Category: Business

  • MIL-Evening Report: Menopause hormone patches are in short supply. What are they? And how do they compare with other therapies?

    Source: The Conversation (Au and NZ) – By Mary Bushell, Clinical Associate Professor in Pharmacy, University of Canberra

    DimaBerlin/Shutterstock

    The federal government yesterday released its response to the Senate inquiry into issues related to menopause. The inquiry recommended the government examine options to make menopause hormone therapy (MHT, or sometimes called hormone replacement therapy) more affordable and accessible, and address drug shortages.

    In response, three MHT products will be added to the Pharmaceutical Benefits Schedule (PBS): Estrogel and Estrogel Pro (gels) and Prometrium (a tablet). From March 1, this will bring the cost down to A$31.60 a month ($7.70 concession).

    Some MHT skin patches are already subsidised on the PBS, but they’re in short supply globally. This is due to a combination of factors including manufacturing issues, unexpected increases in demand and the discontinuation of the Climara brand of patch.

    When patients can’t access their MHT patches, they may be prescribed alternative brands that aren’t listed on the PBS, potentially costing more. Others will switch to different formulations, combinations and or strengths to try to get the same effect.

    So what are MHT patches? And how do they compare with gels, tablets and other formulations?

    First a quick recap of menopause

    During the transition to menopause, the ovaries gradually produce less oestrogen until they stop altogether.

    This hormonal change can lead to a range of symptoms, including hot flushes, night sweats, sleep disturbances, mood swings, memory problems and vaginal dryness.

    Over time, the reduction in oestrogen also increases the risk of health problems such as osteoporosis.

    To help reduce the sometimes-debilitating symptoms, some women may be prescribed hormone therapy. This typically includes an oestrogen hormone (such as oestradiol or conjugated oestrogens) and, for women with an intact uterus, a progestogen. Therapy with both hormones is known as combination therapy.

    If taken alone, oestrogen stimulates endometrial growth, increasing the risk of endometrial hyperplasia (irregular thickening of the uterine lining) and cancer. Progestogens counteract this by promoting regular shedding.

    Women without a uterus (after a hysterectomy, for example) do not require progestogens as there is no endometrium to protect.

    What are the different MHT formulations?

    Early MHT, used in the 1940s, used oestrogens extracted from the urine of pregnant mares. Oral formulations derived from this source, such as conjugated equine oestrogens (such as Premarin, short for PREgnant MARes’ urINe), are still available.

    These days, MHT can be broken down into two types of formulations:

    1. ‘Systemic’ treatments such as tablets, patches or gels

    Tablets and capsules are swallowed, while patches and gels are applied to the skin.

    These treatments affect the whole body and are usually best for the vasomotor symptoms such as hot flashes and night sweats, as well as to prevent bone loss.

    2. ‘Localised’ treatments, such as creams and pessaries

    These are inserted into the vagina, and act on the vagina and surrounding tissues. They are absorbed in very small amounts into the bloodstream, much lower than systemic treatments, and are unlikely to have significant effects on the rest of the body.

    Creams and pessaries contain oestrogen alone, and are the best option for treating dryness and discomfort in the vagina.

    They can also help prevent frequent urinary tract infections and improve some bladder problems, such as urinary urgency and urge incontinence.

    It is possible for women to use different forms of oestrogen and progestogen in their hormone therapy regimen. They might use an oestradiol patch to deliver oestrogen, for example, and take oral progesterone to provide the necessary progestogen component.

    Potential MHT side effects include oestrogen-related, headaches, breast tenderness or pain, nausea, leg cramps, mood changes, vaginal bleeding or spotting, bloating, swelling of the hands or feet, indigestion, and skin irritation with patches.

    Patches vs tablets and gels

    MHT patches, which have been available since the 1990s, are now more widely used and often preferred.

    Patches deliver a consistent dose of hormones directly into the bloodstream through the skin, bypassing the liver. This mimics the natural release by the ovaries and provides steady hormone levels into the bloodstream.

    Gels, like patches, bypass the liver. They are associated with less skin irritation than patches, making them a preferable option for people sensitive to adhesives or prone to skin irritation.

    In contrast, oral formulations must be absorbed by the gut and then pass through the liver, where the drug gets processed. Some will be broken down, some will be converted to active metabolites, before entering the bloodstream. This can result in fluctuating oestrogen levels and more side effects than the more consistent delivery provided by patches.

    When oral oestrogen goes through the liver, there is also an increase in the production of clotting factors. For this and other reasons, oestrogen patches have a lower risk of blood clots compared to oral tablets and capsules. Women with an elevated risk of blood clots – including those who are obese, smoke, or have a history of clotting disorders – often prefer patches.

    Patches, which are applied once or twice weekly, are designed to make it easier to stick to than tablets and gels MHT, which requires daily dosing.

    What if you need to switch?

    Currently, both oestrogen and combination skin patches are in short supply in Australia.

    The differences in absorption and metabolism between formulations mean that switching directly from one dosage form to another might not maintain the same level of symptom control or could cause new side effects.

    MHT guidelines provide prescribers with information on dose equivalence between formulations – for example, switching from an oestrogen-containing patch to a gel or tablet – ensuring women have a range of options available and for treatment to be tailored to their individual needs.

    To address the shortages, the Therapeutic Goods Administration (TGA) has enabled pharmacists to dispense alternative brands or strengths of estradiol patches without requiring a new prescription. This might mean, for example, two lesser strengths that add up to the strength prescribed.

    The TGA also temporarily approved the supply of MHT patches from the United States in June, and listed them on the PBS, but these are now also in short supply.

    What if you’re new to MHT?

    The TGA is advising prescribers to consider current shortages when initiating patients on MHT.

    First-time MHT patients may be prescribed readily available formulations to avoid therapy changes and to preserve stock for those already using patches.

    The TGA expects some patches to be out of stock until December 2025 and provides regular updates about the estimated dates the patches will be available again.

    Mary Bushell 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. Menopause hormone patches are in short supply. What are they? And how do they compare with other therapies? – https://theconversation.com/menopause-hormone-patches-are-in-short-supply-what-are-they-and-how-do-they-compare-with-other-therapies-245166

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Asia-Pac: The National Credit Guarantee Mechanism Invigorates Offshore Wind Power Financing Mechanisms and Strengthens Market

    Source: Republic Of China Taiwan 2

    According to Ministry of Economic Affairs (MOEA), domestic enterprises have a large and competitive demand for green electricity (such as RE100) to enhance international competitiveness, and advanced manufacturing processes require higher proportions of green electricity. Thus, increasing the share of green electricity in products made in Taiwan by 2030 has become an urgent priority. The National Credit Guarantee Mechanism aims to encourage investments from banks and insurance funds to support offshore wind farms and accelerate offshore wind power construction, thus ensuring sufficient green electricity for domestic high-tech industry to enhance export competitiveness and achieve the 2050 net-zero target.

    Amid public skepticism over the National Credit Guarantee Mechanism, the Energy Administration (EA) of the MOEA explained that the development of offshore wind power has progressed to the Zonal Development phase, with an estimated financing demand of NT$1.08 trillion between 2026 and 2031. The National Development Council (NDC), the Ministry of Finance, and the MOEA have jointly launched initiatives involving the National Development Fund and eight major state-owned banks to provide financing guarantees, with a total capacity of NT$90 billion. This mechanism assists offshore wind farms in obtaining financing and also offers guarantees to eliminate barriers for general enterprises seeking to purchase green electricity. The government remains committed to fostering a benign investment environment for offshore wind power development.

    The EA further stated that the MOEA and the NDC have recently collaborated to raise the national credit guarantee ratio from 60% to 80% for green energy construction projects by project financing developers, enhancing the full credit guarantees for banks to participate in wind farm projects, incentivizing state-owned banks and other financial institutions to finance offshore wind farms, and supports the sustainable development of offshore wind power market in Taiwan.

    Furthermore, the EA noted that offshore wind power financing operations require the long-term and stable financial capacity for electricity procurement. Therefore, the National Credit Guarantee Mechanism can provide any single general business up to 80% of credit guarantees for procurement of green electricity, which provides additional credit protection for domestic electricity-purchasing enterprises without long-term international credit ratings, and, at the same time, boosts the banks’ confidence when reviewing Corporate Power Purchase Agreements (CPPA), improving the financial structure of wind farms.

    Spokesperson for Energy Administration, Ministry of Economic Affairs:
    Deputy Director General, Chun-Li Lee
    Phone: 02-2775-7700, 0936-250-838
    Email: chunlee@moeaea.gov.tw

    Business Contact: Director, Chung-Hsien Chen
    Phone: 02-2775-7770, 0919-998-339
    Email: ctchen2@moeaea.gov.tw

    MIL OSI Asia Pacific News

  • MIL-OSI: Euronet Reports Record Results Across All Financial Metrics For The Fourth Quarter And Full Year 2024

    Source: GlobeNewswire (MIL-OSI)

    LEAWOOD, Kan., Feb. 12, 2025 (GLOBE NEWSWIRE) — Euronet (or the “Company”) (NASDAQ: EEFT), a global leader in payments processing and cross-border transactions, today announced fourth quarter and full year 2024 financial results. 

    Euronet reports the following consolidated results for the fourth quarter 2024 compared with the same period of 2023:

    • Revenues of $1,047.3 million, a 9% increase from $957.7 million (10% increase on a constant currency1 basis).
    • Operating income of $122.7 million, a 26% increase from $97.4 million (27% increase on a constant currency basis).
    • Adjusted operating income2 of $122.7 million, a 23% increase from $99.9 million (24% increase on a constant currency basis).
    • Adjusted EBITDA3 of $165.8 million, a 12% increase from $147.6 million (13% increase on a constant currency basis).
    • Net income attributable to Euronet of $45.2 million, or $0.98 diluted earnings per share, compared with $69.3 million, or $1.43 diluted earnings per share.
    • Adjusted earnings per share4 of $2.08, a 10% increase from $1.88.
    • Euronet’s cash and cash equivalents were $1,278.8 million and ATM cash was $643.8 million, totaling $1,922.6 million as of December 31, 2024, and availability under its revolving credit facilities was approximately $1,335 million.

    Euronet reports the following consolidated results for the full year 2024 compared with the same period of 2023:

    • Revenues of $3,989.8 million, an 8% increase from $3,688.0 million (9% increase on a constant currency basis).
    • Operating income of $503.2 million, a 16% increase from $432.6 million (18% increase on a constant currency basis).
    • Adjusted operating income of $502.8 million, a 16% increase from $432.1 million (18% increase on a constant currency basis).
    • Adjusted EBITDA of $678.5 million, a 10% increase from $618.7 million (11% increase on a constant currency basis).
    • Net income attributable to Euronet of $306.0 million, or $6.45 diluted earnings per share, compared with $279.7 million, or $5.50 diluted earnings per share.
    • Adjusted earnings per share of $8.61, a 15% increase from $7.46.

    See the reconciliation of non-GAAP items in the attached financial schedules.

    “I am pleased we delivered 15% growth in Adjusted EPS for the full year — at the top end of our range, driven by strong performance in all three segments. As we entered 2024, we told shareholders that we expected our Adjusted EPS to grow between 10% and 15%, and we would be driving to go through the range. Throughout the year our results increasingly demonstrated that it was likely we would perform at the upper end of that range. Now with these very good fourth quarter results, you can see we performed at the top of the range and even ahead of our historical 10- and 20-year CAGR rates. I would like to also point out that our 2024 adjusted EPS of $8.61 was adversely impacted by significant increases in interest and tax expense, but also benefited from share repurchases. With interest, taxes and share repurchases netting each other, you can see that the 15% increase in adjusted EPS was driven by the 16% increase in operating income made possible by strong revenue growth, scale and cost management. For the fourth quarter we delivered record adjusted EPS of $2.08, a 10% year-over-year increase as well as double-digit growth in operating income and adjusted EBITDA,” stated Michael J. Brown, Euronet’s Chairman and Chief Executive Officer. “EFT delivered double-digit growth across all metrics driven by international travel, growth in merchant acquiring business, fee increase opportunities, and expansion into new markets. Money Transfer produced strong fourth quarter results across all metrics including a 33% growth in digital transactions. In epay, our core business delivered strong results from continued digital branded payments and mobile growth.”

    Adjusted operating income and adjusted EBITDA were adjusted for non-cash purchase accounting adjustments in the EFT Segment during the fourth quarter and full-year of 2023 and the full year of 2024 and a non-cash gain in the full year 2023.

    Taking into consideration recent trends in the business and the global economy, the Company anticipates its 2025 adjusted EPS will grow 12% to 16% year-over-year, consistent with its 10 and 20 year compounded annualized growth rates. This outlook does not include any changes that may develop in foreign exchange rates, interest rates or other unforeseen factors.

    Segment and Other Results

    The EFT Processing Segment reports the following results for the fourth quarter 2024 compared with the same period or date in 2023:

    • Revenues of $265.6 million, a 12% increase from $237.9 million (13% increase on a constant currency basis).
    • Operating income of $37.3 million, a 46% increase from $25.5 million (48% increase on a constant currency basis).
    • Adjusted operating income of $37.3 million, a 33% increase from $28.0 million (35% increase on a constant currency basis).
    • Adjusted EBITDA of $61.7 million, an 18% increase from $52.2 million (19% increase on a constant currency basis).
    • Transactions of 3,203 million, a 35% increase from 2,369 million.
    • Total of 55,248 installed ATMs as of December 31, 2024, a 5% increase from 52,652 at December 31, 2023. Operated 49,945 active ATMs as of December 31, 2024, a 6% increase from 47,303 as of December 31, 2023.

    The EFT Processing Segment reports the following results for the full year 2024 compared with the same period in 2023:

    • Revenues of $1,161.2 million, a 10% increase from $1,058.3 million (10% increase on a constant currency basis).
    • Operating income of $256.0 million, a 24% increase from $206.3 million (25% increase on a constant currency basis).
    • Adjusted operating income of $255.6 million, a 24% increase from $205.8 million (25% increase on a constant currency basis).
    • Adjusted EBITDA of $353.5 million, an 18% increase from $300.4 million (19% increase on a constant currency basis).
    • Transactions of 11,424 million, a 35% increase from 8,473 million.

    Revenue, operating income, and adjusted EBITDA growth for both the fourth quarter and full year 2024 was driven by continued growth in transactions in nearly all markets, new market expansion, fee increase opportunities, cost management and growth in the merchant acquiring business with adjusted EBITDA doubling in the last two years.

    The EFT Segment’s total installed ATMs at December 31, 2024 grew 5% over December 31, 2023 ATMs due to the net addition of 1,729 Euronet-owned ATMs, 773 new outsourcing ATMs and the addition of 94 low-margin ATMs in India. The difference between installed and active ATMs relates to ATMs that have been seasonally deactivated. 

    The epay Segment reports the following results for the fourth quarter 2024 compared with the same period or date in 2023:

    • Revenues of $342.2 million, an 8% increase from $316.7 million (10% increase on a constant currency basis).
    • Operating income of $48.0 million, a 10% increase from $43.6 million (12% increase on a constant currency basis).
    • Adjusted EBITDA of $49.9 million, a 10% increase from $45.4 million (12% increase on a constant currency basis).
    • Transactions of 1,185 million, a 31% increase from 906 million.
    • POS terminals of approximately 777,000 as of December 31, 2024, a 5% decrease from approximately 821,000.
    • Retailer locations of approximately 362,000 as of December 31, 2024, a 3% increase from approximately 352,000.

    The epay Segment reports the following results for the full year 2024 compared with the same period in 2023:

    • Revenues of $1,150.5 million, a 6% increase from $1,082.4 million (7% increase on a constant currency basis).
    • Operating income of $129.9 million, a 3% increase from $126.2 million (4% increase on a constant currency basis).
    • Adjusted EBITDA of $137.2 million, a 3% increase from $133.1 million (4% increase on a constant currency basis).
    • Transactions of 4,374 million, a 15% increase from 3,789 million.

    Fourth quarter and full year 2024 constant currency revenue, operating income and adjusted EBITDA growth was driven by continued expansion of digital branded payment and mobile sales.

    The Money Transfer Segment reports the following results for the fourth quarter 2024 compared with the same period or date in 2023:

    • Revenues of $441.9 million, a 9% increase from $405.1 million (9% increase on a constant currency basis).
    • Operating income of $58.4 million, a 13% increase from $51.9 million (12% increase on a constant currency basis).
    • Adjusted EBITDA of $64.4 million, a 9% increase from $59.3 million (9% increase on a constant currency basis).
    • Total transactions of 46.9 million, an 11% increase from 42.4 million.
    • Network locations of approximately 607,000 as of December 31, 2024, a 5% increase from approximately 580,000.

    The Money Transfer Segment reports the following results for the full year 2024 compared with the same period in 2023:

    • Revenues of $1,686.5 million, an 8% increase from $1,555.2 million (9% increase on a constant currency basis).
    • Operating income of $201.0 million, an 8% increase from $185.4 million (9% increase on a constant currency basis).
    • Adjusted EBITDA of $227.0 million, a 5% increase from $216.4 million (5% increase on a constant currency basis).
    • Total transactions of 176.9 million, a 9% increase from 161.7 million.

    Fourth quarter constant currency revenue, operating income and adjusted EBITDA growth was the result of 14% growth in U.S.-outbound transactions, 11% growth in international-originated money transfers and 8% growth in xe transactions, partially offset by a 14% decline in the intra-U.S. business. These transaction growth rates include 33% growth in direct-to-consumer digital transactions.

    Full year 2024 constant currency revenue, operating income, and adjusted EBITDA growth was the result of 12% growth in U.S.-outbound transactions, 11% growth in international-originated money transfers and 16% growth in xe transactions, partially offset by a 14% decline in the intra-U.S. business. These transaction growth rates include 28% growth in direct-to-consumer digital transactions.

    Corporate and Other reports $21.0 million of expense for the fourth quarter 2024 compared with $23.6 million for the fourth quarter 2023. For the full year 2024, Corporate and Other reports $83.7 million of expense compared with $85.3 million for the full year 2023. The decrease in corporate expenses for both the fourth quarter and full year 2024 is largely the result of a decrease in long-term compensation expenses based on lower share value. 

    Balance Sheet and Financial Position
    Unrestricted cash and cash equivalents on hand were $1,278.8 million as of December 31, 2024, compared to $1,524.1 million as of September 30, 2024. The net decrease in unrestricted cash and cash equivalents during the quarter is mainly due to working capital fluctuations, repayment of short-term borrowings, $50 million in share repurchases, partially offset by cash generated from operations. Total indebtedness was $1,949.8 million as of December 31, 2024, compared to $2,278.8 million as of September 30, 2024. The decrease in debt was largely due to repayment of short-term borrowings. Availability under the Company’s revolving credit facility was approximately $1,335 million as of December 31, 2024. The increase in availability of the revolving credit facility was primarily the result of an increase and extension of our credit facility in December 2024 from $1.25 billion to $1.90 billion.

    Non-GAAP Measures
    In addition to the results presented in accordance with U.S. GAAP, the Company presents non-GAAP financial measures, such as constant currency financial measures, adjusted operating income, adjusted EBITDA, and adjusted earnings per share. These measures should be used in addition to, and not a substitute for, revenues, net income and earnings per share computed in accordance with U.S. GAAP. We believe that these non-GAAP measures provide useful information to investors regarding the Company’s performance and overall results of operations. These non-GAAP measures are also an integral part of the Company’s internal reporting and performance assessment for executives and senior management. The non-GAAP measures used by the Company may not be comparable to similarly titled non-GAAP measures used by other companies. The attached schedules provide a full reconciliation of these non-GAAP financial measures to their most directly comparable U.S. GAAP financial measure.

    The Company does not provide a reconciliation of its forward-looking non-GAAP measures to GAAP due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for GAAP and the related GAAP and non-GAAP reconciliation, including adjustments that would be necessary for foreign currency exchange rate fluctuations and other charges reflected in the Company’s reconciliation of historic numbers, the amount of which, based on historical experience, could be significant.

    (1) Constant currency financial measures are computed as if foreign currency exchange rates did not change from the prior period. This information is provided to illustrate the impact of changes in foreign currency exchange rates on the Company’s results when compared to the prior period.

    (2) Adjusted operating income is defined as operating income excluding, to the extent incurred in the period, non-cash gains and non-cash purchase accounting adjustments. Adjusted operating income represents a performance measure and is not intended to represent a liquidity measure.

    (3) Adjusted EBITDA is defined as net income excluding, to the extent incurred in the period, interest expense, income tax expense, depreciation, amortization, share-based compensation, non-cash gains, non-cash purchase accounting adjustments and other non-operating or non-recurring items that are considered expenses or income under U.S. GAAP. Adjusted EBITDA represents a performance measure and is not intended to represent a liquidity measure.

    (4Adjusted earnings per share is defined as diluted U.S. GAAP earnings per share excluding, to the extent incurred in the period, the tax-effected impacts of: a) foreign currency exchange gains or losses, b) share-based compensation, c) acquired intangible asset amortization, d) non-cash income tax expense, e) non-cash gains and non-cash purchase accounting adjustments, f) other non-operating or non-recurring items and g) dilutive shares relate to the Company’s convertible bonds. Adjusted earnings per share represents a performance measure and is not intended to represent a liquidity measure.

    Conference Call and Slide Presentation
    Euronet Worldwide will host an analyst conference call on February 13, 2025, at 9:00 a.m. Eastern Time to discuss these results. The call may also include discussion of Company developments on the Company’s operations, forward-looking information, and other material information about business and financial matters. To listen to the call via telephone please register at Euronet Worldwide Fourth Quarter 2024 Earnings Call. The conference call will also be available via webcast at http://ir.euronetworldwide.com. Participants should register at least five minutes prior to the scheduled start time of the event. A slideshow will be included in the webcast.

    A webcast replay will be available beginning approximately one hour after the event at http://ir.euronetworldwide.com and will remain available for one year.

    About Euronet Worldwide, Inc.
    A global leader in payments processing and cross-border transactions, Euronet moves money in all the ways consumers and businesses depend upon. This includes money transfers, credit/debit processing, ATMs, point-of-sale services, branded payments, currency exchange and more. With products and services in more than 200 countries and territories provided through its own brand and branded business segments, Euronet and its financial technologies and networks make participation in the global economy easier, faster and more secure for everyone.

    Starting in Central Europe in 1994, Euronet now supports an extensive global real-time digital and cash payments network that includes 55,248 installed ATMs, approximately 1,160,000 EFT point-of-sale terminals and a growing portfolio of outsourced debit and credit card services which are under management in 67 countries; card software solutions; a prepaid processing network of approximately 777,000 point-of-sale terminals at approximately 362,000 retailer locations in 64 countries; and a global money transfer network of approximately 607,000 locations serving 197 countries and territories with digital connections to 4.1 billion bank accounts and 3.1 billion digital wallet accounts. Euronet serves clients from its corporate headquarters in Leawood, Kansas, USA, and 67 worldwide offices. For more information, please visit the Company’s website at www.euronetworldwide.com.

    Statements contained in this news release that concern Euronet’s or its management’s intentions, expectations, or predictions of future performance, are forward-looking statements. Euronet’s actual results may vary materially from those anticipated in such forward-looking statements as a result of a number of factors, including: conditions in world financial markets and general economic conditions, including impacts from the COVID-19 or other pandemics; inflation; military conflicts in the Ukraine and the Middle East, and the related economic sanctions; our ability to successfully integrate any acquired operations; economic conditions in specific countries and regions; technological developments affecting the market for our products and services; our ability to successfully introduce new products and services; foreign currency exchange rate fluctuations; the effects of any breach of our computer systems or those of our customers or vendors, including our financial processing networks or those of other third parties; interruptions in any of our systems or those of our vendors or other third parties; our ability to renew existing contracts at profitable rates; changes in fees payable for transactions performed for cards bearing international logos or over switching networks such as card transactions on ATMs; our ability to comply with increasingly stringent regulatory requirements, including anti-money laundering, anti-terrorism, anti-bribery, consumer and data protection and privacy; changes in laws and regulations affecting our business, including tax and immigration laws and any laws regulating payments, including dynamic currency conversion transactions; changes in our relationships with, or in fees charged by, our business partners; competition; the outcome of claims and other loss contingencies affecting Euronet; the cost of borrowing (including fluctuations in interest rates), availability of credit and terms of and compliance with debt covenants; and renewal of sources of funding as they expire and the availability of replacement funding. These risks and other risks are described in the Company’s filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Copies of these filings may be obtained via the SEC’s Edgar website or by contacting the Company. Any forward-looking statements made in this release speak only as of the date of this release. Except as may be required by law, Euronet does not intend to update these forward-looking statements and undertakes no duty to any person to provide any such update under any circumstances. The Company regularly posts important information to the investor relations section of its website. 

     EURONET WORLDWIDE, INC.
     Condensed Consolidated Balance Sheets
     (in millions)
           
      As of    
      December 31,   As of
      2024   December 31,
      (unaudited)   2023
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 1,278.8   $ 1,254.2
    ATM cash 643.8   525.2
    Restricted cash 9.2   15.2
    Settlement assets 1,522.7   1,681.5
    Trade accounts receivable, net 284.9   370.6
    Prepaid expenses and other current assets 297.1   316.0
    Total current assets 4,036.5   4,162.7
           
    Property and equipment, net 329.7   332.1
    Right of use lease asset, net 132.1   142.6
    Goodwill and acquired intangible assets, net 1,048.1   1,015.1
    Other assets, net 288.1   241.9
           
    Total assets $ 5,834.5   $ 5,894.4
           
    LIABILITIES AND EQUITY      
    Current liabilities:      
    Settlement obligations $ 1,522.7   $ 1,681.5
    Accounts payable and other current liabilities 841.0   816.9
    Current portion of operating lease liabilities 48.3   50.3
    Short-term debt obligations 814.0   151.9
    Total current liabilities 3,226.0   2,700.6
           
    Debt obligations, net of current portion 1,134.4   1,715.4
    Operating lease liabilities, net of current portion 87.4   95.8
    Capital lease obligations, net of current portion 1.4   2.3
    Deferred income taxes 71.8   47.0
    Other long-term liabilities 84.3   83.6
    Total liabilities 4,605.3   4,644.7
    Equity 1,229.2   1,249.7
           
    Total liabilities and equity $ 5,834.5   $ 5,894.4
                                   
    EURONET WORLDWIDE, INC.
     Consolidated Statements of Operations
     (unaudited – in millions, except share and per share data)
                           
        Year Ended     Three Months Ended
        December 31,     December 31,
        2024         2023     2024   2023
                           
    Revenues $ 3,989.8       $ 3,688.0     $ 1,047.3       $ 957.7  
                           
    Operating expenses:                      
    Direct operating costs   2,389.3         2,222.8     640.8       596.4  
    Salaries and benefits   650.2         602.9     167.9       158.0  
    Selling, general and administrative   315.3         296.8     83.4       72.4  
    Depreciation and amortization   131.8         132.9     32.5       33.5  
    Total operating expenses   3,486.6         3,255.4     924.6       860.3  
    Operating income   503.2         432.6     122.7       97.4  
                           
    Other income (expense):                      
    Interest income   23.8         15.2     5.7       5.1  
    Interest expense   (80.5 )       (55.6 )   (21.3 )     (16.5 )
    Foreign currency exchange (loss) gain   (19.1 )       8.0     (35.5 )     11.6  
    Other income   21.5         0.2     4.3       0.3  
    Total other (expense) income, net   (54.3 )       (32.2 )   (46.8 )     0.5  
    Income before income taxes   448.9         400.4     75.9       97.9  
                           
    Income tax expense   (142.6 )       (120.9 )   (30.6 )     (28.4 )
                           
    Net income   306.3         279.5     45.3       69.5  
    Net (income) loss attributable to non-controlling interests   (0.3 )       0.2     (0.1 )     (0.2 )
    Net income attributable to Euronet Worldwide, Inc. $ 306.0       $ 279.7     $ 45.2       $ 69.3  
    Add: Interest expense from assumed conversion of convertible notes, net of tax   4.2         4.2       0.9         1.0  
    Net income for diluted earnings per share calculation $ 310.2       $ 283.9     $ 46.1       $ 70.3  
    Earnings per share attributable to Euronet                      
    Worldwide, Inc. stockholders – diluted $ 6.45       $ 5.50     $ 0.98       $ 1.43  
                           
    Diluted weighted average shares outstanding   48,082,766         51,599,633     47,050,602       49,066,284  

     

     EURONET WORLDWIDE, INC.
    Reconciliation of Net Income to Operating Income (Expense), Adjusted Operating Income (Expense) and Adjusted EBITDA
     (unaudited – in millions)
                       
      Three months ended December 31, 2024
                       
      EFT Processing   epay   Money Transfer   Corporate Services   Consolidated
                       
    Net income                 $ 45.3  
                       
    Add: Income tax expense                 30.6  
    Add: Total other expense, net                 46.8  
                       
    Operating income (expense) $ 37.3     $ 48.0     $ 58.4     $ (21.0 )     $ 122.7  
                       
    Add: Depreciation and amortization 24.4     1.9     6.0     0.2       32.5  
    Add: Share-based compensation             10.6       10.6  
                       
    Earnings before interest, taxes, depreciation, amortization, share-based compensation (Adjusted EBITDA) (1) $ 61.7     $ 49.9     $ 64.4     $ (10.2 )     $ 165.8  
                       
      Three months ended December 31, 2023
                       
      EFT Processing   epay   Money Transfer   Corporate Services   Consolidated
                       
    Net income                 $ 69.5  
                       
    Add: Income tax expense                 28.4  
    Less: Total other income, net                 (0.5 )
                       
    Operating income (expense) $ 25.5     $ 43.6     $ 51.9     $ (23.6   )   $ 97.4  
    Add: non-cash purchase accounting expense adjustment   2.5                           2.5  
    Adjusted operating income (expense) (1)   28.0       43.6       51.9       (23.6   )     99.9  
                       
    Add: Depreciation and amortization 24.2     1.8     7.4     0.1       33.5  
    Add: Share-based compensation             14.2       14.2  
                       
    Earnings before interest, taxes, depreciation, amortization, non-cash purchase accounting expense adjustment and share-based compensation (Adjusted EBITDA) (1) $ 52.2     $ 45.4     $ 59.3     $ (9.3   )   $ 147.6  

    (1) Adjusted operating income (expense) and Adjusted EBITDA are non-GAAP measures that should be considered in addition to, and not a substitute for, net income computed in accordance with U.S. GAAP. 

     EURONET WORLDWIDE, INC.
    Reconciliation of Net Income to Operating Income (Expense), Adjusted Operating Income (Expense) and Adjusted EBITDA
     (unaudited – in millions)
                       
      Twelve months ended December 31, 2024
                       
      EFT Processing   epay   Money Transfer   Corporate Services   Consolidated
                       
    Net income                 $ 306.3  
                       
    Add: Income tax expense                 142.6  
    Add: Total other expense, net                 54.3  
                       
    Operating income (expense) $ 256.0     $ 129.9     $ 201.0     $ (83.7 )   $ 503.2  
                       
    Less: Non-cash purchase accounting income adjustment (0.4 )               (0.4 )
    Adjusted operating income (expense) (1) 255.6     129.9     201.0     (83.7 )   502.8  
                           
    Add: Depreciation and amortization 97.9     7.3     26.0     0.6     131.8  
    Add: Share-based compensation             43.9     43.9  
                       
    Earnings before interest, taxes, depreciation, amortization, non-cash purchase accounting income adjustment and share-based compensation (Adjusted EBITDA) (1) $ 353.5     $ 137.2     $ 227.0     $ (39.2 )   $ 678.5  
                       
      Twelve months ended December 31, 2023
                       
      EFT Processing   epay   Money Transfer   Corporate Services   Consolidated
                       
    Net income                 $ 279.5  
                       
    Add: Income tax expense                 120.9  
    Add: Total other expense, net                 32.2  
                       
    Operating income (expense) $ 206.3     $ 126.2     $ 185.4     $ (85.3 )   $ 432.6  
                       
    Add: Non-cash purchase accounting expense adjustment 2.5                 2.5  
    Less: Non-cash gain (3.0 )               (3.0 )
    Adjusted operating income (expense) (1) 205.8     126.2     185.4     (85.3 )   432.1  
                           
    Add: Depreciation and amortization 94.6     6.9     31.0     0.4     132.9  
    Add: Share-based compensation             53.7     53.7  
                       
    Earnings before interest, taxes, depreciation, amortization, non-cash purchase accounting expense adjustment, non-cash gain and share-based compensation (Adjusted EBITDA) (1) $ 300.4     $ 133.1     $ 216.4     $ (31.2 )   $ 618.7  

    (1) Adjusted operating income (expense) and Adjusted EBITDA are non-GAAP measures that should be considered in addition to, and not a substitute for, net income computed in accordance with U.S. GAAP. 

    EURONET WORLDWIDE, INC.
    Reconciliation of Adjusted Earnings per Share
     (unaudited – in millions, except share and per share data)
                                   
      Year Ended    Three Months Ended
      December 31,   December 31,
        2024         2023       2024         2023  
                                   
    Net income attributable to Euronet Worldwide, Inc. $ 306.0       $ 279.7     $ 45.2       $ 69.3  
                                   
    Foreign currency exchange loss (gain)   19.1         (8.0 )     35.5         (11.6 )
    Intangible asset amortization(1)   21.7         24.4       4.7         5.4  
    Share-based compensation(2)   43.9         53.7       10.6         14.2  
    Non-cash gain(3)           (3.0 )              
    Non-cash purchase accounting (income) expense adjustment(4)   (0.4 )       2.5               2.5  
    Income tax effect of above adjustments(5)   13.2         (3.0 )     3.2         1.2  
    Non-cash investment gain(6)   (20.3 )             (3.5 )        
    Non-cash GAAP tax expense (benefit)(7)   9.9         19.7       (3.1 )       6.4  
                                   
    Adjusted earnings(8) $ 393.1       $ 366.0     $ 92.6       $ 87.4  
                                   
    Adjusted earnings per share – diluted(8) $ 8.61       $ 7.46     $ 2.08       $ 1.88  
                                   
    Diluted weighted average shares outstanding (GAAP)   48,082,766         51,599,633       47,050,602         49,066,284  
    Effect of adjusted EPS dilution of convertible notes   (2,781,818 )       (2,781,818 )     (2,781,818 )       (2,781,818 )
    Effect of unrecognized share-based compensation on diluted shares outstanding   369,573         230,000       295,559         158,030  
    Adjusted diluted weighted average shares outstanding   45,670,521         49,047,815       44,564,343         46,442,496  

    (1) Intangible asset amortization of $4.7 million and $5.4 million are included in depreciation and amortization expense of $32.5 million and $ 33.5 million for both the three months ended December 31, 2024 and December 31, 2023, in the consolidated statements of operations. Intangible asset amortization of $21.7 million and $24.4 million are included in depreciation and amortization expense of $131.8 million and $132.9 million for the twelve months ended December 31, 2024 and December 31, 2023, respectively, in the consolidated statements of operations. 

    (2) Share-based compensation of $10.6 million and $14.2 million are included in salaries and benefits expense of $167.9 million and $158.0 million for the three months ended December 31, 2024 and December 31, 2023, respectively, in the consolidated statements of operations. Share-based compensation of $43.9 million and $53.7 million are included in salaries and benefits expense of $650.2 million and $602.9 million for the twelve months ended December 31, 2024 and December 31, 2023, respectively, in the consolidated statements of operations.

    (3) A non-cash gain of $3.0 million is included in operating income for the twelve months ended December 31, 2023, in the consolidated statements of operations. 

    (4) Non-cash purchase accounting (income)/expense adjustment of respectively ($0.4) million and $2.5 million is included in operating income for the twelve months ended December 31, 2024 and December 31, 2023 in the consolidated statement of operations. 

    (5) Adjustment is the aggregate U.S. GAAP income tax effect on the preceding adjustments determined by applying the applicable statutory U.S. federal, state and/or foreign income tax rates. 

    (6) Non-cash investment gain of respectively $3.5 million and $20.3 million for the three and twelve months ended December 31, 2024 is included in other income in the consolidated statement of operations.

    (7) Adjustment is the non-cash GAAP tax impact recognized on certain items such as the utilization of certain material net deferred tax assets and amortization of indefinite-lived intangible assets.

    (8) Adjusted earnings and adjusted earnings per share are non-GAAP measures that should be considered in addition to, and not as a substitute for, net income and earnings per share computed in accordance with U.S. GAAP. 

    The MIL Network

  • MIL-OSI USA: Senator Peters Blasts Trump Administration for Shuttering the Consumer Financial Protection Bureau

    US Senate News:

    Source: United States Senator for Michigan Gary Peters
    Published: 02.12.2025
    CFPB Protects Americans, Particularly Servicemembers and Military Families, Against Predatory and Illegal Financial Scams; Has Returned $20 Billion from Banks to Americans Since it was Created

    WASHINGTON, DC – U.S. Senator Gary Peters (MI) joined his colleagues in calling for the Trump Administration to immediately reverse its decision to shutter the Consumer Financial Protection Bureau (CFPB). The CFPB provides relief to Americans who have been wronged by unethical practices from banks, payday lenders, and other financial companies by investigating and addressing consumer complaints about financial products and services. For example, the CFPB put in place rules that prevent mortgage lenders from issuing loans with hidden terms and costs that have caused people to lose their homes. The CFPB has also taken action against unreasonable bank overdraft fees which has encouraged other banks to remove or reduce their overdraft policies to avoid being penalized. Since the agency’s creation, the CFPB has returned over $21 billion owed to American consumers who have fallen victim to abusive and illegal activity from financial institutions.
    In a letter led by Peters and his colleagues, the senators underscored how the Administration’s decision to close the CFPB and idle its nearly 2,000 employees will make Americans more susceptible to predatory lending and other deceitful financial practices, particularly servicemembers and military families who are at heightened risk of being targeted by these tactics. This is because the Administration’s decision also halted key CFPB oversight of protections from the Military Lending Act (MLA) and Servicemembers Civil Relief Act (SCRA) that prevent servicemembers from being taken advantage of. These protections support our military readiness, recruitment, and retention efforts by allowing servicemembers to focus on their service obligations while on active duty, rather than worrying about making ends meet at home. Peters and his colleagues urged the CFPB to resume its essential work of investigating violations of consumer financial protection laws and taking actions against scammers and payday lenders to protect the financial well-being of our military families and all Americans.
    “This funding, supervision, enforcement, and communications freeze will hit military families especially hard. Without a functional CFPB, military families will be stripped of their financial protections under the bipartisan Military Lending Act (MLA) that they have earned and deserve by serving our Nation,” Peters and the senators wrote. “The CFPB is the primary agency responsible for supervising and enforcing the MLA against nonbank financial companies, including payday lenders, pawnshops, and debt collectors who have charged servicemembers interest rates as high as 600% and who have threatened to derail their careers if they do not pay up.”
    “Accordingly, we request that the CFPB continue to supervise and investigate violations of the consumer financial protection laws and take forceful enforcement actions against lenders that violate the law, especially when it comes to predatory lending that harms our military readiness. We also request that the CFPB continue to make public communications to consumers, especially to servicemembers regarding the rights that they are owed under the SCRA,” the letter concluded.
    To read the full text of the letter, click here.

    MIL OSI USA News

  • MIL-OSI USA: ICYMI: Delaying RFK Jr. Confirmation Vote on Senate Floor, Warren Highlights Kennedy’s Egregious Conflicts of Interest, “Long History of Promoting Anti-Science Conspiracy Theories”

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren

    February 12, 2025

    Warren, Democrats hold Senate floor for 30 hours to oppose “dangerous” RFK Jr. confirmation 

    “Kennedy’s actions speak louder than his latest words, and time and time again, Kennedy has shown us who he is: An anti-science conspiracy peddler who is willing to gamble with American lives. We know who he is, we need to pay attention.”

    “(W)hile you and your family are forced to deal with the grave consequences of Kennedy’s conspiracy-driven health care decisions, Kennedy could set himself up to make millions of dollars off his anti-vaccine crusade – just like he’s been doing for decades. ” 

    Video of Remarks (YouTube)

    Washington, D.C. – On the floor of the United States Senate, Senator Elizabeth Warren, a member of the Senate Finance Committee, joined Democrats in delaying a final vote to confirm Robert F. Kennedy Jr. for Secretary of the Department of Health and Human Services. Senator Warren warned that American families and children would pay the price for Mr. Kennedy’s “conspiracy-driven health care decisions,” while his serious ethics conflicts remain unresolved. 

    Senator Warren called on her colleagues to oppose his nomination. The Senate is scheduled to vote on Mr. Kennedy’s confirmation on the morning of February 13, 2025. 

    Transcript: Floor Speech Opposing the Confirmation of Robert F. Kennedy Jr., Nominee for Secretary of Health and Human Services
    U.S. Senate Floor
    February 12, 2025 
    As Delivered

    Senator Elizabeth Warren: Thank you, Mr. President. And I want to say thanks to the Senator from Minnesota for her leadership on this point. I know that the great research institutions in Minnesota that count on her support are out there fighting thanks to Donald Trump, as they are in Massachusetts. And the people all around this country that rely on those research institutions, who are looking for those cures, for those better treatments, for those opportunities in their lives that right now Donald Trump and his co-president, Elon Musk, seem to want to cut off. So we will stay in this fight. We will indeed. 

    I am here today because Americans didn’t vote to bring back measles.

    Americans didn’t vote to bring back polio.

    Americans didn’t vote to bring back dangerous diseases that we thought we had wiped out decades ago. 

    Americans didn’t vote to get rid of critical vaccines that we know — based on science — we know save lives.

    But that is what Robert F. Kennedy Jr.’s vision would mean for Americans. That is the vision Donald Trump will empower him to carry out.

    Kennedy not only worked to undercut vaccines at home and abroad, he’s made a lot of money doing it. In fact, Kennedy has made millions off of peddling harmful conspiracy theories that hurt real people. He opposed the life-saving Covid vaccine just six months into the pandemic. And he’s set himself up so that he and his family could make millions more from putting Americans’ health at risk.

    One thing is very clear: We cannot trust Robert Kennedy to make health care decisions that will affect every person in this country.

    Right now, millions of Americans are sitting down for dinner with their kids. And I hope we just think for a minute about what RFK Jr.’s plans would mean for them.

    Will their teeth decay because Kennedy took fluoride out of our water based on some conspiracy theory? 

    Will they have to worry about getting measles at school because Kennedy is spreading anti-vax conspiracies on government letterhead? 

    Will parents have to risk their kids getting polio—and maybe dying—by sending them to daycare because Kennedy used HHS rules to open the door to a flood of bogus lawsuits that forced manufacturers to pull the vaccines?

    Look, here’s the thing: Robert Kennedy has spent years on an anti-vaccine crusade, spreading baseless conspiracy theories under the guise of protecting children, so we don’t need to guess the level of harm he will cause; his past already tells us everything we need to know.   

    In July 2018, two children died immediately after receiving a measles vaccine that nurses had incorrectly mixed with a muscle relaxant. Within weeks, the Samoan Health Ministry publicly confirmed the nursing error and charged the nurses with manslaughter. Nevertheless, leading anti-vaccine groups, including Kennedy’s own organization, Children’s Health Defense, exploited public fears to question the reports and spread baseless claims.

    On August 5th, 2018, Kennedy’s organization, Children’s Health Defense, posted on Facebook, and I will quote the post. “Were these once-healthy children the only two to receive MMR that day? If not, why were they the only ones to die? Research needs to determine susceptibility so that no child is ever injured.” Del Bigtree, Kennedy’s partner and former campaign manager, also released a video linking the tragedy to false claims about measles, and telling his followers to “share it with everyone you know. This is how we are changing the world.” 

    Now, amidst public distrust and a paused vaccine program in Samoa, the vaccination rates plummeted. About 10 months later, once the Samoan government had finally stood up against the disinformation and resumed the vaccine program, Kennedy visited the island to meet with the Prime Minister.

    Later, recognizing the blowback that comes with how much went wrong when a conspiracy theory cost people their lives, Kennedy has since denied that his visit had anything to do with vaccines and said that anything suggesting otherwise was an “industry propaganda trope.” In other words, totally false. “Industry propaganda trope.” 

    Kennedy lied. A blog post that Kennedy himself wrote in 2021 admits he went to Samoa to meet with the Prime Minister, who wanted to discuss the possibility of “measur(ing) health outcomes following the ‘natural experiment’ created by the nation’s respite from vaccines.” 

    Think about what that means. Another way to say it is that Kennedy was interested in taking advantage of how the vaccination rate had plummeted, caused by misinformation, so that they could conduct uncontrolled trials on whether unvaccinated kids were healthier than vaccinated kids, a conspiracy theory he has spread widely. You see, at the time, one of his traveling partners was working on a similar study with two anti-vaccine activists, which was ultimately retracted following an investigation that “raised several methodological issues and confirmed that the conclusions were not supported by strong scientific data.” 

    Now, there’s no surprise here. The Prime Minister declined Kennedy’s outrageous proposal – he didn’t want his country to be Kennedy’s guinea pig. He didn’t want unvaccinated children to be studied to see what happened to them when measles or other diseases broke out. But that didn’t stop him from spreading his message. On this trip to Samoa, he met with various anti-vaccine influencers, one of whom said the meeting was “profoundly monumental for (the) movement.” A few months after Kennedy left, in October 2019, the vaccination rate in Samoa hit an historic low of 31%, down from 74% the prior year – and no surprise, a massive measles outbreak erupted. So here is Kennedy telling us now he had nothing, nothing to do with this, his trip to Samoa had nothing to do with the measles vaccine and calling any claim “industry propaganda trope.” And yet, he himself posted a blog about meeting with the Prime Minister and talking about a study to measure health outcomes following a natural experiment of studying children–some with no vaccination and some that were vaccinated. And the anti-vax groups that he met with talked about how profoundly important it is, then Mr. Kennedy leaves, vaccination rates drop down to 31%.

    The measles outbreak was truly tragic. In total, more than 70 children died, right up until a door-to-door vaccination campaign brought the disaster to an end.

    As HHS Secretary, Kennedy would be responsible for whether we keep our children vaccinated or subject them to, in his words, the same “natural experiment” he was interested in testing in Samoa.

    Is that what we want for our kids? Is that what we want for our elderly parents? That is a living nightmare — and it could truly be our reality with Kennedy heading up the Department of Health and Human Services. And all the while that this is going on, while Kennedy is promoting this anti-vax theory, he and his family are profiting off of the plan.

    Now, I’ve been sounding the alarm about Kennedy since the minute Donald Trump announced that he would nominate him for HHS Secretary. It’s not just that he’s unqualified — his long history of promoting anti-science conspiracy theories make him disqualified.

    This is a man who claimed “there is no vaccine that is safe and effective.” “No vaccine.” 

    He said that the polio vaccine “killed many, many more people” than polio ever did. Now, Kennedy came to our committee and said don’t worry, he swears anti-vaccine. But he’s spent his entire career on an anti-vaccine crusade, spreading baseless conspiracy theories under the guise of protecting children and making millions in the process.

    And when, in Senate hearings, he was confronted with his own words, he simply denied saying them.  Denied saying them— despite the videotapes, the transcripts, the blog posts, and the people who heard them. Kennedy thinks he knows what he needs to say to try to get the job that will put him in charge of our vaccine program, so he says he didn’t say exactly what he said.

    Kennedy’s actions speak louder than his latest words, and time and time again, Kennedy has shown us who he is: An anti-science conspiracy peddler who is willing to gamble with American lives. We know who he is, we need to pay attention.

    Let’s do a quick count of some of the ways that, as HHS Secretary, Kennedy could make the anti-vaccine lawsuits — and his own payouts — even bigger. What could Kennedy do? Well, as Secretary of HHS: 

    • He could publish his anti-vaccine conspiracies, but this time on U.S. government letterhead — something that might impress a jury in a subsequent trial. 
    • He could appoint people to the CDC vaccine panel who share his anti-vax views and let them do his dirty work.
    • He could tell the CDC vaccine panel to remove a particular vaccine from the vaccination schedule. 
    • He could remove vaccines from a special compensation program, which would “open up manufacturers to mass torts (lawsuits).” 
    • He could “make more injuries eligible for compensation even if there’s no causal evidence.” 
    • He could change vaccine court processes to make it easier to bring junk lawsuits that could get vaccines pulled from the market.
    • He could turn over FDA (data) to his friends at the law firm, and they could use it however benefits their lawsuits. 

    In short, as HHS Secretary, Kennedy would have the power to make health care decisions that would affect millions of Americans — for working Americans, kids, seniors — on everything from vaccines to abortion to life-saving drugs. Kennedy would have the capacity, as head of HHS, to make it easier to sue vaccine manufacturers. And in an area where the profit margins on vaccines are quite modest, if those lawsuits mount up, vaccines could simply disappear from the market altogether. Manufacturers could decide, “you know, it’s just not worth the lawsuits. We’ll go produce other drugs.” 

    Those kinds of decisions are critically important, and the consequences are grave. For many Americans, they may be the difference between life and death. And they can change lives forever.

    So, while you and your family are forced to deal with the grave consequences of Kennedy’s conspiracy-driven health care decisions, Kennedy could set himself up to make millions of dollars off his anti-vaccine crusade – just like he’s been doing for decades. 

    Remember, the very first ethics agreement that Kennedy submitted to us on the Senate Finance Committee, he said that even while serving as HHS Secretary, he planned to keep his financial stake in ongoing litigation — including vaccine-related litigation. That means that from the jump, Kennedy’s plan was to keep making money off the backs of lawsuits against vaccine manufacturers, some of which directly related to the very products he would have the power to regulate as Secretary of HHS. So, there he is. He has the power to regulate these drugs. He has the power to make life a little better or a little worse for the vaccine manufacturers. He has the power to make it more likely that lawsuits against vaccine manufacturers would succeed. And his initial plan was even while he sat there as Secretary of HHS, he was going to keep on making money from that. 

    This was a damning conflict of interest, so we called it out. Kennedy told us okay, okay, he would submit an updated ethics agreement. Sounds good? What was his update?

    Well, he said instead of personally keeping the millions he’d make off these ongoing lawsuits… he would hand that money directly to his son. Later, he confirmed that the son he’s handing his interests off to is the one who works at Wisner Baum—the same law firm that Kennedy has maintained his very lucrative arrangement with over years, so far netting him a reported $2.5 million just in the last few years. And Kennedy has made clear that he can use his tools as HHS Secretary to open up the door for more anti-vax litigation, and once he’s through as Secretary of HHS, go right back to Wisner Baum and cash in on the new flood of cases that Kennedy himself has unleashed.

    So that is Kennedy’s idea of “fixing” an ethics issue.

    And beyond that, Kennedy has flip-flopped countless times in his answers to the Finance Committee. He is untrustworthy. He has made so many contradictory statements that it’s come to the point it is hard to believe anything he says is true.

    For example, Kennedy originally said he was not an attorney of record in any of these vaccine-related lawsuits. But we did a little homework and we found at least five cases related to the vaccine litigation that hadn’t been disclosed where Kennedy seems to be an attorney of record. That is important because what it means is that Kennedy is a lot closer to these cases than he’s revealing — cases that he and his family will be able to make bank off even as he serves as HHS Secretary. 

    The importance of this litigation can’t be overstated. Just 20 years ago, we watched vaccine makers pull their products off the market because they didn’t have protection from these kinds of lawsuits. The consequence of Kennedy’s ability to make those lawsuits easier is also the ability to shut down access and manufacturing for vaccines for every one of us. And I think that is a terrible mistake.

    Kennedy claims that he is taking on Big Pharma, but that is the lie he is peddling to hide his conflicts. I pressed him on real ways to take on the industry, including using marching-in on Big Pharma’s patents when they use taxpayer funds to bring drugs to market and then turn around and jack up prices on hardworking Americans, and by having the government negotiate prices directly with Big Pharma on behalf of Medicare beneficiaries. But Kennedy, after talking a big game about taking on Big Pharma, said no, he doesn’t support march-in rights and no, he didn’t want to commit to defending Medicare price negotiations, two proven methods to take on the drug industry and put money back into Americans’ pockets. So whose side is he on? 

    Well, one thing is for sure: RKF Jr. is on the side of his own bottom line. He has also refused to share a list of cases that he stands to benefit from. Now, I told you. He said nope, he was not attorney of record on any cases. We dug around and we found five. How many more are there? Well, here’s what Kennedy said when we said, just give us a list of the cases that you’re participating in so we can take a look at the possible conflicts. His answer? The list is so long and the conflicts so clear that, evidently, it would be more damning than what we already know. 

    Kennedy’s list of ethics issues and financial issues are a mile long—and there’s still too much that he refuses to reveal. Think about this. He’s already told us enough about his conflicts, about how he plans to keep making money, even while he was Secretary of HHS. He revealed all that right upfront. He said “Yep, I’m going to make money while I’m Secretary of HHS.” 

    And yet on basic questions like can you just give us a list of the cases that you participated in? He says, “No, I can’t do that,” which really makes you ask what on Earth is he hiding? He is dodging questions from the Senate, he is contradicting himself, and he keeps changing his answers in order to muddy the waters and really make it hard to understand what’s going on.

    Look, no one is fooled about what is happening here. Kennedy has said he’ll, “slam shut the revolving door,” between government agencies and the companies they regulate. But what he won’t agree to is cut off his own family’s steady stream of money flowing in from lawsuits that he personally can directly affect while he is Secretary of HHS. 

    Kennedy knows that these conflicts are serious. And that’s why he scrambled to update his ethics agreement and hand off his interests to his son in a desperate attempt to “fix” things.

    Video of Senator Warren’s full remarks can be found here. 

    MIL OSI USA News

  • MIL-OSI China: China leads in energy transition investment

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

    China led the world in energy transition investment last year, accounting for two-thirds of the $2.1 trillion spent globally in 2024, according to BloombergNEF (BNEF), a research and advisory firm.

    Driven by strong domestic demand, China remained the dominant force in clean energy investment last year, with spending focused on solar power, lithium batteries, electric vehicles, and power grids, BNEF said in its recently released Energy Transition Investment Trends 2025 report.

    With a 20 percent year-on-year growth, the Chinese mainland alone contributed $134 billion of the $202 billion global investment increase in 2024. The country posted solid growth across multiple sectors, including renewables, energy storage, nuclear power, EVs, hydrogen, heat pumps and power grids, it said.

    China’s rapid investment surge widened its lead over other economies, with its energy transition spending more than double that of any other country. Even when adjusted for economic size, China’s investment accounted for 4.5 percent of its GDP, far exceeding countries like the United States with 1.2 percent, said the research firm.

    China’s renewable energy sector experienced a stellar year in 2024, with the total installed capacity of wind and solar power surpassing 1.4 billion kilowatts, further reinforcing the country’s role as a global leader in renewable energy development.

    Industry experts said China has always been a global leader in the green energy shift.

    The Sinopec Economics and Development Research Institute, a think tank that is part of China Petroleum and Chemical Corp, has forecast that China’s investment in its energy transition is expected to surpass $1 trillion by 2030, with a focus on enhancing energy efficiency and accelerating electrification.

    China has doubled the share of renewable energy in its energy investment mix, spending more than 40 percent of its energy transition funds on renewables, or roughly twice the amount allocated to fossil fuels, said Luo Daqing, vice-president of the institute.

    According to Zhou Libo, deputy secretary-general of the China Electricity Council’s electric transportation and energy storage branch, investment in China is set to continue growing in integrated energy stations, photovoltaic-storage-charging hubs and supercharging stations.

    Data released by BNEF reveal that China also maintained its dominance in the clean energy supply chain, accounting for 81 percent of global supply chain investment in 2024.

    BNEF expects China to continue leading global clean energy spending in the years ahead.

    Beyond renewables, investment in other low-carbon energy sources, including nuclear power, rose sharply in 2024, underscoring a global revival of nuclear energy, it said.

    MIL OSI China News

  • MIL-OSI China: Nation’s rail network continued to break records in 2024

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

    Remarkable progress was made in China’s railway sector in 2024, with the improvement of the nation’s transportation infrastructure contributing to economic growth and improving lives.

    As of the end of last year, China’s railway network had stretched to 162,000 kilometers, with 48,000 km dedicated to high-speed rail, further pressing its advantage as the global leader in high-speed rail. The network also expanded into more remote and mountainous areas, where constructing railways was once considered impossible.

    Freight train services linking China and Europe saw steady growth in 2024. Launched in 2011, the total number of China-Europe freight train services surpassed 100,000 last year.

    One of the highlights of the year was the debut of the CR450 prototypes, the next generation of high-speed trains that are faster, greener and more comfortable than those in current operation. Once they enter commercial operation, speeds will be increased to 400 km/h from the current 350 km/h. This development underscores China’s commitment to advancing transportation technology and improving efficiency.

    China’s railway freight and passenger volumes both reached record highs last year, playing a key role in supporting socioeconomic development. According to China State Railway Group, the national railway operator, in 2024, China’s national railway handled a record 4.08 billion passenger trips, with daily traffic reaching a high of nearly 21.45 million. The network also moved 3.99 billion metric tons of cargo, marking the eighth consecutive year of growth.

    Expansion milestones

    On a crisp September morning during China’s Mid-Autumn Festival, Luo Wei and her family stood at Chengdu East Railway Station, excited but unsure. They were embarking on a last-minute trip to Jiuzhaigou, a picturesque UNESCO World Heritage Site nestled in the mountains of western Sichuan province. In the past, such a journey would have been an exhausting multi-day ordeal. The eight-hour road trip from Chengdu to Jiuzhaigou is notorious for its winding roads through the mountains and steep drop-offs below. But this time, they were about to board a new train service that would transform the experience.

    In 1 hour and 39 minutes, they reached their destination, smoothly gliding through the mountains aboard a cutting-edge bullet train. Although a two-hour bus ride linking the railway station and the scenic area still awaits, it was much better than the previous eight-hour journey from Chengdu. No more hours spent cramped in a car on winding roads. It was a glimpse into the future of transportation in China, where high-speed rail has turned what once felt like an impossible journey into a comfortable, efficient reality.

    “We thought it might be different to see Jiuzhaigou by train, especially with our 10-year-old son,” Luo said, reminiscing about the challenging, fun-filled backpacking and self-driving trips she and her husband had taken several times during their school years.

    “It (the train journey) was certainly easier, and the trip was far more comfortable — much more suitable for a family outing, especially with a child,” she said.

    “Before, a round trip to Jiuzhaigou would take at least three days. Now we can do it in just a day.”

    The 69-km newly opened railway from Zhengjiangguan to Huangshengguan links this remote yet breathtaking region to China’s extensive railway network for the first time.

    Over a century ago, Sun Yat-sen, a pioneering Chinese revolutionary leader, envisioned a modernized China in his book The International Development of China. His plan included the construction of 1.6 million km of roads and approximately 160,000 km of railways. Last year, while Sun’s vision for railways became a reality, the development of China’s high-speed rail has in all likelihood exceeded his expectations.

    Last year, more than 3,100 km of new rail was built, including 2,457 km of high-speed rail, linking key cities and regions.

    Since 2012, the total length of China’s rail network has grown by more than 65 percent, while high-speed rail has expanded over fourfold.

    Compared to 2012, when China’s total railway length was 98,000 km with 9,356 km of high-speed rail, the country’s rail infrastructure has undergone an impressive transformation.

    Li Jingwei, deputy head of the development and reform department of China State Railway Group, highlighted the accelerated pace of construction.

    “Since 2012, the expansion of China’s high-speed rail has intensified, with an average of over 3,000 km of new high-speed rail lines put into operation annually,” Li said.

    Notably, China is the only country to achieve commercial operation of high-speed rail at 350 km/h, showcasing technological prowess, he said.

    “From snowy forests in the northern part of China to the water towns in the eastern region, and from the desert to the sea, China’s high-speed rail traverses major rivers and rugged mountains, and connects all regions,” Li said.

    He added that the high-speed railway network covers more than 96 percent of cities with populations over 500,000, including the Hong Kong Special Administrative Region.

    By 2030, China aims to have built a world-class modern railway network covering about 180,000 km, including around 60,000 km of high-speed rail. This expansion will create a more efficient and interconnected transportation system, allowing passengers to travel between major cities in just one to three hours and ensuring the swift movement of cargo across the country.

    The expansion of the network has not only reduced travel times but also increased connectivity between major cities and more isolated areas, including regions with challenging terrain, where building roads is already difficult, let alone railways. This is particularly true in the rugged mountains of Sichuan and the Xizang autonomous region, where new rail lines have brought services to remote locations, boosting regional development and tourism.

    Greater access

    The improvement of China’s railway network has had a transformative effect on the tourism industry.

    Yin Wei, head of a travel agency in Jiuzhaigou, with 12 years of experience in the industry, has witnessed dramatic changes in travel patterns over the years. He said the new rail line has had an enormous impact on tourism.

    “The travel time from Chengdu to Jiuzhaigou has been greatly shortened,” he said.

    “Tourists have eagerly awaited this rail line, and we received a lot of inquiries,” he said. “In the past, our tours typically lasted five days, but now, visitors can experience it in just one or two days.”

    The agency has already started developing tailored weekend getaway packages for tourists.

    “Visitors can arrive on Friday and spend two days exploring Jiuzhaigou and Huanglong, or even come for a one-day trip to enjoy the snowy scenery in the morning and return by evening. It’s incredibly appealing to tourists,” he said.

    Yin believes the easy access will benefit not only Jiuzhaigou but also the surrounding attractions, leading to an overall increase in tourism revenue for the region.

    Ferrying freight

    While passenger services have seen dramatic improvements, China’s railway network is also revolutionizing global trade. A notable milestone was achieved on Dec 3 when freight train X8083 — carrying goods such as electronics, home appliances, auto parts and daily necessities — arrived in Duisburg, Germany, marking the 100,000th journey between China and Europe. The train, which departed from Chongqing on Nov 15, took 18 days to reach the German city.

    As a cornerstone of the Belt and Road Initiative, the China-Europe freight train has evolved into a critical link for trade and connectivity, fostering open cooperation, mutual benefit and economic integration among the countries along the route.

    In 2024, the service hit a significant benchmark with 19,000 China-Europe freight trains operated, transporting 2.07 million containers — an increase of 10 percent and 9 percent, respectively, compared to the previous year.

    Since launching in 2011, the service has transformed global trade by enhancing connectivity between China and Europe. It has maintained a strong track record for safety, stability and efficiency, making it an indispensable component of the international logistics network.

    Li Chao, deputy director of the Policy Research Office of China’s National Development and Reform Commission, said: “The China-Europe freight train service is a vital carrier of open cooperation, fostering mutual benefit and supporting the Belt and Road Initiative. It provides a new, all-weather, high-capacity, green and low-carbon transport route that has become a valuable international public good.”

    The service is notably less affected by natural environmental factors, offering higher reliability compared to other forms of transportation. With costs just one-fifth of air freight and transit times a quarter of sea transport, the freight train has become a preferred choice for many businesses. In 2023, it accounted for over 7 percent of the total trade between China and Europe.

    Over the past 13 years, the network has expanded rapidly, growing from a handful of routes into a comprehensive service covering most of the Eurasian region. Today, it connects 227 cities in 25 European countries, 100 cities in 11 Asian countries, and is continually expanding. This broadening network has significantly transformed the logistics landscape between China and Europe, offering businesses more efficient options across diverse regions.

    The range of goods transported via the China-Europe freight train is also diversifying. It now handles over 50,000 types of goods across 53 categories, including automobiles, machinery, electronics and epidemic prevention materials, according to China State Railway Group, the service’s operator.

    The rail service has benefited both Chinese and international consumers and businesses. For example, Zhejiang Mundiver Import & Export, a company engaged in trade with Spain, has seen significant improvements in its logistics operations. Since 2014, when the China-Europe freight train began operating from Yiwu, Zhejiang province, the company has been using the service to import goods from Europe.

    Kong Zhijian, the company’s marketing manager, said: “Before the rail service, we relied on sea transport, which took about 45 days and required a secondary transfer at Ningbo Port. Now, goods can be delivered directly to Yiwu from Europe in less than 20 days.”

    The faster transit time has helped streamline their business operations, particularly with products like wine. “This shorter shipping cycle helps us manage cash flow more effectively, which is crucial for our business,” Kong added.

    The impact of the rail service extends beyond China. It has also brought significant economic benefits to cities along the route. For instance, Duisburg Port has become a major logistics hub, attracting over 100 logistics companies and creating more than 20,000 jobs.

    The progress of railways has always been driven by technology and innovation. In this regard, China also made remarkable strides in 2024, with faster trains now on track.

    Next generation

    On Dec 29, China unveiled two CR450 high-speed train prototypes, which are capable of reaching a test speed of 450 km/h and an operational speed of 400 km/h. They will be the fastest high-speed trains in the world once they enter commercial service, surpassing China’s current CR400, which operates at 350 km/h.

    It was one of the most exciting developments in the railway sector in 2024. This leap in speed and comfort reflects China’s ongoing leadership in high-speed rail technology.

    The two prototypes, with their futuristic design, have reduced weight by 10 percent to improve fuel efficiency. To decrease rolling resistance, the development team wrapped the trains’ running gear — such as the wheels, axles and suspension system — partly, marking a breakthrough in railway engineering.

    The interiors of the prototypes are also cutting-edge. In business class, the seats can be adjusted to a meeting mode, allowing them to be arranged face-to-face, transforming the compartment into a conference room at any time.

    In economy class, the seats are ergonomically designed for greater comfort, with curves that better suit the body. In response to passenger smartphone use, small tables in economy class now feature a rack that enables passengers to prop up their phones to watch videos.

    Inside the train, lighting adjusts automatically in response to the brightness outside, enhancing passenger comfort. The luggage storage areas have also been made more spacious, reducing congestion. The interior has been redesigned for greater comfort and convenience, increasing cabin space by 4 percent. Adjustable luggage racks and versatile storage areas can accommodate passengers’ needs, including bicycles, wheelchairs and other large items. These upgrades anticipate potential regulatory changes in passenger transport.

    Sui Fusheng, a researcher at the Institute of Acoustics at the Chinese Academy of Sciences, highlighted the challenge of balancing weight reduction with noise control. He led a team dedicated to optimizing the noise management for the prototypes.

    “To reduce weight is detrimental to noise control, and increasing speed also exacerbates noise, so we have to overcome these two critical factors to ensure a comfortable passenger experience,” he said.

    “The results have been good; the ride experience is similar to that of the current CR400 running at 350 km/h,” he added.

    To balance noise control and weight reduction, the team developed integrated composite materials that offer both thermal insulation and soundproofing. These innovations not only reduce material costs and complexity but also enhance passenger comfort by effectively managing temperature and noise levels.

    The team’s solutions have laid the groundwork for quieter, more efficient high-speed rail travel, Sui added.

    “China’s high-speed rail system has made a historic leap, evolving from a follower to a global leader. Its high-speed rail technology has now set an international benchmark,” said Li Yongheng, an official from China State Railway Group, referring to the development of the CR450.

    “To further strengthen and expand China’s leadership in high-speed rail technology, and to better support Chinese modernization, our company, together with relevant ministries, organizations, research institutes, universities and enterprises, has formed an innovative team to tackle critical technological challenges,” he added.

    The CR450 represents the culmination of years of innovation in high-speed rail, making it a fitting symbol of China’s railway sector in 2024 — a year marked by groundbreaking achievements, record-breaking passenger and freight volumes, and a continually expanding network that links China to the rest of the world.

    Looking ahead

    These breakthroughs in railway technology are not just abstract concepts — they’re transforming the way people experience travel. On that September morning, Luo Wei and her family were not just passengers on a train — they were part of a story of transformation that is reshaping the future of travel, trade and global connectivity. The ease and efficiency of their journey to Jiuzhaigou were a microcosm of the larger changes sweeping across China.

    As China looks ahead, its railway sector remains a symbol of the country’s ambition to lead the world in technological innovation and sustainable development. With the CR450 on the horizon and a growing railway network connecting regions far and wide, China is poised to continue pushing the boundaries of what’s possible in transportation. And with it, the world will continue to move faster, more efficiently and more sustainably.

    For Luo Wei and countless others, the high-speed rail of 2024 is a journey into tomorrow — one that is already well underway.

    MIL OSI China News

  • MIL-OSI Security: U.S. Attorney Tara McGrath Concludes Tenure as Chief Law Enforcement Officer in Southern District of California

    Source: Office of United States Attorneys

    SAN DIEGO – The U.S. Attorney’s Office for the Southern District of California announced that U.S. Attorney Tara McGrath’s tenure as the chief federal law enforcement official for San Diego and Imperial counties ended today, February 12, 2025.

    As a Presidential appointee, Ms. McGrath was informed of her termination in a communication from the White House, at the direction of the President of the United States. The White House also thanked Ms. McGrath for her service to the nation.

    “It has been an honor to serve as U.S. Attorney, working alongside an exceptional team in this office and forging strong partnerships with our law enforcement agencies and communities in pursuit of justice,” Ms. McGrath said. “As I step down from a decades-long career in public service, I remain inspired by dedicated public servants across this district and am proud of all we achieved together.”

    Ms. McGrath was confirmed by the U.S. Senate after nomination by President Biden. She was sworn in as the district’s top federal law enforcement official on October 5, 2023. She oversaw one of the nation’s busiest United States Attorney’s Offices, which has a staff of about 300 and serves approximately 3.5 million residents in San Diego and Imperial counties.

    During her tenure, Ms. McGrath prioritized protecting the community from the deadly scourge of fentanyl; investigating and prosecuting scammers targeting vulnerable populations; getting firearms out of the hands of felons and violent offenders; bringing cases to root out corruption and enforce civil rights; and using the legal tools available to safeguard the environment. The office also successfully prosecuted cases involving Mexican drug cartels and drug trafficking — leading the nation in the number of drug trafficking cases prosecuted — as well as firearms trafficking and violent crime; complex financial frauds; national security and cybersecurity; and human smuggling and trafficking.

    Some key accomplishments of the U.S. Attorney’s Office under Ms. McGrath’s leadership:

    • Became first in the nation to charge defendants for smuggling potent greenhouse gases across the U.S.-Mexico border, in violation of U.S. environmental laws.
    • Secured sentences of six consecutive life terms and 45 years, respectively, for brothers convicted of murdering their American half-sister, her three children, and her partner in Tijuana.
    • Reinforced the region’s Elder Justice Task Force in partnership with the FBI and San Diego County District Attorney’s Office, recovering approximately $4.5 million stolen from elderly victims through sophisticated scams.
    • Charged 40 individuals with stealing public-assistance benefits from low-income families, as part of an ongoing effort targeting thieves who exploit the government’s electronic payment system.
    • Negotiated a $130,131,645 forfeiture settlement with Wynn Las Vegas for criminal conspiracy involving unlicensed money transmitting businesses worldwide. Achieved what is believed to be the largest forfeiture by a casino based on admissions of criminal wrongdoing.
    • Secured conviction at trial against a defendant on 25 counts of securities fraud, bank fraud, and money laundering in connection with a $35 million investment and COVID-relief fraud scheme. Highlighted victim impact during the trial, including the defendant’s immigrant uncle who’d been swindled out of $4.5 million and many other victims who collectively lost millions of dollars.
    • Facilitated the extradition of Michael Pratt, the alleged mastermind behind the GirlsDoPorn commercial sex trafficking ring, following his arrest in Spain after more than three years as an international fugitive.

    Ms. McGrath also oversaw key civil cases, including successful defensive litigation on behalf of the United States, and led efforts to recover millions of dollars from individuals and companies involved in fraud and civil rights violations.

    Since Ms. McGrath took the helm, the U.S. Attorney’s Office has obtained settlements and recoveries in excess of $41 million. This includes cases brought under the False Claims Act across a broad spectrum of program areas including health care, defense procurement, and the Paycheck Protection Program enacted in response to the COVID-19 pandemic. These substantial recoveries also involved matters investigated under the Controlled Substances Act in response to the opioid epidemic, including those against a large-scale pharmacy and other DEA registrants for failing to meet their obligations to properly handle and dispense opioids and other dangerous controlled substances.   

    Pursuant to the Vacancies Reform Act, career prosecutor and current First Assistant U.S. Attorney, Andrew R. Haden, has taken over as the Acting United States Attorney, effective today.

    For more information about Ms. McGrath, please see Tara McGrath Sworn In

    MIL Security OSI

  • MIL-OSI Economics: Money Market Operations as on February 12, 2025

    Source: Reserve Bank of India


    (Amount in ₹ crore, Rate in Per cent)

      Volume
    (One Leg)
    Weighted
    Average Rate
    Range
    A. Overnight Segment (I+II+III+IV) 5,77,339.01 6.27 5.15-6.60
         I. Call Money 13,411.47 6.29 5.15-6.40
         II. Triparty Repo 4,03,454.35 6.26 6.20-6.51
         III. Market Repo 1,58,648.59 6.30 5.75-6.60
         IV. Repo in Corporate Bond 1,824.60 6.44 6.40-6.49
    B. Term Segment      
         I. Notice Money** 249.11 6.26 5.75-6.40
         II. Term Money@@ 272.00 6.40-7.00
         III. Triparty Repo 465.70 6.27 6.25-6.35
         IV. Market Repo 1,331.46 6.35 6.35-6.35
         V. Repo in Corporate Bond 0.00
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Wed, 12/02/2025 1 Thu, 13/02/2025 1,93,865.00 6.26
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Wed, 12/02/2025 1 Thu, 13/02/2025 2,561.00 6.50
    4. SDFΔ# Wed, 12/02/2025 1 Thu, 13/02/2025 48,110.00 6.00
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       1,48,316.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo Fri, 07/02/2025 56 Fri, 04/04/2025 50,010.00 6.31
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       8,756.81  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     58,766.81  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     2,07,082.81  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on February 12, 2025 9,14,470.49  
         (ii) Average daily cash reserve requirement for the fortnight ending February 21, 2025 9,12,240.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ February 12, 2025 1,23,688.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on January 24, 2025 -34,103.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    ^ As per the Press Release No. 2024-2025/2013 dated January 27, 2025.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/2140

    MIL OSI Economics

  • MIL-OSI Australia: Parliament passes world-leading scams prevention framework

    Source: Australian Ministers 1

    The Albanese Government has legislated the world’s toughest anti-scam laws to make Australia the hardest target for scammers. 

    Australians will be safer online and their money more secure as a result of the new laws. 

    The laws establish the Scams Prevention Framework, focused on stopping scams from reaching Australians. 

    The Framework requires designated entities to prevent, detect, disrupt, respond and report scams and attempted scams. 

    Initially, the Government will designate banks, telcos, and social media companies under the Framework. These businesses will be subject to comprehensive and enforceable sector-specific rules for what they must do to protect Australians.

    For example, the rules may include:

    • Social media companies being required to verify advertisers on their platforms – a critical step to ridding their pages of fake scam ads
    • Banks being required to confirm the identity of payees – so people know exactly where their money is going  
    • Telecommunications companies being required to detect and disrupt scam numbers sending texts and calls to innocent Australians.

    Businesses will have substantial incentive to have ironclad scams defences, with fines of up to $50 million applied on those who fail to meet their obligations. 

    Victims will have clear pathways to compensation if the business fails to meet robust standards.

    The Government has invested over $180 million to fight scams including establishing the National Anti-Scams Centre and funding ASIC to bust fake investment websites that promote scams. 

    Australians should never have to fight criminal scammers on their own. Labor made fighting scams an issue for government, as well as businesses. 

    This is landmark legislation that will set Australia up for a stronger and safer future where people’s money is safer online. 

    Quotes attributable to the Assistant Treasurer and Minister for Financial Services, the Hon Stephen Jones MP: 

    “Our laws give Australia the strongest defences against scammers and put us ahead of the world in scams prevention and protection.

    “This is a promise we made ahead of the 2022 election and will make a genuine difference in the lives of every Australian.

    “These new laws will keep Australia one step ahead of criminal scammers.”

    Quotes attributable to Minister for Communications, the Hon Michelle Rowland MP:

    “Cracking down on criminals trying to rip off hardworking Australians is a priority for this Government.

    “The Scams Prevention Framework will help further strengthen scam defences, and I encourage the telecommunications sector and social media platforms to work with the regulators to develop the enforceable industry codes that will provide Australian consumers the best protection from the scourge of scams.

    “We will continue to protect hard-working Australians from increasingly sophisticated and organised scammers.”

    MIL OSI News

  • MIL-OSI Australia: Meet the City’s Search for a Star winners

    Source: Government of Western Australia

    Seven talented local singers will take the stage to perform with a live orchestra in front of thousands thanks to the Search for a Star competition.

    The seven winners were carefully selected following multiple auditions and will all perform at the City’s blockbuster Symphony Under the Stars event at Kingsway Regional Sporting Complex on 22 February.

    The winners range in age as well as musical experience, with each of the local talents being either residents or students within the City.

    The unique experience to perform with a 70-piece orchestra will be matched by the impressive crowds, with the event drawing 12,000 people last time it was held at Kingsway.

    Sofia Gale
    Performing Skyfall by Adele

    At just 16 years old, Sofia’s musical experience is impressive, having already performed in front of nearly 12,000 people at RAC Arena.

    A student of the Gail Meade Performing Arts Centre in Wangara for over 12 years, Sofia has a mix of singing, songwriting and theatre experience.

    “I’ve always been a theatre kid at heart,” she said. “But, around 11 or 12, I found a love for songwriting – not only was it therapeutic, but it was a release for me.”

    Sofia has released four singles to date, with one of her tracks winning a West Australian Music song of the year award, with her music drawing comparisons to Birdy and Olivia Rodrigo.

    Sofia will now further her career accomplishments by performing alongside a live orchestra for the first time.

    “What a phenomenal opportunity it is, to give local performers and local singers the chance to perform with such an orchestra,” she said.

    “We’ve already started rehearsals now and even when I’m not rehearsing with them, I’m just listening to them play so beautifully. I feel so honoured to be a part of this.”

    Meagen Reyes
    Performing I Will Always Love You & I Wanna Dance With Somebody by Whitney Houston

    Coming from a family of musicians, Meagen will be living out a dream on behalf of her parents and siblings when she takes the stage.

    The youngest of five children, the 28-year-old started her musical career as just two years old, joining her family band.

    “All of my siblings were taught how to sing by my mum, my dad knows how to sing as well and plays the guitar,” she said.

    “At the age of around two or three I was already singing on stage, not knowing how to read but memorising songs just by listening to them.”

    Meagen said she jumped at the opportunity to enter the competition and play with a live orchestra.

    “I was chosen as one of the winners and that was such a relief, because I really wanted to sing with the orchestra, as a singer it’s such a different experience,” she said.

    “I’ve sung for live bands and with backing tracks, but a live orchestra is so different because it’s a full ensemble. They’re relying on you to sing it correctly.”

    Meagen said the competition was a great opportunity to springboard the singing careers of younger artists, but also provided a rare opportunity for more experienced local artists.

    “Having an event like Search for a Star Wanneroo is such a good opportunity for talents everywhere in Perth, not just young talents but even people like me being nearly 30,” she said.

    “It’s great that I still have the chance to do things like this within the City.”

    Krystal Biddulph
    Performing Fix You by Coldplay

    An experienced dancer, performing since age three, Krystal has put one of her passions to the side after 15 years to pursue a career in singing.

    The talented singer has a gained a growing following thanks to nearly three years busking around the Perth CBD which she continues to do.

    “I’m very excited about Symphony Under the Stars, obviously, there would have been a lot of amazing applicants,” she said.

    Krystal is no stranger to playing in front of a big crowd, having performed at RAC Arena in front of 14,000 during a Wildcats game last year as well as featuring on Australian Idol.

    “I’m most excited for singing in front of an orchestra, it’s something that I’ve never done before but something I want to do,” the 18-year-old said.

    “Everything sounds better with an orchestra, even rehearsing with them I have the best time, it just makes me even more excited to get on stage and perform in front of people with them.”

    Caoimhe Power
    Performing Stop by Spice Girls & Shallow by Lady Gaga and Bradley Cooper

    Caoimhe’s singing journey started in Scotland at age nine before moving to WA with her family, immediately joining her high school music program.

    The Banksia Grove resident said she was stunned when she learned she was one of the winners.

    “When I got the email about being one of the winners I was in complete shock, I was so happy, so excited and so grateful, because I knew there were so many amazing competitors,” she said.

    “I felt so honoured that I was one of the winners picked to be able to sing and do what I love – it was honestly amazing.”

    At the age of just 16, Caoimhe will take the stage along with four other winners in a group performance, as well as a duo with last year’s Search for a Star winner Kade De Luca.  

    “I’m so excited to be able to perform in front of so many people,” she said.

    “It is just so crazy that I was chosen to sing with a 70-piece orchestra.

    “It’s amazing that we get to take part in this huge opportunity right at our doorstep and I think it’s great that we get to perform with people similar to our age and with the same love for music.”

    Tegan Mumba
    Performing Stop by Spice Girls

    Tegan has been singing since the age of four and notably performed at the RAC Arena in 2019 for Grease the Musical aged just 10.

    The 16-year-old said she is looking forward to recreating the thrill on stage alongside the Joondalup Symphony Orchestra.

    “When I found out I was a winner I was so excited, I called my dance teacher right away and told my mum,” the Yanchep local said.

    “I’m super excited to perform in front of all these people. Knowing that my singing could make someone’s day makes me even more excited.

    “I think the competition is a great opportunity for so many kids to be able to get their names out there. People will have all their eyes on us and I think it’s great for many aspiring teens.”

    Jade Alexander
    Performing Stop by Spice Girls

    Jade is a recent addition to the City, having immigrated from South Africa just a year ago.

    With extensive musical experience in her homeland often entering singing competitions, Jade had no hesitation in applying for the City’s Search for a Star. 

    “In South Africa I entered a lot of singing competitions and then when we moved here, I got the opportunity to do some gigs,” the 16-year-old said.

    “My mum found this competition and she saw how big of an opportunity it was to enter, and we grabbed it with both hands.

    “I’m so excited and I still can’t believe it. It’s one of my bucket list items to perform with an orchestra, so being able to do it is surreal.

    “We’ve done two rehearsals with the orchestra. It’s so cool to be able to hear the instruments live and the whole orchestra really creates an atmosphere.”

    Emily Mackenzie
    Performing Stop by Spice Girls

    Emily is a multi-talented local artist who started her performing arts journey at age eight when she started doing theatre shows.

    That path led her to performing in The Boy from Oz at Crown Theatre, with her first theatre appearance happening at age eight.

    The 18-year-old Hocking local also plays piano and guitar and said she holds a real appreciation for the talented Joondalup Symphony Orchestra.

    “I’m pretty excited to go in front of such a big audience,” she said.

    “I think it’s just a really great opportunity to get more experience to do more shows like this in the future. 

    “I haven’t performed with an orchestra before, but I love live music. The live orchestra feels more alive, rather than just a speaker and to have so many people making the music is a pretty cool thing.”

    MIL OSI News

  • MIL-OSI: Nokia and Cellcard upgrade residential fiber broadband network in Cambodia

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    Nokia and Cellcard upgrade residential fiber broadband network in Cambodia

    • Cellcard deploys Nokia’s next-generation XGS-PON solution, providing multi-gigabit broadband access to homes and businesses across Cambodia.
    • Cellcard uses Nokia’s Lightspan and Altiplano solutions to automate and increase the performance of its residential fiber broadband network.  
    • The upgraded network will enable Cellcard to provide enhanced broadband services and support new high-speed, low-latency applications such as Augmented Reality (AR) and Virtual Reality (VR).

    13 February 2025
    Phnom Penh, Cambodia – Nokia today announced that CAMGSM PLC, commercially known as Cellcard, will migrate its fiber network from GPON to XGS-PON using Nokia’s Lightspan and Altiplano broadband solutions. The modernized network will improve end-user experiences and provide up to 10Gb/s internet speeds to customers. It will also help Cellcard increase competitive advantage and enhance the reliability, flexibility, and scale of its fiber network to better support evolving customer demands.

    Under the agreement, Cellcard will deploy Nokia’s Lightspan Optical Line Terminals (OLTs) and its Altiplano Access Controller in the capital city of Phnom Penh, Siem Reap, and other major cities across the region. Nokia’s Altiplano Access Controller provides a cloud-native platform with a complete suite of network management and SDN control functions that will enable Cellcard to better visualize, automate and optimize the broadband access services it offers. Using Nokia’s Lightspan access nodes, Cellcard will also be able to establish a future-ready network that can seamlessly evolve to 25G PON and immediately address the growing demand for more capacity.

    Asitha De Costa, ICT Division CIO at Cellcard, said: “We are dedicated to delivering a best-in-class network experience to our customers, especially as data consumption continues to rise and individuals rely more on digital infrastructure for their professional and personal activities. We are delighted to collaborate with Nokia for the first time in our fiber networks domain to enhance the residential broadband experience of our subscribers. The new network will enable our users to enjoy high-bandwidth-consuming applications like gaming while enhancing network efficiency through automation.”

    Ajay Sharma, Head of South-East Asia North Sales, Network Infrastructure at Nokia, said: “We remain committed to helping service providers across the world transition to XGS-PON and automation to better support the growing demand for 10Gb/s services and need for improved network utilization and operational efficiencies. Our field-proven Lightspan and Altiplano solutions will help Cellcard modernize its fiber broadband network and enable them to reduce its power expenditure and lower its carbon emissions. This significant project reinforces our longstanding partnership with Cellcard.”

    Resources and additional information
    Product page: Altiplano Access Controller
    Product page: Lightspan FX fiber access nodes

    About Nokia
    At Nokia, we create technology that helps the world act together. 

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs, which is celebrating 100 years of innovation.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Media inquiries
    Nokia Communications, Asia Pacific
    Email: cordia.so@nokia.com

    Nokia Press Office
    Email: Press.Services@nokia.com

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    The MIL Network

  • MIL-OSI Economics: Q&A: Transforming ADB’s Gender Mainstreaming Approaches

    Source: Asia Development Bank

    Article | 13 February 2025

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    Since 1 January 2025, ADB started to apply an updated approach to its corporate gender targets and project gender categorization system. This is part of the bank’s recently approved Corporate Results Framework (CRF) 2025-2030. Given that ADB has significantly surpassed Strategy 2030’s gender mainstreaming targets, the bank is raising its ambition to further accelerate progress and promote more transformative approaches to gender equality. This is aligned with ADB’s thematic evaluation on gender which highlighted the need to revise its gender mainstreaming categorization system and its application.

    Samantha Hung, Director, Gender Equality Division, ADB

    Why is ADB updating its gender mainstreaming approaches?

    ADB significantly surpassed the corporate gender mainstreaming targets set in 2019 under Strategy 2030. These changes are intended to further strengthen ADB’s efforts to proactively design projects that advance progress in gender equality and women’s empowerment. It also aims to promote gender transformative approaches in line with Sustainable Development Goal 5 (SDG 5).

    In addition, ADB is enhancing its efforts to address evolving and emerging gender challenges. The COVID-19 pandemic, along with the resulting socioeconomic instability and polycrises, has intensified gender inequalities. Women have faced disproportionate job losses, increased rates of gender-based violence, and a greater burden of unpaid care work within households.

    What are the key changes in ADB’s corporate gender targets and project gender categorization system?

    In ADB’s new corporate results framework, key gender updates include the following:

    • Updated definition of a gender performance indicator that contributes towards a project gender mainstreaming category. Under the previous project gender mainstreaming categorization system, a gender performance indicator includes a wide range of direct and indirect gender equality measures. Starting in 2025, ADB is streamlining its definition of a gender performance indicator considering only those that directly contribute to closing gender gaps and inequalities and/or support women’s empowerment. This goes beyond indicators that focus on participation and inclusion (e.g. participation of women and girls in training workshops) and universal infrastructure designs (e.g. street lighting, sidewalks). The indicator should be specific, measurable, achievable, relevant, and time-bound (SMART), with explicitly stated quantitative baselines and targets.
    • Renaming of gender mainstreaming categories. Depending on the gender performance indicators included in the project design and monitoring framework, ADB assigns its projects into one of four categories, namely Gender Equity Theme (GEN), Effective Gender Mainstreaming (EGM), Some Gender Elements (SGE), and No Gender Elements (NGE). Starting in 2025, ADB is renaming GEN to Gender Equality Objective. This transition from “gender equity” to “gender equality” shifts the emphasis from the process of reducing gender disparities to ADB’s primary objective of achieving equal outcomes for all. NGE is also now renamed to Indirect Gender Benefits (IGB). While there are no gender performance indicators in an IGB project, this shift reflects how all ADB projects and programs address gender equality concerns, albeit indirectly or as part of safeguarding measures. There are no changes to the EGM and SGE categories.
    • New corporate target of 60% of committed operations classified as GEN or EGM. Considering the updated definition of gender performance indicator, ADB aims for 60% of its operations to be classified as GEN or EGM by 2030. This target aims to be both ambitious and realistic as ADB adjusts to the revised criteria. The target is also 5 percentage points higher than the original forecasted target of 55% originally set in 2019 under the previous CRF.

    What is the importance of these updates to ADB projects and partners?

    This approach raises ADB’s ambitions for gender equality in its public and private sector operations, guiding the bank to focus on more meaningful and transformative project designs. While addressing gendered challenges in developing member countries, this initiative also enhances the bank’s capacity to deliver impactful results, contribute to the achievement of SDG 5 in the region, and support partners to deliver greater gender outcomes.

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    MIL OSI Economics

  • MIL-OSI New Zealand: Growing the economy means shrinking the Government

    Source: ACT Party

    “The Government’s Going for Growth agenda shows New Zealand has turned the corner. Governments ignored economic growth, taking wealth for granted and wasting billions until we started feeling poor,” says ACT Leader David Seymour.

    “This Government’s focus on growth is team effort. ACT’s impact can be seen in a number of priority areas.

    “To develop talent, we’ve implemented the attendance action plan, opened the first charter schools, and changed the Accredited Employer Work Visa. We’re removing red tape in Early Childhood Education and continuing reforms to get job seekers into work.

    “For competitive business settings, we’ve repealed so-called ‘Fair Pay Agreements’, extended 90-Day Trials to all businesses, and revoked difficult requirements for accessing credit. We’re leading an inquiry into rural banking practices, reforming health and safety laws, reforming the Holidays Act and Employment Relations Act, conducting sector reviews for regulation of Agricultural and Horticultural Products, and Hairdressing and Barbering, improving Government Procurement Rules, and progressing the Regulatory Standards Bill.

    “To promote global trade and investment, we’re reforming the Overseas Investment Act and have launched a new Minerals Strategy and Critical Minerals List.

    “For innovation, technology and science, we’re liberalising genetic engineering laws.

    “To deliver infrastructure for growth, we’re reforming and replacing the Resource Management Act and have established National Infrastructure Funding and Financing Limited. We’re developing the 30-year National Infrastructure Plan, and finalising the first Regional Deal between central and local government.

    The big challenge

    “The big challenge for growth is shrinking the Government part of the economy. There are only two halves to any economy, the public and the private sector, and it’s the private sector that provides the growth.

    “Every dollar taxed to fund the public sector is a dollar a consumer can’t spend, or a business can’t reinvest in new jobs. Business is about taking risk, every percentage point taken in tax makes it less rewarding when the risks work out. Rational people invest less when taxes are higher.

    “In that sense, the Government still has a big hill to climb, and it’s the mountain of waste left by the last Government. Pre-COVID, government spending amounted to 28 per cent of the economy, now it is 34. The Government must be relentless in reducing its spending.

    “It is not only taxing and spending that holds people back, but regulating. Every compliance fee, every delay waiting for Government permission is a cost put on business. Like taxes, regulations drain the energy from business.

    “That’s why it’s essential that the Government cuts red tape at every opportunity. We must run the ruler over rules that don’t make sense, then delete them. The commitment to passing the Regulatory Standards Bill is a landmark shift in the battle against red tape in favour of wealth and innovation.

    “I’m proud of ACT’s contributions to this Government, especially the many contributions in this plan. For the first time in decades, we have a Government where it’s understood that Government activity and private activity compete for time and money. To grow the economy, we must shrink the Government.”

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: NZ banks should follow Macquarie’s lead, ditch the climate cabal

    Source: ACT Party

    ACT Rural Communities spokesperson Mark Cameron is renewing calls for Kiwi banks to leave the Net Zero Banking Alliance in the wake of the withdrawal of Australia’s Macquarie Group.

    “First it was the big American banks, then Canada’s banks, and now Macquarie Group is the first of the big Australian banks to pull out of the alliance, with pressure mounting on other Aussie banks to do the same.

    “The Net Zero Banking Alliance was set up to change lending practices for the sake of climate goals. But there’s been a political sea change and the appetite for woke banking has disappeared. If the banks think punishing farmers and miners is necessary to satisfy a political agenda, they’re mistaken, and it’s time that message got through.

    “If there was previously a commercial advantage for banks to join the alliance, that advantage is fading fast as one bank after another gets out. The longer New Zealand’s banks and their parent companies remain in the UN’s cabal of banking wokery, the more out of touch they look.

    “As part of the inquiry into banking practices I’m leading alongside Cameron Brewer, we’ve called the four biggest banks back to answer more questions. The inquiry has unearthed deep concerns, especially from rural communities, over the debanking of legitimate sectors and a perceived unequal playing field between town and country.

    “I will be asking what is driving banks to act in this way. It would be concerning if the actions of the government through international agreements or through the way we regulate at home is encouraging banks to move beyond commercial incentives and punish rural communities.

    “ACT continues to question the role of regulation in anti-farmer, anti-miner banking practices. The Financial Markets Authority imposes emissions reporting requirements on banks. We warned in 2021 that these rules would impact loans on farmers, and we still have that concern.”

    MIL OSI New Zealand News

  • MIL-OSI Asia-Pac: InvestHK backs supply chain drive

    Source: Hong Kong Information Services

    With the Government committed to establishing Hong Kong as a multinational supply chain management centre, Invest Hong Kong (InvestHK) believes that the city’s unique advantages can attract more businesses to establish multinational supply chain management centres here.

    Supply chain management encompasses the administration of all processes from the procurement of raw materials and the production of goods to their delivery to customers.

    “Currently and globally, all the enterprises are undergoing major transformation of diversifying their sourcing bases, diversifying their end market, so there is cause for elevating their supply chain management to a multinational level,” stated Associate Director-General of Investment Promotion Arnold Lau.

    “For companies who want to set up these supply chain management centres in Hong Kong, their physical goods do not necessarily need to go through Hong Kong.”

    As an international financial, shipping and trade hub, Hong Kong has a strong trade foundation supported by comprehensive infrastructure. Mr Lau stressed that the city’s robust financial system and deep market offer various financing options for enterprises. Additionally, its large talent pool and advantageous geographical location are also attractive to businesses seeking to establish multinational supply chain management centres.

    Sany Group, a Mainland engineering machinery company ranked among the top 500 firms on the Forbes Global 2000 list, has established a settlement platform in Hong Kong for its global import and export orders, taking full advantage of the city’s world-class financial and professional services.

    Sany Hong Kong Group Board Member and General Manager Jacky Chen reflected on the city’s advantages, saying: “Hong Kong’s advanced banking system and capital market offer enterprises diverse services, including international settlement, cross-boundary financing, and risk management. In light of exchange rate fluctuations, these advantages offered by Hong Kong are particularly dominant.”

    He added: “We chose to set up a settlement platform here for three reasons: a well-structured taxation system, relatively low financing costs, and the absence of foreign exchange controls on funds.”

    For its part, China Brilliant Group, a Mainland supply chain service provider, acquired and rented warehouses in Hong Kong a decade ago to leverage the city’s cross-boundary logistics network and geographical advantages, with a view to enhancing the group’s international trade efficiency.

    Vice President Wayne Yu stated that Hong Kong’s first-rate ports and airport, its overall transportation efficiency and its excellent logistics infrastructure combine to significantly reduce cargo shipping times and logistics costs.

    He added: “Hong Kong boasts a long-standing foundation in foreign trade, high-quality professional services, airport and other infrastructure, as well as reliable trade financing channels, making it an ideal location for establishing a multinational supply chain management centre.”

    InvestHK has 34 global offices, including five in the Mainland, offering free support services to local companies interested in establishing, or expanding, operations in Hong Kong.

    InvestHK and the Hong Kong Trade Development Council are stepping up collaborative efforts to help businesses make the most of Hong Kong as a platform. InvestHK is striving to attract more Mainland enterprises to establish international or regional headquarters in Hong Kong and provides one-stop, diversified professional advisory services to assist them in doing so.

    Complementing these efforts, the Hong Kong Trade Development Council assists such firms to go global, partly through organising exhibitions and trade fairs.

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: BIP ensures continuous services during Lunar New Year with four key support measures.

    Source: Republic Of China Taiwan 2

    To support businesses during the 2024 Lunar New Year holiday (January 25 – February 2), the Bureau of Industrial Parks (BIP) of the Ministry of Economic Affairs (MOEA) will continue providing four essential services: import/export certification, emergency rescue assistance, security patrols, and sanitation services. These measures are designed to create a smooth and supportive operating environment, help businesses seize international opportunities, and ensure a worry-free holiday for all enterprises in the industrial parks.
    Recognizing the technology industry’s need for uninterrupted import and export operations, the BIP will arrange for dedicated staff to process export/import permit applications during the holiday period. Enterprises are encouraged to apply in advance, and the BIP will coordinate with customs to facilitate smooth clearance procedures, ensuring trade operations remain seamless throughout the year.
    To maintain park cleanliness, industrial parks with sanitation teams-including Nanzih, Cianjhen, Linkuang Technology Industrial Parks, and Kaohsiung Software Park-will provide garbage collection services on January 27 (Lunar New Year’s Eve) and January 31 (the third day of the Lunar New Year) from 8:00 AM, following designated collection routes. Taichung Tanzi Technology Industrial Park will offer garbage collection services on January 28 (Lunar New Year’s Eve) and January 31 (the third day of the Lunar New Year).
    Additionally, throughout the holiday period, all industrial park service centers will continue to operate 24/7, with the BIP’s Emergency Response Center on standby to strengthen security, rescue, and patrol efforts. If enterprises or individuals notice any safety hazards or suspicious activities, they can contact their respective service center or reach the BIP Emergency Response Center at (07) 361-2054. BIP personnel will remain fully dedicated to ensuring a safe and stable business environment.
    The BIP extends our warmest wishes for a prosperous and successful Year of the Snake to all enterprises in the industrial parks.

    Spokesman: Mr. Liu Chi-Chuan (Acting Director-General, BIP)
    Contact Number: 886-7-3613349, 0911363680
    Email: lcc12@bip.gov.tw

    Contact Person: Liao, Xuan-Min (Management Guidance and Consulting Section of Investment Services Division)
    Contact Number: 886-7-361-1212 ext 323
    Email: mina18@bip.gov.tw

    MIL OSI Asia Pacific News

  • MIL-OSI: Madison Pacific Properties Inc. declares dividend

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, Feb. 12, 2025 (GLOBE NEWSWIRE) — Madison Pacific Properties Inc. (the Company) (TSX: MPC and MPC.C), a Vancouver-based real estate company declares dividend.

    The Company is pleased to announce that a $.0525 per share dividend on each of the Class B voting common shares and Class C non-voting shares will be payable March 3, 2025 to shareholders of record on February 24, 2025. The dividend is considered an “eligible dividend” for tax purposes.

    Contact: Mr. John Delucchi
    President & CEO
    Ms. Bernice Yip
    Chief Financial Officer
    Telephone: (604) 732-6540 (604) 732-6540
     
    Address: 389 West 6th Avenue
    Vancouver, B.C. V5Y 1L1

    The MIL Network

  • MIL-Evening Report: Civicus Monitor criticises PNG use of cybercrime law to curb free speech

    Pacific Media Watch

    Papua New Guinea’s civic space has been rated as “obstructed” by the Civicus Monitor and the country has been criticised for pushing forward with a controversial media law in spite of strong opposition.

    Among concerns previously documented by the civil rights watchdog are harassment and threats against human rights defenders, particularly those working on land and environmental rights, use of the cybercrime law to criminalise online expression, intimidation and restrictions against journalists, and excessive force during protests.

    In recent months, the authorities have used the cybercrime law to target a human rights defender for raising questions online on forest enforcement, while a journalist and gender-based violence survivor is also facing charges under the law, said the Civicus Monitor in its latest report.

    The court halted a logging company’s lawsuit against a civil society group while the government is pushing forward with the controversial National Media Development law.

    Human rights defender charged under cybercrime law
    On 9 December 2024, human rights defender and ACT NOW! campaign manager Eddie Tanago was arrested and charged by police under section 21(2) of the Cybercrime Act 2016 for allegedly publishing defamatory remarks on social media about the managing director of the PNG Forest Authority.

    Tanago was taken to the Boroko Police Station Holding cell and released on bail the same afternoon. If convicted he could face a maximum sentence of 15 years’ imprisonment.

    ACT NOW is a prominent human rights organisation seeking to halt illegal logging and related human rights violations in Papua New Guinea (PNG).

    According to reports, ACT NOW had reshared a Facebook post from a radio station advertising an interview with PNG Forest Authority (PNGFA) staff members, which included a photo of the managing director.

    The repost included a comment raising questions about PNGFA forest enforcement.

    Following Tanago’s arrest, ACT NOW said: “it believes that the arrest and charging of Tanago is a massive overreach and is a blatant and unwarranted attempt to intimidate and silence public debate on a critical issue of national and international importance.”

    It added that “there was nothing defamatory in the social media post it shared and there is nothing remotely criminal in republishing a poster which includes the image of a public figure which can be found all over the internet.”

    On 24 January 2025, when Tanago appeared at the Waigani Committal Court, he was instead charged under section 15, subparagraph (b) of the Cybercrime Act for “identity theft”. The next hearing has been scheduled for February 25.

    The 2016 Cybercrime Act has been used to silence criticism and creates a chilling effect, said Civicus Monitor.

    The law has been criticised by the opposition, journalists and activists for its impact on freedom of expression and political discourse.

    Journalist and gender activist charged with defamation
    Journalist and gender activist Hennah Joku was detained and charged under the Cybercrime Act on 23 November 2024, following defamation complaints filed by her former partner Robert Agen.

    Joku was charged with two counts of breaching the Cybercrimes Act 2016 and detained in Boroko Prison. She was freed on the same day after bail was posted.

    Joku, a survivor of a 2018 assault by Agen, had documented and shared her six-year journey through the PNG justice system, which had resulted in his conviction and jailing in 2023.

    On 2 September 2024, the PNG Supreme Court overturned two of three criminal convictions, and Agen was released from prison.

    On 4 and 15 September 2024, Joku shared her reactions with more than 9000 followers on her Meta social media account. Those two posts, one of which featured the injuries suffered from her 2018 assault, now form the basis for the current defamation charges against her.

    Section 21(2) of the Cybercrimes Act 2016, which has an electronic defamation clause, carries a maximum penalty of up to 25 years’ imprisonment or a fine of up to one million kina (NZ$442,000).

    The Pacific Freedom Forum (PFF) expressed “grave concerns” over the charges, saying: “We encourage the government and judiciary to review the use of defamation legislation to silence and gag the universal right to freedom of speech.

    “Citizens must be informed. They must be protected.”

    Court stays logging company lawsuit against civil society group
    In January 2025, an injunction issued against community advocacy group ACT NOW! to prevent publication of reports on illegal logging has been stayed by the National Court.

    In July 2024, two Malaysian owned logging companies obtained an order from the District Court in Vanimo preventing ACT NOW! from issuing publications about their activities and from contacting their clients and service providers.

    That order has now been effectively lifted after the National Court agreed to stay the whole District court proceedings while it considers an application from ACT NOW! to have the case permanently stayed and transferred to the National Court.

    ACT NOW! said the action by Global Elite Limited and Wewak Agriculture Development Limited, which are part of the Giant Kingdom group, is an example of Strategic Litigation Against Public Participation (SLAPP).

    “SLAPPs are illegitimate and abusive lawsuits designed to intimidate, harass and silence legitimate criticism and close down public scrutiny of the logging industry,” said Civicus Monitor.

    SLAPP lawsuits have been outlawed in many countries and lawyers involved in supporting them can be sanctioned, but those protections do not yet exist in PNG.

    The District Court action is not the first time the Malaysian-owned Giant Kingdom group has tried to use the legal system in an attempt to silence ACT NOW!

    In March 2024, the court rejected a similar SLAPP style application by the Global Elite for an injunction against ACT NOW! As a result, the company discontinued its legal action and the court ordered it to pay ACT NOW!’s legal costs.

    Government pushes forward with controversial media legislation
    The government is reportedly ready to pass legislation to regulate its media, which journalism advocates have said could have serious implications for democracy and freedom of speech in the country.

    National Broadcasting Corporation (NBC) of PNG reported in January 2025 that the policy has received the “green light” from cabinet to be presented in Parliament.

    The state broadcaster reported that Communications Minister Timothy Masiu said: “This policy will address the ongoing concerns about sensationalism, ethical standards, and the portrayal of violence in the media.”

    In July 2024, it was reported that the proposed media policy was now in its fifth draft but it is unclear if this version has been updated.

    As previously documented, journalists have raised concerns that the media development policy could lead to more government control over the country’s relatively free media.

    The bill includes sections that give the government the “power to investigate complaints against media outlets, issue guidelines for ethical reporting, and enforce sanctions or penalties for violations of professional standards”.

    There are also concerns that the law will punish journalists who create content that is against the country’s development objectives.

    Organisations such as Transparency International PNG, Media Council of PNG, Pacific Freedom Forum, and Pacific Media Watch/Asia Pacific Media Network among others, have asked for the policy to be dropped.

    The press freedom ranking for PNG dropped from 59th place to 91st in the most recent index published by Reporters without Borders (RSF) in May 2024.

    Civicus Monitor.

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI USA: Cantwell Votes NO On Advancing RFK Jr. for HHS Secretary: “The Kind Of Research We’re Talking About Here Is The Kind That Saves Lives”

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell

    02.12.25

    Cantwell Votes NO On Advancing RFK Jr. for HHS Secretary: “The Kind Of Research We’re Talking About Here Is The Kind That Saves Lives”

    In Senate floor speech, says RFK Jr.’s anti-science views put U.S. medical innovation leadership at risk; would hinder response to health crises like avian flu; Trump Administration plans to slash NIH funding put lifesaving research – and 12k jobs – in WA state at risk

    WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA), a senior member of the Senate Finance Committee and ranking member of the Senate Committee on Commerce, Science, and Transportation, voted against closing debate on Robert F. Kennedy Jr. – President Trump’s nominee to serve as Secretary of Health and Human Services – and advancing toward his final confirmation vote.

    In a speech delivered on the Senate floor, Sen. Cantwell urged her colleagues to follow suit, cautioning that “President Trump’s nominee would get us stuck in conspiracy theories that would cost us lives.”

    “Now we are at the possibility of the beginning of another crisis, the avian flu. This crisis is yet another reminder of the importance of medical research and collaboration,” Sen. Cantwell said. “Does it make sense to cut science at the time we might have another pandemic? Does it make sense to continue to cut the collaborative efforts of research?”

    “My state is a global leader in medical innovation. From research, to biotech, to getting drugs to the market — in 2023 the National Institutes of Health awarded $1.2 billion in highly competitive grants to 65 different organizations in the State of Washington. This supported about 12,000 jobs and generated close to $3 billion in economic activity. So yes, we know a little something about global health and innovation,” Sen. Cantwell continued. “The kind of research we’re talking about here is the kind that saves lives. And this, ultimately, is about making an investment in saving the lives of people.”

    The Senate ultimately voted to invoke cloture on RFK Jr.’s nomination, 53-47. His final confirmation vote is currently scheduled for tomorrow morning.

    Last week, Sen. Cantwell voted no on advancing RFK Jr.’s nomination out of the Senate Finance Committee, citing his waffling on the safety of vaccines. Her no vote followed a committee hearing in January, when Sen. Cantwell grilled him on his anti-science and anti-vaccine views, and his promise to cut 600 employees from the National Institutes of Health.

    For decades, Sen. Cantwell has remained a staunch supporter of medical innovation and evidence-based science, including treatments for fentanyl addiction, abortion, vaccinations, stem cell research, and more.

    Video of Sen. Cantwell’s speech on the Senate floor today is available HERE, audio HERE, and transcript HERE.



    MIL OSI USA News

  • MIL-OSI Australia: ACCC welcomes passage of world-first scams prevention laws

    Source: Australian Competition and Consumer Commission

    The ACCC welcomes the passage of the Scams Prevention Framework Bill in Parliament today.

    This world-first legislation enhances protections across the economy by setting out consistent and enforceable obligations for businesses in key sectors where scammers operate.

    “The financial crime type, scams, present an unacceptable threat to the Australian community and have had a devastating impact on hundreds of thousands of Australians,” ACCC Deputy Chair Catriona Lowe said.

    “This Bill is a critical step in the fight against scams – creating overarching principles that all members of designated sectors must comply with.  We know scammers will exploit weak links in the system – so these principles are key to a consistent approach.”

    Under the new legislation, the ACCC will closely monitor regulated entities’ compliance with principles to prevent, detect, disrupt, respond to and report scams.

    The Scams Prevention Framework empowers the ACCC to investigate potential breaches and take enforcement action where entities do not take reasonable steps to fulfill their obligations under these principles.

    Businesses that do not meet their obligations under the Framework can face fines up to $50 million.

    “Individuals have been bearing the brunt of the responsibility to combat scammers for too long,” Ms Lowe said.

    “While the steps taken by some organisations over the last few years are welcomed, the Framework provides the opportunity for joint effort across government and industry to develop solutions to scam challenges and for consumers to access meaningful redress.”

    “Importantly, the Framework enables consumers to seek redress from regulated businesses when those businesses have not met their obligations,” Ms Lowe said.

    Banks, certain digital platforms, including social media, and telecommunications providers will be the first sectors required to comply with the legislation.

    The ACCC is a strong supporter of mandatory industry scams codes and, through the National Anti-Scam Centre, has already begun preparing incrementally for the Framework.

    “In reaching this important milestone, we acknowledge that there is considerable work ahead to implement the Framework, including the formal designation of sectors, development of sector codes, consumer and industry guidance,” Ms Lowe said.

    “We will continue to work closely with government, fellow regulators, industry and community agencies to make sure these elements of the Framework work for all stakeholders, most especially consumers.”

    Background

    The ACCC runs the National Anti-Scam Centre, which commenced on 1 July 2023, and Scamwatch service. The National Anti-Scam Centre is a virtual centre that sits within the ACCC and brings together experts from government, law enforcement and the private sector, to disrupt scams before they reach consumers.

    The National Anti-Scam Centre analyses and acts on trends from shared data and raises consumer awareness about how to spot and avoid scams.

    The ACCC, through the National Anti-Scam Centre, has already been partnering with stakeholders across the scams ecosystem to share intelligence and information to detect and disrupt scams on a voluntary basis. The Framework will significantly boost the contributions from industry and require designated businesses to share scam intelligence with the ACCC. 

    The new Scams Prevention Framework will be critical to cutting off scammers before they can reach Australians.

    Under the Framework, the ACCC will also enforce the digital platforms sector scams code and will take enforcement action where digital platforms breach their obligations under this code.

    The Australian Securities and Investments Commission will be the regulator for the banking sector code and the Australian Communications and Media Authority will be the regulator for the telecommunications sector code. Regulators have in place processes to work together to help ensure the right action by the right regulator at the right time.

    The ACCC supports the establishment of a single external dispute resolution body under the new Framework and looks forward to working with the Australian Financial Complaints Authority (AFCA).

    The ACCC’s submissions to the Treasury Exposure Draft, which includes further analysis of the reform can be found online.

    How to spot and avoid scams

    STOP – Don’t give money or personal information to anyone if you’re unsure. Scammers will create a sense of urgency. Don’t rush to act. Say no, hang up, delete.

    CHECK – Ask yourself could the call or text be fake? Scammers pretend to be from organisations you know and trust. Contact the organisation using information you source independently, so that you can verify if the call is real or not.

    PROTECT – Act quickly if something feels wrong. Contact your bank immediately if you lose money. If you have provided personal information call IDCARE on 1800 595 160. The more we talk the less power they have. Report scams to the National Anti-Scam Centre’s Scamwatch service at scamwatch.gov.au when you see them.

    MIL OSI News

  • MIL-Evening Report: Indigenous knowledge merges with science to protect people from fish poisoning in Vanuatu

    Source: The Conversation (Au and NZ) – By Meg Parsons, Associate Professor in Historical Geography, University of Auckland, Waipapa Taumata Rau

    Wikimedia/Louisa Cass/AusAID, CC BY-SA

    Ciguatera fish poisoning is the world’s most frequently reported seafood-borne illness.

    It poses a serious health risk to tropical coastal communities, with some of the highest rates reported in Vanuatu. But now, Indigenous knowledge provides crucial insights for predicting fish poisoning outbreaks.

    Our study documents a collaboration between scientists and Indigenous knowledge holders on Vanuatu’s Ambae island. It offers a powerful new model designed to protect people’s health in vulnerable regions.

    Ecological indicators and fish poisoning risk

    Ciguatera poisoning occurs when people eat fish contaminated with ciguatoxins produced by marine algae that accumulate in reef-feeding fish. Symptoms can range from nausea and muscle pain to severe neurological effects. In some cases, the poisoning can lead to serious illness or even death.

    For millennia, Ambae islanders have relied on their knowledge of the local environment to manage their lands and seas in a sustainable manner. They have observed ecological indicators, including environmental changes that precede ciguatera fish poisoning events, to monitor and respond to risks.

    For instance, they note how heavy rains wash volcanic sediments into the ocean, triggering algal blooms that produce ciguatoxins. Likewise, jellyfish blooms and shifts in coral growth signal imbalances in the marine ecosystem, often preceding toxic fish contamination.

    These ecological indicators, passed down through oral traditions, have guided community decisions about fishing practices and food consumption.

    The islanders’ traditional observations are now being woven together with scientific data to create an early-warning system known as the Gigila Framework, named after a local term meaning “risk onset”, to aid public health responses.

    Our research documents 14 key environmental indicators used by Ambae island communities. We cross-referenced these indicators with climate, geological and marine data to confirm their accuracy. By comparing Ambae islanders’ observations with scientific data, we identify which Indigenous indicators can be used to assess when and where ciguatera fish poisoning outbreaks take place.

    Ambae islanders use ecological observations guide decisions about fishing practices and food consumption.
    Allan Rarai, CC BY-SA

    Lessons for other regions

    The Gigila framework is a community-driven early-warning system designed to reduce the risk of people eating contaminated fish. It uses visual markers, such as dials, to indicate risk levels.

    Village elders appoint local people to act as observers to track environmental changes. They then share their observations (such as jellyfish blooms) with government agencies.

    The Gigila model helps local community members make informed decisions about if and where they go fishing. It also strengthens collaborations between Indigenous knowledge holders, scientists and medical professionals.

    The approach makes health risk information more accessible and practical. Instead of replacing Indigenous knowledge, it seeks to empower and enhance it. It also helps to ensure that younger generations learn about it.

    Challenges of working with different knowledge systems

    The weaving together of Indigenous knowledge with scientific knowledge is not without hurdles.

    Indigenous knowledge practices are deeply rooted in local culture, passed on through oral traditions and combined with lived experiences. Scientific research, in contrast, relies on standardised testing, numerical data and universal theories.

    Unsurprisingly, miscommunication between scientists and Indigenous knowledge holders abounds. Scientists sometimes misinterpret and misunderstand Indigenous knowledge and treat it like data to be extracted and exploited. In doing so, Indigenous peoples’ sacred knowledge systems, cultural identities and ways of life are disrespected and marginalised.

    However, the success of the Gigila framework shows that respectful collaborations between scientists and Indigenous knowledge holders are possible. At the heart of this collaboration is respect for Indigenous knowledge holders’ expertise.

    Another vital component is that Indigenous communities are active participants in helping to create and maintain the early-warning system designed to protect their health. This approach highlights the strengths of combining different knowledge systems to address local environmental issues, which can be adapted to fit different problems and risks.

    Local and global applications

    The Gigila framework holds potential beyond Vanuatu. Many small island nations face similar challenges from fish poisoning. Climate change is making these risks worse by creating the environmental conditions that toxic algae favour.

    Warmer sea temperatures, ocean acidification, more intense and frequent extreme weather events and changes in the distribution of fish species are all contributing to more frequent fish poisoning outbreaks worldwide, including in areas with no history of it.

    This highlights the need for enhanced monitoring and management strategies to reduce the impacts on human health and communities that depend on fisheries.

    Other communities could develop their own early-warning systems drawing on the Gigila framework. Globally, Indigenous peoples manage vast ecosystems. Their knowledge and environmental guardianship practices are critical for sustainability and environmental health, but are often sidelined in science and policy.

    The Gigila framework highlights the continued relevance and importance of Indigenous knowledge and the need for Indigenous knowledge holders and scientists to work together in a respectful and equitable manner.

    As climate change accelerates, partnerships between communities and researchers will be crucial. Governments should support locally led initiatives that promote the deployment of Indigenous knowledge with scientific expertise to produce solutions that are both effective and culturally grounded.

    The Gigila framework offers a compelling example of what’s possible when different ways of knowing are woven together. By embracing these approaches, we can build stronger, more resilient and adaptable communities in the face of an uncertain future.

    Allan Rarai receives funding from the Association of the Commonwealth Universities through the Ocean Country Partnership Programme research grant.

    Meg Parsons 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. Indigenous knowledge merges with science to protect people from fish poisoning in Vanuatu – https://theconversation.com/indigenous-knowledge-merges-with-science-to-protect-people-from-fish-poisoning-in-vanuatu-249469

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: Antarctic research has long been hamstrung by reliance on one icebreaker and sporadic funding. That might be about to change

    Source: The Conversation (Au and NZ) – By Jane Younger, Lecturer in Southern Ocean Vertebrate Ecology, Institute for Marine and Antarctic Studies, University of Tasmania

    Australia’s Antarctic territory represents the largest sliver of the ice continent. For decades, Australian scientists have headed to one of our three bases – Mawson, Davis and Casey – as well as the base on sub-Antarctic Macquarie Island, to research everything from ecology to climate science.

    But despite our role as leaders in Antarctic science, Australian funding and logistics for Antarctic research hasn’t kept pace. Our single icebreaking vessel spends most of its time on resupply missions, restricting its use for actual science. And funding is often piecemeal, which makes it hard to plan the complex, multi-year efforts it takes to do research down on the ice.

    This week, we saw a welcome change. The federal parliamentary committee on Australia’s external territories delivered a report calling for a second icebreaking vessel and more reliable funding. It also urged the government to progress work on marine protected areas in east Antarctica as well as resume fishing patrols, due to concern over illegal or exploitative fishing.

    These measures are long overdue. For those of us who work and study on the ice continent, logistics and funding have long been a challenge. Illegal fishing in Antarctica must be stamped out, and a second vessel would support our ambitious, world-leading science.

    Why is Antarctic science so important?

    Antarctica is often out of sight, out of mind for many Australians. But what happens on the ice doesn’t stay there.

    For climate science, Antarctica matters a great deal. For decades, much of the concern about melting ice focused on the Arctic and Greenland, while Antarctica stayed relatively stable. But this is now changing. Sea ice is melting more quickly than in the past. Glacial ice is retreating. Increased melting will affect sea level rise and ocean currents.

    I study diseases such as the lethal strain of bird flu which has devastated bird and some mammals populations around the world. It recently reached Antarctica, where it killed large numbers of penguins, skuas, crabeater seals and more. I saw the devastation myself on my recent journey there.

    If this strain makes it to Australia – the last continent free of it – it could come from the south and devastate both Australian wildlife and poultry.

    To study these large and important changes, we need to be down there on the ice. It’s not an easy task. Keeping our bases functional means we need regular resupply missions. Repairs and extensions require tradies. Scientists and other workers need to be brought home.

    Antarctic science has long relied on just one vessel, now the RSV Nuniya, which the Australian Antarctic Division describes as the “main lifeline to Australia’s Antarctic and sub-Antarctic research stations and the central platform of our Antarctic and Southern Ocean scientific research”.

    The problem is, resupply can trump science. After all, no one wants bases running short of food or fuel. This is, in fact, what the Nuniya is largely doing.

    Australia’s role is key

    The Australian Antarctic Territory represents about 40% of the ice continent – the largest territory by far.

    Territory, here, doesn’t mean exclusive rights. In 1959, 12 nations with a scientific interest in the ice continent signed the Antarctic Treaty. This treaty was an agreement that Antarctica – the only landmass with no indigenous human presence – would be reserved for peaceful, scientific purposes.

    But in recent years, this treaty has come under pressure. Nations such as Norway and China have expanded fishing operations for krill. Illegal and unregulated fishing from various nations continues.

    The report recommends the Australian government continue efforts to establish a marine protected area off East Antarctica – where fishing would be restricted – as well as reopening fishing patrols. China – which recently opened its fifth Antarctic base – is opposed to the idea of fishing-free zones and is pushing to expand fishing in the Southern Ocean.

    Under Antarctica’s ice lie many resources. Mining is banned in Antarctica until 2048. What happens after that is uncertain. The race to tap critical minerals in Greenland signals what may lie ahead for Antarctica.

    This is why Australia’s leadership in Antarctic science matters. Australia was an original signatory to the Antarctic Treaty, and has a long history of exploration and science. Hobart has long been the home of Australia’s Antarctic vessels.

    As Antarctica changes, Australian scientists must be there to analyse, understand and report back. To do that, improvements are needed, including new vessels and longer-term funding. This report is the first step.

    The government is yet to formally respond to the report’s recommendations. Let’s hope it takes heed of the findings.

    Jane Younger receives funding from the Australian Research Council, WIRES Australia, the Geoffrey Evans Trust and the National Geographic Society.

    ref. Antarctic research has long been hamstrung by reliance on one icebreaker and sporadic funding. That might be about to change – https://theconversation.com/antarctic-research-has-long-been-hamstrung-by-reliance-on-one-icebreaker-and-sporadic-funding-that-might-be-about-to-change-249714

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI USA: RI Delegation Demands Answers from Trump’s Pick to Lead Commerce About DOGE Storming NOAA & Attempting to Downsize the Agency’s Critical Capabilities

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed

    WASHINGTON, DC – U.S. Senators Jack Reed and Sheldon Whitehouse along with Congressmen Seth Magaziner and Gabe Amo today sent a letter to President Trump’s pick to lead the U.S. Department of Commerce, demanding answers about the Trump Administration’s ongoing efforts to drastically reduce the National Oceanic and Atmospheric Administration’s (NOAA) workforce and budget. 

    NOAA is a critical federal agency charged with researching ocean systems, marine life, and the Earth’s climate; forecasting weather; monitoring atmospheric conditions; and mapping the seas; among other critical tasks.  The federal agency has its own fleet of research and survey vessels and specialized aircraft, operated by a combination of NOAA Corps officers and civilians.

    “We write to express concern about ongoing efforts to drastically reduce the National Oceanic and Atmospheric Administration’s (NOAA) workforce and budget.  These actions have severe consequences for Rhode Island and the nation, undermining NOAA’s ability to fulfill its vital mission of safeguarding our economy, environment, and national security,” Rhode Island’s Congressional delegation wrote to Howard Lutnick, who Trump picked to run the Commerce Department.

    The U.S. Senate is preparing to vote in the coming days on Mr. Lutnick’s nomination.  During his confirmation before the Senate Committee on Commerce, Science, and Transportation, Mr. Lutnick verbally pledged not to try and dismantle NOAA or break up and privatize the agency.  However, he then backtracked on that sentiment in his written responses to the committees questions: “During your January 29, 2025, nomination hearing before the Senate Committee on Commerce, Science, and Transportation, when asked if you agreed about a Project 2025 proposal suggesting NOAA should be dismantled, many of its functions eliminated, sent to other agencies, privatized, or placed under the control of states and territories, you responded with a simple: “No.”  However, when asked for the record whether NOAA should be dismantled, you wrote: “It is premature to discuss any specific recommendations,” the four members of Rhode Island’s Congressional delegation wrote. 

    Recent press reports indicate that the Trump Administration is already taking steps to downsize and degrade NOAA’s ability to carry out its core missions and that staffers from the so-called DOGE task force have already entered NOAA facilities, locked out career staff, and demanded access to sensitive information technology systems.

    “We are alarmed by recent reports that staffers from the Department of Government Efficiency (DOGE) have been given access to NOAA’s offices and that NOAA employees have been told to expect a 50% reduction in staff and budget cuts of 30%.  If carried out, these threats will have real impacts for our constituents – undermining NOAA’s ability to provide accurate, timely, and free weather forecasts, putting lives at risk during hurricanes and other severe weather events, and have ripple effects on national defense, emergency response, and economic stability,” the four lawmakers wrote.

    NOAA has a strong presence in Rhode Island, thanks in part to Senator Reed’s successful effort to bring Marine Operations Center – Atlantic (MOC-A) to Naval Station Newport.  Construction of the $150 million shoreside NOAA hub and complimentary pier infrastructure has been underway for over a year and is expected to be completed in 2027.

    The delegation’s letter also notes that NOAA services play a critical role in coastal and marine research, fisheries management, weather forecasting, and climate monitoring.  These services are particularly important in Rhode Island, where the Blue Economy is a major driver of jobs and economic growth. 

    Full text of the letter follows:

    February 11, 2025

    The Honorable Howard Lutnick

    Chairman and CEO 

    Cantor Fitzgerald, L.P.

    110 East 59th Street

    New York, NY 10022

    Dear Mr. Lutnick:

    We write to express concern about ongoing efforts to drastically reduce the National Oceanic and Atmospheric Administration’s (NOAA) workforce and budget.  These actions have severe consequences for Rhode Island and the nation, undermining NOAA’s ability to fulfill its vital mission of safeguarding our economy, environment, and national security.

    NOAA services play a critical role in coastal and marine research, fisheries management, weather forecasting, and climate monitoring.  These services are particularly important in Rhode Island, where the blue economy is a major driver of jobs and economic growth.  Further, NOAA’s aviation weather services are critical for air travel safety, and its oceanographic research supports the U.S. Navy and Coast Guard in ensuring maritime security, detecting underwater threats, and advancing strategic ocean intelligence.  

    We are alarmed by recent reports that staffers from the Department of Government Efficiency (DOGE) have been given access to NOAA’s offices and that NOAA employees have been told to expect a 50% reduction in staff and budget cuts of 30%.  If carried out, these threats will have real impacts for our constituents – undermining NOAA’s ability to provide accurate, timely, and free weather forecasts, putting lives at risk during hurricanes and other severe weather events, and have ripple effects on national defense, emergency response, and economic stability.

    During your January 29, 2025, nomination hearing before the Senate Committee on Commerce, Science, and Transportation, when asked if you agreed about a Project 2025 proposal suggesting NOAA should be dismantled, many of its functions eliminated, sent to other agencies, privatized, or placed under the control of states and territories, you responded with a simple: “No.”  However, when asked for the record whether NOAA should be dismantled, you wrote: “It is premature to discuss any specific recommendations.”  

    In order to fully understand your plans and objectives if confirmed as Secretary of Commerce, we ask that you clarify your response to these critical questions and how, if confirmed as Secretary, you would uphold NOAA’s congressionally-mandated service.

    Thank you in advance for your attention to this important matter.  We look forward to your prompt response.

    Sincerely,

    MIL OSI USA News

  • MIL-OSI USA: ICYMI: Tuberville in Yellowhammer: President Trump’s tariffs are Making America Great Again

    US Senate News:

    Source: United States Senator Tommy Tuberville (Alabama)

    “President Trump is keeping his promises to strengthen and revitalize our nation’s economy”

    WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) penned an op-ed in Yellowhammer praising President Donald Trump’s recent implementation of reciprocal tariffs to ensure fairness and bolster our national security.

    Read excerpts from the piece below or here. 

    “The media is in full meltdown mode after President Trump imposed duties and retaliatory tariffs this week on countries who have been ripping us off for decades. Apparently, globalists and Democrats are just fine with other countries imposing tariffs on U.S. exports. But, when it comes to President Trump trying to establish a level playing field for domestic producers, well, that’s a bridge too far.

    No one should be remotely surprised by President Trump’s actions. He campaigned on this platform three times and has been crystal clear on his intentions – now he is following through on his promises. He views tariffs both as a negotiating tool to get other countries to bend to his will and as a way to boost American manufacturing and put America First. 

    President Trump has his work cut out for him after the disastrous past four years under President Biden. The Biden administration made it clear to our friends and foes alike that the globalist agenda would take precedent over the safety and wellbeing of the American people. 

    Thankfully, those days are over. The American people gave President Donald J. Trump a clear mandate to restore our country’s superpower status and put America First. That starts with securing our borders. That’s why President Trump threatened to impose 25% tariffs on Mexico and Canada last week unless they start working with the U.S. to secure our borders and stop the flow of fentanyl into our nation. 

    Over the past four years, the Mexican government turned a blind eye while caravans of illegal aliens flowed through Mexico into the United States. Thousands of women and children were trafficked and raped along the way. Drug cartels were uninhibited from smuggling illicit drugs across the border. That is, until President Trump re-entered the White House on January 20. 

    President Trump correctly understands that Mexico’s economy is heavily dependent on its trade relationship with the U.S. In fact, more than 80 percent of Mexico’s exports come to the United States. Mexico’s economy would almost instantly feel the effects of a 25 percent tariff, leaving Mexico’s President Claudia Sheinbaum no choice but to come to the negotiating table with master dealmaker Donald Trump. As a result, within hours of President Trump’s announcement, Mexico caved by agreeing to start helping the United States secure the border and crack down on the cartel issue.

    Our neighbor to the North also caved to President Trump after a 25 percent tariff was threatened on Canadian imports. Not only are illicit drugs like fentanyl coming into our country from Mexico, but there has also been a 2,050 percent increase from FY 2023 in drugs coming across our Northern Border. In the last fiscal year alone, enough fentanyl was seized at our Northern Border to kill 9.8 million Americans. This is a serious problem.

    Thanks to President Trump, our North American neighbors to the North and South are making changes that will protect American citizens from deadly drugs, criminals, and human traffickers.

    In addition to using tariffs as a negotiating tool, President Trump also views tariffs as a way to right the wrongs of past, ineffective trade deals. That’s why this week he is imposing a 25 percent tariff on steel and aluminum. Contrary to what the media would tell you, this isn’t unprecedented. […]

    The tariffs being imposed this week are an important step in President Trump’s plan to restore fairness to trade, boost domestic manufacturing and put American consumers and producers first. America has some of the best and brightest manufacturers, producers, farmers, and businesses. We shouldn’t be going to other countries for products we can make right here at home.

    Three weeks into his presidency, President Trump is keeping his promises to strengthen and revitalize our nation’s economy, stem the flow of illicit drugs and illegal immigration, and make sure our trade deals are fair for taxpayers and the American worker. President Trump is utilizing every tool at his disposal, including tariffs, to usher in the Golden Age of America.”

    MORE:
    Tuberville Speaks On Importance Of Boosting U.S. Economy To Help Struggling Seniors
    Tuberville Praises President Trump For Making Tariffs Great Again
    ICYMI: Tuberville Joins “The Bottom Line” on Fox Business
    Tuberville Calls for Increase in Agricultural Exports
    Tuberville Introduces Bill to End Reliance on Russia, Boost Alabama Businesses and Workers
    Tuberville Cosponsors Legislation to Protect American Manufacturing
    Tuberville Continues Advocating for Alabama’s Ag Interests in Farm Bill Hearing

    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

  • MIL-OSI China: Chinese space firm showcases mobile-to-satellite communication tech

    Source: China State Council Information Office 2

    Chinese space firm GalaxySpace successfully demonstrated mobile-to-satellite communication technology based on the country’s first low-Earth orbit broadband communication test constellation at a commercial space conference held in Beijing on Wednesday.
    At 10:28 a.m., a satellite from the constellation passed over the conference venue in the Beijing Economic-Technological Development Area. On-site staff used their mobile phones to connect to the satellite via a terminal device installed on the rooftop. Through a gateway station in Beijing, they established a connection with personnel in Beijing and Thailand.
    During the video call with the Thai team, Liu Chang, co-founder and vice president of GalaxySpace, noted that the company signed a Memorandum of Understanding (MoU) with True Corporation, a major Thai telecommunications operator on Monday.
    Under the MoU, the two parties will collaborate in areas such as low-orbit satellite communication technology, integrated space-ground network solutions and direct satellite-to-mobile communication technology.
    “Low-orbit satellite internet represents a significant leap forward in global communications, poised to drive transformative changes in socio-economic development both in Thailand and worldwide,” said Manat Manavutiveth, CEO of True Corporation. “We are thrilled that this collaboration will bring cutting-edge innovative technologies to Thai consumers.”
    Established in 2018, GalaxySpace is a leading satellite internet solution provider and satellite manufacturer in China. It was also crowned as the first unicorn company in commercial aerospace in the country.

    MIL OSI China News

  • MIL-OSI USA: Kennedy champions bill to repeal woke CFPB rule forcing banks to collect data on sex, ethnicity from small businesses

    US Senate News:

    Source: United States Senator John Kennedy (Louisiana)

    WASHINGTON – Sen. John Kennedy (R-La.) today introduced a bill to repeal the Biden administration’s Consumer Financial Protection Bureau (CFPB) rule that would implement Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Section 1071 amends the Equal Credit Opportunity Act (ECOA) to require financial institutions to collect certain personal information on small businesses when they seek a loan.

    In 2023, Congress passed Kennedy’s joint resolution of disapproval under the Congressional Review Act to reverse the Biden administration’s rule, which requires banks to report to the CFPB on small business owners’ race, ethnicity and sex; and whether a business is minority-owned, women-owned or LGBT-owned. However, President Joe Biden vetoed the resolution, and the rule remains in effect.

    “President Biden’s woke CFPB put small business owners’ information at risk by requiring their personal details to be exposed online. My bill would repeal the last administration’s misguided regulation so that job creators’ private information isn’t public, and government doesn’t stand in the way of Main Street’s access to loans,” Kennedy said.

    Rep. Roger Williams (R-Texas) introduced the bill in the House of Representatives.

    Background:

    • On March 30, 2023, the CFPB promulgated the final rule implementing Section 1071 of the Dodd-Frank Act, which amends the ECOA. The rule was published in the Federal Register on May 31, 2023.
    • Section 1071 requires covered financial institutions to collect and report certain personal information on small business loan applicants and report that to the CFPB. The CFPB may then make certain parts of that information public, including data that could publicly identify the small business credit applicant.
    • In order to comply with the Biden CFPB rule, financial institutions would have to collect information about applicants, including the applicant’s census tract, North American Industry Classification System and years in business, among other personal information.
    • The rule applies to financial institutions that originated at least 100 small business loans in each of the two preceding calendar years.
    • Based on the number of credit transactions for small businesses, covered financial institutions must comply with the final rule beginning Oct. 1, 2024; April 1, 2025; or Jan. 1, 2026.
    • A small business is defined as a company with $5 million or less in revenue from the previous fiscal year. 
    • Among the many concerns about the CFPB’s collecting and storing such personal information is that the agency recently experienced a data breach including the personally identifiable information of 256,000 consumers and failed to properly inform them for two months.
    • The implementation of this rule may reduce the availability and accessibility of small business credit by increasing compliance costs of lenders.

    Sens. Cindy Hyde-Smith (R-Miss.), Joni Ernst (R-Iowa), John Boozman (R-Ark.), Roger Wicker (R-Miss.), John Barrasso (R-Wyo.), Mike Rounds (R-S.D.), Steve Daines (R-Mont.) and Ted Cruz (R-Texas) cosponsored the bill.

    Text of the bill is here.

    MIL OSI USA News

  • MIL-Evening Report: ‘A house battery you can drive around’: how a handful of Australians are selling power from their cars back to the grid

    Source: The Conversation (Au and NZ) – By Scott Dwyer, Research Director, Energy Futures, University of Technology Sydney

    24K-Productions

    Our cars sit unused most of the time. If you have an electric vehicle, you might leave it charging at home or work after driving it. But there’s another step you could take. If you have a bidirectional charger, you can set it to sell power back to the grid when demand is high.

    Fewer than ten people across Australia actually do this, because the technology – known as Vehicle-to-Grid (V2G) – is very new. To date, it only works with a single car model (Nissan LEAF) and a single charger (Wallbox Quasar 1). We’ve estimated the number of users based on sales of this charger. The chargers are expensive and there’s a thicket of regulations to navigate.

    But that could soon change. Last year, Climate Change Minister Chris Bowen announced new Australian standards and communications protocols for bidirectional chargers in a bid to make it mainstream. Cheaper EVs and bidirectional chargers will make this more appealing.

    If it takes off, V2G could become extremely useful to the power grid as a way to release power as required and stabilise the grid against fluctuations.

    This week, Australia’s renewable energy agency released a V2G roadmap, which notes widespread uptake could “materially reduce electricity costs for consumers and accelerate national emissions reduction”.

    To understand why people are using the technology and the challenges to do so, we interviewed five early adopters from New South Wales and South Australia. Our findings are released today.

    A bidirectional charger is necessary to sell power back to the grid.
    doublelee/Shutterstock

    Setting up V2G isn’t easy

    Our interviewees reported a long, complex journey to set up V2G. These early adopters had no playbook to follow, so the process was one of trial and error.

    Some relied on professional networks or social media groups to gather information. They spent significant time and energy finding electricians, installers and charger manufacturers to set up their systems. Strata approvals were required. They also had to negotiate with power retailers and distributors.

    Delays were common, especially when seeking approval from the energy distributor. Some interviewees reported delays of months to years.

    Most interviewees had experience in a technical field such as engineering or technology. Some reported a significant learning curve, while others using new software from their retailer reported a smoother “set and forget” process.

    So why do it? Our interviewees had several reasons, ranging from getting the most out of expensive assets (solar and the EV) to offsetting power bills entirely.

    Four out of five interviewees reported making a small profit of about A$1,000 annually instead of a bill. Many wanted to be able to reduce dependence on the grid and reduce their environmental impact.

    As one told us:

    you originally think of it as a car you can also use to power your house. [But actually] it’s a house battery you can drive around.

    Maximising savings

    Typically, our interviewees plugged their car in at home during the day to charge from their rooftop solar. In the evenings when power prices peaked, they used an app to sell power back to the grid. This maximised their cost savings for charging the car battery and their earnings from the grid.

    For instance, a V2G user was alerted by their energy retailer that power prices had spiked to over $20 per kilowatt hour – far above normal rates of 25–45 cents. They immediately set their car and home battery to sell power back to the grid. In two hours, they sold 28 kilowatt hours of power to the grid and made more than $560. As they told us: “I look forward to more such events.”

    Our interviewees often monitored energy prices, solar output and car battery levels to optimise their output. To avoid their EV battery getting too low, they set a lower limit – say 30% of charge – after which their car would stop exporting power.

    This photo shows the setup of one of our early adopter interviewees. Pictured is the Nissan LEAF and bidirectional charger. For years, this has been the only car model compatible with vehicle to grid, but this is set to change.
    Author provided, CC BY-NC-ND

    Is there a downside?

    One of the main reasons people are sceptical of V2G is due to concern about accelerated degradation of the battery.

    This is a common concern. But to date, there’s no consensus showing V2G shortens the battery life of EVs significantly. One recent study shows it increases degradation by 0.3% a year. But another showed V2G might actually extend battery life in some scenarios.

    Last year, we surveyed more than 1,300 members of a motoring organisation about their view of V2G technology. We found battery warranty was a bigger concern than battery life. This is because most EV manufacturers other than Nissan don’t mention V2G in their battery warranties, leading drivers to believe they might void their warranty by using V2G.

    Awareness of V2G technology is growing. The survey also found almost 40% of respondents were very or somewhat familiar with V2G, a jump from the 17% who reported familiarity in 2022. Among EV owners, almost 90% reported knowledge of the concept.

    Moving beyond early adopters

    For V2G to go mainstream, the process must be much simpler, cheaper and easier to set up.

    To accelerate uptake, reliable, accessible information is essential.

    Expanding government incentive programs to include bidirectional chargers would cut the upfront cost and make it more accessible.

    Even within the EV supply chain, knowledge of V2G is limited. Car dealerships will need to know which models work with V2G.

    Electricians may need specific training to install and maintain these chargers.

    EVs are falling in price as manufacturers vie for market share and cheaper options become available. V2G capabilities might help boost sales for competing car companies.

    As more motorists switch to EVs, interest in V2G will increase. While V2G can boost the appeal of EVs, there are others, such as Vehicle-to-Home (using your car to power your home during blackouts or to save money) and Vehicle-to-Load (using your EV to run power tools or appliances).

    Each of these can help consumers get more value from the vehicles parked in driveways and garages.

    Scott Dwyer receives funding from iMOVE Australia Cooperative Research Centre and the NRMA for this project.

    Scott Dwyer receives funding from iMOVE Australia Cooperative Research Centre and the NRMA for this project.

    Kriti Nagrath receives funding from iMOVE Australia Cooperative Research Centre and the NRMA for this project.

    ref. ‘A house battery you can drive around’: how a handful of Australians are selling power from their cars back to the grid – https://theconversation.com/a-house-battery-you-can-drive-around-how-a-handful-of-australians-are-selling-power-from-their-cars-back-to-the-grid-249696

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI China: China remains appealing to foreign investors

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

    SHANGHAI, Feb. 12 — Despite geopolitical tensions and rising trade protectionism, international businesses are deepening their commitments in China as 2025 unfolds, demonstrating the country’s appeal to those seeking to stay competitive globally.

    U.S. automaker Tesla’s Megafactory in Shanghai began producing energy storage batteries on Tuesday. Earlier this month, Toyota announced plans to establish a wholly owned electric vehicle plant in the eastern Chinese economic hub. In January, construction started on Siemens Healthineers’ new manufacturing and research facility in south China’s Shenzhen.

    The rationale behind these investments by global industry leaders is clear: China remains a vital market with significant growth potential.

    With its expanding middle class, China’s position as a global economic powerhouse makes its vast market hard to ignore. In 2024, the country’s gross domestic product (GDP) reached a record 134.91 trillion yuan (about 18.81 trillion U.S. dollars), marking a 5-percent year-on-year increase. As the world’s second-largest economy, China offers opportunities that are difficult to find elsewhere.

    China’s supply chain has become increasingly sophisticated and complete. Its highly competitive and advanced manufacturing ecosystem continues to attract high-value, technology-intensive investments.

    Additionally, China’s talent pool, particularly its abundance of engineers, bolsters multinational corporations’ confidence in establishing global research and development centers here. The country’s transformation into an innovation hub is particularly evident in industries such as electric vehicles and lithium-ion batteries. As China builds a modern industrial system, it accelerates efforts to develop new quality productive forces, creating fresh opportunities for global companies.

    China remains committed to opening up and fostering win-win cooperation. The nation’s market has become increasingly accessible, and a series of measures have been taken to encourage foreign investment. In recent years, China has made significant strides in promoting high-standard openness, including reducing the negative list for foreign investment, eliminating all restrictions on foreign investors in manufacturing, and expanding unilateral opening to the least-developed countries. The results of these efforts are reflected in the 9.9-percent increase in the number of newly established foreign-funded enterprises in China last year.

    Furthermore, Chinese authorities have made expanding high-standard economic openness a key priority for 2025. During an executive meeting on Monday, the State Council approved an action plan to stabilize foreign investment this year. The meeting called for more practical and effective measures to attract foreign capital, underscoring China’s commitment to creating a business-friendly environment.

    Despite challenges posed by the politicization of economic and trade issues in the West and sluggish global investment, China’s high-level openness, economic vitality, and expanding consumer base continue to make it a top investment destination.

    According to the 2024 Kearney Foreign Direct Investment Confidence Index, which measures investor expectations for FDI over the next three years, China jumped from seventh to third place in global rankings, leading all emerging markets.

    As many multinational executives have noted, “The next China is still China.” In an era of uncertainty and instability, one thing remains clear: Investing in China is a strategic move for those looking to secure their future.

    MIL OSI China News

  • MIL-OSI Australia: NAB welcomes new scam prevention legislation

    Source: National Australia Bank

    NAB today welcomed the passing of the Government’s Scam Prevention Framework (SPF) legislation as a positive step to better protect Australian consumers and businesses.

    NAB Chief Financial Crime Risk Officer Paul Jevtovic said: “What makes Australia’s Scam Prevention Framework world-leading is a laser focus on prevention and stopping the crime from occurring in the first place. We need to shut Australia’s door on the criminals.

    “Scams are a global epidemic and this legislation will help the fight to better protect Australians and make our country a much harder place for these criminals to target.

    “Banks can’t stop dodgy text messages, impersonation phone calls or bogus investment schemes on social media, the same way telcos or social media platforms can’t put added measures around payments.

    “Working together and lifting measures across these sectors we can have a much greater impact on driving scammers out of Australia.

    “We look forward to continued consultation with Government and regulators on the establishment of SPF rules and the industry codes.”

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

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