommend. One is mobilization. I mean it’s mentioned briefly in the strategy, but there’s no talking about restarting mobilization planning. I mean there actually are program elements in the Army, Navy, and Air Force, Marines for mobilization, but they’re really all about pre-positioning equipment and the like. There’s no planning function that’s being done today; that all stopped and that needs to be restarted. And then the other area that is on—the strategy talks a lot about it—building exportability in systems. That is building systems so that we can share them with our partners and allies. That requires investment in terms of—because you’re going to have different capability levels—of different missiles going to different partners, depending on how close they are. So that requires investment up front, and that’s a big priority that needs to be invested in, in terms of making exportability a priority in acquisition and also investing in the technology needed to build that capability.Senator Fischer: Thank you.

    MIL OSI USA News –

    March 7, 2025
  • MIL-OSI United Kingdom: Supervised toothbrushing for children to prevent tooth decay 

    Source: United Kingdom – Executive Government & Departments

    Press release

    Supervised toothbrushing for children to prevent tooth decay 

    Programme will reach up to 600,000 children in most deprived areas

    • National programme rolled out for 3 to 5-year-olds in early years settings – including nurseries and primary schools – in most deprived areas of England 
    • Government also agrees ground-breaking partnership with Colgate which will see more than 23 million toothbrushes and toothpastes donated to support the programme 
    • Programme is latest step in government’s Plan for Change to give children the best start in life and prevent ill health

    Children in the most deprived areas of England will get access to a programme to help protect them from tooth decay, the government has announced today. 

    The supervised toothbrushing programme will be rolled out in early years settings and primary schools, with funding available from April, helping hundreds of thousands of children aged between 3 and 5 years old to develop positive brushing habits.

    The scheme – a manifesto commitment – will be launched in collaboration with Colgate-Palmolive who are providing free Colgate toothbrushes, toothpaste and educational materials to continue good work at home. 

    This government inherited a children’s oral health crisis. The most common reason children aged 5 to 9 being are admitted to hospital is to have treatment for decayed teeth. Latest data shows one in 4 children aged 5 have experienced tooth decay in England, with higher rates of up to one in 3 in more deprived areas. 

    The scheme will help tackle these levels of poor health by ensuring they get the support they need to learn positive habits and prevent tooth decay – in turn avoiding related illness and poor health later in life.

    To deliver the scheme, the government is investing a total of £11 million in local authorities across England to deploy supervised toothbrushing in schools and nurseries that voluntarily sign up. Local authorities will work to identify early years settings in target areas and encourage them to enrol.

    To support the scheme, the government has also agreed an innovative partnership with Colgate-Palmolive, which has generously committed to donate over 23 million toothbrushes and toothpastes over the next 5 years. It is also providing educational materials and a public facing children’s oral health campaign supporting the NHS, developed with its experience of global oral health education.

    The partnership is grounded in the shared mission and commitment between the government and Colgate-Palmolive to advance the oral health of the nation, by reducing the inequalities in oral health and ensuring access to oral health education for every child across the country.

    Together, the resources will reach up to 600,000 children each year and provide families with the support they need to ensure positive behaviours continue at home and over the school holidays.

    The launch is part of the government’s mission to give every child the best start in life and rebuild our health care system through the Plan for Change. The government is also driving forward action to fundamentally reform the NHS dental sector having recently announced the rollout of an extra 700,000 urgent dental appointments nationwide.

    Health Minister Stephen Kinnock said:  

    It is shocking that a third of 5-year-olds in the most deprived areas have experience of tooth decay – something we know can have a lifelong impact on their health. 

    It’s why we’re delivering supervised toothbrushing to young children and families who are most in need of support as part of our wider plans to revive the oral health of the nation. This includes providing 23 million free toothbrushes and toothpastes through our partnership with Colgate-Palmolive to reach up to 600,000 children each year.

    We’re already rolling out 700,000 extra urgent dental appointments for those who need treatment, but by focusing on prevention we can help children have the best start in life. 

    On top of this, we will reform the dental contract to get dentists providing more NHS work as we fundamentally reform the sector through our Plan for Change so it is there for patients once again.

    Colgate-Palmolive’s Chairman, President and Chief Executive Officer Noel Wallace said:

    At Colgate-Palmolive, we believe every child deserves the chance to have a healthier smile and brighter future. We’re thrilled that Colgate and our team in the UK have been chosen to partner with the government to help improve children’s oral health across the country – it’s an incredibly important initiative given the current levels of tooth decay in children.

    Our global programme Colgate Bright Smiles, Bright Futures is among the most far-reaching and successful children’s oral health initiatives in the world. With long-standing partnerships with governments, schools and communities, BSBF has reached approximately 1.8 billion children and their families since 1991 across 100 countries with free oral health education and free dental screenings.

    In the UK, we’ve been running Colgate Bright Smiles, Bright Futures since 2014 and are extremely proud to have reached over 18 million children across the nation with oral health education and donations of essential health and hygiene products.

    With the launch of the supervised brushing scheme, this partnership will be able to make a real impact in preventing tooth decay and ensuring brighter futures for generations to come. We want all children, regardless of needs or circumstances, to be fully equipped with the information and tools they need to keep improving their oral health every day.

    The scheme is being rolled out in collaboration with the Department for Education and follows the latest tranche of measures to make government-funded childcare more affordable and accessible to the most disadvantaged families.  

    Early years providers such as primary schools and nurseries are required to promote good oral health among attending children, and supervised toothbrushing is a way of achieving that aim. 

    From April, new rules will protect working families from facing high additional charges on top of their entitled childcare hours and providers will begin to benefit from a 45% uplift in early years pupil premium funding, to make sure the most disadvantaged children can access the early years education they need. 

    Early Education Minister Stephen Morgan said:  

    Through our Plan for Change , this government is working hard to break the unfair link between background and opportunity, to ensure tens of thousands more children are school ready every year. 

    We have already started urgent work to increase the affordability and accessibility of high-quality early years and extend early learning support, but we know school-readiness goes beyond what is taught in a classroom. 

    By supporting the youngest children with vital life and development skills, more teachers will be able to focus on what they do best – teach.

    Jason Wong, Chief Dental Officer for England, said: 

    Tooth brushing twice daily with a fluoride toothpaste remains one of the best defences against tooth decay and a long list of preventable oral health issues. This is why we’re thrilled that the government is working with the NHS to expand access to pivotal supervised toothbrushing programmes in schools.

    Having strong healthy teeth can have a hugely positive impact on a child’s life. If you’re concerned about your child’s oral health, you can find helpful guidance on the NHS website or through your local authority – and  as a reminder to parents, all children have free dental care available through the NHS.

    Supervised toothbrushing is a proven, evidence-based health intervention, and is expected to deliver measurable improvements to children’s oral health and reductions in oral health inequalities from between 2 and 3 years after launch. 

    The rollout is expected to save the NHS millions of pounds that would otherwise be spent on treating dental disease in children, including preventing hospital admissions that cost the NHS around £1,600 per person.

    Every £1 spent on supervised toothbrushing is expected to save £3 in avoided treatment costs – amounting to over £34million over the next 5 years that can instead be spent on treating other patients. 

    Data published last week showed more than 49,000 young people under-19 were admitted to hospital for tooth extraction between in the financial year ending 2024. 

    Alongside the launch today, the government has confirmed that, following public consultation last year, it is going ahead with the expansion of community water fluoridation across the North-East of England.  

    Water fluoridation is the process of adding fluoride to public water supplies to prevent tooth decay. Around one in 10 people in England currently have fluoride added to their drinking water supplies.

    The findings of all health monitoring reports since 2014 consistently show that water fluoridation is an effective and safe public health measure to reduce the prevalence and severity of tooth decay and reduce dental health inequalities. 

    The expansion of water fluoridation in the North-East is expected to reach an additional 1.6 million people and reduce the number of young children admitted to hospital for the removal of decayed teeth.   

    Cllr David Fothergill, Chairman of the Local Government Association’s Community Wellbeing Board said:

    We are pleased to see new funding for supervised toothbrushing, which is an evidence-based and cost-effective intervention proven to improve children’s oral health. This investment will help address health inequalities by supporting children in the most deprived areas to develop positive brushing habits, preventing tooth decay and reducing the need for hospital treatment.

    This funding builds on the excellent work already being done by many councils up and down the country to improve children’s oral health. The flexibility in how the funding can be used is particularly appreciated, allowing councils to tailor programmes to best meet local needs. Councils are committed to playing their part in improving children’s oral health and reducing inequalities.

    Jason Elsom, Chief Executive of children’s charity Parentkind said:

    As a father to a blended family of 8 children, I know how hard it can be to get children to clean their teeth well, regularly, and consistently, and this is especially true when family life can be so hectic. 

    It’s important that we get the basics right for our children, and things like poor personal or oral hygiene can impact a child’s early years, and beyond. 

    But children all develop in different ways, and at a different pace, and so I commend this initiative to help every child understand the importance of oral hygiene at an early age.

    Dr Urshla Devalia, spokesperson for the British Society of Paediatric Dentistry, said:

    At last, we will see the dial shift on children’s oral health in England. BSPD has been advocating for the importance of a preventative approach to address the crisis in children’s oral health for years.

    Intervening now with a supervised toothbrushing scheme, plus community water fluoridation programmes, are initiatives proven to deliver beneficial oral health outcomes that will pay for themselves several fold in the future.

    We are excited to see this commitment to improving children’s oral health, but there is a lot of work to do, and BSPD is rolling up its sleeves to play its part. This is the decisive action we have been pushing for.

    Anna Gardiner, Deputy Director – Health & Wellbeing at the National Children’s Bureau, said:

    Despite improvements over the past 20 years, too many young children in England start school with tooth decay. Poor oral health can have lasting impacts on their health, wellbeing, and attainment, and a significant risk factor is not getting into the habit of brushing teeth twice per day with fluoride toothpaste.

    So, we welcome the government’s plans to introduce a supervised brushing programme in early years settings, and we look forward to seeing its impact, particularly for those growing up in deprived areas who disproportionately suffer from poor oral health.

    June O’Sullivan OBE, CEO, London Early Years Foundation (LEYF), says:

    Children’s oral health in the UK is in crisis, and for too long, it’s been the silent epidemic no one talks about. Tooth decay doesn’t just cause pain – it disrupts sleep, eating, learning, and the ability to speak clearly, which is crucial for a child’s development and confidence. Unfortunately, the impact is felt most by disadvantaged children which is why this government-backed supervised toothbrushing programme is very much welcomed. 

    At LEYF, we’ve seen first-hand how daily brushing in nurseries transforms children’s oral health and wellbeing. Scaling this nationally will give hundreds of thousands of children the best start in life. While it’s not our role to replace parents in this responsibility, we are committed to supporting our LEYF families. This programme will help educate parents on the importance of oral health and a healthy diet, ensuring good habits are built at home as well as in nursery.

    Notes to editors:

    • For more information about Colgate-Palmolive’s, visit the company’s website at https://www.colgatepalmolive.co.uk/. To learn more about Colgate Bright Smiles, Bright Futures® oral health education program, please visit https://www.colgate.com/en-gb/oral-health-education/our-commitment
    • Fluoride is a naturally occurring mineral found in soil, food and drink and also in drinking water supplies, in varying amounts. In some parts of England the level of fluoride in the public water supply already reaches the target concentration of water fluoridation schemes (one milligram per litre (1mg/l)), sometimes expressed as one part per million (1ppm)), as a result of the geology of the area. In other areas the fluoride concentration has been adjusted to reach this level as part of a fluoridation scheme. More information can be found here: Community water fluoridation expansion in the north east of England – GOV.UK

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    Published 7 March 2025

    MIL OSI United Kingdom –

    March 7, 2025
  • MIL-OSI New Zealand: Health and Politics – No place for privatisation in health – alarm bells should be ringing – PSA

    Source: PSA

    The unveiling of the Health Minister’s new priorities is a clear signal that the Government wants to rely on the private sector to deliver health services rather than properly funding a public health system.
    “The Government’s privatisation agenda has been well and truly exposed in Minister Brown’s priorities,” said Fleur Fitzsimons, National Secretary for the Public Service Association Te Pūkenga Here Tikanga Mahi.
    “These amount to a slippery slope to an American style health system and the continued running down of our public health system. Alarm bells should be ringing.”
    In a speech to the BusinessNZ Health Forum, the Minister has asked Health NZ to work with the private sector to agree a set of principles that will underpin future outsourcing contracts, including ‘negotiating longer-term, multi-year agreements to deliver better value for money and better outcomes for patients’.
    “Privatisation is never the answer to health – but the Government has embarked on a campaign to run down the public health system so it can justify the pursuit of a privatisation agenda based on a flawed ideology. It only lines the pockets of corporate health companies and won’t help New Zealanders get the health care they need.”
    Fitzsimons said the Government is being irresponsible – the PSA’s recent survey of health workers exposes how the cuts and other changes are impacting frontline services despite the Government’s repeated promises to the contrary.
    “The fundamental problem in health is that the Government is starving the system of the funding needed to run it. Instead of reducing funding the Government should be increasing it and lifting the damaging hiring freeze for health workers.
    “The money the Government is spending on tax cuts for landlords, and support for tobacco companies would have been better invested in improving health care.
    “That’s why we started litigation in the Employment Relations Authority aimed at stopping the rushed and damaging job cuts in health to meet the Government’s savings targets.
    “These cuts will endanger the lives of patients and see thousands of dedicated and essential health workers lose their jobs,” said Fitzsimons.

    MIL OSI New Zealand News –

    March 7, 2025
  • MIL-OSI Australia: Active Transport boost for South Australia

    Source: Australian Ministers for Regional Development

    Cyclists and pedestrians across South Australia will have more opportunities to walk, cycle and actively move through their communities thanks to support from the Albanese Labor Government.  

    More than $4.6 million will be invested in seven new projects across the state under the Active Transport Fund to build or upgrade existing bicycle and walking paths. 

    The City of Charles Sturt will receive $1 million to build an 800-metre pedestrian and cycle path, running alongside Chambers Street through Don Ferguson Memorial Reserve and connecting to Atkin Street in Henley Beach. 

    The delivery of this missing link will complete the 5.5-kilomtre path so that residents and visitors can walk, cycle or push a pram from West Lakes through to Henley Beach. Along the way, it connects with shops, four local schools, the Henley and Grange Memorial Oval sports precinct and the rail line into the city and further down the coast. 

    The City of Charles Sturt Council has been working on the entire stretch of the pathway since 2017. This funding will enable its completion, improving safety, and better connecting the suburbs. 

    Other projects receiving funding include:

    • District Council of Streaky Bay will receive $1 million to construct the Montgomerie Terrace Shared Use Path from East Terrace to Bay Road, Streaky Bay; 
    • Mount Barker District Council will receive more than $977,000 to build the Bollen Road shared path;
    • District Council of Loxton Waikerie will receive more than $1.1 million for two projects – the construction of two off-road shared paths, one in the townships of Waikerie and Ramco, and the other in the township of Loxton;
    • Tatiara District Council will receive $236,500 for a new shared path along Rowney Road/Naracoorte Road;
    • Town of Gawler will receive $252,757 to upgrade the Clark Road shared use path to better connect the train station. 

    The Albanese Government is making our cities and regions even better places to live, building social infrastructure, connecting places and designing healthier, more liveable towns. 

    Our new Active Transport Fund is one part of this, providing safe and accessible transport options that shape communities and change everyday behaviour. 

    This program supports the government’s commitment to invest in infrastructure planning, design and construction that improves safety outcomes for vulnerable road users under the National Road and Safety Strategy 2021-2030.

    For more information, visit,  Active Transport Fund | Infrastructure Investment Program. 

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

    “The Albanese Government is investing in active transport options right across South Australia to shape the way locals and visitors move around our great towns. 

    “Whether you’re on a motor scooter, pushing a pram, walking or cycling, we’re making it easier for people to get to school, work or local services, without having to jump in the car. 

    “This is about so much more than bike lanes and footpaths, it’s about reshaping our cities and regional centres, connecting everyday places, and making our towns better to live in and easier to visit.”

    Quotes attributable to Member for Hindmarsh Mark Butler: 

    “We are an active community and this investment by the Albanese Government is going to help us keep moving.

    “This is going to make it safer for locals to walk and cycle around the west.”

    Quotes attributable to City of Charles Sturt Mayor Angela Evans: 

    “This funding allows us to complete a missing link in the Grange Lakes Corridor. By delivering this final section, we’re not only improving safety and accessibility for pedestrians and cyclists, but also supporting a more active and connected community. We’re excited to see this much loved corridor continue to grow and benefit our residents for years to come.”

    MIL OSI News –

    March 7, 2025
  • MIL-Evening Report: ‘No-one wants to go through this again’: how disaster-stricken residents in northern NSW are preparing for Cyclone Alfred

    Source: The Conversation (Au and NZ) – By Rebecca McNaught, Research Fellow, University of Sydney

    It’s been three years since floods pummelled the Northern Rivers region of New South Wales. Now, Cyclone Alfred is heading for the region, threatening devastation once more.

    On Thursday night and Friday morning, the NSW State Emergency Service asked residents in parts of the Northern Rivers to evacuate. Rain associated with Cyclone Alfred was expected to cause rapid river rises and extensive flooding.

    As you’d expect, many Northern Rivers residents feel very apprehensive right now. No-one wants to go through this again.

    I know of a woman who, just last week, had painters doing final repairs to her home after it flooded in 2022. Other people can’t afford to repair their homes at all.

    Damage from the last floods extends beyond the material. Many people in the Northern Rivers are still dealing with mental health problems such as anxiety, depression and PTSD after the last disaster.

    Still, people are preparing for Cyclone Alfred’s arrival – and drawing lessons from the 2022 floods in the hope of a better outcome this time.

    Memories of Lismore floods

    I have 20 years’ experience working on climate change adaptation and disaster risk management. My research focus includes the Northern Rivers, where I live. Last year, a study I led examined community collaboration across the region in response to disasters.

    The Northern Rivers is located in the NSW northeast and is drained by three major rivers: the Richmond, Tweed and Clarence. The city of Lismore is one of the most flood-prone urban centres in Australia.

    As my colleagues and I have previously written, the 2022 flood in Lismore and surrounds surprised even the most prepared residents.

    Floodwaters in Lismore reached more than two metres higher than the previous record. Shocked residents were left clinging to their roofs. Businesses moved their stock to higher ground, but it was still destroyed. Houses above the so-called “flood line” were inundated.

    Warning systems proved inadequate, and emergency agencies were overwhelmed. More than 10,800 homes were damaged.

    Landslides and boulders fell on homes and roads, leaving people trapped and isolated for up to six weeks. Others could not access cash, petrol, communications, food, schools, carer services and medical assistance for long periods.

    The 2022 floods were by no means the first disaster to befall the Northern Rivers. The region also flooded in 2017. In 2019 the region, like much of Australia, was deep in drought. The Black Summer bushfires hit in 2019-20, and Covid-19 struck in 2020. Parts of the region suffered bushfires in 2023.

    Now, we are facing Cyclone Alfred.

    The scale of the 2022 floods forced many residents to confront a harsh reality: in a disaster, emergency services cannot always help. Sometimes, people must fend for themselves.

    That realisation prompted a growing community-led resilience movement. As Cyclone Alfred approaches, that network has swung into action.




    Read more:
    When disaster strikes, emergency responders can’t respond to every call. Communities must be helped to help themselves


    A community coming together

    Since 2022, community-resilience groups have emerged in each local government area across the region. The groups comprise, and are led by, community volunteers.

    In my local government area, Byron Shire, there are 13 community resilience groups. I co-lead my local group.

    We work with local organisations, government agencies and emergency services to help the community before, during and after a disaster. The local council convenes regular meetings between all these organisations.

    My research shows strong information flows are crucial in disaster preparedness and recovery.

    Since the Cyclone Alfred threat began, my community group has received regular updates from the SES on matters such as locations of sandbags and sand, the latest weather information advice, and when evacuation centres will open.

    We also have an established a network of contacts who live on streets vulnerable to flooding. We pass on relevant information to other residents via Facebook and a WhatsApp group. In the past day we have been exchanging information such as whether flood pumps are working and the extent of beach erosion.

    The flow of information is two-way. Byron Shire’s community resilience network is chaired by the local council, and has links to emergency management – the “lights and sirens” people. In this way, community knowledge and contributions are recognised and valued by decision-makers and other officials.

    In recent days our group has fed advice up the chain to emergency services, such as the location of elderly and vulnerable people who may need help to evacuate.

    A man holding a portable emergency satellite provided to a community resilience group in the Northern Rivers.
    Facebook

    Byron Shire Council has also loaned portable Starlink satellite dishes to some community-resilience groups. These devices provide essential and communication if phone and internet services fail in a disaster.

    On a broader level, the Bureau of Meteorology is producing regular video updates about Cyclone Alfred in clear, plain language. This is helping to communicate the risks widely and give people the information they need.

    Community resilience groups also seek to adopt a proactive, rather than reactive, approach to disasters – such as helping residents prepare for the next flood event.

    This can be challenging. Many people and organisations in the region have understandably been focused on recovery after the 2022 floods. It can be hard to do this while also preparing for the next disaster.

    And sometimes, people don’t want constant reminders of the potential for flooding. Some people just want to move on and think about something other than disaster.

    If Cyclone Alfred brings destruction to the Northern Rivers, community resilience groups will play a big role in supporting health and wellbeing. Not everyone accesses formal mental health support after disasters. Communities and neighbours looking out for each other is crucial.

    Tough times ahead

    As I write, the Northern Rivers is starting to lose power and internet access. Winds are wild and rain lashed the region all night.

    As climate change worsens, all communities must consider how they will cope with more intense disasters. The model of community-led resilience in the Northern Rivers shows a way forward.

    There is still much work to do in the region. However, our experience of compounding disasters means we are well along the path to finding new ways to support each other through extreme events.




    Read more:
    Lismore faced monster floods all but alone. We must get better at climate adaptation, and fast


    Rebecca McNaught is a Research Fellow at the University Centre for Rural Health (University of Sydney) in Lismore. She has received scholarship funding from the Australian Government’s Research Training Program Stipend. She is affiliated with the South Golden Beach, New Brighton and Ocean Shores Community Resilience Team. She has also conducted paid and voluntary work for the Northern Rivers not-for-profit registered charity Plan C.

    – ref. ‘No-one wants to go through this again’: how disaster-stricken residents in northern NSW are preparing for Cyclone Alfred – https://theconversation.com/no-one-wants-to-go-through-this-again-how-disaster-stricken-residents-in-northern-nsw-are-preparing-for-cyclone-alfred-251650

    MIL OSI Analysis – EveningReport.nz –

    March 7, 2025
  • MIL-OSI New Zealand: Release: Refreshed team to drive Labour’s 2026 priorities

    Source: New Zealand Labour Party

    Labour leader Chris Hipkins has unveiled a new economic team as part of a caucus reshuffle.

    “Barbara Edmonds will lead our refreshed economic team. She will add the new Savings and Investment portfolio to her expanded Finance and Economy portfolio,” Chris Hipkins said.

    “Economic growth for the sake of it isn’t an economic strategy. I’ve tasked Barbara with making sure we’re ready to balance the books, increase our savings, expand our investment opportunities, and create the economic conditions for all Kiwis to thrive.

    The economic team will be:

    Barbara Edmonds: Finance and Economy, Savings and Investment.

    Ginny Andersen: Jobs and Incomes

    Peeni Henare: Economic Development

    Reuben Davidson: Science, Technology and Creative Economy

    Cushla Tangaere-Manuel: Māori Economy 

    “This team, along with our energy, infrastructure, manufacturing and industry spokespeople will focus on the challenges that are holding New Zealand back. It’s not just about inviting in foreign money, it’s far more complex than that and involves our businesses, our exporters, our tech and science innovators, our creative sector, our iwi partners and our regions.

    “An economy that delivers for all New Zealanders needs public investment. We’ve run down our infrastructure and sold off many of the public assets built up and passed down to us by previous generations.

    “I want our next Government to be one of rebuilding. Kieran McAnulty picks up the new portfolio of Infrastructure and Public Investment, adding to his existing work in Housing. Tangi Utikere will work alongside him in Transport and Local Government.

    Winning back Auckland is a focus for Labour, and the Auckland portfolio will now be led by Deputy Leader Carmel Sepuloni.

    “The relationships Carmel has in Auckland will be vital to the success of the next Government and how it delivers for our biggest city,” Chris Hipkins said.

    Willow-Jean Prime moves into Education, Willie Jackson into Social Development, Jan Tinetti into Social Investment and Workplace Relations and Safety. Megan Woods picks up the new portfolio of Manufacturing and Industry and Ayesha Verrall remains in Health

    “This experienced, united and formidable team is ready for Government. We will be working relentlessly over the next 18 months as we finalise policy and prepare to take back power in 2026,” Chris Hipkins said.


    Stay in the loop by signing up to our mailing list and following us on Facebook, Instagram, and X.

    MIL OSI New Zealand News –

    March 7, 2025
  • MIL-OSI USA: Senators Marshall and Kaine Introduce Legislation to Protect Patients from High Drug Costs

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall
    Washington – U.S. Senator Roger Marshall, M.D. (R-Kansas) and U.S. Senator Tim Kaine (D-Virginia) led their colleagues in introducing the Help Ensure Lower Patient (HELP) Copays Act. This legislationeliminates pricing schemes, protecting patients from insurance and pharmacy benefit manager (PBM) practices that raise out-of-pocket costs for prescription drugs.
    “Patient assistance programs help Americans pay for specialty medications that treat chronic and rare conditions,” said Senator Marshall. “Applying patient assistance toward deductibles and out-of-pocket costs has always been the law of the land. I urge my colleagues to pass the bipartisan, bicameral HELP Copays Act and cement this victory.”
    “Copay assistance programs are often the one thing standing between patients being able to afford their medication and having to go without it,” said Senator Kaine. “Insurance companies and PBMs shouldn’t be able to extract additional profit by penalizing patients for using copay assistance programs. Virginia is one of a growing number of states that have already banned this practice – the HELP Copays Act would expand that progress to the whole country and lower drug costs for patients.”
    Many Americans with chronic illnesses face high out-of-pocket costs associated with their health insurance in the form of high deductibles and cost-sharing. Copay assistance, or financial assistance from nonprofit organizations or drug manufacturers, can lower the out-of-pocket cost of specialty medications and help patients afford the life-saving drugs they require. However, when insurers and PBMs collect this assistance, they are not required to credit that assistance towards the patient’s annual deductible or out-of-pocket maximum. When the copay assistance runs out, patients are still required to cover their full deductible or out-of-pocket maximum – allowing insurers and PBMs to double-dip on profits while leaving patients unable to afford their medication. The HELP Copays Act requires insurers and PBMs to count all payments they receive on a patient’s behalf toward their annual deductibles and out-of-pocket limit, ensuring that patients have access to their medication.
    This legislation is cosponsored by Senators Thom Tillis (R-North Carolina), Lisa Murkowski (R-Alaska), Ed Markey (D-Massachusetts), and Jeff Merkley (D-Oregon). 
    Specifically, the HELP Copays Act would:
    Clarify the Affordable Care Act’s (ACA) definition of cost sharing to ensure payments made “by or on behalf of” patients count towards their deductible and/or out-of-pocket maximum, prohibiting “copay accumulator adjustor programs.”
    Clarify that the ACA’s annual out-of-pocket limit applies to all prescription drugs covered in a health plan, since all covered drugs would be defined as “essential,” prohibiting “copay maximizer programs.”
    Read the bill HERE.

    MIL OSI USA News –

    March 7, 2025
  • MIL-OSI USA: Senators Marshall and Moran Introduce Legislation to Lower Interest Rates for Farmers and Rural Communities

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall
    Washington – U.S. Senators Roger Marshall, M.D. (R-Kansas) and Jerry Moran (R-Kansas) today introduced the Access to Credit for our Rural Economy (ACRE) Act. This legislation allows community banks to administer agricultural real estate loans by granting them tax exempt status on earned interest. The ACRE Act would benefit American families, farmers, and rural communities nationwide by making loans more accessible and affordable to rural and agricultural borrowers.
    Joining Senators Marshall and Moran are Senators Angus King (I-Maine), Ruben Gallego (D-Arizona), Kevin Cramer (R-North Dakota), and Tommy Tuberville (R-Alabama). 
    “The ACRE Act will help community banks address one of the most significant challenges for rural communities — high interest rates,” said Senator Marshall. “High rates raise the cost of doing business for family farms, make it harder for small businesses to grow, and leave home ownership unattainable for many. The ACRE Act is common sense legislation to reverse these trends.” 
    “Persistent inflation and high interest rates are putting a strain on farmers and rural homeowners in Kansas and across the country,” said Senator Moran. “Rural Americans should have the flexibility to access the capital needed to expand their family farms and achieve the dream of homeownership. This legislation will help to boost rural housing and support the agricultural economy that plays a vital role in small towns across America.”“Rural communities across America are facing a serious affordable housing crisis. It has simply gotten way too hard to find reasonably priced homes in our small towns,” said Senator King. “The ACRE Act is a commonsense way to make home and farm ownership possible for more families by providing better access to low interest loans.”“Owning a home or family farm is a cornerstone of the America dream, and I’m proud to co-lead the ACRE Act to make loans more affordable for rural communities,” said Senator Gallego. “The American dream should be within reach for all Arizonans, including those living in rural parts of our state.” 
    “Farmers and ranchers need large swaths of land to grow crops and raise livestock to feed and fuel the world,” said Senator Cramer. “The ACRE act is a simple, straightforward solution to promote competition among lenders by lowering interest rates for farmland purchases.”
    Specifically, the ACRE Act would:
    Amend the Internal Revenue Code to exclude interest received on certain loans secured by rural or agricultural real property from gross income.
    Allow farm real estate borrowers and rural homeowners access to lower interest rates by expanding the same tax-exempt status on certain earned interest that applies to other lenders.
    Apply to agricultural real estate and single-family home mortgage loans in rural communities with fewer than 2,500 residents and for mortgages less than $750,000.
    Expand access to affordable agricultural and home loans to over 4,000 rural communities nationwide and save family farmers and producers well over $400 million in annual interest expenses.
    “ABA applauds today’s bipartisan, bicameral introduction of the Access to Credit for our Rural Economy Act of 2025, and we thank the bill’s lead sponsors Senators Jerry Moran (R-KS), Angus King (I-ME), Ruben Gallego (D-AZ), Kevin Cramer (R-ND), Tommy Tuberville (R-AL), and Roger Marshall (R-KS), and Representatives Randy Feenstra (R-IA-04), Don Davis (D-NC-01) and Nathaniel Moran (R-TX-01) for their leadership on this issue,” said Rob Nichols, President and CEO of the American Bankers Association (ABA). “The ACRE Act will deliver much-needed financial support to farmers and ranchers working through a difficult economic cycle by lowering the cost of credit without creating new government payments or programs. It would also drive down the cost of homeownership and increase access to credit in more than 17,000 rural communities across the country. We urge all members of Congress to support this critically important legislation.”“This important legislation will help community bank lenders revive and sustain rural economies struggling to overcome the impact of higher interest rates,” said Rebeca Romero Rainey, President and CEO, Independent Community Bankers of America. “ICBA and the nation’s community banks thank Congressman Feenstra (R-IA) and Davis (D-NC) for providing a reasonable solution that benefits rural Americans, especially young, beginning, and small farmers and ranchers, who will make up the next generation of producers.” 
    To read the full bill text, click here.

    MIL OSI USA News –

    March 7, 2025
  • MIL-OSI Video: RBNZ 35 years of flexible inflation targeting conference: Keynote address from Dr. Catherine L. Mann

    Source: Reserve Bank of New Zealand (video statements)

    Opening Remarks – Assistant Governor Karen Silk (00:04)

    Keynote address: Holding anchor in turbulent waters – (08:20) Catherine L. Mann, External Member of the Monetary Policy Committee of the Bank of England, Professor at Alliance Manchester Business School and Brandeis University.

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

    MIL OSI Video –

    March 7, 2025
  • MIL-OSI New Zealand: Health Minister outlines 5 key health priorities

    Source: New Zealand Government

    Health Minister Simeon Brown has today released his five key priorities for Health New Zealand in a speech to the BusinessNZ Health Forum in Auckland.

    “The Government is investing a record $16.68 billion of additional funding in health, but we need to ensure Kiwis are seeing improved outcomes from this significant expenditure. 

    “Under the last Government, the system was focused on bureaucratic restrictions, rather than delivery for patients. 

    “I am putting the focus firmly back on patients, and ensuring the health system puts those it serves first. 

    “I have today released my five key health priorities as Minister of Health:
     

    1. Focusing Health New Zealand on delivering the basics and achieving targets
    2. Fixing primary healthcare to ensure Kiwis have timely access to a doctor.
    3. Reducing emergency department wait times so that 95 percent of people are admitted, discharged, or transferred within six hours.
    4. Clearing the elective surgery backlog by partnering with the private sector to deliver more planned care.
    5. Investing in health infrastructure, both physical and digital, so that we are building for the future.

    “This plan is underpinned by a focus on putting patients first and supporting our frontline healthcare workers to deliver the healthcare New Zealanders need in a timely and quality manner. 

    “I promise every New Zealander: we will not stop until our health system delivers timely, quality care to all,” Mr Brown says.

    MIL OSI New Zealand News –

    March 7, 2025
  • MIL-OSI Australia: NSW leads the way in tackling rent bidding

    Source: New South Wales Premiere

    In the NSW Government’s first ever Bidding in the NSW Rental Market report, the impact of the Government’s strong rental reform agenda is showcased, revealing insights into rent bidding, underbidding, and pricing variations.

    The analysis, conducted by NSW Fair Trading and the Department of Customer Service’s Data Analytics Centre, found the rent bidding ban is working on listing platforms and shows a rising trend of renters now securing rental properties for less than the advertised price.

    Solicited rent bidding occurs when agents, landlords, or platforms invite or pressure prospective tenants to offer more than the advertised rent, increasing housing and cost of living pressure on renters in an already competitive market.

    Before December 2022 non-fixed price listings made up 17 per cent of the market.

    In a win for renters, the report found systemic law changes introduced by the Minns Labor Government in 2023, which included expanding a ban on solicited rent bidding from only real estate agents to landlords and rental platforms, have led to the widespread removal of illegal rental listing practices, including price ranges and ‘offers over’ terminology on major listing platforms.

    This means more than 99 per cent of advertisements now comply with the rules.

    The results linked rental bond data with CoreLogic rental listings and deployed advanced data-matching techniques, informing and validating the ongoing compliance work of the new $8.4 million Rental Taskforce within NSW Fair Trading.

    Underbidding – where tenants pay less than the advertised rent – surged from seven per cent to 36 per cent of tenancies between March and August 2024, reflecting a broader market cooling, as listed rents exceeded what the market would bear.

    NSW Fair Trading has come down hard on real estate agents caught doing the wrong thing – issuing 145 penalty infringement notices totalling more than $157,000 between May and December last year to those who breached their obligations under the Residential Tenancies Act 2010 (NSW) and associated laws.

    Sydney property hotspots including the Randwick, Waverley, and Canada Bay LGA’s showed the highest rates of overbidding for a property, while Byron, Woollahra, and Ku-ring-gai demonstrated the highest rates of underbidding.

    Historic reforms passed in 2024 are further transforming the rental market by banning no-grounds evictions, limiting rent increases to once per year, making it easier to have pets, as well as improving laws governing fee-free rent payment options, and prohibiting fees for background checks.

    The Bidding in the NSW Rental Market reportalongside NSW Fair Trading’s Rent Check website provide important market information to support renters and landlords in the NSW rental market.

    The Bidding in the NSW Rental Market report can be read on the Rent Bidding in NSW Insights Report webpage.

    Information on the NSW Fair Trading Rent Check can be found on this webpage. 

    Quotes attributable to Minister for Better Regulation and Fair Trading Anoulack Chanthivong:

    “This report shows how the Minns Labor Government’s rental reforms, coupled with targeted action by NSW Fair Trading, are working to better protect tenants and foster a more transparent and sustainable rental market.

    “The Minns Labor Government understands that more people than ever are renting and that they are renting for longer.

    “That’s why the Government is committed to supporting the rental market, so tenants see it as one that offers security, and quality, while providers view it as one they can invest in with certainty and viability.

    “The suite of rental reforms that the Minns Labor Government is implementing will give renters greater stability and security when renting a home, while providing certainty for landlords and agents.”

    Quotes attributable to NSW Rental Commissioner Trina Jones:

    “This report highlights the NSW Government’s commitment to data-driven regulation and the importance of effective enforcement when responding to wilful non-compliance in the rental market.

    “NSW Fair Trading’s regulatory measures have effectively eliminated solicited rent bidding through rental listings, with compliance rates now reaching above 99 percent.

    “Importantly, our analysis reveals that broader rent bidding practices, while present during periods of market pressure, have not been a significant driver of rental price inflation.”

    Quotes attributable to Core Logic’s Head of Research Eliza Owen:

    “Our research indicates that transparent and fair rental practices contribute significantly to market stability, benefiting both tenants and property owners.

    “As we continue to gather and analyse data, it’s clear that targeted reforms and effective enforcement are key to fostering a rental environment where all stakeholders can thrive, especially in the context of affordability barriers to home ownership.

    “There are signs of demand cooling in the rental market, which has likely helped reduce the practice of rent bidding, but NSW Fair Trading’s regulatory measures are a positive step, protecting fairness and transparency in the event of future market upswings.”

    MIL OSI News –

    March 7, 2025
  • MIL-OSI China: China to boost policy mix to ensure sustained growth in 2025

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

    BEIJING, March 6 — China will intensify its macroeconomic policy this year, with a significant increase in government spending and a greater focus on consumption and innovation to chart a path of steady growth amid a complex global landscape.

    Senior government officials elaborated on specific pro-growth measures ranging from interest rate cuts to increased funding for small firms, at a press conference held Thursday on the sidelines of the third session of the 14th National People’s Congress.

    STRONGER FISCAL SUPPORT

    China will have a 4-percent deficit-to-GDP ratio and a government deficit of 5.66 trillion yuan (about 790 billion U.S. dollars) in 2025, according to the government work report submitted to the national legislature for deliberation.

    Both figures are at their highest levels in recent years, indicating strengthened counter-cyclical adjustment, Minister of Finance Lan Fo’an said at the press conference. The country will issue 4.4 trillion yuan of local government special-purpose bonds and 1.3 trillion yuan of ultra-long special treasury bonds.

    Analysts believe the expanding fiscal expenditure will shore up sustained economic and social development.

    There will be over 5 trillion yuan of government spending on construction investment this year, said Zheng Shanjie, head of the National Development and Reform Commission.

    “We will support private enterprises in investing in emerging and future industries, and introduce a number of attractive major projects in areas such as railways, nuclear power, water conservancy, and major scientific and technological infrastructure,” Zheng said.

    SUPPORTIVE MONETARY POLICY

    China will cut reserve requirement ratios (RRRs) and interest rates when appropriate this year, in line with domestic and international economic and financial conditions, as well as the performance of financial markets, said Pan Gongsheng, governor of the People’s Bank of China, the country’s central bank.

    The average RRR for China’s financial institutions now stands at 6.6 percent, and there is still room for further reduction, Pan said.

    According to the government work report, China will adopt a moderately loose monetary policy this year.

    Pan said the central bank will utilize multiple tools to offer adequate liquidity and bring down financing costs.

    Strengthened supportive measures will be seen in key areas and weak links including green finance, micro and small firms, and pension finance, Pan said.

    CONSUMPTION AS PRIMARY DRIVER

    As consumption continues to serve as the primary driving force for the economy, improving consumer sentiment will remain high on the government’s work agenda.

    Zheng said that government funding for the national consumer goods trade-in program will increase from 150 billion yuan last year to 300 billion yuan in 2025.

    The trade-in program, launched a year ago, has played a vital role in revitalizing consumer markets. In 2024, it led to sales exceeding 1.3 trillion yuan, including over 6.8 million vehicles, 56 million home appliances and 1.38 million e-bikes.

    There will also be further policies to bolster services consumption this year, Commerce Minister Wang Wentao said, citing measures to open the telecom, medical services and education sectors, and to increase the diversified supply of health, elderly care, child care and domestic services.

    More efforts will be made to innovate services consumption scenarios to meet people’s diversified and high-quality consumption needs in an improved manner, Wang said.

    DYNAMIC FORCES

    With its remarkable progress in technological innovation in 2024, the country will step up efforts to drive the development of new quality productive forces this year.

    Zheng said that China will establish a national venture capital guidance fund to drive nearly 1 trillion yuan of local and private funds to invest in tech firms in a market-oriented manner.

    Efforts will also be made to nurture a talent pool, including strategic scientists, outstanding entrepreneurs, top-tier engineers, master artisans and other highly skilled professions, Zheng said, adding that an open and inclusive innovation ecosystem will be created.

    From AI models like DeepSeek to humanoid robots and intelligent cars, China continues to make significant technological strides. Last year, high-tech manufacturing and equipment manufacturing accounted for 16.3 percent and 34.6 percent of China’s total industrial output, respectively.

    DEFUSING LOCAL DEBT RISK

    In 2024, China unveiled a major local government debt replacement program worth 6 trillion yuan, with an annual quota of 2 trillion yuan from the same year. The program allows local governments to issue new bonds to replace hidden debts.

    Bonds issued through the program last year saw an average reduction in local debt interest rates of over 2.5 percentage points. It is estimated that these bonds will reduce interest payments by over 200 billion yuan over five years, significantly easing funding pressures and interest costs for local governments, Lan noted.

    China’s local government debt risks have been effectively mitigated, he said.

    With eased debt burdens, local governments are capable of earmarking more funds for education and health care to improve people’s well-being and supporting technological innovation and consumption for high-quality development, analysts said.

    Lan said that the Ministry of Finance will guide the timely replacement of local debts this year, promote the transformation of local financing vehicles, and resolutely curb new hidden debts.

    MIL OSI China News –

    March 7, 2025
  • MIL-OSI USA: Remarks by President Trump in Joint Address to Congress

    US Senate News:

    Source: The White House
    class=”has-text-align-center”>U.S. Capitol
    Washington, D.C.
    9:19 P.M. EST
    (March 4, 2025)
         THE PRESIDENT:  Thank you.  (Applause.)  Thank you very much.  Thank you very much.  It’s a great honor.  Thank you very much. 
    Speaker Johnson, Vice President Vance, the first lady of the United States — (applause) — members of the United States Congress, thank you very much.  
    And to my fellow citizens, America is back.  (Applause.)
    AUDIENCE:  USA!  USA!  USA! 
    THE PRESIDENT:  Six weeks ago, I stood beneath the dome of this Capitol and proclaimed the dawn of the golden age of America.  From that moment on, it has been nothing but swift and unrelenting action to usher in the greatest and most successful era in the history of our country. 
    We have accomplished more in 43 days than most administrations accomplished in four years or eight years, and we are just getting started.  (Applause.)  Thank you. 
    I return to this chamber tonight to report that America’s momentum is back, our spirit is back, our pride is back, our confidence is back, and the American dream is surging bigger and better than ever before.  (Applause.)  The American dream is unstoppable, and our country is on the verge of a comeback, the likes of which the world has never witnessed and perhaps will never witness again.  There’s never been anything like it.  (Applause.)
    The presidential election of November 5th was a mandate like has not been seen in many decades.  We won all seven swing states, giving us an electoral college victory of 312 votes.  (Applause.)  We won the popular vote —
    REPRESENTATIVE GREEN:  (Inaudible.)
    THE PRESIDENT:  — by big numbers and won counties in our country —
    AUDIENCE:  Booo —
    AUDIENCE:  USA!  USA!  USA!
    REPRESENTATIVE GREEN:  You are — you have no right to cut Medicaid.
    AUDIENCE:  USA!  USA!  USA! 
    THE PRESIDENT:  — and won counties in our country 2,700 to 525 on a map that reads almost completely red for Republican.  (Applause.) 
    Now, for the first time in modern history, more Americans believe that our country is headed in the right direction than the wrong direction.  In fact, it’s an astonishing record: 27-point swing, the most ever.  (Applause.)
    Likewise, small-business optimism saw its single largest one-month gain ever recorded. 
    SPEAKER JOHNSON:  Mr. President —
    THE PRESIDENT:  A 41-point jump.
    (Speaker Johnson strikes the gavel.) 
         SPEAKER JOHNSON:  Members are directed to uphold and maintain decorum in the House and to cease any further disruptions.  That’s your warning.
    REPRESENTATIVE GREEN:  He has no mandate to cut Medicaid.
    SPEAKER JOHNSON:  Members are engaging in willful and continuing breach of decorum, and the chair is prepared to direct the sergeant at arms to restore order to the joint session.  (Applause.)
    Mr. Green, take your seat.  Take your seat, sir. 
    REPRESENTATIVE GREEN:  He has no mandate to cut Medicaid.
    SPEAKER JOHNSON:  Take your seat.
    (Cross-talk.) 
    Finding that members continue to engage in willful and concerted disruption of proper decorum, the chair now directs the sergeant at arms to restore order.  (Applause.)  Remove this gentleman from the chamber.  (Applause.)
    REPRESENTATIVE GREEN:  Shame on all of you.
         (Members of the audience sing “Na Na Hey Hey Kiss Him Goodbye.”)
         (Cross-talk.)
         You have no mandate.
    SPEAKER JOHNSON:  Members are directed to uphold and maintain decorum in the House.
    Mr. President, you can continue.
    THE PRESIDENT:  Thank you.
    Over the past six weeks, I have signed nearly 100 executive orders and taken more than 400 executive actions — a record — to restore common sense, safety, optimism, and wealth all across our wonderful land.  The people elected me to do the job, and I’m doing it.  (Applause.)
    In fact, it has been stated by many that the first month of our presidency — it’s our presidency — (applause) — is the most successful in the history of our nation by many.  (Applause.)  And what makes it even more impressive is that — do you know who number two is?  George Washington.  How about that?  (Laughter and applause.)  How about that?  I don’t know about that list, but we’ll take it. 
    Within hours of taking the oath of office, I declared a national emergency on our southern border — (applause) — and I deployed the U.S. military and Border Patrol to repel the invasion of our country.  And what a job they’ve done. 
    As a result, illegal border crossings last month were, by far, the lowest ever recorded. Ever.  (Applause.)  They heard my words, and they chose not to come.  Much easier that way. 
    In comparison, under Joe Biden, the worst president in American history — (applause) — there were hundreds of thousands of illegal crossings a month, and virtually all of them, including murderers, drug dealers, gang members, and people from mental institutions and insane asylums, were released into our country.  Who would want to do that?
    This is my fifth such speech to Congress, and, once again, I look at the Democrats in front of me, and I realize there is absolutely nothing I can say to make them happy or to make them stand or smile or applaud.  Nothing I can do.  I could find a cure to the most devastating disease — a disease that would wipe out entire nations, or announce the answers to the greatest economy in history or the stoppage of crime to the lowest levels ever recorded, and these people sitting right here will not clap, will not stand, and certainly will not cheer for these astronomical achievements.  They won’t do it no matter what.
    Five times I’ve been up here.  It’s very sad, and it just shouldn’t be this way.  (Applause.)
    So, Democrats sitting before me, for just this one night, why not join us in celebrating so many incredible wins for America?  For the good of our nation, let’s work together and let’s truly make America great again.  (Applause.)
    Every day, my administration is fighting to deliver the change America needs, to bring a future that America deserves, and we’re doing it.  This is a time for big dreams and bold action. 
    Upon taking office, I imposed an immediate freeze on all federal hiring, a freeze on all new federal regulations, and a freeze on all foreign aid.  (Applause.)  I terminated the ridiculous Green New Scam.  I withdrew from the unfair Paris Climate Accord, which was costing us trillions of dollars that other countries were not paying.  (Applause.)  I withdrew from the corrupt World Health Organization.  (Applause.)  And I also withdrew from the anti-American U.N. Human Rights Council.  (Applause.)
    We ended all of Biden’s environmental restrictions that were making our country far less safe and totally unaffordable.  And importantly, we ended the last administration’s insane electric vehicle mandate, saving our autoworkers and companies from economic destruction.  (Applause.)
    To unshackle our economy, I have directed that for every 1 new regulation, 10 old regulations must be eliminated, just like I did in my very successful first term.  (Applause.)  And in that first term, we set records on ending unnecessary rules and regulations like no other president had done before. 
    We ordered all federal workers to return to the office.  They will either show up for work in person or be removed from their job.  (Applause.)  
    And we have ended weaponized government, where, as an example, a sitting president is allowed to viciously prosecute his political opponent, like me.  How did that work out? (Laughter.)  Not too good.  (Applause.)  Not too good. 
    And I have stopped all government censorship and brought back free speech in America.  It’s back.  (Applause.) 
    And two days ago, I signed an order making English the official language of the United States of America.  (Applause.)  
    I renamed the Gulf of Mexico the Gulf of America.  (Applause.) 
    And, likewise, I renamed — for a great president, William McKinley — Mount McKinley again.  (Applause.)  Beautiful Alaska.  We love Alaska.
    We’ve ended the tyranny of so-called diversity, equity, and inclusion policies all across the entire federal government and, indeed, the private sector and our military.  (Applause.)  And our country will be woke no longer.  (Applause.)
    We believe that whether you are a doctor, an accountant, a lawyer, or an air traffic controller, you should be hired and promoted based on skill and competence, not race or gender.  Very important.  (Applause.)  You should be hired based on merit.  And the Supreme Court, in a brave and very powerful decision, has allowed us to do so.
    Thank you.  Thank you very much.  Thank you.  (Applause.)
    We have removed the poison of critical race theory from our public schools.  And I signed an order making it the official policy of the United States government that there are only two genders: male and female.  (Applause.) 
    I also signed an executive order to ban men from playing in women’s sports.  (Applause.) 
         Three years ago, Payton McNabb was an all-star high school athlete — one of the best — preparing for a future in college sports.  But when her girls’ volleyball match was invaded by a male, he smashed the ball so hard in Payton’s face, causing traumatic brain injury, partially paralyzing her right side, and ending her athletic career.  It was a shot like she’s never seen before.  She’s never seen anything like it.
    Payton is here tonight in the gallery.  And, Payton, from now on, schools will kick the men off the girls’ team or they will lose all federal funding.  (Applause.) 
    And if you really want to see numbers, just take a look at what happened in the woman’s boxing, weightlifting, track and field, swimming, or cycling, where a male recently finished a long-distance race five hours and 14 minutes ahead of a woman for a new record by five hours.  Broke the record by five hours. 
    It’s demeaning for women, and it’s very bad for our country.  We’re not going to put up with it any longer.  (Applause.) 
    What I have just described is only a small fraction of the commonsense revolution that is now, because of us, sweeping the entire world.  Common sense has become a common theme, and we will never go back.  Never.  Never going to let that happen.  (Applause.)
    Among my very highest priorities is to rescue our economy and get dramatic and immediate relief to working families.  As you know, we inherited from the last administration an economic catastrophe and an inflation nightmare.  Their policies drove up energy prices, pushed up grocery costs, and drove the necessities of life out of reach for millions and millions of Americans.  They’ve never had anything like it. 
    We suffered the worst inflation in 48 years but perhaps even in the history of our country. They’re not sure.  As president, I’m fighting every day to reverse this damage and make America affordable again.  (Applause.)
    Joe Biden especially let the price of eggs get out of control.
    AUDIENCE:  Booo —
    THE PRESIDENT:  The egg price is out of control, and we’re working hard to get it back down. 
    Secretary, do a good job on that.  You inherited a total mess from the previous administration.  Do a good job.  (Applause.) 
    A major focus of our fight to defeat inflation is rapidly reducing the cost of energy.  The previous administration cut the number of new oil and gas leases by 95 percent, slowed pipeline construction to a halt, and closed more than 100 power plants.  We are opening up many of those power plants right now.  (Applause.) 
    And, frankly, we have never seen anything like it.  That’s why, on my first day in office, I declared a national energy emergency.  (Applause.)  As you’ve heard me say many times, we have more liquid gold under our feet than any nation on Earth and by far.  And now I’ve fully authorized the most talented team ever assembled to go and get it.  It’s called drill, baby, drill.  (Applause.) 
    My administration is also working on a gigantic natural gas pipeline in Alaska — among the largest in the world — where Japan, South Korea, and other nations want to be our partner with investments of trillions of dollars each.  There’s never been anything like that one.  It will be truly spectacular.  It’s all set to go.  The permitting is gotten.
    And later this week, I will also take historic action to dramatically expand production of critical minerals and rare earths here in the USA.  (Applause.)  
    To further combat inflation, we will not only be reducing the cost of energy, but we’ll be ending the flagrant waste of taxpayer dollars.  (Applause.)  And to that end, I have created the brand-new Department of Government Efficiency – DOGE. (Applause.) Perhaps you’ve heard of it — perhaps — which is headed by Elon Musk, who is in the gallery tonight.  (Applause.)
    Thank you, Elon.  He’s working very hard.  He didn’t need this.  (Laughs.)  He didn’t need this.  Thank you very much.  We appreciate it.  Everybody here, even this side, appreciates it, I believe.  (Applause.)  They just don’t want to admit that.
    Just listen to some of the appalling waste we have already identified.
    $22 billion from HHS to provide free housing and cars for illegal aliens.
    $45 million for diversity, equity, and inclusion scholarships in Burma.
    $40 million to improve the social and economic inclusion of sedentary migrants.  Nobody knows what that is.  (Laughter.) 
    $8 million to promote LGBTQI+ in the African nation of Lesotho, which nobody has ever heard of.  (Laughter.)
    $60 million for Indigenous peoples and Afro-Colombian empowerment in Central America.  $60 million.
    $8 million for making mice transgender.  (Laughter.)  This is real.
    $32 million for a left-wing propaganda operation in Moldova.
    $10 million for male circumcision in Mozambique.
    $20 million for the Arab “Sesame Street” in the Middle East.  It’s a program.  $20 million for a program.
    $1.9 billion to recently created decarbonization of homes committee, headed up — and we know she’s involved — just at the last moment, the money was passed over — by a woman named Stacey Abrams.  Have you ever heard of her?
    AUDIENCE:  Booo —
    THE PRESIDENT:  A $3.5 million consulting contract for lavish fish monitoring.
    $1.5 million for voter confidence in Liberia.
    $14 million for social cohesion in Mali.
    $59 million for illegal alien hotel rooms in New York City. 
    AUDIENCE:  Booo —
    THE PRESIDENT:  He’s a real estate developer.  He’s done very well.
    $250,000 to increase vegan local climate action innovation in Zambia.
    $42 million for social and behavior change in Uganda.
    $14 million for improving public procurement in Serbia.
    $47 million for improving learning outcomes in Asia.  Asia is doing very well with learning.  (Laughter.)  Don’t know what we’re doing.  We should use it ourselves.
    And $101 million for DEI contracts at the Department of Education, the most ever paid.  Nothing even like it.
    Under the Trump administration, all of these scams — and there are far worse, but I didn’t think it was appropriate to talk about them.  They’re so bad.  Many more have been found out and exposed and swiftly terminated by a group of very intelligent, mostly young people, headed up by Elon.  And we appreciate it.  We’ve found hundreds of billions of dollars of fraud.  (Applause.)
    And we’ve taken back the money and reduced our debt to fight inflation and other things.  Taken back a lot of that money.  We got it just in time. 
    AUDIENCE MEMBERS:  (Inaudible.)
    THE PRESIDENT:  This is just the beginning.  The Government Accountability Office, a federal government office, has estimated annual fraud of over $500 billion in our nation, and we are working very hard to stop it.  We’re going to.
    We’re also identifying shocking levels of incompetence and probable fraud in the Social Security program for our seniors and that our seniors and people that we love rely on.  Believe it or not, government databases list 4.7 million Social Security members from people aged 100 to 109 years old.
    THE PRESIDENT:  It lists 3.6 million people from ages 110 to 119.  I don’t know any of them.  I know some people that are rather elderly, but not quite that elderly.  (Laughter.) 
    3.47 million people from ages 120 to 129. 
    3.9 million people from ages 130 to 139.
    3.5 million people from ages 140 to 149.
    And money is being paid to many of them, and we’re searching right now. 
    In fact, Pam, good luck.  Good luck.  You’re going to find it.
    But a lot of money is paid out to people because it just keeps getting paid and paid, and nobody does — and it really hurts Social Security and hurts our country.
    1.3 million people from ages 150 to 159.  And over 130,000 people, according to the Social Security databases, are age over 160 years old.  
    We have a healthier country than I thought, Bobby.  (Laughter and applause.)
    Including, to finish, 1,039 people between the ages of 220 and 229; one person between the age of 240 and 249; and one person is listed at 360 years of age.
    AUDIENCE MEMBER:  Joe Biden!  (Laughter.)
    THE PRESIDENT: More than 100 years older than our country. 
    But we’re going to find out where that money is going, and it’s not going to be pretty. 
    By slashing all of the fraud, waste, and theft we can find, we will defeat inflation, bring down mortgage rates, lower car payments and grocery prices, protect our seniors, and put more money in the pockets of American families.  (Applause.) 
    And today, interest rates took a beautiful drop — big, beautiful drop.  It’s about time.
    And in the near future, I want to do what has not been done in 24 years: balance the federal budget.  We’re going to balance it.  (Applause.) 
    With that goal in mind, we have developed in great detail what we are calling the gold card, which goes on sale very, very soon.  
         For $5 million, we will allow the most successful, job-creating people from all over the world to buy a path to U.S. citizenship.  It’s like the green card but better and more sophisticated.  (Laughter.)  And these people will have to pay tax in our country.  They won’t have to pay tax from where they came.  The money that they’ve made, you wouldn’t want to do that, but they have to pay tax, create jobs.
    They’ll also be taking people out of colleges and paying for them so that we can keep them in our country, instead of having them being forced out.  Number one at the top school, as an example, being forced out and not being allowed to stay and create tremendous numbers of jobs and great success for a company out there.
    So, while we take out the criminals, killers, traffickers, and child predators who were allowed to enter our country under the open border policy of these people — the Democrats, the Biden administration — the open border, insane policies that you’ve allowed to destroy our country — we will now bring in brilliant, hardworking, job-creating people.  They’re going to pay a lot of money, and we’re going to reduce our debt with that money.  (Applause.)
    Americans have given us a mandate for bold and profound change.  For nearly 100 years, the federal bureaucracy has grown until it has crushed our freedoms, ballooned our deficits, and held back America’s potential in every possible way.  The nation founded by pioneers and risk-takers now drowns under millions and millions of pages of regulations and debt. 
    Approvals that should take 10 days to get instead take 10 years, 15 years, and even 20 years before you’re rejected.  Meanwhile, we have hundreds of thousands of federal workers who have not been showing up to work. 
    My administration will reclaim power from this unaccountable bureaucracy, and we will restore true democracy to America again. (Applause.)  Any federal bureaucrat who resists this change will be removed from office immediately — (applause) — because we are draining the swamp.  It’s very simple.  And the days of rule by unelected bureaucrats are over.  (Applause.)
    And the next phase of our plan to deliver the greatest economy in history is for this Congress to pass tax cuts for everybody.  They’re in there.  They’re waiting for you to vote.  (Applause.) 
    And I’m sure that the people on my right — I don’t mean the Republican right, but my right right here — I’m sure you’re going to vote for those tax cuts, because, otherwise, I don’t believe the people will ever vote you into office.  So, I’m doing you a big favor by telling you that.  (Applause.)
    But I know this group is going to be voting for the taxes.  (Applause.)
    Thank you.  It’s a very, very big part of our plan.  We had tremendous success in our first term with it.  A very big part of our plan.  We’re seeking permanent income tax cuts all across the board.
    And to get urgently needed relief to Americans hit especially hard by inflation, I’m calling for no tax on tips, no tax on overtime, and no tax on Social Security benefits for our great seniors.  (Applause.) 
    (Addressing Speaker Johnson.)  Good luck.
    And I also want to make interest payments on car loans tax deductible but only if the car is made in America.  (Applause.)  
    And, by the way, we’re going to have growth in the auto industry like nobody has ever seen.  Plants are opening up all over the place.  Deals are being made.  Never seen. That’s a combination of the election win and tariffs. 
    It’s a beautiful word, isn’t it? 
    That, along with our other policies, will allow our auto industry to absolutely boom.  It’s going to boom.  Spoke to the majors today — all three — the top people, and they’re so excited.  In fact, already, numerous car companies have announced that they will be building massive automobile plants in America, with Honda just announcing a new plant in Indiana, one of the largest anywhere in the world.  (Applause.) 
    And this has taken place since our great victory on November 5th, a date which will hopefully go down as one of the most important in the history of our country.  (Applause.)  
    In addition, as part of our tax cuts, we want to cut taxes on domestic production and all manufacturing.  And just as we did before, we will provide 100 percent expensing.  It will be retroactive to January 20th, 2025, and it was one of the main reasons why our tax cuts were so successful in our first term, giving us the most successful economy in the history of our country.  First term — we had a great first term.  (Applause.) 
    If you don’t make your product in America, however, under the Trump administration, you will pay a tariff and, in some cases, a rather large one.  Other countries have used tariffs against us for decades, and now it’s our turn to start using them against those other countries.
    On average, the European Union, China, Brazil, India, Mexico, and Canada — have you heard of them? — and countless other nations charge us tremendously higher tariffs than we charge them.  It’s very unfair.  India charges us auto tariffs higher than 100 percent.  China’s average tariff on our products is twice what we charge them.  And South Korea’s average tariff is four times higher.  Think of that: four times higher.  And we give so much help militarily and in so many other ways to South Korea, but that’s what happens.
    This is happening by friend and foe.  This system is not fair to the United States and never was.  And so, on April 2nd — I wanted to make it April 1st, but I didn’t want to be accused of April Fool’s Day.  (Laughter.)  Just one day, which cost us a lot of money.  (Laughter.)  But we’re going to do it in April. I’m a very superstitious person. April 2nd, reciprocal tariffs kick in.  And whatever they tariff us — other countries — we will tariff them.  That’s reciprocal, back and forth.  (Applause.)  Whatever they tax us, we will tax them.
    If they do non-monetary tariffs to keep us out of their market, then we will do non-monetary barriers to keep them out of our market.  There’s a lot of that too.  They don’t even allow us in their market.
    We will take in trillions and trillions of dollars and create jobs like we have never seen before.  I did it with China, and I did it with others.  And the Biden administration couldn’t do anything about it because it was so much money.  They couldn’t do anything about it.
    We have been ripped off for decades by nearly every country on Earth, and we will not let that happen any longer.  (Applause.) 
    Much has been said over the last three months about Mexico and Canada, but we have very large deficits with both of them.  But even more importantly, they have allowed fentanyl to come into our country at levels never seen before, killing hundreds of thousands of our citizens and many very young, beautiful people — destroying families.  Nobody has ever seen anything like it. 
    They are, in effect, receiving subsidies of hundreds of billions of dollars.  We pay subsidies to Canada and to Mexico of hundreds of billions of dollars.  And the United States will not be doing that any longer.  We’re not going to do it any longer.  (Applause.)
    Thanks to our America First policies we’re putting into place, we have had $1.7 trillion of new investment in America in just the past few weeks.  (Applause.)  The combination of the election and our economic policies — the people of SoftBank, one of the most brilliant anywhere in the world, announced a $200 billion investment.  OpenAI and Oracle — Larry Ellison — announced $500 billion investment, which they wouldn’t have done if Kamala had won.  (Applause.)
    Apple announced $500 billion investment.  Tim Cook called me.  He said, “I cannot spend it fast enough.”  It’s going to be much higher than that, I believe.  They’ll be building their plants here, instead of in China. 
    And just yesterday, Taiwan Semiconductor — the biggest in the world, most powerful in the world, has a tremendous amount — 97 percent of the market, announced a $165 billion investment to build the most powerful chips on Earth right here in the USA.  (Applause.) 
    And we’re not giving them any money.  Your CHIPS Act is a horrible, horrible thing.  We give hundreds of billions of dollars, and it doesn’t mean a thing.  They take our money, and they don’t spend it.  All that meant to them — we’re giving them no money.  All that was important to them was they didn’t want to pay the tariffs, so they came and they’re building.  And many other companies are coming.  
    We don’t have to give them money.  We just want to protect our businesses and our people.  And they will come because they won’t have to pay tariffs if they build in America.  And so, it’s very amazing.
    You should get rid of the CHIP Act.  And whatever is left over, Mr. Speaker, you should use it to reduce debt or any other reason you want to.  (Applause.) 
    Our new trade policy will also be great for the American farmer — I love the farmer — (applause) — who will now be selling into our home market, the USA, because nobody is going to be able to compete with you.  Because those goods that come in from other countries and companies, they’re really, really in a bad position in so many different ways.  They’re uninspected.  They may be very dirty and disgusting, and they come in and they pour in, and they hurt our American farmers.
    The tariffs will go on agricultural product coming into America.  And our farmers, starting on April 2nd — it may be a little bit of an adjustment period.  We had that before, when I made the deal with China.  Fifty billion dollars of purchases, and I said, “Just bear with me,” and they did.  They did.  Probably have to bear with me again, and this will be even better.  
    That was great.  The problem with it was that Biden didn’t enforce it.  He didn’t enforce it.  Fifty billion dollars of purchases, and we were doing great, but Biden did not enforce it.  And it hurt our farmers, but our farmers are going to have a field day right now.
    So, to our farmers, have a lot of fun.  I love you too.  I love you too.  (Applause.)  It’s all going to happen.
    And I have also imposed a 25 percent tariff on foreign aluminum, copper, lumber, and steel, because if we don’t have, as an example, steel and lots of other things, we don’t have a military and, frankly, we just won’t have a country very long.
    Here today is a proud American steelworker, fantastic person from Decatur, Alabama.  Jeff Denard has been working at the same steel plant for 27 years in a job that has allowed him to serve as the captain of his local volunteer fire department; raise seven children with his beautiful wife, Nicole; and over the years, provide a loving home for more than 40 foster children.  So great, Jeff.  (Applause.) 
    Thank you, Jeff.  Thank you, Jeff.  (Applause.)
    Stories like Jeff’s remind us that tariffs are not just about protecting American jobs.  They’re about protecting the soul of our country.  Tariffs are about making America rich again and making America great again.  And it’s happening, and it will happen rather quickly.
    There will be a little disturbance, but we’re okay with that.  It won’t be much. 
    AUDIENCE MEMBER:  No, we’re not!
    THE PRESIDENT:  No, you’re not.  Oh.  (Laughter.)
    And look — and look where Biden took us.  Very low.  The lowest we’ve ever been.
    Jeff, I want to thank you very much.
    And I also want to recognize another person who has devoted herself to foster care community.  She worked so hard on it.  A very loving person.  Our magnificent first lady of the United States.  (Applause.)
    Melania’s work has yielded incredible results, helping prepare our nation’s future leaders as they enter the workforce.  
    Our first lady is joined by two impressive young women — very impressive: Haley Ferguson, who benefited from the first lady’s Fostering the Future initiative and is poised to complete her education and become a teacher, and Elliston Berry, who became a victim of an illicit deepfake image produced by a peer.  With Elliston’s help, the Senate just passed the Take It Down Act — 
    This is so important.  Thank you very much, John.  John Thune, thank you.  (Applause.)  Stand up, John.  Thank you, John.  (Applause.)  Thank you all very much.  Thank you.
    And thank you to John Thune and the Senate.  A great job.
    — to criminalize the publication of such images online.  This terrible, terrible thing.  And once it passes the House, I look forward to signing that bill into law.  Thank you.  
    And I’m going to use that bill for myself too, if you don’t mind — (laughter) — because nobody gets treated worse than I do online.  Nobody.  (Laughter.) 
    That’s great.  Thank you very much to the Senate.  Thank you.
    But if we truly care about protecting America’s children, no step is more crucial than securing America’s borders.  Over the past four years, 21 million people poured into the United States.  Many of them were murderers, human traffickers, gang members, and other criminals from the streets of dangerous cities all throughout the world.  Because of Joe Biden’s insane and very dangerous open border policies, they are now strongly embedded in our country, but we are getting them out and getting them out fast.  (Applause.)
    And I want to thank Tom Homan.  And, Kristi, I want to thank you.  And Paul of Border Patrol, I want to thank you.  What a job they’ve all done.  Everybody.  Border Patrol, ICE.  Law enforcement, in general, is incredible.  We have to take care of our law enforcement.  (Applause.)  We have to. 
    Last year, a brilliant 22-year-old nursing student named Laken Riley — the best in her class, admired by everybody — went out for a jog on the campus of the University of Georgia.  That morning, Laken was viciously attacked, assaulted, beaten, brutalized, and horrifically murdered.  Laken was stolen from us by a savage illegal alien gang member who was arrested while trespassing across Biden’s open southern border and then set loose into the United States under the heartless policies of that failed administration.  It was indeed a failed administration.
    He had then been arrested and released in a Democrat-run sanctuary city — a disaster — before ending the life of this beautiful young angel.
    With us this evening are Laken’s beloved mother, Allyson, and her sister, Lauren.  (Applause.)
    Last year, I told Laken’s grieving parents that we would ensure their daughter would not have died in vain.  That’s why the very first bill I signed into law as your 47th president mandates the detention of all dangerous criminal aliens who threaten public safety.  It’s a very strong, powerful act.  (Applause.)  It’s called the Laken Riley Act.  (Applause.) 
    So, Allyson and Lauren, America will never, ever forget our beautiful Laken Hope Riley.  (Applause.)
    Thank you very much.
    Since taking office, my administration has launched the most sweeping border and immigration crackdown in American history, and we quickly achieved the lowest numbers of illegal border crossers ever recorded.  Thank you.  (Applause.)
    The media and our friends in the Democrat Party kept saying we needed new legislation.  “We must have legislation to secure the border.”  But it turned out that all we really needed was a new president.  (Applause.) 
    AUDIENCE:  Trump!  Trump!  Trump!
    THE PRESIDENT:  Thank you.
    Joe Biden didn’t just open our borders.  He flew illegal aliens over them to overwhelm our schools, hospitals, and communities throughout the country.  Entire towns, like Aurora, Colorado, and Springfield, Ohio, buckled under the weight of the migrant occupation and corruption like nobody has ever seen before.  Beautiful towns destroyed.
    Now, just as I promised in my Inaugural Address, we are achieving the great liberation of America.  (Applause.)
    But there still is much work to be done. 
    Here tonight is a woman I have gotten to know: Alexis Nungaray from Houston.  Wonderful woman.  Last June, Alexis’s 12-year-old daughter, her precious Jocelyn, walked to a nearby convenience store.  She was kidnapped, tied up, assaulted for two hours under a bridge, and horrifically murdered.  Arrested and charged with this heinous crime are two illegal alien monsters from Venezuela, released into America by the last administration through their ridiculous open border.
    The death of this beautiful 12-year-old girl and the agony of her mother and family touched our entire nation greatly. 
    Alexis, I promised that we would always remember your daughter — your magnificent daughter.  And earlier tonight, I signed an order keeping my word to you.  
    One thing I have learned about Jocelyn is that she loved animals so much.  She loved nature.  Across Galveston Bay from where Jocelyn lived in Houston, you will find a magnificent national wildlife refuge. A pristine, peaceful, 34,000-acre sanctuary for all of God’s creatures on the edge of the Gulf of America.
    Alexis, moments ago, I formally renamed that refuge in loving memory of your beautiful daughter, Jocelyn.
    So, Mr. Vice President, if you would, may I have the order?  (Applause.)
    (The president holds up the executive order.)
    Thank you very much. 
    All three savages charged with Jocelyn and Laken’s murders were members of the Venezuelan prison gang — the toughest gang, they say, in the world — known as Tren de Aragua.  Two weeks ago, I officially designated this gang, along with MS-13 and the bloodthirsty Mexican drug cartels, as foreign terrorist organizations.  (Applause.)  They are now officially in the same category as ISIS, and that’s not good for them. 
    Countless thousands of these terrorists were welcomed into the U.S. by the Biden administration, but now every last one will be rounded up and forcibly removed from our country, or, if they’re too dangerous, put in jails, standing trial in this country, because we don’t want them to come back ever.
    With us this evening is a warrior on the front lines of that battle, Border Patrol agent Roberto Ortiz.  Great guy.  (Applause.)  
    In January, Roberto and another agent were patrolling by the Rio Grande, near an area known as Cartel Island — doesn’t sound too nice to me — when heavily armed gunmen started shooting at them.  Roberto saw that his partner was totally exposed, in great danger, and he leapt into action, returning fire and providing crucial seconds for his fellow agent to seek safety, and just barely.  I have some of the prints of that event, and it was not good. 
    Agent Ortiz, we salute you for your great courage and for your line of fire that you took and for the bravery that you showed.  We honor you, and we will always honor you.  Thank you, Roberto, very much.  (Applause.)  Thank you, Roberto. 
    And I actually got to know him on my many calls to the border.  He’s a great, great gentleman.
    The territory to the immediate south of our border is now dominated entirely by criminal cartels that murder, rape, torture, and exercise total control — they have total control over a whole nation — posing a grave threat to our national security.  The cartels are waging war in America, and it’s time for America to wage war on the cartels, which we are doing.  (Applause.)
    Five nights ago, Mexican authorities, because of our tariff policies being imposed on them — think of this — handed over to us 29 of the biggest cartel leaders in their country.  That has never happened before.  They want to make us happy.  (Applause.)  First time ever.
    But we need Mexico and Canada to do much more than they’ve done, and they have to stop the fentanyl and drugs pouring into the USA.  They’re going to stop it.  
    I have sent Congress a detailed funding request laying out exactly how we will eliminate these threats to protect our homeland and complete the largest deportation operation in American history, larger even than current record holder, President Dwight D. Eisenhower, a moderate man but someone who believed very strongly in borders.  Americans expect Congress to send me this funding without delay so I can sign it into law. 
    So, Mr. Speaker, John Thune, both of you, I hope you’re going to be able to do that.  Mr. Speaker, thank you.  Mr. Leader, thank you.  Thank you very much.  And let’s get it to me.  I’ll sign it so fast, you won’t even believe it.  (Applause.)
    And as we reclaim our sovereignty, we must also bring back law and order to our cities and towns.  (Applause.)  In recent years, our justice system has been turned upside down by radical-left lunatics.  Many jurisdictions virtually ceased enforcing the law against dangerous repeat offenders while weaponizing law enforcement against political opponents like me.
    My administration has acted swiftly and decisively to restore fair, equal, and impartial justice under the constitutional rule of law, starting at the FBI and the DOJ.  
    Pam, good luck.  Kash, wherever you may be, good luck.  (Applause.)  Good luck.  Pam Bondi, good luck.  So important.  Going to do a great job.  (Applause.)  
    Kash, thank you.  Thank you, Kash.  (Applause.)
    They have already started very strong.  They’re going to do a fantastic job.  You’re going to be very proud of them. 
    We’re also, once again, giving our police officers the support, protection, and respect they so dearly deserve.  They have to get it.  They have such a hard, dangerous job, but we’re going to make it less dangerous.  The problem is the bad guys don’t respect the law, but they’re starting to respect it, and they soon will respect it.
    (Cross-talk.)
    This also includes our great fire departments throughout the country.  Our firemen and women are unbelievable people, and I will never forget them.  And besides that, they voted for me in record numbers, so I have no choice.  (Applause.)
    One year ago this month, 31-year-old New York police officer Jonathan Diller — unbelievably wonderful person and a great officer — was gunned down at a traffic stop on Long Island.  I went to his funeral.  The vicious criminal charged with his murder had 21 prior arrests, and they were rough arrests too.  He was a real bad one.
    The thug in the seat next to him had 14 prior arrests and went by the name of “Killer.”  He was Killer.  He killed other people.  They say a lot of them. 
    I attended Officer Diller’s service, and when I met his wife and one-year-old son, Ryan, it was very inspirational, actually.  His widow’s name is Stephanie, and she is here tonight.  Stephanie, thank you very much, Stephanie.  Thank you very much.  (Applause.)
    Stephanie, we’re going to make sure that Ryan knows his dad was a true hero — New York’s Finest.  And we’re going to get these cold-blooded killers and repeat offenders off our streets, and we’re going to do it fast.  Got to stop it. 
    They get out with 28 arrests.  They push people into subway trains.  They hit people over the back of the head with baseball bats.  We got to get them out of here. 
    I’ve already signed an executive order requiring a mandatory death penalty for anyone who murders a police officer.  And, tonight, I’m asking Congress to pass that policy into permanent law.  (Applause.)
    I’m also asking for a new crime bill, getting tough on repeat offenders while enhancing protections for America’s police officers so they can do their jobs without fear of their lives being totally destroyed.  They don’t want to be killed.  We’re not going to let them be killed.
    Joining us in the gallery tonight is a young man who truly loves our police.  His name is D.J. Daniel.  He is 13 years old, and he has always dreamed of becoming a police officer.  (Applause.)
    But in 2018, D.J. was diagnosed with brain cancer.  The doctors gave him five months at most to live.  That was more than six years ago.  (Applause.)
    Since that time, D.J. and his dad have been on a quest to make his dream come true, and D.J. has been sworn in as an honorary law enforcement officer, actually, a number of times.  Pec- — the police love him.  The police departments love him. 
    And tonight, D.J., we’re going to do you the biggest honor of them all.  I am asking our new Secret Service director, Sean Curran, to officially make you an agent of the United States Secret Service.  (Applause.)
    (Director Curran presents Mr. Daniel with a Secret Service Agent credential.)
    AUDIENCE:  D.J.!  D.J.!  D.J.!
    THE PRESIDENT:  Thank you, D.J. 
    D.J.’s doctors believe his cancer likely came from a chemical he was exposed to when he was younger.  Since 1975, rates of child cancer have increased by more than 40 percent.  Reversing this trend is one of the top priorities for our new presidential commission to make America healthy again, chaired by our new secretary of Health and Human Services, Robert F. Kennedy, Jr.  (Applause.) 
    AUDIENCE MEMBER:  MAHA, baby!
    THE PRESIDENT:  With the name “Kennedy,” you would have thought everybody over here would have been cheering.  (Laughter.)  How quickly they forget.  
    Our goal is to get toxins out of our environment, poisons out of our food supply, and keep our children healthy and strong.  
    As an example, not long ago — you can’t even believe these numbers — 1 in 10,000 children had autism. 1 in 10,000.  And now it’s 1 in 36.  There’s something wrong.  One in 36.  Think of that. 
    So, we’re going to find out what it is, and there’s nobody better than Bobby and all of the people that are working with you — you have the best — to figure out what is going on.  
    Okay, Bobby?  Good luck.  It’s a very important job.  Thank you.  (Applause.)  Thank you.  Thank you.
    My administration is also working to protect our children from toxic ideologies in our schools. 
         A few years ago, January Littlejohn and her husband discovered that their daughter’s school had secretly socially transitioned their 13-year-old little girl.  Teachers and administrators conspired to deceive January and her husband, while encouraging her daughter to use a new name and pronouns — “they/them” pronouns, actually — all without telling January, who is here tonight and is now a courageous advocate against this form of child abuse.  January, thank you.  Thank you.  Thank you very much.  (Applause.)  Thank you.  Thank you. 
    Stories like this are why, shortly after taking office, I signed an executive order banning public schools from indoctrinating our children with transgender ideology.  (Applause.) 
    I also signed an order to cut off all taxpayer funding to any institution that engages in the sexual mutilation of our youth.  (Applause.)  And now I want Congress to pass a bill permanently banning and criminalizing sex changes on children and forever ending the lie that any child is trapped in the wrong body.  This is a big lie.  (Applause.)
    And our message to every child in America is that you are perfect exactly the way God made you.  (Applause.)
         Because we’re getting wokeness out of our schools and out of our military, and it’s already out, and it’s out of our society.  We don’t want it.  Wokeness is trouble.  Wokeness is bad.  It’s gone.  It’s gone.  And we feel so much better for it, don’t we?  Don’t we feel better?  (Applause.)  
         Our service members won’t be activists and ideologues.  They will be fighters and warriors.  They will fight for our country.           And, Pete, congratulations.  Secretary of Defense, congratulations.  (Applause.)
         And he’s not big into the woke movement, I can tell you.  (Laughter.)  I know him well. 
         I am pleased to report that, in January, the U.S. Army had its single best recruiting month in 15 years and that all armed services are having among the best recruiting results ever in the history of our services.  (Applause.)  What a difference.
         And you know it was just a few months ago where the results were exactly the opposite.  We couldn’t recruit anywhere.  We couldn’t recruit.  Now we’re having the best results, just about, that we’ve ever had.  What a tremendous turnaround.  It’s really a beautiful thing to see.  People love our country again.  It’s very simple.  They love our country, and they love being in our military again.  So, it’s a great thing.  And thank you very much.  Great job.  Thank you.  (Applause.)
         We’re joined tonight by a young man, Jason Hartley, who knows the weight of that call of duty.  Jason’s father, grandfather, and great-grandfather all wore the uniform. 
         Jason tragically lost his dad, who was also a Los Angeles County sheriff’s deputy, when he was just a boy, and now he wants to carry on the family legacy of service.  Jason is a senior in high school, a six-letter varsity athlete — a really good athlete, they say — a brilliant student, with a 4.46 — that’s good — GPA.  (Laughter.)  And his greatest dream is to attend the U.S. Military Academy at West Point.  (Applause.) 
         And, Jason, that’s a very big deal getting in.  That’s a hard one to get into.  But I’m pleased to inform you that your application has been accepted.  You will soon be joining the Corps of Cadets.  (Applause.) 
         Thank you.  Jason, you’re going to be on the Long Gray Line, Jason. 
         As commander in chief, my focus is on building the most powerful military of the future.  As a first step, I’m asking Congress to fund a state-of-the-art Golden Dome missile defense shield to protect our homeland, all made in the USA.  (Applause.) 
         And Ronald Reagan wanted to do it long ago, but the technology just wasn’t there, not even close.  But now we have the technology.  It’s incredible, actually.  And other places, they have it: Israel has it.  Other places have it.  And the United States should have it too.  Right, Tim?  Right?  (Applause.)  They should have it too.  So, I want to thank you. 
         But it’s a very important.  This is a very dangerous world.  We should have it.  We want to be protected.  And we’re going to protect our citizens like never before.
         To boost our defense industrial base, we are also going to resurrect the American shipbuilding industry, including commercial shipbuilding and military shipbuilding.  (Applause.)
         And for that purpose, I am announcing tonight that we will create a new Office of Shipbuilding in the White House and offer special tax incentives to bring this industry home to America, where it belongs. 
         We used to make so many ships.  We don’t make them anymore very much, but we’re going to make them very fast, very soon.  It will have a huge impact.          To further enhance our national security, my administration will be reclaiming the Panama Canal, and we’ve already started doing it.  (Applause.)
         Just today, a large American company announced they are buying both ports around the Panama Canal and lots of other things having to do with the Panama Canal and a couple of other canals. 
         The Panama Canal was built by Americans for Americans, not for others, but others could use it.  But it was built at tremendous cost of American blood and treasure.  Thirty-eight thousand workers died building the Panama Canal.  They died of malaria.  They died of snake bites and mosquitoes.  Not a nice place to work.  They paid them very highly to go there, knowing there was a 25 percent chance that they would die.  The most expensive project, also, that was ever built in our country’s history, if you bring it up to modern-day costs.
         It was given away by the Carter administration for $1, but that agreement has been violated very severely.  We didn’t give it to China.  We gave it to Panama, and we’re taking it back.  (Applause.)
         And we have Marco Rubio in charge.  Good luck, Marco.  (Laughter and applause.)  Now we know who to blame if anything goes wrong.  (Laughter.) 
    No, Marco has been amazing, and he’s going to do a great job.  Think of it.  He got a hundred votes.  (Applause.)  You know, he was approved with, actually, 99, but the 100th was this gentleman, and I feel very certain — so, let’s assume he got 100 votes.  And I’m either very, very happy about that or I’m very concerned about it.  (Laughter.) 
         But he’s already proven — I mean, he’s a great gentleman.  He’s respected by everybody.  And we appreciate you voting for Marco.  He’s going to do a fantastic job.  Thank you.  (Applause.)  Thank you.  He’s doing a great job.  Great job. 
         And I also have a message tonight for the incredible people of Greenland.  (Laughter.)  We strongly support your right to determine your own future, and, if you choose, we welcome you into the United States of America. 
         We need Greenland for national security and even international security, and we’re working with everybody involved to try and get it.  But we need it, really, for international world security.  And I think we’re going to get it.  One way or the other, we’re going to get it.  
    We will keep you safe.  We will make you rich.  And together, we will take Greenland to heights like you have never thought possible before.  
         It’s a very small population but very, very large piece of land and very, very important for military security.
         America is once again standing strong against the forces of radical Islamic terrorism. 
         Three and a half years ago, ISIS terrorists killed 13 American service members and countless others in the Abbey Gate bombing during the disastrous and incompetent withdrawal from Afghanistan — not that they were withdrawing; it was the way they withdrew.  Perhaps the most embarrassing moment in the history of our country.  
         Tonight, I am pleased to announce that we have just apprehended the top terrorist responsible for that atrocity, and he is right now on his way here to face the swift sword of American justice.  (Applause.)
         And I want to thank, especially, the government of Pakistan for helping arrest this monster. 
         This was a very momentous day for those 13 families, who I actually got to know very well, most of them, whose children were murdered, and the many people that were so badly — over 42 people — so badly injured on that fateful day in Afghanistan.  What a horrible day.  Such incompetence was shown that when Putin saw what happened, I guess he said, “Wow, maybe this is my chance.”  That’s how bad it was.  Should have never happened.  Grossly incompetent people. 
         I spoke to many of the parents and loved ones, and they’re all in our hearts tonight.  Just spoke to them on the phone.  We had a big call.  Every one of them called, and everybody was on the line, and they did nothing but cry with happiness.  They were very happy — as happy as you can be under those circumstances.  Their child, brother, sister, son, daughter was killed for no reason whatsoever. 
         In the Middle East, we’re bringing back our hostages from Gaza.  In my first term, we achieved one of the most groundbreaking peace agreements in generations: the Abraham Accords.  (Applause.) 
    And now we’re going to build on that foundation to create a more peaceful and prosperous future for the entire region.  A lot of things are happening in the Middle East.  People haven’t been talking about that so much lately with everything going on with Ukraine and Russia, but a lot of things are happening in the Middle East.  It’s a rough neighborhood, actually.
         I’m also working tirelessly to end the savage conflict in Ukraine.  Millions of Ukrainians and Russians have been needlessly killed or wounded in this horrific and brutal conflict with no end in sight. 
         The United States has sent hundreds of billions of dollars to support Ukraine’s defense with no security, with no anything.  (Applause.)
         Do you want to keep it going for another five years? 
         SENATOR WARREN:  Yes!
         THE PRESIDENT:  Yeah.  Yeah, you would say — Pocahontas says, “Yes.”  (Laughter.)
         AUDIENCE MEMBERS:  Booo —
         THE PRESIDENT:  Two thousand people are being killed every single week — more than that.  They’re Russian young people.  They’re Ukrainian young people.  They’re not Americans.  But I want it to stop.
         Meanwhile, Europe has sadly spent more money buying Russian oil and gas than they have spent on defending Ukraine, by far.  Think of that.  They’ve spent more buying Russian oil and gas than they have defending.  And we’ve spent, perhaps, $350 billion.  Like taking candy from a baby, that’s what happened.  And they’ve spent $100 billion.  What a difference that is.  And we have an ocean separating us, and they don’t. 
         But we’re getting along very well with them, and lots of good things are happening. 
         Biden has authorized more money in this fight than Europe has spent by billions and billions of dollars.  It’s hard to believe that they wouldn’t have stopped it and said, at some point, “Come on.  Let’s equalize.  You got to be equal to us.”  But that didn’t happen.
         Earlier today, I received an important letter from President Zelenskyy of Ukraine.  The letter reads, “Ukraine is ready to come to the negotiating table as soon as possible to bring lasting peace closer.”  “Nobody wants peace more than the Ukrainians,” he said.  (Applause.)  “My team and I stand ready to work under President Trump’s strong leadership to get a peace that lasts.  We do really value how much America has done to help Ukraine maintain its sovereignty and independence.  Regarding the agreement on minerals and security, Ukraine is ready to sign it at any time that is convenient for you.” 
         I appreciate that he sent this letter.  Just got it a little while ago.  
         Simultaneously, we’ve had serious discussions with Russia and have received strong signals that they are ready for peace.  Wouldn’t that be beautiful?  Wouldn’t that be beautiful?  (Applause.)  Wouldn’t that be beautiful?
         It’s time to stop this madness.  It’s time to halt the killing.  It’s time to end this senseless war.  If you want to end wars, you have to talk to both sides. 
         Nearly four years ago, amid rising tensions, a history teacher named Marc Fogel was detained in Russia and sentenced to 14 years in a penal colony.  Rough stuff. 
         The previous administration barely lifted a finger to help him.  They knew he was innocent, but they had no idea where to begin.  But last summer, I promised his 95-year-old mother, Malphine, that we would bring her boy safely back home.          After 22 days in office, I did just that, and they are here tonight.  (Applause.) 
         To Marc and his great mom, we are delighted to have you safe and sound and with us. 
         As fate would have it, Marc Fogel was born in a small, rural town — in Butler, Pennsylvania — have you heard of it? — where his mother has lived for the past 78 years.
         I just happened to go there last July 13th for a rally. That was not pleasant.  (Laughter.)  And that is where I met his beautiful mom, right before I walked onto that stage.  And I told her I would not forget what she said about her son.  And I never did, did I?  Never forgot.  
         Less than 10 minutes later, at that same rally, gunfire rang out, and a sick and deranged assassin unloaded eight bullets from his sniper’s perch into a crowd of many thousands of people.           My life was saved by a fraction of an inch, but some were not so lucky.  Corey Comperatore was a firefighter, a veteran, a Christian, a husband, a devoted father, and, above all, a protector. 
         When the sound of gunshots pierced the air — it was a horrible sound — Corey knew instantly what it was and what to do.  He threw himself on top of his wife and daughters and shielded them from the bullets with his own body.
         Corey was hit really hard.  You know the story from there.  He sacrificed his life to save theirs. 
         Two others — very fine people — were also seriously hit.  But thankfully, with the help of two great country doctors, we thought they were gone, and they were saved.  So, those doctors had great talent. 
         We’re joined by Corey’s wife, Helen, who was his high school sweetheart, and their two beloved daughters, Allyson and Kaylee.  Thank you.  (Applause.)
         To Helen, Allyson, and Kaylee, Corey is looking down on his three beautiful ladies right now, and he is cheering you on.  He loves you.  He is cheering you on. 
         Corey was taken from us much too soon, but his destiny was to leave us all with a shining example of the selfless devotion of a true American patriot.  It was love like Corey’s that built our country, and it’s love like Corey’s that is going to make our country more majestic than ever before.  
         I believe that my life was saved that day in Butler for a very good reason.  I was saved by God to make America great again.  I believe that.  (Applause.)  Thank you. 
         Thank you.  Thank you very much.  
         From the patriots of Lexington and Concord to the heroes of Gettysburg and Normandy, from the warriors who crossed the Delaware to the trailblazers who climbed the Rockies, and from the legends who soared at Kitty Hawk to the astronauts who touched the Moon, Americans have always been the people who defied all odds, transcended all dangers, made the most extraordinary sacrifices, and did whatever it took to defend our children, our country, and our freedom.
         And as we have seen in this chamber tonight, that same strength, faith, love, and spirit is still alive and thriving in the hearts of the American people.  Despite the best efforts of those who would try to censor us, silence us, break us, destroy us, Americans are today a proud, free, sovereign, and independent nation that will always be free, and we will fight for it till death. 
         We will never let anything happen to our beloved country, because we are a country of doers, dreamers, fighters, and survivors. 
         Our ancestors crossed a vast ocean, strode into the unknown wilderness, and carved their fortunes from the rock and soil of a perilous and very dangerous frontier.  They chased our destiny across a boundless continent.  They built the railroads, laid the highways, and graced the world with American marvels, like the Empire State Building, the mighty Hoover Dam, and the towering Golden Gate Bridge. 
         They lit the world with electricity, broke free of the force of gravity, fired up the engines of American industry, vanquished the communists, fascists, and Marxists all over the world, and gave us countless modern wonders sculpted out of iron, glass, and steel.  
         We stand on the shoulders of these pioneers who won and built the modern age, these workers who poured their sweat into the skylines of our cities, these warriors who shed their blood on fields of battle and gave everything they had for our rights and for our freedom.  
         Now it is our time to take up the righteous cause of American liberty, and it is our turn to take America’s destiny into our own hands and begin the most thrilling days in the history of our country. 
         This will be our greatest era.  
         With God’s help, over the next four years, we are going to lead this nation even higher, and we are going to forge the freest, most advanced, most dynamic, and most dominant civilization ever to exist on the face of this Earth. 
         We are going to create the highest quality of life, build the safest and wealthiest and healthiest and most vital communities anywhere in the world. 
         We are going to conquer the vast frontiers of science, and we are going to lead humanity into space and plant the American flag on the planet Mars and even far beyond.  (Applause.)
         And, through it all, we are going to rediscover the unstoppable power of the American spirit, and we are going to renew unlimited promise of the American dream. 
         Every single day, we will stand up and we will fight, fight, fight for the country our citizens believe in and for the country our people deserve.  (Applause.)  Thank you.  Thank you.
         AUDIENCE MEMBERS:  Fight!  Fight!  Fight!
         THE PRESIDENT:  My fellow Americans, get ready for an incredible future, because the golden age of America has only just begun.  It will be like nothing that has ever been seen before. 
         Thank you.  God bless you.  And God bless America.  (Applause.)
         Thank you.  Thank you, everybody.  Thank you.  Thank you very much.  Thank you very much.  Thank you. 
    Thank you very much.  Appreciate it.
    Thank you very much.
                                 END                11:00 P.M. EST

    MIL OSI USA News –

    March 7, 2025
  • MIL-OSI New Zealand: Speech to the BusinessNZ Health Forum

    Source: New Zealand Government

    Check against delivery.
     
    Kia ora koutou. Thank you, Phil, for the opportunity to speak to you today to the Business NZ Health Forum. Since my appointment as Health Minister, I’ve spent time where it matters most – on the frontline, listening to the people our health system is here to serve. Let me tell you about just a few stories I have heard.There are many positive stories of people receiving exceptional healthcare: 
     

    A Tauranga woman who recently shared her gratitude with me that her chemotherapy drug is now funded because of the Government’s record investment in new cancer drugs.  
    A young person in distress, whose family isn’t sure what to do, being helped by compassionate youth mental health services to work through how to cope.  
    A security guard I met who said he went to an Emergency Department and was seen and discharged in 2.5 hours.

    Review hospital systems from admission to discharge, ensuring patients flow smoothly.

     
    But some are more grim:
     

    An elderly man who requires hip and knee surgery and has been living in pain while they wait for their operations. 
    A cancer survivor who is overdue for their colonoscopy. 
    A person who is worried about a friend that has been waiting for surgery for over for 15 months, only to find out it has been cancelled. 

     
    The failure of our health system doesn’t stop at waiting lists. 

    I’ve heard of a grandmother sent home after waiting for hours in ED, only to return shortly after having had a stroke.

    A grandfather lying in a hospital ward for days, sick and in pain, not knowing when—or if—a doctor would come to see him and tell him what is wrong. 

    And I’ve heard far too many stories over the past five weeks of people who are alive today, not because the system looked after them, but because their wives, husbands, daughters, and sons had to make lots of noise until someone paid attention. 

    That’s not a health system that works.  And if you ask the doctors, nurses, midwives, and other health professionals who keep the system running, they’ll tell you the same thing.  They are just as frustrated—because they got into this job to care for people and provide world-class healthcare to New Zealanders. But the system is failing their patients and them too. Somewhere along the way, our health system became desensitised to patients.  There’s often too much focus on what the unions, the colleges, or professional lobby groups say, and not enough focus on what the patient says.  Because in healthcare, the customer is the patient—the mum with the newborn, the tradie, the farmer, the kaumātua, the grandmother.  They should be at the heart of every decision we make. People working in health have been conditioned to substandard management and conditioned to giving into groups which exert pressure on them.This is not the standard we should accept in New Zealand.  That’s why we must fix the system—so that every patient gets the care they deserve, and every healthcare professional is empowered to do the job they trained so long and hard for. New Zealanders expect better. And under this Government, we will deliver it. 

    A long-term problem made worse by Labour 

    Let’s be clear—this is not a new problem.  Our health system has been overloaded and under pressure for years. But the decisions of the previous government made it significantly worse. We inherited a health system in a state of turmoil.In the middle of a pandemic—when New Zealand needed stability—they ripped the entire structure apart.  They forced through one of the biggest bureaucratic restructures in our history, abolishing 20 District Health Boards overnight and replacing them with a single, centralised bureaucracy.  The reforms stripped decision-making away from regions and districts.They had no plan for how it would actually help patients. Key health targets – used to ensure the system was delivering for patients – were dumped.Instead of supporting frontline workers, they created another layer of bureaucratic management and confusion at the top.  Instead of focusing on patient care and ensuring people didn’t get sicker languishing on ballooning waiting lists, they produced internal reports and shuffled job titles in the head office.  Instead of keeping control of spending, they lost complete oversight of the system’s finances. To put it frankly, the previous government’s 2022 health reforms were rushed and poorly implemented, with disastrous results. Most importantly, those reforms eroded the trust and confidence of New Zealanders in getting access to the health services they need.It’s not just our view. It’s not just what frontline workers and patients say. It’s now documented fact. 
     
    The Deloitte Report – Labour’s health system failure in black and white 

    Today, a report by Deloitte titled the ‘Financial Review of Health New Zealand’—an independent report, not written by politicians, but by financial and operational experts – is being released on Health New Zealand’s website.It delivers a damning verdict on the state of our health system when we took office 16 months ago. The report shows, in black and white, that under the previous government, Health New Zealand lost control of the critical levers that drive financial and delivery outcomes.In simple terms: 

    The agency that was supposed to run our health system had no idea how it was spending its money or the results it was achieving.

    Costs spiralled out of control, with deficits mounting each month. 

    Basic financial oversight collapsed, meaning no accountability, no performance tracking, and no ability to measure success or failure. 

    No systems in place to manage funds appropriately.

     
    Meanwhile, Labour’s plan was to support unions over patients.  As I mentioned earlier, they scrapped health targets, so they didn’t even know what success looked like.
      
    The result? 

    Elective surgeries plummeted. In 2017, 1,037 people were waiting over four months for elective treatment. By the time Labour left office, that number had grown to 27,497. That’s an increase of over 2,551 percent. 

    Emergency department wait times blew out. When National left office, almost 90 percent of patients were seen within six hours. By 2023, that dropped below 70 percent. 

    Childhood immunisation rates collapsed. In 2017, 92.4 percent of children were fully immunised at 24 months. By 2023, that number hit 83 percent. 

    Primary healthcare was ignored. More people than ever couldn’t see a healthcare professional when they needed one. 

     
    This is a system under significant pressure and a system which was recklessly mismanaged under the past government, thrown into turmoil at the worst possible time, and left to drift without accountability. But that changes today. 
     
    Funding for Health

    There is always a need for more investment in health, but more money isn’t the only solution.This Government has invested a record funding boost of $16.68 billion (over three years) in health to help the sector plan for the future, and that includes funding expected growth. The funding boost provided by this Government is enabling Health New Zealand to retain capacity at the frontline and deliver more services to New Zealanders.There are more frontline staff, including more nurses than ever before and more medical staff, allied and scientific staff, and care and support staff.Since it was set up, Health New Zealand’s frontline staff grew by almost 6,500 people, alongside achieving back-office efficiencies. Remuneration for health workforces has also increased.Since 2014, average salaries for nurses and midwives have increased by almost 70 percent, while average salaries for teachers and police have only risen by approximately 35-40 percent over the same period. The average salary of a registered nurse (including senior nurses) is currently around $125,660, including overtime and allowances. This aligns with nurses in New South Wales.Yet we are not seeing the results we have invested in.Productivity is declining and has not kept pace with historic levels of funding and workforce growth.For example, in the decade between 2014 and 2024, core Health operating funding almost doubled, but the number of first specialist assessments undertaken only increased by 17 percent. The waiting list more than doubled during this period to almost 195,000 people.  And as at August last year, over 40 percent of adults needing to see a GP couldn’t get a consultation within a week of when they needed to see one. Every single dollar must deliver better outcomes for patients.  More money going in must mean more results coming out.  But under Labour, we saw more money with worse outcomes, longer waitlists, and declining service levels. That is simply unacceptable. 
     
    What we have done – A back-to-basics approach 

    Since being in office, this Government has been taking action and we are getting results: 

    We reinstated health targets—because what gets measured, gets done.  
    We’re doing more operations. Last year, the health system carried out over 144,000 elective procedures – 10,000 more than the previous 12 months. 
    We are moving resources back to the frontline, cutting wasteful bureaucracy.  
    The health workforce is being paid more. 
    We’re investing in health infrastructure—building new hospitals, upgrading existing ones, and modernising equipment. There are currently 66 Ministerially approved health infrastructure projects, worth a cumulative $6.3 billion in the pipeline. 
    We have begun stabilising the system, although there’s still a long way to go.

    But let me be clear—this is just the beginning.
     
    My five key priorities as Minister
    Healthcare is a top priority for everyone in New Zealand. I see it every day as an electorate MP, a father of three young children, and as Health Minister travelling the country. Yes, there will always be a need for more money in healthcare, and as Minister, I will fight every single day to invest more and deliver more for you.I am proud of the investment this Government is putting into health. However, I will also be holding the system to account to deliver more for the funding that is being invested.Investing in primary care and funding additional operations are at the heart of my five clear priorities as Health Minister. They are:
     

    Stabilising Health New Zealand’s governance and accountability allowing it to focus on delivering the basics
    Reducing emergency department wait times
    Delivering a boost in elective surgery volumes to get on top of the backlog and reduce waiting lists
    Fixing primary care to ensure easier access 
    Providing clarity on the health infrastructure investment pipeline.

     
    1. Focusing Health New Zealand on delivering the basics
    My first priority is getting the basics right. It follows years of worsening results being the only thing being delivered.We are going to turn this around by focusing on delivery and achieving targets. Our health targets matter because they demonstrate performance. But it’s not enough to have them on paper—we must deliver real results. Over the last few years, the previous Government’s decision to restructure in the middle of a pandemic—and to remove those targets—led us to where we are now. Too many people are waiting too long for critical assessments and treatments.Health New Zealand should run a health system, not a bureaucracy. Instead of focusing on patients, it got lost in process. That changes now.No more excuses. We measure success in one way: better outcomes for patients.Health New Zealand has struggled to come together as a cohesive team that supports the organisation to deliver for patients. Senior Leadership Team members have only just begun weekly in-person meetings, and have continued to operate from different offices, despite the majority living in Auckland and the organisation being two and a half years old.This has meant the organisation has failed to create a cohesive team to lead the organisation forward.Today, I’m outlining my expectations for Health NZ to deliver a nationally planned and consistent, but locally delivered, health system. I expect core services (infrastructure, data, digital, HR, comms) will sit at head office, with national executive leadership focused on national programmes, shared services, overall governance and planning and empowering districts. I have directed the Commissioner to accelerate the shift to local decision-making and service delivery, and set a requirement for local delivery plans to be developed. I expect this to be done by July.This will enable local leaders to plan effectively, be clear about their budgets, allocate resource to where it’s most needed, and deliver better outcomes for their communities.Because all healthcare is local.I expect there to be strong regional coordination to support local delivery, with singular lines of accountability flowing from the national executive level through to the frontline.Under Labour, financial controls vanished, clinical input was lost, and local districts were disempowered. We are restoring that.Today, I have issued a new letter of expectation and Health New Zealand has released its delivery plan to reflect this.I will also bring back a board for Health New Zealand. Now that the plan is set, it is time to begin the process of transitioning to traditional governance.In the coming weeks, nominations open for the new board. If you have passion for healthcare and a demonstrated track record of delivery, we need you.I’d like to take this opportunity to thank the Commissioners for their work to date and I look forward to working with them as they deliver on their plan and as we transition to a board.
     
    2. Fixing Primary Healthcare – easier access for everyone
    My second priority is ensuring timely GP access. New Zealand has a shortage of family doctors, who play an important role in helping Kiwis to stay well and out of emergency departments.But last year a third of GP practices had their books closed, forcing people to emergency departments. And if you can’t book in to see your GP or nurse when you need one, you end up in ED when you shouldn’t have to. No one should wait weeks to see a GP and we are set on fixing that.Historically, more funding has been invested in more costly hospital and specialist services at the expense of primary and community care. Over the past five years, hospital funding has increased at a higher rate than primary and community funding. Hospital funding went up by almost 53 percent, while primary and community funding increased by 41 percent.This means we’re missing opportunities for earlier and less costly interventions.We must shift the dial towards primary care, both to improve access for New Zealanders and because it is the fiscally responsible thing to do.We have already made a number of important announcements this week about how we will improve access to primary care including: 
     

    Making it easier for New Zealanders to see a doctor. We’re providing up to 100 clinical placements for overseas-trained doctors to work in primary care. This will support their transition into GP practices that need them most.  

    We are also ramping up the number of trainee GPs to give Kiwis better access to healthcare in their communities. We’re introducing a funded primary care pathway to registration for up to 50 New Zealand-trained graduate doctors each year from 2026.

    We’re training more new doctors. During the term of this Government, medical school placement have increased by 100 places each year.

    We’re investing to increase the number of nurses in primary care. This includes supporting GP practices and other providers outside hospitals to hire up to 400 graduate registered nurses a year from this year.

    Improving access to 24/7 digital care. This will provide all New Zealanders with better and faster access to video consultations with New Zealand-registered clinicians, such as GPs and nurse practitioners, for urgent problems, 24 hours a day, seven days a week. People will be able to be diagnosed, get prescriptions, be referred for lab tests or radiology, and have urgent referrals organised.

    These measures focus on giving our primary care workforce the numbers and support they need, so that when you or your whānau need to see a GP, you can—without facing weeks-long wait times or closed books.Strengthening urgent and after-hours care will also be a focus of mine as part of our plan to enable faster access to primary care, and work on this is underway.This week I also announced that Health New Zealand has agreed to deliver a $285 million uplift to funding over three years for general practice from 1 July, in addition to the capitation uplift general practice receives annually.This will be incentivise GPs to improve access and patient outcomes – especially around improved vaccination rates and supporting family doctors to undertake minor planned services. This is just the start – there is more to do. Health New Zealand has work underway to rethink how we fund primary care to make it faster, more accessible, and more sustainable. 

    3. Reducing ED wait times
    My third priority is emergency departments, which have seen lengthy wait times continue to increase since targets were scrapped. The ED target is not just about making sure patients are seen quickly but it pushes every part of the hospital to work smoothly.Emergency departments are the beating hearts of hospitals – if they are operating efficiently and effectively, that reflects the effectiveness and efficiency of every part of the hospital. If wait times are too slow in the ED department it indicates problems throughout the hospital. I expect Health New Zealand to: 

    Empower clinicians at local levels to fix bottlenecks in real time.
    Integrate the primary care reforms, so fewer preventable cases end up in ED. This will be done by hiring and training more doctors and nurses and ensuring New Zealanders have access to round-the-clock care.

    The relationship between our hospitals and primary care is critically important, but has broken down in recent years and needs to be fixed. Empowering the primary care sector can help keep people out of hospital and manage patients much more cost effectively in our communities.We need our hospitals working with our primary health care providers to achieve this, and we need many more hospital services delivered locally in communities rather than centrally in our hospitals. We are restoring a focus on ED shorter stay targets, forcing real improvements across the entire hospital. We want to see 95 percent of people admitted, discharged, or transferred from an emergency department within six hours. 

    4. Clearing the elective surgery backlog
    My fourth priority is elective surgeries, where 27,497 people were waiting more than four months for surgeries they desperately needed in September 2023—a number that was 1,037 under National in 2017. This backlog is unacceptable and has unfortunately grown since we came to Government.But we have arrested the decline in the number of operations. As I mentioned earlier, last financial year, the health system carried out 10,000 more elective procedures than in the previous 12 months. However, we must still urgently increase the volume of surgeries.The elective surgery wait list target isn’t just about measuring performance of the system, it is about people. Behind every number is an individual, a family, many waiting in pain and families anxious for their loved ones to have the surgery they need. We can’t keep doing things the way we currently do it. At the moment Health NZ undertakes both elective surgery, and also responds to acute need, with planned elective surgery often being disrupted by acute need, leaving patients waiting for treatment and waitlists continuing to grow. At the same time, the small amount of planned care that is outsourced to the private sector is often done on an ad hoc basis, meaning Health New Zealand is paying premium prices.This practice must stop. Kiwis waiting in pain for an operation aren’t worried about who is delivering the operation, they just want it done as quickly as possible. I want to see Health NZ both lifting its own performance on elective surgeries, but also partnering closely with the private sector to ensure we can get on top of the waitlists and get kiwis the operations they need as quickly as possible. By partnering with the private sector, we can ensure people get the care they need, and Health New Zealand can achieve value for money through long-term contracts with the private sector. I expect Health New Zealand to work closely with ACC – which already has many of these arrangements in place – to ensure value for money for taxpayers and faster treatment for patients.Today I am pleased to announce the first part of this plan with Health New Zealand investing $50 million between now and the end of June this year to reduce the backlog of people waiting for elective surgeries. That will see an extra 10,579 procedures carried out between now and the middle of this year, with work also underway now to negotiate longer term agreements. This will improve the quality of life of thousands of New Zealanders. It will mean people can return to work, take up hobbies again, and continue to build precious memories with loved ones. I can also announce that I have asked Health New Zealand to work with the private sector to agree a set of principles that will underpin future outsourcing contracts. This will include: 
     

    Ending the use of expensive ad hoc, shorter-term contracts for elective surgeries. 
    Negotiating longer-term, multi-year agreements to deliver better value for money and better outcomes for patients. 
    Agreeing on plans to recruit, share, and train staff which already bridge both the public and private hospitals. 

     
    Long term, I want as much planned care as possible to be delivered in partnership with the private sector, freeing public hospitals for acute needs. However, this needs to be done in a way which is mutually beneficial for our public health system and our workforce. To be clear, the system remains publicly funded, so everyone has access, but this will allow Health New Zealand to leverage private capacity to reduce wait times for patients. 
     
    5. Investing in health infrastructure – building for the future
    My fifth priority is infrastructure—physical and digital. Our hospitals and data systems are in dire need of upgrade. Health New Zealand is grappling with an outdated infrastructure that is inhibiting changes to models of care that improve patient outcomes and drive efficiencies.Currently: 

    Health New Zealand has about 1,200 buildings – some have significant seismic risks, other older buildings are not clinically fit for purpose. 
    Digital infrastructure is also fragmented. There are an estimated 6,000 applications and 100 digital networks. That equates to roughly one application for every 16 Health New Zealand staff members, which is unsustainable.

    We need solutions. That includes: 

    Investigating creating a separate Health Infrastructure Entity under Health New Zealand, to manage and deliver physical and digital assets. 
    Publishing a long-term plan for health infrastructure so Kiwis know what’s being upgraded across New Zealand and can see a 10-year pipeline of capital projects 
    Putting all funding and financing options on the table—this will require bold, sustainable investment.  

    Health infrastructure has been neglected for decades.We’re turning that around. There are currently health infrastructure projects, worth a cumulative $6.3 billion in the pipeline.That includes:
     

    A new hospital in Dunedin. 
    Modern cancer treatment facilities in Hawke’s Bay and Taranaki 
    The extensive facilities infrastructure remediation programme at Auckland City Hospital and Greenlane Clinical Centre, and 
    Manukau Health Park and Hillmorton specialist mental health services in Christchurch. 

    Hospitals don’t run on press releases; they run on real investment. We are delivering that. 
     
    Stripping out bureaucracy, demanding delivery
    At the end of the day, you can’t manage what you don’t measure. It comes down to results, accountabilities, and every single person in the health system playing their part. My message to Health New Zealand is simple: I expect delivery. I expect a back-to-basics approach, with less talk and more action.I expect a relentless focus on improving health outcomes for New Zealanders and for Health New Zealand to reallocate baseline funding to implement immediate action.We’ve had enough talk. It’s time to fix this system.
     
    A health system that delivers for every New Zealander
    New Zealanders don’t want more reports or more excuses—they want action: 

    Health targets are back.
    We’re taking action to stabilise surgery waitlists.
    More doctors and nurses are being trained and recruited.
    Hospitals are being upgraded.
    Primary care is being strengthened.

     
    This isn’t just talk; it’s real change. And I promise every New Zealander: we will not stop until our health system delivers timely, quality care to all.We are embarking on this shift with urgency.Patients come first. And this Government will not rest until that’s a reality.Thank you very much.

    MIL OSI New Zealand News –

    March 7, 2025
  • MIL-OSI: $TOCKHOLDER ALERT: The M&A Class Action Firm Continues To Investigate The Merger – AMPS, FNA, ESSA, IVAC

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 06, 2025 (GLOBE NEWSWIRE) — Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating:

    • Altus Power, Inc. (NYSE: AMPS), relating to the proposed merger with TPG. Under the terms of the agreement, Altus Power will be acquired by TPG for $5.00 per share of its Class A common stock in an all-cash transaction.

    Click here for more https://monteverdelaw.com/case/altus-power-inc-amps/. It is free and there is no cost or obligation to you.

    • Paragon 28, Inc. (NYSE: FNA), relating to the proposed merger with Zimmer Biomet Holdings, Inc. Under the terms of the agreement, Zimmer Biomet will acquire all outstanding shares of Paragon 28 common stock for $13.00 per share. Paragon 28 shareholders will also receive a non-tradeable contingent value right entitling holders to receive up to $1.00 per share in cash if certain revenue milestones are achieved.

    Click here for more https://monteverdelaw.com/case/paragon-28-inc-fna/. It is free and there is no cost or obligation to you.

    • ESSA Bancorp, Inc. (Nasdaq: ESSA), relating to the proposed merger with CNB Financial Corporation. Under the terms of the agreement, ESSA shareholders will receive 0.8547 shares of CNB common stock for each outstanding share of ESSA common stock.

    Click here for more https://monteverdelaw.com/case/essa-bancorp-inc-essa/. It is free and there is no cost or obligation to you.

    • Intevac, Inc. (Nasdaq: IVAC), relating to the proposed merger with Seagate Technology Holdings plc. Under the terms of the agreement, Seagate will acquire Intevac in an all-cash transaction for $4.00 per share.

    ACT NOW. The Tender Offer expires on March 28, 2025.

    Click here for more https://monteverdelaw.com/case/intevac-inc-ivac/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE THE SAME. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No company, director or officer is above the law. If you own common stock in any of the above listed companies and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com).  Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network –

    March 7, 2025
  • MIL-Evening Report: Two polls predict a thumping victory for Labor in WA election, the first with a reformed upper house

    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

    The Western Australian state election will be held on Saturday, with polls closing at 9pm AEDT. A Newspoll, conducted February 27 to March 5 from a sample of 1,061, gave Labor a 57.5–42.5 lead, a 1.5-point gain for Labor since an early February WA Newspoll.

    Primary votes were 44% Labor (up two), 29% Liberals (down three), 5% Nationals (up two), 10% Greens (down two), 3% One Nation (down one) and 9% for all Others (up two).

    Labor Premier Roger Cook’s net approval was down one point to +17, with 55% satisfied and 38% dissatisfied. Liberal leader Libby Mettam’s net approval was up three to +1. Cook led as better premier by 53–34 (54–34 previously).

    The Poll Bludger reported Friday that a DemosAU poll for The West Australian, conducted March 4–5 from a sample of 1,126, gave Labor a 57–43 lead. Primary votes were 43% Labor, 30% Liberals, 5% Nationals, 11% Greens and 11% for all Others. Cook led as preferred premier over Mettam by 47–32. By 49–31, voters thought WA was headed in the right direction.

    At the March 2021 WA election, Labor won 53 of the 59 lower house seats on a two-party vote of 69.7–30.3, a record high for either major party at any state or federal election. Labor won 59.9% of the primary vote.

    Labor was never going to match the 2021 result at this election, but if the results on Saturday reflect the Newspoll and DemosAU polls, they will exceed their 2017 result, when Labor won 41 of the 59 seats on a two-party vote of 55.5–44.5.

    Upper house reforms

    Prior to this election, WA had six upper house regions that each returned six members. From the ABC’s 2021 WA election pages, there were three Perth regions and three non-metro regions. Perth had 75% of WA’s enrolled voters, but only 50% of upper house seats.

    Furthermore, the Mining & Pastoral region and Agricultural region had far fewer enrolled voters than the South West region. Combined, these two regions had just 10.1% of WA’s enrolled voters, but 33.3% of upper house seats.

    Labor’s huge 2021 win gave them a majority in the upper house for the first time in WA history, with 22 of the 36 seats. Labor used this opportunity to convert the upper house into a single statewide electorate that will return 37 members by proportional representation with optional voter-directed preferences.

    Under these reforms, a quota for election will be 1/38 of the vote or 2.63%. Parties that win about half the quota have a reasonable chance of winning a seat, so 1.3% could be enough to win. Labor also abolished group ticket voting (GTV), leaving Victoria as the only Australian jurisdiction that still uses this discredited system.

    The Poll Bludger reported on February 23 Liberal leader Libby Mettam has promised to try to revert back to the old very malapportioned system if the Liberals win the election, rejecting the principle of one vote, one value. The old system was biased towards the Liberal and National parties. Analyst Kevin Bonham has condemned the Liberals.

    ABC election analyst Antony Green said there will be 13 groups on the upper house ballot paper and a total of 146 candidates. To get a group box above the line, at least five candidates for that group were required. The number of candidates has been more than halved from 2021, when there were 325 upper house candidates. Group ticket voting encouraged a proliferation of micro parties and candidates.

    In the lower house, there will be a total of 398 candidates for the 59 seats, down from 463 in 2021. Labor, the Liberals and Greens will contest all seats, the Nationals will contest 20, the Australian Christians 54 and One Nation 41.

    Labor has huge lead in a SA state poll

    The next South Australian state election will be held in March 2026. A DemosAU poll, conducted February 18–23 from a sample of 1,004, gave Labor a 59–41 lead (54.6–45.4 to Labor at the March 2022 election). Primary votes were 43% Labor, 30% Liberals, 10% Greens and 17% for all Others.

    Labor incumbent Peter Malinauskas led the Liberals’ Vincent Tarzia as preferred premier by 51–23. By 53–33, voters thought SA was headed in the right direction.

    The Poll Bludger reported Monday electoral reforms have passed parliament that will allow postal and pre-poll votes to be counted on election night. At previous SA elections, only votes cast at ordinary election day booths were counted on election night, with other types of votes taking at least a few days to count.

    In the federal part of this poll, Labor led by 53–47 in SA (54.0–46.0 to Labor in SA at the 2022 federal election). Primary votes were 35% Coalition, 34% Labor, 11% Greens, 6% One Nation and 14% for all Others. Anthony Albanese led Peter Dutton as preferred prime minister by 39–33, and by 46–39 voters did not think Australia was headed in the right direction.

    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. Two polls predict a thumping victory for Labor in WA election, the first with a reformed upper house – https://theconversation.com/two-polls-predict-a-thumping-victory-for-labor-in-wa-election-the-first-with-a-reformed-upper-house-250264

    MIL OSI Analysis – EveningReport.nz –

    March 7, 2025
  • MIL-OSI Video: RBNZ 35 years of flexible inflation targeting conference: Keynote address from Dr. Ben S. Bernanke

    Source: Reserve Bank of New Zealand (video statements)

    Opening remarks from Acting Governor Christian Hawkesby (00:08)

    Keynote address: On inflation targeting Ben S. Bernanke, Distinguished Senior Fellow, The Brookings Institution (10:10)

    https://www.youtube.com/watch?v=PFNPbDEx4As

    MIL OSI Video –

    March 7, 2025
  • MIL-OSI Video: RBNZ 35 years of flexible inflation targeting conference: Session 2 – The Monetary Policy Stance

    Source: Reserve Bank of New Zealand (video statements)

    Targeted Taylor rules: some evidence and theory (01:26) – Boris Hofmann, Bank for International Settlements; Cristina Manea, Bank for International Settlements; Benoit Mojon, Bank for International Settlements.

    How important is global r-star for open economies? (41:39) – James Morley, University of Sydney; Benjamin Wong, Monash University

    https://www.youtube.com/watch?v=xNk4SWGZ7-c

    MIL OSI Video –

    March 7, 2025
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