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Category: Business

  • MIL-OSI China: Announcement on Open Market Operations No.25 [2025]

    Source: Peoples Bank of China

    Announcement on Open Market Operations No.25 [2025]

    (Open Market Operations Office, February 10, 2025)

    In order to keep liquidity adequate in the banking system, the People’s Bank of China conducted reverse repo operations in the amount of RMB215 billion through quantity bidding at a fixed interest rate on February 10, 2025.

    Details of the Reverse Repo Operations

    Maturity

    Volume

    Rate

    7 days

    RMB215 billion

    1.50%

    Date of last update Nov. 29 2018

    2025年02月10日

    MIL OSI China News –

  • MIL-OSI: Netcompany enters into an agreement with SDC to create ‘the future of banking services’

    Source: GlobeNewswire (MIL-OSI)

    Company announcement (inside information)
    No. 09/2025

                                                     10 February 2025

    Netcompany Group A/S (“Netcompany”), SDC A/S, (“SDC”), and a majority part of the shareholders of SDC have today entered into an agreement of a transaction whereby a newly formed company of Netcompany and SDC will merge into a combined company fully owned by Netcompany. Together, Netcompany and SDC will create innovative and best-in-class banking solutions and services to the benefit of current banks running on SDC’s platform, as well as for new banks to be onboarded to the platform in the future.

    The transaction values SDC at DKK 1 billion and will include a cash payment of DKK 1 billion from Netcompany to SDC’s shareholders. The cash consideration is funded by way of utilising current credit facilities.

    Closing of the transaction is expected to take place around mid-2025, subject to regulatory and other customary conditions.

    Strategic rationale
    The transaction with SDC provides a strong foothold for Netcompany in the financial services industry, which is the highest spending vertical within IT services in Europe. In 2025, the total addressable market in DK, NO, and SE is estimated to be more than DKK 44 billion and the market is expected to grow more than 10% annually towards 2028, supporting Netcompany’s ambition of delivering continued sustainable organic growth.

    Within the financial services industry, Netcompany offers a solid product and platform suite, including AMPLIO, mit.dk, AMI and EASLEY, combined with products from Festina Finance such as Festina Advisor and Festina Life and Pension. These products and platforms supplemented by SDC’s core banking platform will be the foundation of ‘the future of banking services’. Together, Netcompany and SDC will improve the banking experience for bank customers, as well as bank employees and advisors, by introducing improved and personalised advice, self-service solutions, and end-to-end digital processes to support activities such as housing journeys and onboarding, through new industry-specific and vendor-independent banking services.

    Following the transaction, the combined workforce of Netcompany and SDC is more than 9,200 FTEs.

    André Rogaczewski, CEO Netcompany states:
    “I am thrilled to announce that we have successfully agreed on a transaction with the majority shareholders of SDC. This strategic move marks a significant milestone for Netcompany, and it aligns with our Go-To-Market strategy to expand our capabilities and enhance our service offerings within the financial services industry.
    Digitalisation is the key driver for strengthening Europe’s most critical societal areas – including the financial services industry. Netcompany already provides the digital foundation with our products and platforms in the areas of pension, customs and tax, transport and logistics, and now we are going to do the same in the financial services industry. With SDC’s core banking platform and Netcompany’s innovative DNA, products, and platforms, we are looking into unprecedented opportunities for the entire banking sector. The goal of this transaction is to create innovative and best-in-class services in Denmark, Scandinavia, and the rest of Europe, to the benefit of current and future customers, thereby adding substantial value for our shareholders and stakeholders.”

    Klaus Skjødt, Chair SDC states:
    “This is a significant milestone in SDC’s history, as we are now building upon past investments in the market’s most modern core banking platform and future-proofed online and mobile banking. Together with Netcompany, we have a shared ambition to make the banking sector a driving force for digital innovation, setting new standards for the advice and service customers can expect from their bank. We will achieve the scale and development power necessary to enhance our competitiveness and create the market’s strongest banking experience.”

    About SDC

    • SDC is a prominent IT service provider headquartered in Ballerup, Denmark, specialising in delivering comprehensive IT solutions to the financial services industry across the Nordic region.
    • SDC was founded in 1963 and offers a wide range of services, including core banking systems, digital banking solutions, and regulatory compliance tools.
    • At the end of 2024 SDC’s workforce counted 980 FTEs in three countries.
    • Prior to closing of the transaction, SDC is owned by its member banks. SDC functions as the internal IT department of the member banks, which are also in turn customers of SDC, as well as other commercial non-member banks.
    • In 2023, SDC realised revenue of DKK 1,837 million and EBITDA of DKK 286.8 million.
    • For additional information: https://www.sdc.dk/

    About Netcompany

    • Netcompany is a leading IT services company headquartered in Copenhagen, Denmark, with a strong focus on digital transformation in Europe.
    • Netcompany was founded in 2000 and delivers innovative and high-quality solutions to both public and private sector clients.
    • At the end of 2024 Netcompany’s workforce counted 8,260 FTEs in nine countries.
    • In 2024, Netcompany realised revenue of DKK 6,540.6 million and adjusted EBITDA of DKK 1,097.9 million in 2024.
    • For additional information: https://www.netcompany.com/

    Summary of the transaction

    • Netcompany will acquire 100% of the shares in SDC for a cash consideration at closing of DKK 1 billion.
    • Netcompany will make the acquisition through a newly formed company – Netcompany Banking Services A/S – which will be merging with SDC and as a consequence resulting in a fully owned subsidiary of Netcompany in which the activities of SDC are fully embedded.
    • The cash consideration is funded by way of utilising current credit facilities. The transaction will be fully debt financed within the existing covenants.
    • Due to integration costs, the transaction is expected to have a dilutive impact on EPS for the financial year 2025.
    • The transaction is expected to be EPS accretive to Netcompany from 2026 compared to 2024. Furthermore, the transaction is expected to be double-digit percentage EPS accretive by 2028 – also compared to 2024.
    • The transaction is subject to regulatory approvals in Denmark, Norway, and Faroe Island and other customary conditions.
    • Netcompany and the majority shareholders, who will continue as customers in the newly formed company after closing, will enter into a commercial IT-framework agreement (to enter into effect after closing) based on an already agreed term sheet. The agreed term sheet includes key provisions on the continued delivery of the current as-is services on a commercial market conform delivery and payment basis, a governance model with continued involvement of Netcompany and the bank customers, a fair and market-based exit model, and the transformation of the SDC platform to create ‘the future of banking services’.
    • As the agreed transaction structure is set as a merger, the closing of the transaction will formally require a two-thirds approval at a general meeting in both Netcompany’s newly formed company and SDC. The majority shareholders representing 70.94% of the outstanding share capital and voting rights in SDC have at signing of the agreement with Netcompany irrevocably provided their commitment to vote for the merger.
    • The remaining shareholders, and customers of SDC, will be given the opportunity to enter into a commercial IT-framework agreement with Netcompany on the same terms as the majority shareholders and irrevocably provide their approval to vote for the merger.

    Financial Guidance
    Financial guidance for 2025 for Netcompany on a stand-alone basis, as provided in the Annual Report 2024, is based on organic performance metrics and hence maintained. Organic revenue growth is expected between 5% and 10% and adjusted EBITDA margin between 16% and 19%.

    Netcompany expects to reinitiate it’s share buyback programmes after closing of the transaction and expects leverage at the end of 2025 to be around 1.5x.

    Webcast
    In connection with the publication of the merger, Netcompany will host a conference call on Monday, 10 February 2025 at 8.15 am CET. The conference call will be held in English and can be followed live via the company’s website; www.netcompany.com

    Dial-in details for investors and analysts:
    DK: +45 78 76 84 90
    UK: +44 20 3769 6819
    US: +1 646 787 0157

    PIN: 598046

    Webcast Player URL: https://netcompany-as.eventcdn.net/events/webcast-10-februar-2025

    Additional information
    For additional information, please contact:

    Netcompany Group A/S
    Thomas Johansen, CFO, +45 51 19 32 24
    Frederikke Linde, Head of IR, +45 60 62 60 87

    Disclaimer
    This announcement contains forward-looking statements that reflect Netcompany’s current expectations and views of future events. Some of these forward-looking statements can be identified by terms and phrases such as “estimate”, “expect”, “target”, “plan”, “project”, “will” and similar expressions. These forward-looking statements include statements relating to: the expected characteristics of the combined company; expected financial results and characteristics of the combined company; expected timing of the launch and closing of the proposed transaction and satisfaction of conditions precedent, including -regulatory conditions; and the expected benefits of the proposed transaction, including related synergies. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from such statements. These forward-looking statements are based on our beliefs, assumptions, and expectations of future performance, taking into account the information currently available to us. These statements are only predictions based upon our current expectations and projections about future events. Risks and uncertainties include: the ability of Netcompany to integrate SDC into Netcompany’s operations; the performance of the global economy; the capacity for growth in internet and technology usage; the consolidation and convergence of the industry, its suppliers and its customers; the effect of changes in governmental regulations; disruption from the proposed transaction making it more difficult to maintain relationships with customers, employees or suppliers; and the impact on the combined company (after giving effect to the proposed transaction with SDC and the shareholders of SDC) of any of the foregoing risks or forward-looking statements, as well as other risk factors listed from time to time in Netcompany’s public disclosures. The forward-looking statements should be read in conjunction with the other cautionary statements that are included elsewhere, including the risk factors included in any public disclosures of Netcompany. Any forward-looking statements made in this announcement are qualified in their entirety by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by us will be realised or, even if substantially realised, that they will have the expected consequences to, or effects on, us or our business or operations. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    Attachment

    The MIL Network –

  • MIL-OSI USA: ICYMI—Hagerty Joins Face the Nation on CBS to Discuss Trump’s Government Reform

    US Senate News:

    Source: United States Senator for Tennessee Bill Hagerty

    PALM BEACH, FL—United States Senator Bill Hagerty (R-TN), a member of the Senate Appropriations, Banking, and Foreign Relations Committees and former U.S. Ambassador to Japan, today joined Face the Nation on CBS to discuss President Donald Trump reforming the Executive Branch through eliminating wasteful spending and unnecessary government programs.

    *Click the photo above or here to watch*

    Partial Transcript

    Hagerty on Trump’s buyout to federal workers: “Eventually, it will save taxpayers money. I think what President Trump is trying to do is be humane in the process of allowing them to make plans to find other employment. But I certainly think the government is far too big, far too bloated, and we’re on a path now to start to see it shrink. This is the first step only, but we’re moving in the right direction […] What we’ll see, Margaret is each agency go through a top to bottom review to decide exactly what they need to do to deliver on behalf of the American public. As you know, there’s been a lot of consternation and pearl clutching about the activities of Elon Musk and his team, but their charge, led by President Trump, is to go in and find efficiencies, find opportunities, and frankly, deliver more of taxpayer dollars to the actual programs that are intended, less to overhead an Administration […] I’m from the private sector, Margaret, my entire background has been in business. This is the way you do it. You come in, you look at the opportunities before you—President Trump has brought a new Administration in—this is not unusual to take a hard look at these programs and also to look for opportunities to cut bloat and waste. Look, we’re 36 trillion dollars in debt. Clearly, the American public Needs to see more accountability, more visibility, more performance for their taxpayer dollars.”

    Hagerty on bringing accountability to the CFPB: “I’ve had significant conversations with Russ Vought, who is our new [Office of Management and Budget] Director. The [Consumer Financial Protection Bureau] has been out of control for some time. The way it’s designed, I think is unconstitutional. It has no oversight; it’s been basically a reckless agency that’s been allowed to go way beyond any mandate that I think was originally intended. So, it’s time to rein it in, and I’m applauding anything that we can do to bring more stability, more control to the federal government, and take agencies like this back into some sort of sense of accountability and oversight […] It was established as an agency that does not have the jurisdiction of the Congress. Its funding source is separate from us. It has no accountability. This is not the type of agency I think that the founding fathers contemplated. We actually contemplated a balance of power. Yet, this rogue agency has been created, and frankly, it’s been used as a tool to come in and just hammer the American private sector and pursue initiatives that certain people like Rohit Chopra might have approved, or that Senator Elizabeth Warren might have approved, but this is not the way the American public should be funding and supporting programs of this nature.”

    Hagerty on the need to reform USAID funding: “I think there’s a tremendous appetite to do it, Margaret, because what we want to see is alignment of our programs with America’s National Security interest. USAID has been out of control. I’ve demanded accountability from [USAID], they’ve refused it. As an appropriator, I’ve asked them to be very clear about, for example, their role funding Hamas and Gaza. They would not comply. They will not tell us what they do. Now that we start to find out some of the programs that [USAID] has been funding—if you think about it, sex change operations in Guatemala, LGBTQ programs in Serbia […] And that is not true, Margaret. I couldn’t get the Secretary of State [Blinken]—I asked him three times to tell me that we were not funding Hamas through [USAID]. He couldn’t do it, and frankly, what we found is that we have been funding [terrorism] […] Certainly, the funds that have gone to UNRWA. You saw the UNRWA members who were also Hamas members […] [UNWRA is] supporting terrorist groups. And if you look at what UNRWA has done, it’s been so counter to our national interest. It’s unbelievable that we would fund it.”

    Hagerty on reciprocity in trade agreements: “I talked with President Trump on Friday about this broadly, Margaret. This is a concern that he has had for some time. As you know, I served in his previous Administration and worked my heart out to get two trade agreements executed with Japan. I was the U.S. Ambassador to Japan in his Administration. Here’s what we’re trying to deal with, and it goes all the way back to World War II, in the aftermath, we made very favorable terms of trade with countries whose economies have devastated in Europe and Japan. We should have time limited that. We should have put some type of GDP-per-capita limit on it, because what we have now are countries that have very unfavorable and unfair terms that are fully developed. So, it’s time to address this; it’s already begun to happen.”

    MIL OSI USA News –

  • MIL-OSI Submissions: NTT DATA Unveils Global Insights on GenAI Adoption in Banking: Divergent Strategies for Boosting Productivity vs. Cutting Costs

    Source: NTT DATA

    Research from NTT DATA finds that as GenAI adoption rises, new pressures on return of investment are at the forefront of the challenges facing the banking industry.

    TOKYO – BUSINESS WIRE – NTT DATA, a global digital business and IT services leader, has today launched a new global research report uncovering the use of generative AI (GenAI) in the banking sector worldwide. The report, titled “Intelligent banking in the Age of AI,” has found that despite the growing adoption of GenAI technology in the banking industry, banks and financial institutions are split when it comes to outcome-based strategies – only half of banks (50%) see it as a tool for improving productivity and efficiency. Similarly, half (49%) believe it can be used for reducing operational IT spend.

    Transforming Banking Through GenAI

    GenAI is more disruptive than any previous advance in banking technology. It is less a question of if, but when banks embrace this technology, due to its transformative ability to embed intelligence at every layer of the banking ecosystem, from core banking to front-end systems. GenAI is already making waves in the banking industry, with 6 in 10 organizations (58%) already fully embracing its transformative potential, an increase from 2023, when only 45% of organizations had fully embraced GenAI, according to NTT DATA’s research.

    “Generative AI represents a pivotal moment for the banking industry,” said Robb Rasmussen, Head of Global Marketing & Communications, NTT DATA. “While the potential benefits are enormous, the challenges of implementing GenAI are complex and varied, requiring careful navigation and a structured approach. Given the anticipated high spending on GenAI, achieving a return on investment is crucial. Many banks will be expecting GenAI to drive long-term savings by automating IT tasks, improving operational efficiency, and creating competitive advantages, but it’s important to note that achieving meaningful ROI requires a clear strategy, tailored implementation, and robust governance at the same time.”

    Financial constraints increasing pressure on ROI

    ROI has become a top priority for GenAI implementations, yet banking organizations are split in their opinions of which strategies are most important to them. Banks have long struggled with boosting productivity, and GenAI is poised to present a solution to this problem, but only half of banking leaders (50%) see it as a solution to current productivity woes. Cost optimization is another area where banks are split, with just under half (49%) looking to reduce IT budgets accordingly.

    This disparity is highlighted on a global scale too – for example, almost 6 in 10 US banks (59%) are keen to reduce IT budgets and almost half (47%) want to cut operations budgets, while only 4 in 10 banks in Europe (43%) have IT budgets front of mind and just over a third (36%) are concerned with operations costs. Meanwhile productivity is the most important factor for European banks (46%), yet the US and APAC are placing even more emphasis on productivity themselves in comparison.

    Key performance indicators (KPIs) that financial institutions are using or planning to use to evaluate the success of Generative AI initiatives:

    Differing strategies across differing regions

    Strategies for realizing these benefits of GenAI differ vastly among organizations too. While around half of organizations are focusing on collaboration between humans and AI (51%) or a hybrid approach with existing systems (47%), over a quarter (28%) of banks are hoping to fully automate tasks and remove the need for manual input entirely. Fully automating tasks is an area which divides opinions worldwide as well, with a quarter of banks in the UK (25%) and Europe (24%) looking to fully automate the process, while almost a third of banks (32%) in the Americas and 35% of Japanese banks are looking to do the same.

    Robb Rasmussen, Head of Global Marketing & Communications, NTT DATA added: “It is clear that the ability to balance innovation with fiscal responsibility will define success for banks. However, many banks are lacking in maturity when it comes to this technology and are unsure where to start. Partnering with systems integrators can be a good starting point, allowing them to access the latest knowledge while ensuring compliance with industry regulations. By working with specialized providers, banks can ensure that GenAI implementations can deliver the desired ROI, while maintaining robust data protection measures and meeting both internal security standards and regulatory requirements.”

    NTT DATA’s research dives into specific areas of the banking industry, including Payments and Wealth Management, as well as Fraud Prevention. To read the full report, please go to “Intelligent banking in the Age of AI”

    About the Research

    NTT DATA’s survey was carried out on 810 banking leaders, from all global banking markets, and provides a 360-degree perspective on the sector’s journey towards innovation and GenAI adoption. This survey was led by NTT DATA Group’s Global Industry Office, part of the Global Marketing & Communications Headquarters.

    MIL OSI – Submitted News –

  • MIL-OSI: Inside information: Nokia announces a leadership transition – Justin Hotard appointed as successor to Pekka Lundmark

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Inside information
    10 February 2025 at 08:00 EET

    Inside information: Nokia announces a leadership transition – Justin Hotard appointed as successor to Pekka Lundmark

    Espoo, Finland – Nokia today announced a leadership transition. Nokia’s President and Chief Executive Officer, Pekka Lundmark, has informed the Board that he will step down. The Board has appointed Justin Hotard as the next President and Chief Executive Officer of Nokia. He will start in his new role on 1 April 2025. 

    Hotard joins Nokia with more than 25 years’ experience with global technology companies, driving innovation, technology leadership and delivering revenue growth. He currently leads the Data Center & AI Group at Intel. Prior to this role, he held several leadership roles at large technology companies, including Hewlett Packard Enterprise and NCR Corporation. He will be based at Nokia’s headquarters in Espoo, Finland.

    “I am delighted to welcome Justin to Nokia. He has a strong track record of accelerating growth in technology companies along with vast expertise in AI and data center markets, which are critical areas for Nokia’s future growth. In his previous positions, and throughout the selection process, he has demonstrated the strategic insight, vision, leadership and value creation mindset required for a CEO of Nokia,” said Sari Baldauf, Chair of Nokia’s Board of Directors.

    “I am honored by the opportunity to lead Nokia, a global leader in connectivity with a unique heritage in technology. Networks are the backbone that power society and businesses, and enable generational technology shifts like the one we are currently experiencing in AI. I am excited to get started and look forward to continuing Nokia’s transformation journey to maximize its potential for growth and value creation,” said Justin Hotard.

    After leading Nokia since 2020, Nokia’s current President and CEO, Pekka Lundmark, has decided to step down from executive roles and move on to the next phase of his career.

    “I want to thank Pekka for his significant contributions to Nokia, he will leave with our highest respect. The planning for this leadership transition was initiated when Pekka indicated to the Board that he would like to consider moving on from executive roles when the repositioning of the business was in a more advanced stage, and when the right successor had been identified. Now, both of those conditions have been met, and he has decided to step down,” said Sari Baldauf.

    She continued: “Pekka joined at a difficult time in Nokia’s history. Under his tenure, Nokia has re-established its technology leadership in 5G radio networks and built a strong position in cloud-native core networks. Network Infrastructure has delivered growth and significant profit improvement, and Nokia has secured the longevity of its patent licensing business. At the same time, Nokia has built strong foundations in new growth areas, refreshed the company’s brand and culture, transformed its operating model and rebalanced its portfolio.”

    “Leading Nokia has been a privilege. When I returned to Nokia in 2020, I called it a homecoming, and it really has felt like one. I am proud of the work our brilliant team has done in re-establishing our technology leadership and competitiveness, and positioning the company for growth in data centers, private wireless and industrial edge, and defense. This is the right time for me to move on. I have led listed companies for more than two decades and although I do not plan to stop working, I want to move on from executive roles to work in a different capacity, such as a board professional. Justin is a great choice for Nokia and I look forward to working with him on a smooth transition,” said Nokia’s President and CEO Pekka Lundmark. 

    Lundmark will step down on 31 March 2025. He will continue as an advisor to the new CEO until the end of the year. 

    An event for media and financial analysts will be held today at 10:00 EET. Link to join the webcast: https://edge.media-server.com/mmc/p/hjd9zmyx.

    Journalists and financial analysts, who wish to ask a question during the event, must dial-in to an audio-only conference call line. The attendees must pre-register here: https://dpregister.com/sreg/10196883/fe7f25be61.

    If you wish to ask a question on the call, you must mute the webcast and only use the participant dial-in during the Q&A session as there is a delay of approximately 15-30 seconds.

    Journalists and financial analysts can join via webcast or in person (Nokia’s Executive Experience Center at Karakaari 18, Espoo). Members of the media and analysts who want to participate in person, are kindly requested to show their press credential or valid ID on arrival.

    Justin Hotard, CV

    Born: 1974

    Nationality: US national 

    Experience:

    • Intel, Santa Clara, CA, 2024–present: Executive Vice President and General Manager, Data Center & AI Group
    • Hewlett Packard Enterprise, Houston, TX / Tokyo, Japan, 2015–2024: various leadership positions including:
      • Executive Vice President and General Manager, High Performance Computing, AI & Labs
      • President and Managing Director, Japan and China
    • NCR Corporation, Duluth, GA, 2007–2014: various leadership positions including: President and General Manager, Global Small Business Cloud Platform
    • Symbol Technologies (acquired by Motorola, Inc), Holtsville, NY, 2003–2007: Director, Product Management and Senior Manager, Corporate Development
    • Motorola, Inc, Arlington, IL, 1996–2000: Senior Systems Engineer

    Education:

    • Master of Business Administration, MIT Sloan School of Management, Cambridge, MA, 2002
    • Bachelor of Science in Electrical Engineering, University of Illinois Urbana-Champaign, Urbana, IL, 1997

    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.

    Inquiries:

    Nokia Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia
    Investor Relations
    Phone: +358 931 580 507
    Email: investor.relations@nokia.com

    FORWARD-LOOKING STATEMENTS

    Certain statements herein that are not historical facts are forward-looking statements. These forward-looking statements reflect Nokia’s current expectations and views of future developments and include statements regarding: A) expectations, plans, benefits or outlook related to our strategies, projects, programs, product launches, growth management, licenses, sustainability and other ESG targets, operational key performance indicators and decisions on market exits; B) expectations, plans or benefits related to future performance of our businesses (including the expected impact, timing and duration of potential global pandemics, geopolitical conflicts and the general or regional macroeconomic conditions on our businesses, our supply chain, the timing of market changes or turning points in demand and our customers’ businesses) and any future dividends and other distributions of profit; C) expectations and targets regarding financial performance and results of operations, including market share, prices, net sales, income, margins, cash flows, cost savings, the timing of receivables, operating expenses, provisions, impairments, taxes, currency exchange rates, hedging, investment funds, inflation, product cost reductions, competitiveness, revenue generation in any specific region, and licensing income and payments; D) ability to execute, expectations, plans or benefits related to our ongoing transactions, investments and changes in organizational structure and operating model; E) impact on revenue with respect to litigation/renewal discussions; and F) any statements preceded by or including “anticipate”, “continue”, “believe”, “envisage”, “expect”, “aim”, “will”, “target”, “may”, “would”, “see”, “plan” or similar expressions. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from such statements. These statements are based on management’s best assumptions and beliefs in light of the information currently available to them. These forward-looking statements are only predictions based upon our current expectations and views of future events and developments and are subject to risks and uncertainties that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Factors, including risks and uncertainties that could cause these differences, include those risks and uncertainties specified in our 2023 annual report on Form 20-F published on 29 February 2024 under Operating and financial review and prospects – Risk factors. 

    The MIL Network –

  • MIL-OSI: WISeKey’s WISeID Empowers Users with Digital Identity Control in a Geopolitically Uncertain World

    Source: GlobeNewswire (MIL-OSI)

    WISeKey’s WISeID Empowers Users with Digital Identity Control in a Geopolitically Uncertain World

    Geneva, Switzerland, February 10, 2025 –WISeKey International Holding Ltd (“WISeKey”) (SIX: WIHN, NASDAQ: WKEY), a leading global cybersecurity, blockchain, and IoT company, today announces latest suite of enhancements of WISeID, the Company’s WebTrust-compliant identity management system built to protect users’ digital identities and personal data.

    In light of current geopolitical tensions and the growing centralization of technology resources in only a few countries, it is more essential than ever for consumers to maintain control over their own digital identity. People’s digital identity represents their online persona, and ensuring it remains under each individual’s control allows them to attach various attributes to it while navigating the internet with full autonomy and consent.

    Unfortunately, many platforms compel users to create digital identities within their ecosystems, not as a service to the consumer but as a means of controlling identity data for commercial exploitation. These platforms act as identity providers, leveraging user data for monetization by selling personal information to advertisers and other third parties.

    For over 25 years, WISeKey has been a leader in digital identity solutions, prioritizing user autonomy without locking individuals into a proprietary ecosystem. WISeKey’s WISeID WebTrust-compliant identity management system, is accessible to all and designed to seamlessly integrate with existing blockchain technologies. WISeID.com enhances user protection against identity theft and strengthens privacy in today’s hyper-connected world.

    The Next Generation of WISeID: Elevating Digital Identity Security

    The latest iteration of WISeID builds upon WISeKey’s legacy of cutting-edge cybersecurity innovation, introducing a suite of enhancements that further protect users’ digital identities and personal data.

    1. Free Identity Validation

    WISeID now enables all users to verify their real identity using their computer or smartphone camera. By capturing an official identity document—such as a National ID, Driver’s License, or Passport (from most countries)—and utilizing facial recognition technology, users can confirm their identity securely and conveniently.

    2. New Types of Digital Certificates

    WISeID introduces a range of digital certificates with varying validation levels to suit different user needs:

    • Free Certificates – Available to all users, containing only an email address and valid for three months.
    • Basic Certificates – An optional subscription-based certificate with a two-year validity.
    • Advanced Certificates – Includes additional verified information such as the user’s name and country, enhancing credibility when sending emails or signing documents. This requires completing our Know Your Customer (KYC) verification process.
    • Advanced PRO Certificates – Designed for professional use, these certificates also include company details and require an organization validation process conducted by WISeKey.

    3. New Document Signing Service

    WISeID now offers a free digital document signing solution. Users can sign PDF documents directly from their computer or mobile device without needing to manually create or install certificates. Our platform automatically and securely generates single-use certificates for each signature request. The only requirement is a valid WISeID account with identity verification.

    4. New Corporate Identity Management Services

    Organizations can now leverage WISeID to provide secure identity services to their employees and customers through a corporate account. Corporate administrators gain full control over user identity creation and certificate management, eliminating the need for individual verification processes. Additionally, companies can acquire WISeSign packages, enabling employees to securely request and manage digital signatures.

    By providing decentralized, user-controlled digital identity solutions, WISeID stands in stark contrast to identity-restricting platforms. Our mission is to empower individuals and businesses with secure, verifiable, and privacy-enhancing digital identity tools, ensuring they remain in full control of their online presence.

    For more information, visit WISeID.com.

    About WISeKey

    WISeKey International Holding Ltd (“WISeKey”, SIX: WIHN; Nasdaq: WKEY) is a global leader in cybersecurity, digital identity, and IoT solutions platform. It operates as a Swiss-based holding company through several operational subsidiaries, each dedicated to specific aspects of its technology portfolio. The subsidiaries include (i) SEALSQ Corp (Nasdaq: LAES), which focuses on semiconductors, PKI, and post-quantum technology products, (ii) WISeKey SA which specializes in RoT and PKI solutions for secure authentication and identification in IoT, Blockchain, and AI, (iii) WISeSat AG which focuses on space technology for secure satellite communication, specifically for IoT applications, (iv) WISe.ART Corp which focuses on trusted blockchain NFTs and operates the WISe.ART marketplace for secure NFT transactions, and (v) SEALCOIN AG which focuses on decentralized physical internet with DePIN technology and house the development of the SEALCOIN platform.

    Each subsidiary contributes to WISeKey’s mission of securing the internet while focusing on their respective areas of research and expertise. Their technologies seamlessly integrate into the comprehensive WISeKey platform. WISeKey secures digital identity ecosystems for individuals and objects using Blockchain, AI, and IoT technologies. With over 1.6 billion microchips deployed across various IoT sectors, WISeKey plays a vital role in securing the Internet of Everything. The company’s semiconductors generate valuable Big Data that, when analyzed with AI, enable predictive equipment failure prevention. Trusted by the OISTE/WISeKey cryptographic Root of Trust, WISeKey provides secure authentication and identification for IoT, Blockchain, and AI applications. The WISeKey Root of Trust ensures the integrity of online transactions between objects and people. For more information on WISeKey’s strategic direction and its subsidiary companies, please visit www.wisekey.com.

    Disclaimer
    This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

    This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”), the FinSa’s predecessor legislation or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.

    Press and Investor Contacts

    WISeKey International Holding Ltd
    Company Contact: Carlos Moreira
    Chairman & CEO
    Tel: +41 22 594 3000
    info@wisekey.com     		 WISeKey Investor Relations (US) 
    The Equity Group Inc.
    Lena Cati
    Tel: +1 212 836-9611
    lcati@equityny.com

    The MIL Network –

  • MIL-OSI: EdgeSynergies Unveils Edge Data Centre Breakthrough at DSbD Showcase

    Source: GlobeNewswire (MIL-OSI)

    LONDON, Feb. 10, 2025 (GLOBE NEWSWIRE) — EdgeSynergies are showcasing their pioneering UKRI-funded project under the Digital Security by Design (DSbD) programme, at the upcoming UK Digital Security by Design Showcase. This milestone event showcases EdgeSynergies’ secure, sustainable edge data centres, delivering low-latency compute while repurposing waste heat for decarbonisation—key to the UK’s digital future, economic resilience, and Net Zero goals.

    At the event, EdgeSynergies will unveil MoatE (Morello at the Edge), a revolutionary digitally secure, energy-efficient edge computing solution. MoatE enables data centres to repurpose waste heat energy into usable energy, supporting urban heat networks and advancing the UK’s drive towards green, low-latency computing infrastructure. This breakthrough innovation directly contributes to the United Nations Sustainable Development Goals (UNSDG), reinforcing the UK’s leadership in secure, climate-conscious digital infrastructure.

    With the rapid rise of AI, IoT, AV, VR, and edge computing, the demand for ultra-secure, high-performance, and energy-efficient edge data centres for low-latency computing has never been greater. EdgeSynergies’ MoatE harnesses the power of the UKRI-backed Morello architecture, embedding next-generation digital security by design principles to protect against cyber threats while ensuring high-efficiency computing.

    Joydeep Mondal, Founder & CEO of EdgeSynergies, said: “The UK stands at a pivotal moment in defining the future of secure, sustainable computing. EdgeSynergies’ innovation represents a critical leap forward—combining next-gen cybersecurity with circular economy principles to transform edge data centres into green energy hubs. We are excited to present MoatE at the DSbD Showcase and invite governments, investors, and industry leaders to join us in scaling this ground-breaking solution.”

    Margaret Blight, Co-Founder & CCO of EdgeSynergies, added: “The meteoric rise of AI inference is fueling a surge in demand for Edge compute. Without green solutions that revolution will have an unprecedented impact to energy, water and carbon emissions. MoatE enables us to decarbonise compute by reusing waste heat for good in the community. Our work under the UKRI Digital Security by Design programme underscores the importance of embedding security at the silicon level while addressing the environmental impact of compute infrastructure. We call on policymakers, industry leaders, and tech innovators to support this mission and drive adoption of climate-positive digital infrastructure.”

    EdgeSynergies invites government bodies, investors, compute customers, and industry partners to engage with us at the UK Digital Security by Design Showcase on 11th February 2025. This is a unique opportunity to support the UK’s ambition for secure, sustainable, and high-capacity edge computing—a vital step towards achieving Net Zero and digital sovereignty.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/13711d6e-dbaf-4d9d-b3de-ed4f4dc1cdd8

    The MIL Network –

  • MIL-OSI: TGS Awarded Two 4D Streamer Contracts Offshore Norway

    Source: GlobeNewswire (MIL-OSI)

    OSLO, Norway (10 February 2025) – TGS, a leading provider of energy data and intelligence, is pleased to announce the award of two 4D streamer contract acquisition projects, one in the North Sea and one in the Norwegian Sea. The 4D projects are scheduled to be acquired back-to-back and commence in June. The total duration of the two surveys is approximately 80 days.

    Kristian Johansen, CEO of TGS, commented, “We are pleased to secure two new 4D streamer contracts. Now we have a total of six 4D streamer contracts scheduled for the 2025 summer season on the Norwegian continental shelf. The clients value our GeoStreamer technology combined with the Ramform acquisition platform, ensuring efficient delivery of high-quality data.”

    For more information, visit TGS.com or contact:

    Bård Stenberg
    VP IR & Communication
    Mobile: +47 992 45 235
    investor@tgs.com

    About TGS
    TGS provides advanced data and intelligence to companies active in the energy sector. With leading-edge technology and solutions spanning the entire energy value chain, TGS offers a comprehensive range of insights to help clients make better decisions. Our broad range of products and advanced data technologies, coupled with a global, extensive and diverse energy data library, make TGS a trusted partner in supporting the exploration and production of energy resources worldwide. For further information, please visit www.tgs.com (https://www.tgs.com/).

    Forward Looking Statement
    All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict and are based upon assumptions as to future events that may not prove accurate. These factors include volatile market conditions, investment opportunities in new and existing markets, demand for licensing of data within the energy industry, operational challenges, and reliance on a cyclical industry and principal customers. Actual results may differ materially from those expected or projected in the forward-looking statements. TGS undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.

    The MIL Network –

  • MIL-OSI Economics: Result of the Daily Variable Rate Repo (VRR) auction held on February 10, 2025

    Source: Reserve Bank of India

    Tenor 1-day
    Notified Amount (in ₹ crore) 2,25,000
    Total amount of bids received (in ₹ crore) 2,01,310
    Amount allotted (in ₹ crore) 2,01,310
    Cut off Rate (%) 6.26
    Weighted Average Rate (%) 6.27
    Partial Allotment Percentage of bids received at cut off rate (%) NA

    Ajit Prasad           
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2118

    MIL OSI Economics –

  • MIL-OSI Australia: (WIP) Stamp duty complexities in Sale and Purchase Agreements: insights from Van Dairy

    Source: Allens Insights

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

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

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

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

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

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

    Key takeaways

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

    Who in your organisation needs to know about this?

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

    A summary of the Van Dairy case

    Facts

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

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

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

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

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

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

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

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

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

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

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

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

    Issues

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

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

    Under section 60(1) of the Duties Act 2001, a private corporation was land rich if:

    • it had land holdings in Tasmania where the unencumbered value is $500,000 or more; and
    • its land holdings in all places, whether within or outside Australia, comprised 60% or more of the unencumbered value of all its property.

    A land holding included any interest in land, with some exceptions that were not relevant to the facts of the case.3

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

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

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

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

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

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

    Implications

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

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

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

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

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

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

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

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

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

    Corporate reconstruction exemptions and concessions

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

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

    Section 273B applies to a transaction if the Chief Commissioner is satisfied, on application by a party to the transaction, that—

    • the transaction is a corporate reconstruction transaction, and
    • the transaction, or the series of transactions of which the transaction is a part, is undertaken for the purpose of either or both of the following—
      • changing the structure of a corporate group,
      • changing the holding of assets within a corporate group, and
    • the transaction, or the series of transactions of which the transaction is a part—
      • is not undertaken for a purpose of avoiding or reducing duty under this Act on another transaction, and
      • is not undertaken for the sole or dominant purpose of avoiding or reducing a liability for tax, other than duty under this Act, under a law of an Australian jurisdiction.

    All Australian jurisdictions have broadly similar exemptions or concessions, including Tasmania. The Tasmanian exemption was presumably not available in Van Dairy for the transfers of shares in Moon Lake. In the case of the first transfer from Mr Lu to Ningbo, Mr Lu, as an individual, could not have been a member of a relevant corporate group. In the case of the second transfer from Ningbo to VDHK, presumably the two companies were not part of the same corporate group as defined under the duties legislation.

    Actions you can take now

    • Exercise caution when establishing the ownership of a purchaser entity and seek to have the correct ultimate shareholders in place prior to the signing of a contract to acquire land or completion of the purchase. Be aware of the double duty risk if you ‘change your mind’ later.
    • Consider the duty implications of entering into sale and purchase agreements, including where the intended seller or purchaser of the property is not a party to the agreement. Seek timely advice.

    MIL OSI News –

  • MIL-Evening Report: With ‘damp drinking’ and ‘zebra striping’, Gen Z are embracing moderation – not abstinence – from alcohol

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

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

    It’s a trend happening all around the world.

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

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

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

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

    What is ‘zebra striping’?

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

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

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

    Is it different to ‘damp drinking’?

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

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

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

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

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

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

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

    So what’s behind this cultural shift?

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

    But health concerns are only part of the answer.

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

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



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

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

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

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

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

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

    Finding support for change

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

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

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

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

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

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

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

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

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

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

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

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

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Bitget Wallet to Power $LAYER Airdrop Claims and Trading at TGE

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Feb. 10, 2025 (GLOBE NEWSWIRE) — Bitget Wallet, a leading Web3 non-custodial wallet, announced its pioneering support for Solayer’s $LAYER Genesis Drop. Users can now check airdrop eligibility directly in the wallet, with full support for token claiming and trading starting at the Token Generation Event (TGE) on February 11, 2025. This streamlined process ensures easy verification, token claims, and immediate trading access.

    Bitget Wallet is one of the earliest wallets to support the $LAYER Genesis Drop, demonstrating its dedication to keeping users at the forefront of token opportunities. Eligible users who staked $SOL and accumulated points can check their eligibility now by navigating to the airdrop section on Bitget Wallet’s Discover page. From February 11, users can seamlessly claim their $LAYER airdrop within the wallet. Immediately after claiming, users will have access to $LAYER trading, capturing potential market opportunities as prices evolve. Bitget Wallet also offers real-time K-line charts for dynamic trading insights, providing a one-stop platform to claim, manage, and trade $LAYER tokens.

    Solayer has revealed comprehensive tokenomics for $LAYER, detailing its total supply of 1 billion tokens and an initial circulating supply of 220 million. The airdrop will allocate 12% of the token supply to over 250,000 early users who meet the eligibility criteria. Users can now check their eligibility directly within the Bitget Wallet. The allocation checker will go live on February 10, and eligible users will be able to claim their tokens starting February 11. The claiming period will extend for 30 days, with rewards structured based on the amount and duration of users’ staking activities, designed to promote sustained engagement.

    Solayer is a blockchain platform designed to tackle scalability challenges through advanced hardware acceleration. Its InfiniSVM architecture enables high-throughput and near-zero latency, processing over 1,000,000 transactions per second with network bandwidth exceeding 100 Gbps. This design scales the Solana Virtual Machine (SVM) to support next-generation decentralized applications (dApps) while maintaining strong security. Through its innovative restaking feature, users can leverage their staked assets as collateral, optimizing asset use and enhancing Solana network security while offering greater reward opportunities.

    Alvin Kan, COO of Bitget Wallet, stated: “By supporting Solayer’s $LAYER Genesis Drop, we enable our users to fully benefit from the evolving Solana ecosystem, whether through token claims or trading functionalities. With Bitget Wallet’s streamlined integration of these services, users can seamlessly access DeFi opportunities and play an active role in the growth of next-generation dApps.”

    About Bitget Wallet
    Bitget Wallet is the home of Web3, uniting endless possibilities in one non-custodial wallet. With over 60 million users, it offers comprehensive onchain services, including asset management, instant swaps, rewards, staking, trading tools, live market data, a DApp browser, an NFT marketplace and crypto payment. Supporting over 100 blockchains, 20,000+ DApps, and 500,000+ tokens, Bitget Wallet enables seamless multi-chain trading across hundreds of DEXs and cross-chain bridges, along with a $300+ million protection fund to ensure safety of users’ assets. Experience Bitget Wallet Lite to start a Web3 journey.
    For more information, visit: X | Telegram | Instagram | YouTube | LinkedIn | TikTok | Discord | Facebook
    For media inquiries, please contact media.web3@bitget.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4207dd18-d998-4406-a055-271339da889f

    The MIL Network –

  • MIL-OSI Australia: Albanese Government creating a better pathway for financial advisers

    Source: Australian Treasurer

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

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

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

    Currently, the professional pathway for financial advisers is composed of four requirements:

    • completion of an approved qualification, with the list of approved qualifications limited to those focused specifically on financial advice;
    • a 1,600 hour professional year;
    • completion of the financial adviser exam; and
    • continuing professional education.

    The current education pathway is not sustainable. School leavers are not attracted to the specialised area of study, and it is a significant investment for career changers. Fewer Higher Education Providers are offering courses due to the lack of entrants.

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

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

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

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

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

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

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

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

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

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

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

    MIL OSI News –

  • MIL-OSI Australia: Address to Conexus – Advice Policy Summit

    Source: Australian Treasurer

    Introduction

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

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

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

    Australians need access to quality and affordable financial advice.

    Quality financial advice can give Australians peace of mind.

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

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

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

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

    Because Australians need it.

    And reform was needed.

    This space was left in tatters by the previous government.

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

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

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

    And I take that support at face value.

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

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

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

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

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

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

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

    Retaining financial advisers in the industry

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

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

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

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

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

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

    Unsurprisingly, advisers started leaving the industry in droves.

    Not every exit was a tragedy.

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

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

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

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

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

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

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

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

    Bringing new financial advisers into the industry

    But this only staunched the bleeding.

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

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

    But its effect was not addressed.

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

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

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

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

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

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

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

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

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

    We’re committed to the professionalisation of the industry.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    I recognise that some advisers have followed the current pathway.

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

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

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

    Cutting unnecessary red tape

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

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

    Everything flows from that.

    Advice is not always targeted at what the client wants.

    Statements of advice are too long and unhelpful.

    And the cost of advice is too high.

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

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

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

    But it is complex.

    And we cannot risk endangering consumers by getting this wrong.

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

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

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

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

    That should be challenged.

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

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

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

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

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

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

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

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

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

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

    Confidence to seek advice and engage in the financial system

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    It is not sustainable for financial advisers.

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

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

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

    So I have tasked Treasury to review the CSLR immediately.

    We need to ensure that it is sustainable.

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

    It is not about guaranteeing investment returns.

    But about ensuring genuine victims have access to some redress.

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

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

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

    Conclusion

    So – more financial advisers and less red tape.

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

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

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

    And I won’t be the last.

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

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

    MIL OSI News –

  • MIL-OSI China: Sales push as brands brace for tough 2025

    Source: China State Council Information Office

    Right after the Spring Festival holiday, automobile markets in China have become hectic, touting new features, offering discounts and even appearing in movies to woo potential car buyers.

    Tesla announced on Wednesday, the first working day after the weeklong holiday, a time-limited discount of up to 8,000 yuan ($1,098) on its Model 3. On the same day, Xpeng unveiled five-year installment and interest-free loan offers.

    But at the head of the pack was Nio, whose offer — which includes interest-free five-year loan plans — came days before the Spring Festival holiday ended.

    Meanwhile, Great Wall Motor’s Tank, BAIC’s Arcfox and Dongfeng’s off-road brand Mengshi have either starred in Chinese New Year blockbusters including Ne Zha 2 or partnered with their producers in publicity campaigns.

    Behind the diverse tactics is the same sense of urgency: after a brutal 2024 they believe the vehicle market this year will be more cruel, despite the China Association of Automobile Manufacturers expecting the overall market size to go up 4.7 percent to 32.9 million units.

    The elimination phase has begun and many of the car manufacturers are struggling to “beat the count”, said analysts from consulting firm McKinsey in a report released on Thursday.

    “Those which cannot come up with decent electric vehicles in one or two years, and those which are deep in the red but cannot offer a convincing strategy to go green, will be forced to leave the race,” they said.

    In the bigger picture, Chinese brands, whose rise is the defining feature of the current market landscape, are relatively safe.

    Over the past five years, the number of Chinese car brands selling more than 600,000 vehicles annually jumped from 11 in 2020 to 13 in 2024, signaling a dramatic shift toward greater market concentration.

    More tellingly, for the first time, Chinese brands have broken into the ranks of those with sales exceeding 1.2 million units annually — a mark that was once the exclusive domain of foreign brands.

    In January, seven out of the 10 bestselling carmakers in the country were Chinese; Geely topped the chart, followed by BYD and Changan.

    These domestic brands have not only capitalized on China’s rapid push toward NEVs but positioned themselves as leaders in the transition to intelligent mobility.

    However, smaller Chinese brands, especially startups, are yet to gain a firm foothold. There are currently 37 active NEV brands in China. Of them, 12 are independent startups and the rest, such as Zeekr, Voyah and Avatr, are offshoots of larger traditional manufacturers.

    Now at least five of the NEV brands have become profitable. Those who cannot go green in the next 12 to 18 months, or at least come up with a feasible plan, may trigger speculation, said McKinsey.

    This is particularly true after Jidu, a partnership between Geely and Baidu, and Neta got into financial trouble in late 2024, leaving car owners and even employees nowhere to resort to.

    For foreign carmakers, the picture is far from rosy. Once the undisputed leaders of China’s car market, their position is becoming precarious.

    A combination of technology lag, reduced brand loyalty and aggressive pricing strategies from domestic players has eroded their dominance, according to McKinsey.

    It projects the market share of foreign carmakers, which once commanded over half of all car sales in China, to fall to just 30 percent by the end of this year from 40 percent now.

    The decline is a direct result of the seismic shift toward electric vehicles and smart driving technology — areas where many foreign brands have struggled to keep pace.

    The profit margins of joint-venture carmakers have taken a significant hit. McKinsey’s analysis reveals that, from 2017 to 2023, the profits of the top 10 leading Chinese joint-venture companies dropped by 34 percent in the country.

    For many foreign brands, the situation is compounded by a weakening consumer base, especially as new domestic models with cutting-edge features flood the market.

    Some foreign companies, such as Volkswagen and its premium Audi brand, have responded by forming strategic partnerships with Chinese manufacturers, seeking to import Chinese technological innovations into their own models.

    However, these collaborations, though beneficial in the short term, are unlikely to be a silver bullet, said McKinsey analysts.

    They said the strategy may help bridge the gap in the short term, but it does little to address the core issue: foreign brands are increasingly irrelevant to a generation of Chinese consumers that are growing more attached to homegrown offerings.

    New tech prospects

    Looking to the future, the next frontier in China’s automotive revolution is clear: intelligent driving and smart in-car experiences.

    In 2024, intelligent driving technologies — once seen as futuristic — have become mainstream, with major manufacturers offering vehicles equipped with features that can drive themselves on highways and in cities.

    The market for intelligent driving technology is growing at a blistering pace, and consumers are increasingly embracing these innovations.

    A McKinsey poll shows that 76 percent of respondents tried smart driving in 2024, up from 65 percent in 2023.

    Despite the rising consumer interest, however, McKinsey cautions that the industry faces challenges.

    While intelligent driving technologies are rapidly improving, they have yet to find a sustainable business model.

    The growing trend of “free” software upgrades, for example, has left carmakers struggling to monetize these features.

    More promising is the rise of the “smart cockpit”, where cars transform from mere transportation tools into living rooms.

    As intelligent driving systems become standard, the focus is shifting to in-car experiences, with carmakers investing heavily in creating more personalized, intuitive environments for consumers, said McKinsey.

    MIL OSI China News –

  • MIL-OSI China: ‘World’s supermarket’ reopens after holiday

    Source: China State Council Information Office 3

    A merchant adorns her store with Spring Festival decorations in the Yiwu International Trade Market in Yiwu, east China’s Zhejiang Province, Feb. 9, 2025. [Photo/Xinhua]

    Yiwu International Trade Market, the world’s largest wholesale market for small commodities located in the city of Yiwu in east China’s Zhejiang Province, reopened on Sunday after the Spring Festival holiday, marking a vibrant start to the Year of the Snake.

    The reopening ceremony featured traditional lion dances and drum performances, creating a vibrant and festive atmosphere.

    Merchants like toy shop owner Chen Meijun voiced optimism for a prosperous year ahead.

    “We received inquiries from regular customers during the holiday, and we expect sales to grow by over 10 percent this year,” Chen said, noting that she plans to expand her business internationally, with trips to Mexico and Kenya scheduled this year.

    Actresses perform at the Yiwu International Trade Market in Yiwu, east China’s Zhejiang Province, Feb. 9, 2025. [Photo/Xinhua]

    Dubbed “world’s supermarket,” Yiwu is an international hub for small commodity production and trade, attracting customers from around the world.

    Nepalese buyer Raj Kumar Khadka was among the first clients to arrive, planning to order ceramics, glassware and other goods worth around 1 million yuan (about 139,500 U.S. dollars).

    A frequent visitor who first came to the city for business 23 years ago, Khadka said Yiwu plays a crucial role in the international commodity trade.

    “Yiwu taught me how to do business,” he said. “Because of this city, I was able to meet people from all over the world and learn about their languages and cultures.”

    The trade market’s 75,000 shops are connected to over 2.1 million enterprises, supporting approximately 32 million jobs. Its strong purchasing demand and diverse product offerings highlight the resilience and growth potential of China’s economy.

    Many businesses are capitalizing on emerging trends, such as 3D-printed toys, which have gained popularity for their vibrant colors and intricate designs.

    “We have invested heavily in R&D and plan to expand our footprints in developed markets while tapping into domestic demand,” said Zeng Hao, manager of a toy company producing and selling 3D-printed toys.

    A dragon dance is staged at a square of the Yiwu International Trade Market in Yiwu, east China’s Zhejiang Province, Feb. 9, 2025. [Photo/Xinhua]

    In late 2024, China’s State Council approved an overall plan for deepening comprehensive international trade reforms in Yiwu, which outlines a vision to promote reforms through further opening up, along with initiatives such as innovating market procurement trade mechanisms, promoting import trade development, enhancing the functionality of comprehensive bonded zones, and strengthening cross-border e-commerce regulations.

    Innovation has become a driving force behind Yiwu’s enduring success. Since 2023, the Chinagoods AI platform, launched by Zhejiang China Commodities City Group Co., Ltd., has gained attention for enabling Yiwu’s business owners to effortlessly create multilingual versions of product videos, supporting over 30 languages.

    Today, more businesses are using new technologies to expand their reach and attract customers.

    At a digital shop in the market, manager Bao Haigang demonstrated a headset that accurately translates over 100 languages via a smartphone app. He said this AI-powered headset launched in 2024 has seen strong sales in markets like Brazil.

    “We will continue integrating AI into traditional products and expect over 30 percent sales growth this year. We are very confident,” Bao said.

    MIL OSI China News –

  • MIL-OSI: TWAAO Clarification Statement: A Legally Compliant Trading Platform with International Accreditation

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 09, 2025 (GLOBE NEWSWIRE) — Recently, the German Federal Financial Supervisory Authority (BaFin) issued a notice claiming that TWAAO was providing financial, securities, and cryptocurrency asset services in Frankfurt without the necessary authorization. TWAAO takes this matter seriously and wishes to provide its users with a detailed clarification regarding its qualifications and compliance.

    Global Compliance Credentials Obtained by TWAAO

    Founded in 2019 in the United States, TWAAO is an innovative cryptocurrency trading platform. The company has always adhered to the principles of legal and compliant operations, upholding the user-first value at the core. TWAAO has obtained multiple internationally recognized regulatory certifications, including but not limited to:

    • U.S. MSB License

    TWAAO holds a FinCEN-issued MSB license, authorizing legal cryptocurrency operations under U.S. regulatory standards.

    • Canadian MSB License

    Registered with FINTRAC, TWAAO’s Canadian MSB license confirms international regulatory compliance.

    • License Issued by U.S. Securities and Exchange Commission (SEC)

    As an SEC-registered crypto platform, TWAAO adheres to securities laws, ensuring a secure, transparent investment environment.

    Background Explanation of the BaFin Announcement

    The warning issued by BaFin primarily targets trading platforms that have not met its local registration requirements, such as Binance, Bybit, and Plus500, which have also been publicly listed. It does not dispute the legitimacy of these platforms. TWAAO has already obtained multiple authoritative licenses internationally, leaving no doubt about its compliance. TWAAO is actively communicating with the relevant authorities to understand the specific local regulations and is working on the registration process to ensure compliance with local market requirements.

    Commitment to Legal Compliance and User-Centric Principles

    TWAAO will take the BaFin compliance requirements as an opportunity to further enhance its legal compliance framework, ensuring the stability of platform operations and the safety of user rights. TWAAO will actively communicate and operate in compliance with the laws and regulations of different countries and regions, providing a safer, more transparent, and compliant trading environment for users worldwide.

    Holding sincere gratitude to its global users for their trust and support, TWAAO will continue to adhere to the core philosophy of putting users first and remain committed to building a trustworthy cryptocurrency trading platform that meets international standards.

    The MIL Network –

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

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

    Hitra/Shutterstock

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

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

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

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

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

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

    Why cut back on brands?

    The Coles move is all about profitability.

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

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

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

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

    Raising prices vs cutting costs

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

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

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

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

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

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

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

    Shifting to home brands

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

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

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

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

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

    Have we been here before?

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

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

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

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

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

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Economics: Money Market Operations as on February 07, 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) 5,61,163.45 6.26 4.50-6.65
         I. Call Money 14,567.31 6.26 5.15-6.55
         II. Triparty Repo 3,70,891.25 6.26 6.12-6.65
         III. Market Repo 1,73,895.29 6.25 4.50-6.61
         IV. Repo in Corporate Bond 1,809.60 6.37 6.34-6.40
    B. Term Segment      
         I. Notice Money** 277.00 6.23 5.60-6.35
         II. Term Money@@ 837.00 – 6.35-7.25
         III. Triparty Repo 570.00 6.37 6.25-6.45
         IV. Market Repo 0.00 – –
         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 Fri, 07/02/2025 3 Mon, 10/02/2025 1,33,013.00 6.26
         (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# Fri, 07/02/2025 1 Sat, 08/02/2025 12,223.00 6.50
      Fri, 07/02/2025 2 Sun, 09/02/2025 0.00 6.50
      Fri, 07/02/2025 3 Mon, 10/02/2025 797.00 6.50
    4. SDFΔ# Fri, 07/02/2025 1 Sat, 08/02/2025 78,315.00 6.00
      Fri, 07/02/2025 2 Sun, 09/02/2025 1.00 6.00
      Fri, 07/02/2025 3 Mon, 10/02/2025 18,275.00 6.00
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       99,452.00  
    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          
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       8,328.42  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     8,328.42  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     1,07,780.42  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on February 07, 2025 8,85,291.80  
         (ii) Average daily cash reserve requirement for the fortnight ending February 07, 2025 9,12,544.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ February 07, 2025 77,749.00  
    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: 2024-2025/2116

    MIL OSI Economics –

  • MIL-OSI New Zealand: Speech to the Financial Services Council

    Source: New Zealand Government

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

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

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

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

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

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

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

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

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

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

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

    The second key theme is competition.

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

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

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

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

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

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

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

    MIL OSI New Zealand News –

  • MIL-OSI China: Lenovo, Alat break ground on new manufacturing facility

    Source: China State Council Information Office

    China’s multinational technology company Lenovo and Saudi company Alat on Sunday broke ground on a new manufacturing base in the Saudi capital of Riyadh.

    According to a statement released by Lenovo, the factory will cover 200,000 square meters at the Special Integrated Logistics Zone near Riyadh’s international airport, and focus on the production of laptops, desktops, and servers, which is expected to begin in 2026.

    The partnership is projected to create up to 15,000 direct jobs and 45,000 indirect jobs, with a cumulative non-oil GDP contribution of up to 10 billion U.S. dollars by 2030, the statement said, noting that Lenovo will establish a regional Middle East and Africa (MEA) headquarters in Riyadh to serve customers in the region.

    Addressing the ground-breaking ceremony, Yang Yuanqing, chairman and CEO of Lenovo, said, “Through this powerful strategic collaboration and investment with Alat, we gain greater global presence, a strong regional foothold, and the ability to capitalize on the incredible growth momentum in Saudi Arabia and the wider MEA region.”

    “We are excited to have Alat as our long-term strategic partner, and are confident that our world-class supply chain capabilities as well as our innovation will benefit Saudi Arabia as it drives its Vision 2030 goals,” he said.

    For his part, Alat’s CEO Amit Midha said, “With the establishment of a regional headquarters in Riyadh and a world-class manufacturing hub, powered by clean energy, in the Kingdom of Saudi Arabia, we expect the Lenovo team to further their potential across the MEA region.”

    MIL OSI China News –

  • MIL-OSI China: ‘World’s supermarket’ reopens after holiday, embracing innovation in Year of Snake

    Source: China State Council Information Office

    A merchant adorns her store with Spring Festival decorations in the Yiwu International Trade Market in Yiwu, east China’s Zhejiang Province, Feb. 9, 2025. [Photo/Xinhua]

    Yiwu International Trade Market, the world’s largest wholesale market for small commodities located in the city of Yiwu in east China’s Zhejiang Province, reopened on Sunday after the Spring Festival holiday, marking a vibrant start to the Year of the Snake.

    The reopening ceremony featured traditional lion dances and drum performances, creating a vibrant and festive atmosphere.

    Merchants like toy shop owner Chen Meijun voiced optimism for a prosperous year ahead.

    “We received inquiries from regular customers during the holiday, and we expect sales to grow by over 10 percent this year,” Chen said, noting that she plans to expand her business internationally, with trips to Mexico and Kenya scheduled this year.

    Actresses perform at the Yiwu International Trade Market in Yiwu, east China’s Zhejiang Province, Feb. 9, 2025. [Photo/Xinhua]

    Dubbed “world’s supermarket,” Yiwu is an international hub for small commodity production and trade, attracting customers from around the world.

    Nepalese buyer Raj Kumar Khadka was among the first clients to arrive, planning to order ceramics, glassware and other goods worth around 1 million yuan (about 139,500 U.S. dollars).

    A frequent visitor who first came to the city for business 23 years ago, Khadka said Yiwu plays a crucial role in the international commodity trade.

    “Yiwu taught me how to do business,” he said. “Because of this city, I was able to meet people from all over the world and learn about their languages and cultures.”

    The trade market’s 75,000 shops are connected to over 2.1 million enterprises, supporting approximately 32 million jobs. Its strong purchasing demand and diverse product offerings highlight the resilience and growth potential of China’s economy.

    Many businesses are capitalizing on emerging trends, such as 3D-printed toys, which have gained popularity for their vibrant colors and intricate designs.

    “We have invested heavily in R&D and plan to expand our footprints in developed markets while tapping into domestic demand,” said Zeng Hao, manager of a toy company producing and selling 3D-printed toys.

    A dragon dance is staged at a square of the Yiwu International Trade Market in Yiwu, east China’s Zhejiang Province, Feb. 9, 2025. [Photo/Xinhua]

    In late 2024, China’s State Council approved an overall plan for deepening comprehensive international trade reforms in Yiwu, which outlines a vision to promote reforms through further opening up, along with initiatives such as innovating market procurement trade mechanisms, promoting import trade development, enhancing the functionality of comprehensive bonded zones, and strengthening cross-border e-commerce regulations.

    Innovation has become a driving force behind Yiwu’s enduring success. Since 2023, the Chinagoods AI platform, launched by Zhejiang China Commodities City Group Co., Ltd., has gained attention for enabling Yiwu’s business owners to effortlessly create multilingual versions of product videos, supporting over 30 languages.

    Today, more businesses are using new technologies to expand their reach and attract customers.

    At a digital shop in the market, manager Bao Haigang demonstrated a headset that accurately translates over 100 languages via a smartphone app. He said this AI-powered headset launched in 2024 has seen strong sales in markets like Brazil.

    “We will continue integrating AI into traditional products and expect over 30 percent sales growth this year. We are very confident,” Bao said.

    MIL OSI China News –

  • MIL-OSI China: Foreign investment upgrades amid transformation

    Source: China State Council Information Office

    For Anna An, president for China of German industrial and consumer goods group Henkel, 2025 is undoubtedly shaping up to be a busy year.

    The company’s new plant, with a total investment of 900 million yuan ($124 million), is set to begin test production in Yantai, Shandong province, later this year. This facility is expected to raise the company’s production capacity to supply high-end adhesives for industries such as electronics and automobiles.

    “We are also planning to launch our new inspiration center for adhesive technologies in Shanghai this year, boosting our innovation capabilities for industrial businesses across China and the broader Asia-Pacific region,” said An.

    “The tone-setting Central Economic Work Conference held in December emphasized technological innovation and the promotion of consumption, creating significant opportunities for multinational companies like Henkel,” she added.

    Echoing that sentiment, Nathan Stoner, vice-president of Cummins Inc, a US engine manufacturer, said his company aims to increase its market share in key application sectors within China, including power generation equipment for data centers, high-tech manufacturing, and the engineering, procurement and construction sectors this year.

    Highlighting that the company’s hydrogen fuel cell products successfully powered 239 transit buses and trucks, and the accumulated mileage of over 16 million kilometers across China in 2024, Stoner, who is also chairman of Cummins China, said the company will continue to innovate on the internal combustion engine system, including high efficiency diesel, natural gas and hydrogen internal combustion engines in China this year.

    “We are targeting our investments in zero-emission solutions into various Chinese regional markets where we see demand and adoption happening sooner, and iterating those products to be the best they can be, when customers want more of them,” he added.

    These examples highlight the growing optimism among multinational corporations regarding the long-term potential of the Chinese market, fueled by the country’s economic resilience and its commitment to innovation and openness.

    Initially, foreign companies were attracted by China’s cost advantages and abundant labor force, using it as a base for producing competitive goods, said Xu Wei, head of the macroeconomic research department at the Development Research Center of the State Council.

    As China advanced its infrastructure and industrial systems, it remained a low-cost production hub while evolving to offer sophisticated, high-value manufacturing, allowing foreign companies to integrate more advanced production processes, Xu said.

    “With China entering a new era of green and innovation-driven growth in recent years, global investments have increasingly focused on supply chain optimization, high-end manufacturing, customized innovation, and digital and green solutions,” he said, adding that sectors such as trade in services and healthcare have also become key areas of foreign investment.

    For instance, in addition to announcing a record high of over 657,000 electric vehicle sales in the Chinese mainland in 2024, marking an 8.8 percent year-on-year increase, Tesla Inc, the US EV maker, is currently conducting trial production to manufacture energy-storage batteries at its Shanghai factory.

    The US automaker said mass production at this facility is expected to commence fully within the first quarter.

    China has been revising its sector list to attract more foreign investment. These efforts, along with the removal of all market access restrictions for foreign investors in the manufacturing sector last year, reflect the country’s proactive approach to openness.

    Li Yongjie, deputy international trade representative of the Ministry of Commerce, said China will further open up its services sector, with a particular focus on accelerating pilot programs in key areas such as telecommunications, healthcare and education.

    A total of 59,080 new foreign-invested firms were established across China in 2024, an increase of 9.9 percent year-on-year, according to information released by the Ministry of Commerce.

    Wang Xiaohong, a researcher at the China Center for International Economic Exchanges in Beijing, said that China’s ongoing commitment to further opening-up and fostering innovation is positioning the country as both a key player in global supply chains, and a prime destination for investment and strategic expansion.

    This evolving environment is expected to create new opportunities for business growth, particularly as China adapts its policies to align with the shifting dynamics of the global economy, she said.

    More than half of companies from the United States plan to increase their investments in China this year, according to the 2025 China Business Climate Survey Report released by the American Chamber of Commerce in China (AmCham China) in late January.

    The survey, conducted from Oct 21 to Nov 15, involved a total of 368 member companies of AmCham China. It found that nearly half of the participants rank China as one of their top three global investment priorities.

    About 68 percent of the US responding companies expect industry markets to see growth in 2025. Two-thirds of them plan to focus on growing their core business activities in China as their primary objective for 2025. Meanwhile, the consumer and services sectors are increasingly focused on driving growth by targeting new customer segments.

    Jeff Losch, vice-president and business manager for coating additives technologies at Milliken & Company, a US specialty chemical and performance materials firm, said China is a key market for Milliken, not only because of its vast scale, but also due to its forward-thinking approach to sustainability.

    “We have observed a strong demand in the EV and industrial coating businesses. China’s EV industry is extremely strong and has led the global market this year, with Chinese manufacturers making their presence felt in markets across many countries,” said Losch.

    He said that the quick growth of China’s EV market has clearly created significant opportunities for the coatings industry. EV manufacturing requires coatings with high durability and environmental standards, which align closely with Milliken’s innovation goals.

    Eager to seize more market share, the US company plans to continue investing in its innovation unit, expand sales networks and enhance supply chain operations within China.

    As China undergoes a profound transformation, making business navigation more challenging than before, Denis Depoux, global managing director at German consultancy Roland Berger, suggested multinational corporations make targeted investments to navigate the unique characteristics of the Chinese market and local competition.

    “This strategy emphasizes enhancing localization efforts, particularly by tapping into China’s innovation ecosystem, while also adapting to increasingly differentiated norms and standards,” he said.

    Affected by shrinking global investments in recent years, together with factors like slower economic growth, rising geopolitical risks, weak demand and stricter investment reviews in certain countries, foreign direct investment in the Chinese mainland in actual use totaled 826.25 billion yuan in 2024, dropping 27.1 percent on a yearly basis, statistics from the Ministry of Commerce showed.

    The adjustment of China’s domestic industrial structure and rising labor costs have diminished the country’s low-cost advantages, said Cui Fan, a professor at the University of International Business and Economics in Beijing.

    As a result, some labor-intensive industries have shifted gradually due to changes in comparative advantages. This reflects the evolution of China’s economic development stage and factor endowments. This is a natural and expected process, said Cui.

    Driven by China’s stable political, economic and social environment, as well as its large-scale production capabilities and efforts to grow strategic emerging industries, FDI flow is expected to continue recovering within the country in 2025, said Gao Lingyun, a researcher at the Institute of World Economics and Politics, which is affiliated with the Chinese Academy of Social Sciences in Beijing.

    Strategic emerging industries in China include sectors such as energy-saving and environmental protection, next-generation information technology, biotechnology, high-end equipment manufacturing, new energy, advanced materials and EVs.

    For efficiency-driven multinational companies, regions with dense and well-connected networks are emerging as primary targets for strategic expansion. This emphasis is closely tied to factors like strong industry integration, complementary capabilities and easy accessibility, and all these factors enable streamlined operations and growth, said Gao.

    MIL OSI China News –

  • MIL-OSI China: Over 20M consumers apply for electronic products trade-in subsidies

    Source: China State Council Information Office

    More than 20 million consumers have applied for China’s electronic products trade-in subsidies since the government launched the pro-consumption program three weeks ago, data from the commerce ministry showed Sunday.

    Some 20.09 million consumers applied for the subsidies to buy 25.41 million units of electronic products such as mobile phones as of Saturday, according to the Ministry of Commerce.

    China started to offer subsidies for electronic products trade-in from Jan. 20 as the country expanded the scope of consumer goods trade-in program to further boost consumption, which provides consumers with up to 500 yuan (about 69.7 U.S. dollars) apiece on the purchase of digital products.

    Card payment giant China UnionPay said it has recorded 6.27 million subsidized transactions with sales value totaling 20.58 billion yuan in the reporting period.

    Driven by the government incentives, mobile phone sales in China jumped by 74 percent in volume and 65 percent in value on a weekly basis in the week prior to the Spring Festival, which fell on Jan. 29 this year, market data revealed.

    China launched an action plan to promote large-scale equipment renewal and trade-in of consumer goods in March 2024 as part of efforts to boost domestic demand and support economic growth. Official data showed that the trade-in scheme has boosted sales of automobiles by 920 billion yuan last year, and that of home appliances by 240 billion yuan.

    MIL OSI China News –

  • MIL-OSI China: Books open youth up to whole new galaxy

    Source: China State Council Information Office 3

    Within the first month of 2025, the trend of reading pop science books, particularly ones with fascinating text and illustrations attractive to children, has risen among young readers thanks to policy support from various authorities.

    On Jan 1, the Shanghai Municipal Commission of Science and Technology, along with cooperating departments, announced its annual New Discovery Pop-Science Booklist of 21 types of books, including one that explains sound to readers and one about flying birds, both of which had good sales records on domestic bookselling websites.

    The Beijing Book Fair was held from Jan 9 to 11 at the China International Exhibition Center (Chaoyang Hall), where pop science books appeared as a genre that both readers and publishers marveled at. Their popularity was evident with over 2,900 display booths seeing their opening hours hosting pop-science writers’ lectures where they shared knowledge that was well-received among audiences.

    “We get double the information by attending the lectures,” said 38-year-old Deng Hong, who attended three pop-science book-sharing lectures with her daughter on Jan 9.

    “We both get to know what a new book is about and take in science knowledge,” she added.

    One of the lectures Deng attended was given by Cao Yong, a professor from Northwestern Polytechnical University Ningbo branch, who was in charge of a team that designed a robotic “ghost fish”, a bionic submersible that could travel autonomously in the ocean. Cao shared how the “ghost fish” swims underwater and answered questions such as, “would such a bionic fish be eaten by a bigger fish”, or “what materials is its skin made of that can withstand high water pressure”. Cao also gifted a book about big airplanes to Beijing No 15 High School whose students attended his lecture.

    The Young Scientist, a pop science cartoon series, is another major product that attracted over 100 people on-site and sold more than 1,000 copies online during the past two weeks. Written by 10 renowned domestic scientists and pop science writers with illustrations by 11 professional artists, the series teaches readers about the latest advancements in major science sectors and enhances their prospects. Four of the 10 writers held an open seminar in which about three dozen were kids that they “hope to influence the most”, according to its editor Zou Li.

    The four writers shared key points in their books. For example, “a long rumor is that mankind invented radar-imitating bats that find their way by sending ultrasonic waves”, said Yuan Lanfeng, chief editor of the series, “but while writing and editing the book about bionics, we consulted a bat expert, a radar expert and an acoustics professor and found that mankind invented the radar long before discovering that bats emitted ultrasonic waves. The two are similar but not imitating each other.”

    The writers also answered questions raised by the pupils. The most popular question was: “What do we do now to become scientists like you?”

    “If you want to be an astronaut or astronautic scientist, stay healthy and do your homework to become educated,” answered Zhou Binghong, one of the writers who is also a researcher at the China Academy of Space Technology, pointing out that the line between astronauts and astronautic scientists is vague as these professions need extensive knowledge to travel to space for on-site experiences. “Health and knowledge are the most important factors for both professions, which are becoming increasingly popular at a lower cost.”

    Wang Dapeng, a researcher at the China Research Institute for Science Popularization, encourages the idea of recruiting scientists to write their stories. “We need more scientific researchers to tell stories of their research fields. Science in the form of stories is more digestible to children because reading is not only for acquiring knowledge but also for enriching lives and improving oneself.”

    Li Hui, deputy Party secretary and vice-chairperson of the board of Hunan Publishing Investment Holding Group, said that pop science works play an irreplaceable role in cultivating children’s scientific literacy and stimulating their innovative potential. The publishing group follows the national innovation-driven development strategy and is committed to publishing excellent popular science works and enhancing scientific literacy.

    “How many galaxies are there in the universe besides ours?” asked a 7-year-old at the end of the seminar.

    “So far, we know of about 100 billion,” Zhou answered, “which means for each of the 8 billion people on Earth, there is an average of a dozen galaxies. The coming generations have a mission to work harder on space science so that one day we can travel at the speed of light into the deep universe to explore them.

    “Let’s find our own galaxies,” Zhou said.

    MIL OSI China News –

  • MIL-OSI China: Long-term care insurance becoming more popular

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

    China is making strides in popularizing long-term care insurance, improving the quality of life for people who have lost the ability to perform daily activities and easing the burden on their families.

    The National Healthcare Security Administration recently announced that by the end of 2024, more than 180 million people were covered by long-term care insurance, with 2.6 million individuals receiving benefits. The program, which began its trial phase in 2016, now covers 49 cities, including Beijing and Chengdu, capital of Sichuan province.

    Long-term care insurance is designed to assist people who are unable to perform basic daily activities such as eating, bathing or dressing due to aging, injury, illness or mental deterioration. Participation in the insurance program is voluntary.

    Experts say the insurance is an important supplement to China’s existing social insurance system, which includes pension, healthcare, work-related injury, unemployment and maternity coverage.

    Local governments have pushed for broader implementation of long-term care insurance to address the aging population and improve the quality of life for impaired people.

    In Ningbo, Zhejiang province, the program expanded from 2017 to 2023, eventually covering the entire city. Hangzhou and Huzhou, two other cities in Zhejiang, fully implemented the program last month, allowing local residents to join for an annual payment of 90 yuan ($12.35).

    Before receiving benefits, insured individuals must undergo a scientific evaluation by professional workers to assess their abilities in areas such as mobility, eating, bathing, cognition and communication.

    Despite its progress, the expansion of long-term care insurance faces several challenges, including a shortage of certified long-term care workers and reluctance from some people to pay for the insurance.

    According to the Ministry of Civil Affairs, China’s elderly population — people age 60 and above — reached 297 million by the end of 2023, and the proportion of these individuals who have lost the ability to perform basic living tasks has risen in recent years. It’s estimated that 46 million elderly people will lose such abilities by 2035, with the number rising to 58 million by 2050.

    However, the number of certified nursing workers remains around 500,000, while the demand for such workers is estimated to be 10 million, according to state broadcaster China Central Television.

    Li Yanqing, a 28-year-old nursing worker in Shanghai, said the demand for nursing talent will continue to increase due to the growing elderly population. She pointed out that issues such as low social recognition, low pay, physically demanding work and unclear career advancement have caused many colleagues to quit in recent years.

    “I plan to get the official certificate of long-term care worker,” Li said.

    Fan Weidong, an official with the National Healthcare Security Administration, said at a recent news conference that the administration is working to establish a long-term care insurance system that alleviates the financial burden on individuals and families.

    “The implementation of long-term care insurance has created about 300,000 jobs and attracted approximately 60 billion yuan in social and industrial investment,” Fan said. “We will continue exploring ways to involve commercial healthcare insurance and social organizations in expanding coverage, and encourage local authorities and companies to develop smarter, more digitalized services for people with impaired living abilities.”

    MIL OSI China News –

  • MIL-OSI New Zealand: BusinessNZ – Forging international partnerships in energy

    Source: BusinessNZ

    The BusinessNZ Energy Council (BEC) recently hosted a delegation responsible for India’s electricity market to find a more sustainable energy future, together.
    The delegation of commissioners, responsible for regulatory bodies in 26 regions across India, and New Zealand energy sector leaders explored key challenges, opportunities, and areas for potential collaboration in energy transition.
    BEC Executive Director Tina Schirr says although New Zealand and India are vastly different in size, we share many of the same energy challenges.
    “The conversation reinforced that energy transition is not just a technical challenge – it’s an economic and social one too. Growth and sustainability must go hand in hand, and international cooperation is critical in achieving this balance.
    “India has experienced significant economic growth since the turn of the century. There is real opportunity for us to work closer together – particularly in workforce development.
    “India produces more than one million engineering graduates each year, with deep expertise across energy-related fields. New Zealand will need a skilled workforce to meet its decarbonisation goals.
    “India has the expertise and the capacity. Closer collaboration on workforce solutions could be a win-win for both countries.
    “BEC remains committed to fostering international partnerships to support a secure, sustainable, and equitable energy future.”
    The BusinessNZ Network including BusinessNZ, EMA, Business Central, Business Canterbury and Business South, represents and provides services to thousands of businesses, small and large, throughout New Zealand.

    MIL OSI New Zealand News –

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

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

    New York Public Library

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

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

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

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

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

    Choose the right music for you

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

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

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

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

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

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

    Understanding meaning

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

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

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

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

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

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

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

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

    Finding what you love

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

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

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

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

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

    MIL OSI Analysis – EveningReport.nz –

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

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

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

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

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

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

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

    Trade Minister Don Farrell said on Monday:

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

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

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

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

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

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

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

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

    Littleproud said:

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

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

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

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

    Deputy Prime Minister Richard Marles has just returned from Washington.

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

    Marles said:

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

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

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

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

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

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI New Zealand: Appointments – New Chair for New Zealand Taiwan Business Council announced

    Source: Business Central

    Experienced Wellington business and marketing consultant Chris Tse has been elected Chair of the New Zealand Taiwan Business Council.
    Chris replaces Charles Finny who stood down from the role at the most recent Council meeting. Charles was elected Chair in 2018.
    Chris Tse is the Executive Director of Apexfresh, a business and marketing consultancy with expertise in the food, health and technology sectors. Chris has over 30 years’ experience in doing business with Taiwan, including a period living and working in Taipei. He has been a member of the executive committee of the NZ Taiwan Business Council since 2018.
    The New Zealand Taiwan Business Council represents the interests of New Zealand businesses that trade or invest with Taiwan. Taiwan is one of New Zealand’s largest trading partners.
    “I am honoured to take on the role of chair of the New Zealand Taiwan Business Council and follow in the footsteps of Charles Finny, who has been instrumental in developing trade and business linkages between New Zealand and Taiwan over many years. I look forward to building on the strong foundation that has been laid and creating new opportunities for growth, innovation and collaboration for New Zealand companies looking to do business in Taiwan” Chris Tse said.
    Charles Finny says: “I am delighted to be passing the baton to Chris. He and his family have been involved in trading with Taiwan for many years. Seven years is a long time to be performing this role. The relationship with Taiwan is in excellent shape so it is the perfect time for this leadership change.”

    MIL OSI New Zealand News –