Category: Business

  • MIL-OSI USA: RI Delegation Delivers Major Funding for Freight Rail Infrastructure Improvements

    Source: United States House of Representatives – Representative Seth Magaziner (RI-02)

    PAWTUCKET, RI – Highlighting the importance of well-maintained rail networks, U.S. Senators Jack Reed and Sheldon Whitehouse and Congressmen Seth Magaziner and Gabe Amo today announced that the U.S. Department of Transportation will award $19,524,497 to upgrade key segments of freight rail tracks owned by Providence & Worcester Railroad (P&W) and New England Central Railroad (NECR).  The overall project is expected to cost about $26 million, with $19.5 million in federal funding and a $6.5 million local match.  Approximately 55.5 percent of the work will be done along P&W tracks in the Ocean State at a total cost of roughly $14.46 million.

    The improvements will replace up to 48,000 feet of older, lighter rail, install 7,900 ties, and rebuild fourteen public grade crossings on the Providence & Worcester Railroad main line in Rhode Island, and reconfigure the tracks and replace nine track turnouts in the Valley Falls, Rhode Island P&W freight yard.  The improved track turnouts will increase spacing and allow for more clearance for hazardous material shipments.

    When it is completed the new track should result in enhanced operational efficiency with fewer delays and faster travel times.

    The federal funding is administered by the Federal Railroad Administration’s (FRA) and made possible through the Consolidated Rail Infrastructure and Safety Improvements (CRISI) Program, which funds projects that improve the safety, efficiency, and reliability of both passenger and freight rail.

    These CRISI program funds are made possible through a combination of annual appropriations and the Infrastructure Investment and Jobs Act of 2021 (Public Law 117–58), also known as the Bipartisan Infrastructure Law.

    “I’m pleased to deliver federal funds for these freight rail fixes.  This is a smart investment in helping Rhode Island companies and business sectors get products and materials where they need to go safely, quickly, and efficiently.  Making freight rail safer, more reliable, and more resilient for shippers will help strengthen our supply chains.  It will also benefit local drivers on the road by addressing deficiencies at railroad crossings that contributed to vehicle damage,” said Senator Reed, a member of the Appropriations Committee who helped secure a total of $2.97 billion for the FRA in the fiscal year 2024 appropriations bill and helped set aside $100 million specifically for the competitive CRISI grants. 

    “This federal investment in Rhode Island’s freight rail infrastructure is a win-win for Rhode Island businesses and the public,” said Senator Whitehouse.  “Our Bipartisan Infrastructure Law is at work supporting economic growth and keeping supply chains running smoothly and safely.”

    “The infrastructure bill passed by Congressional Democrats and the Biden-Harris administration is once again delivering for Rhode Island by replacing aging infrastructure and putting people to work,” said Rep. Seth Magaziner. “This federal funding will upgrade our state’s rail system to transport goods quickly and efficiently, and help local businesses compete in the national economy.” 

    “Freight rail is an essential part of Rhode Island’s economy and supports good paying jobs for workers in our state and across the region,” said Congressman Gabe Amo.  “Thanks to this $19.5 million federal investment Senator Jack Reed helped secure, our rail systems will be safer and more efficient for the businesses and shippers who need strong supply chains for goods to be transported.”

    MIL OSI USA News

  • MIL-OSI USA: Hoeven: Century View Will Provide 40 Families With Affordable Housing, Helping Address One of North Dakota’s Greatest Needs

    US Senate News:

    Source: United States Senator for North Dakota John Hoeven
    10.29.24
    BISMARCK, N.D. – Senator John Hoeven today marked the grand opening of the Century View affordable housing complex. The $11.2 million project primarily serves low-income families and individuals, consisting of 40 housing units across three apartment buildings with three-, two- and one-bedroom floor plans available, as well as an additional community building. Amenities include balconies and walk-out patios, in-unit laundry, outdoor green space, a community room and kitchen and office space.
    The project is supported by more than $3 million in federal funding, which Hoeven worked to secure as a member of the Senate Transportation, Housing and Urban Development Appropriation Committee. This includes:
    $2.25 million in Home Investment Partnerships Program (HOME) funds.
    $813,000 in Low Income Housing Tax Credits (LIHTC), which were leveraged by the project developer to secure an estimated $7 million in project equity.
    Ongoing support from Section 8 housing vouchers, which will provide rental assistance to eligible residents.
    “Century View will serve as an important asset for the Bismarck community, providing 40 families with affordable housing and helping address one of the biggest challenges our communities face. This project is now a reality, with amenities that any tenant would want, because the developers were able to leverage more than $3 million of federal funding to secure private investment of $7 million,” said Hoeven. “Through partnerships like this, we can provide the affordable, high-quality housing stock that our state needs, supporting our ongoing growth and a higher quality of life.”
              Century View is the latest example of affordable housing efforts Hoeven has helped advance through his support for federal programs like HOME, LIHTC and other initiatives. Earlier this year, Hoeven marked the completion of the Milton Earl Apartments in Fargo, which serve low-income seniors, and he continues working to support development of the Lashkowitz Riverfront Project, among other efforts.

    MIL OSI USA News

  • MIL-OSI USA: Budd, Tillis, Colleagues to Propose Bill to Replenish SBA Disaster Loan Program

    US Senate News:

    Source: United States Senator Ted Budd (R-North Carolina)

    Washington, D.C. — Senators Ted Budd (R-NC) and Thom Tillis (R-NC), alongside Senators Tim Scott (R-SC), Bill Cassidy, M.D. (R-LA), and Rick Scott (R-FL), announced plans to introduce legislation that would replenish the Small Business Administration (SBA) Disaster Loan Program.

    On October 15th, the SBA announced the Disaster Loan Fund had run out of money.

    Senator Budd said in a statement:

    “The citizens of Western North Carolina are some of the toughest and most resilient people in this country. As they recover and rebuild their communities, they must be able to access disaster loans from SBA. This recovery will take many years, and I look forward to working with my colleagues to cut through the delays and provide WNC with the resources they need as quickly as possible.”

    Senator Tillis said:

    “The SBA Disaster Loan Program running out of funds risks delays in processing the loans of those affected by Helene and Milton and their ability to get their lives back on track. That is why I am leading legislation to replenish this fund when Congress returns to Washington, and I look forward to working across the aisle to pass a long-term disaster aid package that will provide additional resources to help make the victims of these hurricanes whole again.”

    Senator Cassidy said:

    “Hurricanes Francine, Helene, and Milton hit us hard, but Louisianans and Americans are resilient. This funding is essential to help small businesses recover from these storms and support our local economies.”

    Senator Rick Scott said:

    “We cannot allow frontline federal agencies, like the SBA, to run out of disaster relief funds. This is especially important in the wake of Hurricanes Helene and Milton which devastated Florida, North Carolina and communities across the Southeast U.S. I continue to call on Leader Schumer to immediately reconvene the Senate so we can fund disaster relief functions at FEMA, the SBA, USDA and other agencies to get folks what they need and deserve. I won’t stop fighting to get this done and am proud to join my colleagues to introduce a bill that funds SBA disaster loans and makes sure the federal government is a reliable partner as families continue their recovery.”

    MIL OSI USA News

  • MIL-OSI USA: Readout of White  House Discussion on AI and Advanced Software Solutions to Accelerate Clean Energy Grid  Integration

    US Senate News:

    Source: The White House
    Today, the White House Task Force on AI Datacenter Infrastructure convened experts from power companies, grid operators, software companies, NGOs, and other stakeholders to explore how advanced computing and software solutions, including artificial intelligence (AI), can accelerate grid integration of clean energy. Maintaining U.S. leadership of AI globally is a national security and an economic imperative. That is why the Biden-Harris Administration is focused on maintaining the strongest AI ecosystem in the world here in the United States and ensuring AI datacenters run on clean energy and without raising costs for American consumers. Secretary of Energy Jennifer Granholm, National Economic Advisor Lael Brainard, Senior Advisor to the President for International Climate Policy John Podesta, and National Climate Advisor Ali Zaidi encouraged participants to invest in innovative solutions that further accelerate deployment and ensure we reliably meet our energy needs, keep electricity costs low, and achieve U.S. climate targets.
    Participants discussed efforts underway to get more sources of supply on the grid by addressing the backlog of projects to power the grid currently waiting in “interconnection queues,” situations where additional computing solutions can make the biggest difference, and strategies on how to pursue those opportunities.
    Federal Energy Regulatory Commission Chairman Willie Phillips joined the convening and explained how stakeholders would benefit from the Commission’s July 2023 rule on interconnecting new generation resources.
    The Department of Energy (DOE) announced a forthcoming new program that will use AI to help clean energy project developers submit applications that grid operators can evaluate more quickly. DOE also highlighted an investment announced earlier this month to help transmission owners and grid operators replace fragmented data management systems with a standardized, cloud-based software solution that supports a faster interconnection process.
    Moreover, participants discussed DOE initiatives unveiled earlier this year as part of its novel Interconnection Innovative e-Xchange, or i2X, program, highlighting roadmaps with recommended solutions to implement a simpler, faster, and fairer interconnection process and opportunities for stakeholders to get involved.
    The Biden-Harris Administration’s Investing in America agenda has accelerated hundreds of billions of dollars of investments in clean electricity generation across the country and enabled historic actions to get energy projects funded, permitted, and deployed across the country – fueling over 250,000 new, good-paying energy jobs in 2023, which are growing at twice the rate of the rest of the economy. Applications for nearly 2,600 gigawatts of generation and battery storage capacity – twice current U.S. generation capacity – are waiting in interconnection queues to be connected to the grid. Accelerating the process by which grid operators study, determine, and approve needed grid upgrades to interconnect projects will enable clean energy to come online faster – energy America needs to fuel our economic growth, from our expanding manufacturing sector to datacenters that ensure U.S. leadership in AI to electric vehicles and more.

    MIL OSI USA News

  • MIL-Evening Report: Freddy Krueger at 40 – the ultimate horror movie monster (and Halloween costume)

    Source: The Conversation (Au and NZ) – By Adam Daniel, Associate Lecturer in Communications, Western Sydney University

    IMDB/New Line Cinema

    Movie monsters have captivated audiences since the days of early cinema. They evoke fascination and terror, allowing audiences to confront their fears from the safety of the movie theatre or living room.

    Arguably one of the most enduring and captivating of these monsters is Freddy Krueger, the villain of the A Nightmare on Elm Street series who celebrates his 40th screen birthday this November.

    Memorably played by Robert Englund, Freddy quickly became a cultural icon of the 1980s and 1990s. Beyond his burned face and iconic bladed glove, Freddy’s dark humour and acidic personality set him apart from other silent, faceless killers of the era, such as Michael Myers in Halloween or Jason Vorhees in Friday the 13th.

    Written and directed by horror maven Wes Craven, 1984’s A Nightmare on Elm Street garnered positive reviews for its innovative concept: Freddy stalked and attacked his victims in their dreams, making him inescapable and allowing him to tap into their deepest fears. The series (seven films plus a 2010 remake and Freddy vs. Jason spin offs) blended supernatural horror and surrealism with a dark and twisted sense of humour.

    Scary … but funny

    Humour was key to Freddy’s “popularity”. Both sinister and strangely charismatic, Freddy’s psychological torture of his adolescent victims often oscillated between terrifying and amusing.

    A famous kill scene from 1987’s A Nightmare on Elm Street 3: Dream Warriors demonstrates this paradox.

    Aspiring actress Jennifer drifts off to sleep while watching a talk show on TV. In her dream, the host of the talk show suddenly transforms into Freddy, who attacks his guest before the TV blinks out. When Jennifer timidly approaches the TV set, Freddy’s head and clawed hands emerge from the device, snatching her while delivering an iconic one-liner: “This is it, Jennifer – your big break in TV!”

    Freddy turns his victims’ fears or aspirations – their dreams – against them.

    ‘Whatever you do, don’t fall asleep.’

    Creating a monster

    Craven has shared how the character of Krueger came to life in Never Sleep Again: The Elm Street Legacy, an oral history of the series.

    He described a childhood experience of seeing a strange mumbling man walking past his childhood home. The man stopped, he said, and looked directly at him “with a sick sense of malice”. This deeply unsettling experience helped shape Freddy’s menacing presence.

    The character’s creation also emerged from the filmmaker’s interest in numerous reports of Southeast Asian refugees dying in their sleep after experiencing vivid nightmares.

    In the film, Krueger’s origin story reveals him as a child murderer who was apprehended but released due to a technicality in his arrest. Seeking justice, the parents of his victims take matters into their own hands, and form a vigilante mob. They corner him in his boiler room and burn him alive. But Freddy’s spirit survives to haunt and kill the children of his executioners.




    Read more:
    Halloween films: the good, the bad and the truly scary


    Cultural repression, expressed on film

    Film critic and essayist Robin Wood argued horror films often bring to the surface elements society has repressed. These fears, desires, or cultural taboos are not openly acknowledged.

    But movie monsters act as manifestations of what society suppresses, such as sexuality, violence or deviant behaviour. American academic Gary Heba argues Freddy is:

    an example of America’s political unconscious violently unleashed upon itself, manifesting everything that is unspeakable and repressed in the master narrative (perversion, child abuse and murder, vigilantism, the breakdown of rationality, order, and the family, among others), but still always present in the collective unconscious of the dominant culture.

    Actor Robert Englund calls Freddy Krueger ‘the gift that keeps on giving’.

    The monster decades

    The 1970s and 1980s marked a golden era for the creation of horror film nasties like Krueger, Myers, The Texas Chainsaw Massacre’s Leatherface and killer doll Chucky.

    Since then, the landscape of horror has shifted, with fewer singular monsters emerging. The diversification of horror sub-genres (zombie virus horror, anyone?), the rise of psychological horror (Hereditary), and an emphasis on human-driven terror (Wolf Creek) or supernatural forces all contribute to this shift.

    While modern horror continues to thrive, few characters have achieved the same iconic status as Freddy – although some would argue Art the Clown from the recent Terrifier franchise and the reinvigorated Pennywise from IT could join this exclusive group.

    ‘Five, six, grab your crucifix.’ A 2010 Nightmare on Elm St reboot failed to fire.

    Happy Halloween!

    Despite a failed reboot in 2010, the legacy of A Nightmare on Elm Street is strong, having influenced numerous filmmakers with its skilful mix of surrealism and slasher horror.

    However, it’s the orchestrator of the titular nightmares whose legacy is perhaps the strongest.

    With each Halloween, new fans choose Freddy for their costume. All it takes is a tattered striped sweater, a brown fedora hat, and a glove with sharp, finger-lengthening blades. Don’t forget makeup to re-create Krueger’s grisly facial burns. Sweet dreams!

    Adam Daniel 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. Freddy Krueger at 40 – the ultimate horror movie monster (and Halloween costume) – https://theconversation.com/freddy-krueger-at-40-the-ultimate-horror-movie-monster-and-halloween-costume-240905

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: What is necro-branding? And what’s it got to do with Elvis, Princess Diana and Taylor Swift?

    Source: The Conversation (Au and NZ) – By Chris Baumann, Professor in Business, Macquarie University

    bissig/Shutterstock

    Do you own any memorabilia depicting Elvis, Princess Diana, David Bowie, Prince or Michael Jackson? Perhaps a beloved t-shirt, a favourite mug, a special keyring or a novelty plate? You might not know it, but you are participating in something known as “necro-branding”.

    Necro-branding is where the image of a celebrity is sold to the public, perhaps by their estate or by their fans, long after the celebrity has died.

    These necro-branded items act almost like talismans, helping us preserve the past and remind us of an era long gone.

    Necro-branding is also shaping up to be a multibillion-dollar industry. Even the stars of today – such as Taylor Swift – will inevitably one day become the necro-brands of tomorrow.

    And with the astonishingly rapid development of artificial intelligence (AI), we can expect celebrities’ images to be “reincarnated” even more in the future, and their legacies extended far beyond death.

    Necro-branding is everywhere

    As colleagues and I argued in our recent paper in the journal Celebrity Studies, the quintessential necro-branded celebrity is Elvis Presley.

    From Elvis impersonators to countless items of Elvis memorabilia, the Elvis brand has only increased after the star’s death. Elvis-themed postage stamps issued by the US Postal Service reportedly became the top-selling commemorative postage stamps of all time. He’s also appeared on stamps issued by countries all around the world, such as the Republic of Congo, Rwanda, and Burundi.

    As we explain in our recent paper:

    At the time of his death, Elvis was worth an estimated US$5 million dollars ($40  million in today’s terms), but by 2022, it was estimated that Elvis Presley Enterprises has a net worth of between $400 million and $500 million. The use of his image on merchandise and memorabilia contributes to the continuation of his legacy.

    And it’s not just necro-branding marketed to older fans; younger generations are also a target with Elvis marketing.

    Think, for example, of the stratospherically successful early-2000s dance track version of A Little Less Conversation, by Dutch musician Junkie XL. Or, for instance, of the way Elvis tracks are woven throughout the Disney animated movie Lilo and Stitch.

    Of course, Elvis is not the only necro-branded celebrity. David Bowie, Prince, Michael Jackson, John Lennon and Johnny Cash are other obvious examples, with countless pieces of merchandise bearing their images. Their brand value has increased once the star has passed away.

    Deceased royals – such as Princess Diana and, more recently, Queen Elizabeth – are another obvious example, especially because living royals already enjoy such massive brand values.

    Necro-branding works because of the deep connection fans feel with celebrities. One study of fans of NBA basketballer Kobe Bryant found that as fans’ grief and shock waned, other stronger emotional responses, such as love, actually increased.

    Another 2024 study analysing fans of Johnny Cash and John Lennon suggested that fans acted “religiously” in honouring the memories of these beloved musicians.

    Marilyn Monroe is another heavily necro-branded celebrity. As we argue in our recent paper

    Her brand has shown strong durability in terms of earnings and is now licensed to the same management group that owns the bulk of the Elvis brand, Authentic Brands Group (ABG). Monroe often made the top ten list of earners in the Dead Celebrities List from 2001 to 2008.

    Necro-branding and AI

    AI already plays a pivotal role in branding of celebrities, alive and dead, and will no doubt be used more in future to extend the marketability of today’s celebrities.

    Think, for instance, of the way some of the recordings from the past are imperfect. Elvis footage from the 1970s often has good sound quality, but the actual video footage reflects the technology of the time.

    While this can be partially rectified with remastering, future AI-powered technology will allow entire reproductions of shows, with all imperfections removed.

    Perhaps, many decades from now, an AI-generated version of Taylor Swift will be performing for fans of that era. Whole personas can be altered to meet the demands of different generations of fans, maintaining their legacy indefinitely.

    Brand new songs can be performed by a necro-celebrity who never actually sang them, or songs from other entertainers (dead or alive) can be performed by the avatar of a dead singer.

    AI has already been used to create a version of the song Barbie Girl sung in the “voice” of Johnny Cash, alongside a medley of other pop hits.

    A whole new frontier

    Even if you’re new to the term, you’re already part of the necro-branding market. And there is more to come once AI advances and consumers can no longer distinguish between fake and real.

    The lines will become blurry, as the branding of necro-celebrities become a whole new frontier for marketing and AI develops ever faster and better.

    Joanne Soviner, a year 12 student at North Sydney Girls High School, contributed to this article.

    Chris Baumann 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. What is necro-branding? And what’s it got to do with Elvis, Princess Diana and Taylor Swift? – https://theconversation.com/what-is-necro-branding-and-whats-it-got-to-do-with-elvis-princess-diana-and-taylor-swift-240989

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: You can keep your ghosts and ghouls – the ‘Cordyceps’ fungus creates real-life zombies

    Source: The Conversation (Au and NZ) – By Gregory Moore, Senior Research Associate, School of Agriculture, Food and Ecosystem Sciences, The University of Melbourne

    annguyen87, Shutterstock

    I have never really been interested in ghosts, mummies or zombies, not even at Halloween. But as October 31 approaches each year I am reminded of a biological tale involving all three. It’s the real-life horror story of a flesh-eating, brain-warping fungus from the genus Cordyceps, which inspired the zombie-apocalypse video game and TV series The Last of Us.

    Worldwide, there are hundreds of species of Cordyceps. Most of them prey on insects. They’re famous for hijacking the brains of some ants. Once the fungus takes over, it directs the ant to climb to a high point on a plant and then bite down on the stem or twig in a macabre death grip. The reproductive structures of this parasitic fungus will soon burst out of the ant’s head, spreading its spores to infect another unsuspecting host.

    But the species with which I am most familiar (Cordyceps gunnii) doesn’t attack ants – it parasitises insects such as rather large “ghost” caterpillars. This species doesn’t force its victims to climb, but takes control when they are buried in the soil.

    You might spot a grotesque-looking dead caterpillar pushing up through the earth as if rising from the grave, with a large fungal growth emerging from its head. Some are about the size of an adult finger, but cream and dark brown in colour. It is truly a thing that could trigger nightmares.

    ‘Zombie’ Parasite Cordyceps Fungus Takes Over Insects Through Mind Control | National Geographic.

    Consuming the ghostly host

    Unsuspecting insects become infected with Cordyceps when they eat them by mistake, or when spores attach to their bodies.

    The caterpillar of the Australian ghost moth (Abantiades labrynthicus) tends to burrow straight down into the soil to graze on roots of gum trees and some other species related to eucalypts. So it probably picks up the fungus as it burrows into the earth. The fungus then penetrates the exoskeleton or digestive tract of the insect with a thin, needle-like tube.

    Once inside the caterpillar, the fungus starts to grow rapidly. It produces very fine threads (hyphae) that spread through the body of the insect, replacing its structure. The fungus expands to fill the available space, assuming ultimate control. Exactly how the fungus takes control of the insect brain is not fully understood, but we know the fungus produces a range of chemicals that influence the brain in a way that meets the environmental and reproductive needs of the fungus.

    The caterpillar is doomed as soon as the fungus starts to grow inside it. After being taken over by another life form, the zombie caterpillar dies. All of this happens out of sight, under the soil surface.

    But Cordyceps is not done with the caterpillar just yet. It consumes all the resources the insect can offer, then pushes antler-like reproductive structures out through the caterpillar’s head. These spore-producing structures can be more than 10cm long. They’re clearly visible above ground, but can be hard to spot as they look a bit like a twig. Wind carries the spores to infect more unwary caterpillars.

    These fungus-filled caterpillars are now fully mummified. Nothing remains of the caterpillar but a brittle exoskeleton.

    As the reproductive structures dry and wither, they gently tug on the mummy to which they are still attached. If the soil is dry, the now empty exoskeleton of the caterpillar emerges from its hole. As it does so, the fungal reproductive structures are often lost and all you see remaining is the empty husk.

    The Last of Us: Could it happen? Infectious disease doctor explains cordyceps (UC Davis Health).

    Half animal, half vegetable

    Members of the genus Cordyceps boast the unusual common name of vegetable caterpillars. This strange name comes from a belief, which persisted until the 1800s, that the caterpillars had somehow transformed from insects to fungi, or from animal to plant.

    This was a much debated and widely written about example of transmutation, a theory that was not uncommon in pre-Darwinian times. It was not until the early 1900s that the true, full and gruesome nature of the relationship between Cordyceps and its insect victims was revealed.

    On the lookout for Cordyceps

    Cordyceps gunnii is the most commonly seen species of vegetable caterpillar in southeastern Australia, found in several states.

    Another less conspicuous species, the fawn vegetable caterpillar, Cordyceps hawkesii, occurs along Autralia’s east coast, often under wattles, but is even harder to see. Naturalists hunting for this vegetable caterpillar often find they have already inadvertently trampled over it before they spot it.

    Yet another species, Cordyceps taylori, can also be regularly seen emerging from large ghost moth caterpillars in Victoria. When the husks of these dead, mummified caterpillars appear to emerge from their holes in the ground, they look particularly striking.

    The classification of these vegetable caterpillar fungi is still being debated by experts. It is likely not all are closely related. Some are now placed in a new genus, Ophiocordyceps, but regardless of the name, they are all capable of making zombies and mummies of their victims.

    You can join in the process of hunting for and mapping these elusive species through citizen science projects such as he Great Aussie Fungi Hunt or iNaturalist Australia.

    Traditional medicines and the vegetable caterpillar

    As Halloween approaches, you may be wondering whether humans need worry about being zombified and mummified by Cordyceps fungi. Could the naturalists hunting the vegetable caterpillars become the hunted? The answer is a resounding no. In fact, the opposite is true – these macabre creatures have a long history in traditional medicine.

    Cordyceps sinensis, a Chinese vegetable caterpillar very similar to C. gunnii, has been used in traditional medicine for centuries. Modern research shows there may be benefits from its use (or extracts from it) in treatments associated with autoimmune responses. While the fungus has been cultivated for about 40 years, naturally growing, wild fungi can be very expensive as they are still relatively rare and difficult to find. A kilogram can retail for A$30,000, driving a fungal gold rush across the Himalayas.

    Members of the genus Coryceps, or more correctly the Ophiocordyceps genus, have been around for more than 45 million years. Despite their depiction in The Last of Us, humans have nothing to worry about. The fungi are quite particular about their victims. But if you are a certain species of ant or ghost moth, then Halloween may take on a whole new meaning.

    Gregory Moore 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. You can keep your ghosts and ghouls – the ‘Cordyceps’ fungus creates real-life zombies – https://theconversation.com/you-can-keep-your-ghosts-and-ghouls-the-cordyceps-fungus-creates-real-life-zombies-241901

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: Gender is playing a crucial role in this US election – and it’s not just about Kamala Harris

    Source: The Conversation (Au and NZ) – By Carol Johnson, Emerita Professor, Department of Politics and International Relations, University of Adelaide

    Having a female presidential candidate has made gender obvious in this US presidential election, even to many who normally neglect its role. The specific contest between Kamala Harris and Donald Trump, along with the prominence of issues such as abortion, has resulted in a particularly large gender voting gap. Far more women have consistently indicated support for Harris and far more men for Trump.

    However, gender has always been crucial in US presidential elections, not just because of gender voting patterns but because competing performances of masculinity have always played a major role.

    Role of masculinity in 2020 election

    The last presidential election saw Joe Biden’s form of kind and caring protective masculinity being explicitly contrasted with Trump’s divisive, hyper-masculine one.

    Furthermore, strong male leaders are meant to protect the people from physical, social and economic harm. I have argued that one factor that contributed to Trump’s 2020 electoral defeat was a protective masculinity failure, especially in regard to COVID.

    For example, former President Barack Obama argued that, unlike Biden, Trump could not be counted on to protect Americans:

    Eight months into this pandemic, new cases are breaking records. Donald Trump isn’t going to suddenly protect all of us. He can’t even take the basic steps to protect himself […]. Joe understands […] that the first job of a president is to keep us safe from all threats: domestic, foreign, and microscopic.

    Trump’s re-energised protective masculinity

    However, since his 2020 electoral defeat, Trump has resurrected himself as a strong masculine protector. He claims that “our enemies” are trying to use legal charges to take away his freedom and silence him because he “will always stand” in the way of their attempt to silence the American people and take away their freedom.

    He will also be a vengeful protector, declaring:

    I am your warrior. I am your justice. And for those who have been wronged and betrayed: I am your retribution. I will totally obliterate the deep state.

    Trump has long appealed to men who feel that traditional masculinity, and its related entitlements, are under threat.

    He is currently courting white males, the youth manosphere, “techno bros”, “crypto bros”, conservative male unionists threatened by globalisation and offshoring, and conservative black and Latino men.

    He has been explicitly mobilising misogyny, including by making lewd references to Harris. JD Vance has assisted Trump’s efforts.

    Nonetheless, Trump claims that he will be a strong male protector of women, protecting them from illegal immigrants, crime, foreign threats and other anxieties:

    You will be protected and I will be your protector. Women will be happy, healthy, confident and free.

    Trump has even promised that, as a result, women “will no longer be thinking about abortion.” This is all despite his own alleged history of sexual assault.

    Harris, gender and the women’s vote

    By 2024, Biden’s apparent physical and cognitive decline meant that he was no longer a convincing masculine protector (or viable ongoing presidential candidate).

    The choice of Harris as his replacement candidate had advantages, but it was also a gamble given the combined roles of gender and race. After all, despite the long history of US racism, it still proved easier to elect a black man (Obama) to the presidency than a white woman (Hillary Clinton).

    However, the women’s vote is particularly important this election. As well as Harris’ appeal to younger and black women, Democrats have emphasised the importance of her appeal to white women, including some who previously voted Republican. Anti-Trump Republicans such as Liz Cheney are assisting Harris in appealing to the latter.

    Issues such as abortion are crucial. The overturning of Roe v Wade abortion rights, enabled by Trump stacking the Supreme Court, also puts IVF at risk by not clarifying when life begins (with implications for frozen embryos). Senate Republicans have twice blocked a vote on a Democrat-led bill designed to protect IVF. Harris has pledged to sign a law protecting abortion rights (if Congress passes it).

    Trump claims he supports IVF, won’t bring in a national ban on abortion and believes in abortion “exceptions for rape, incest, and life of the mother”.

    However, Trump Republicans are courting, and influenced by, the American religious right on abortion. There aren’t such exceptions in several Republican states, as Harris’s heartrending accounts of the impact on women and their health reveals. Furthermore, Missouri, Kansas and Idaho are also trying to drastically reduce legal access to the abortion drug mifepristone.

    Harris also emphasises other issues of particular significance for women, such as affordable childcare and better pay for care workers.

    Harris and “tonic” masculinity

    Given the role of competing masculinities in US presidential elections, Harris’ campaign has intentionally appealed to a very different form of protective masculinity from Trump’s.

    Vice presidential candidate, Tim Walz’s, “America’s dad” image (of being a warm, caring but sports loving coach, national guard serving, gun owning, hunter) is used to contrast his “tonic masculinity” with Trump’s “toxic” masculinity. Harris’s husband, Doug Emhoff, is depicted as a supportive “wife-guy” who has “reshaped the perception of masculinity” (while strongly denying allegations he once slapped a woman).

    Despite conservative claims of men being economically left behind, the Biden/Harris administration argues it has revitalised manufacturing and male jobs along with it and Harris will continue to do so. Meanwhile, Obama has urged black men to get behind Harris and the Harris campaign has highlighted its policies benefiting black men.

    Can Harris mobilise protective femininity?

    Given the major role of gender in US presidential elections, a key issue is whether Harris can successfully evoke a caring, motherly, protective femininity that promises security and economic benefits to voters and helps to counter Trump’s protective masculinity.

    Other women politicians have been able to (for example, Germany’s Angela Merkel). Women leaders particularly mobilised protective femininity during the COVID health crisis (for example, New Zealand’s Jacinda Ardern). However, it always seemed likely masculinist leadership stereotypes would re-emerge once the economy needed rebuilding after the pandemic.

    Harris has pledged she will “create an opportunity economy” and “protect our fundamental rights and freedoms, including the right of a woman to make decisions about her own body and not have her government tell her what to do”. She promises to be the kind of president “who cares about you and is not putting themselves first”. Whether such electoral pitches are successful remains to be seen.

    Why the outcome of this election is crucial for gender equality.

    A woman US president is long overdue after 46 male ones. A Trump victory would have major implications for abortion, IVF and women’s rights generally, including progress on the Biden/Harris National Strategy on Gender Equity and Equality. Immigrant and black women will be particularly vulnerable. A Trump victory would also have major implications for which models of masculinity are publicly endorsed.

    A Trump victory would embolden conservative so-called anti-gender ideology campaigns. The Trump campaign has recently spent US $21 million (A$31.9 million) on ads associating Harris with LGBTIQ+ equality, especially transgender rights.

    The Trump campaign asserts that “Kamala’s for they/them. President Trump is for you.” While Trump has also pledged that “we will get critical race theory and transgender insanity the hell out of our schools.”

    A Trump victory will influence the future US economy, including risking increasing gender inequality in an Elon Musk-style unregulated technopoly.

    Finally, academic commentators have drawn attention to the way in which socially conservative views on gender have been mobilised to support new forms of authoritarian regimes in Europe and elsewhere.

    In short, this presidential election is a crucial one for the American people generally, but for the female half of the population in particular.

    Carol Johnson 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. Gender is playing a crucial role in this US election – and it’s not just about Kamala Harris – https://theconversation.com/gender-is-playing-a-crucial-role-in-this-us-election-and-its-not-just-about-kamala-harris-242113

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI China: Beijing, Shanghai, Hong Kong rank among top 10 innovation cities globally: report

    Source: China State Council Information Office 2

    Beijing, Shanghai and Hong Kong rank among the world’s top 10 innovation cities, alongside other cities from the United States, Britain and Japan, according to a recently released assessment report on sci-tech innovation.
    The report, published on Friday, was compiled by the Shenzhen International Science and Technology Information Center, the Center for Industrial Development and Environmental Governance of Tsinghua University, and research publishing and information analytics company Elsevier, the Science and Technology Daily reported on Saturday.
    The report is based on the collaborative development index of education, sci-tech and talent, and offers an in-depth evaluation of 30 cities around the world. It aims to provide insights into global urban innovation and development trends and highlights the strength of cities in science and technology innovation.
    The top 10 innovation cities are Boston, San Francisco, Beijing, London, New York, Los Angeles, Seattle, Shanghai, Hong Kong and Tokyo.
    In terms of education, Boston, London and Hong Kong rank as the top three, while London, Beijing, Shanghai and New York are cities with relatively balanced development in both basic and higher education.
    From the perspective of innovation, San Francisco, Boston and Beijing are the top three cities. The report suggests that strengthening the innovation ecosystem, including enhancing the economic foundation, promoting the integration of industry, academia and research, boosting scientific infrastructure, and fostering cross-regional cooperation, is crucial for Chinese cities to enhance their innovation capabilities.
    In terms of talent development, five cities from the United States and five from China, which include Beijing, Shenzhen, Hong Kong, Guangzhou and Shanghai, rank in the top 10.
    According to the report, Chinese cities such as Shenzhen, Guangzhou, Hong Kong and Shanghai also demonstrate exceptional performance in talent potential, reflecting strong momentum in talent development.

    MIL OSI China News

  • MIL-OSI: TRYX Launches PANORAMA in the EU: The World’s First Curved-Screen Liquid Cooler

    Source: GlobeNewswire (MIL-OSI)

    SHANGHAI, Oct. 28, 2024 (GLOBE NEWSWIRE) — We are excited to announce the European release of the world’s first curved-screen liquid cooler, the TRYX PANORAMA. After a successful debut at Computex and a long wait, European PC enthusiasts can finally join the revolution with pre-orders starting on October 28th, 2024.

    Product Lineup for Europe

    The European release of the TRYX PANORAMA will feature three sizes—240mm, 280mm, and 360mm—in both ARGB and Performance versions, with color options of black and white.

    Features and Specifications

    As TRYX’s first flagship liquid cooler, the PANORAMA made waves globally at Computex, captivating the attention of PC DIY enthusiasts worldwide. This cooler is not only distinguished by its unique design but also by its superior cooling technology. Here’s a closer look at what makes PANORAMA exceptional:

    • 6.5-inch AMOLED L-shaped Display: Featuring a 60Hz refresh rate at 2K resolution, the screen offers full visibility from multiple angles.
    • Asetek 8th Generation Cooling Solution: Enhancing thermal performance, the Asetek solution is paired with a thicker 30mm radiator, delivering a 2°C improvement on cooling under a 100W load compared to previous Asetek generations.
    • Advanced Cooling Design: High-density fins, micro water channels, and low water resistance enable faster and more efficient heat dissipation. PANORAMA’s tubing is 40% thicker than previous Asetek generations, increasing water volume and improving the flow rate.
    • Compatibility: Supports the latest Intel 15th Gen LGA 1851 “Arrow Lake” and is also compatible with Intel LGA 1700/1200/115X and AMD AM4/AM5 sockets.
    • Pre-installed ROTA Pro Fans (non-ARGB): Equipped with LCP blades and a three-phase, six-pole motor, these fans deliver powerful airflow with minimal noise.
    • The exclusive KANALI software provides full control over every aspect of the cooler, including support for split-screen functionality. Users can also choose from up to eight preset 3D content options to achieve the most immersive 3D visuals right on their desktop.

    Pricing

    The full PANORAMA series will be available for pre-order starting October 28th, 2024, with pricing as follows:

    • PANORAMA 360mm ARGB: €379.99
    • PANORAMA 360mm: €369.99
    • PANORAMA 280mm ARGB: €359.99
    • PANORAMA 280mm: €349.99
    • PANORAMA 240mm ARGB: €339.99
    • PANORAMA 240mm: €329.99
    • ROTA PRO 120mm Performance Fan: €24.99
    • ROTA PRO 140mm Performance Fan: €26.99

    With PANORAMA, TRYX continues to push the boundaries of creativity and innovation in the PC market. Stay tuned as we bring more cutting-edge products to life and inject fresh energy into the DIY community.

    About TRYX

    TRYX was established in 2023 by a dedicated group of tech and gaming PC enthusiasts who firmly believe that, in the era of AI, imagination and creativity remain irreplaceable traits of human expression. TRYX is on a mission to empower individuals with more possibilities, enabling gamers to shape their own distinct identities.

    Contact: Lucius Liu, Global PR – TRYX Technology Inc.
    Email: lucius_liu@tryxzone.com

    Contact: Cedric Pineau, EU Sales and Marketing Director
    Email: cedric_pineau@tryxzone.com

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/ef6f1510-998b-47cc-9752-f6c10503507f

    https://www.globenewswire.com/NewsRoom/AttachmentNg/49a887ab-9eab-47fb-b31e-bce50408e296

    https://www.globenewswire.com/NewsRoom/AttachmentNg/d419dcd5-6fcb-4a2a-866c-d3893e3a9727

    The MIL Network

  • MIL-OSI Asia-Pac: The Taichung Port Technology Industrial Park’s Disaster Drill enhances regional joint emergency response capability.

    Source: Republic Of China Taiwan 2

    To improve the safety protection capabilities of the Taichung Port Technology Industrial Park (TPTIP), the Bureau of Industrial Parks (BIPs) of the Ministry of Economic Affairs (MOEA) teamed up with the Chemicals Administration (CHA) of the Ministry of Environment to hold a joint “Muti-Hazard Emergency Response and Regional Cooperation Drill” on October 23. Representatives from the CHA, the CTSP Bureau of the Ministry of Science and Technology, the Taichung City Government, and several industrial parks participated. The spirit of “collaborative cooperation” demonstrated in this drill is key to responding to large-scale disasters. Whether it’s adjusting water and electricity supply or supporting fire rescue resources, inter-agency collaboration between agencies is essential. Regular drills focusing on disaster reduction, response, and recovery are designed to ensure rapid resource integration during an actual disaster to effectively prevent escalation.
    The drill simulated a scenario where a strong earthquake caused an organic solvent leak, sparking a fire inside a factory, while toxic chemicals splashed onto personnel, creating a complex disaster. In addition to simulating on-site disaster reporting, personnel evacuation and headcount, emergency response division of labor, casualty rescue, and follow-up efforts, the drill also showcased the regional joint defense capability of Taichung Port and the Technology Industrial Parks. Various public and private entities worked together to adjust the power and water supply, dispatch fire trucks, and provide emergency equipment, demonstrating efficient teamwork in controlling the disaster.
    The Bureau of Industrial Parks (BIPs) emphasized that the drill focuses on the response efficiency and safety practices of various rescue support units. For example, when the Taichung Harbor Fire Brigade arrived at the disaster site, factory managers immediately provided critical rescue information, including the types, quantities, and locations of chemicals in the factory, and assigned personnel to assist. Additionally, a firefighting robot was also sent to the fire scene for extinguishing operations, reducing the need for rescue personnel to enter high-risk areas and thereby lowering rescue risk. Furthermore, the Central Taiwan technical team sent dispatched response vehicles and personnel to monitor chemical concentrations at the accident site, ensuring that rescue efforts were properly contained and that the disaster’s impact was minimized.
    This drill has once again enhanced the safety protection capabilities of the Taichung Port Technology Industrial Park, and has also strengthened the independent emergency response capabilities of companies within the park when facing complex disasters. In the future, the BIP will continue to deepen collaboration with various units, aiming to optimize the park’s joint defense and emergency response mechanism through more disaster drills to ensure that companies within the park can effectively protect personnel safety and minimize economic losses during major disasters.

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

    Contact Person: Liu, Chun-chuan (Environmental Safety and Labor Section, Taichung Branch)
    Contact Number: 886-4-2658-1215 ext 641
    Email: chunchuan@bip.gov.tw

    MIL OSI Asia Pacific News

  • MIL-OSI Economics: Money Market Operations as on October 28, 2024

    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) 559,669.89 6.45 5.00-6.75
         I. Call Money 9,351.89 6.62 5.10-6.75
         II. Triparty Repo 407,058.50 6.43 6.11-6.60
         III. Market Repo 142,040.79 6.52 5.00-6.70
         IV. Repo in Corporate Bond 1,218.71 6.69 6.65-6.75
    B. Term Segment      
         I. Notice Money** 209.50 6.43 6.10-6.65
         II. Term Money@@ 489.50 6.50-7.05
         III. Triparty Repo 2,536.00 6.42 6.35-6.55
         IV. Market Repo 2,134.85 6.53 6.45-6.57
         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          
         (b) Reverse Repo          
    3. MSF# Mon, 28/10/2024 1 Tue, 29/10/2024 1,648.00 6.75
    4. SDFΔ# Mon, 28/10/2024 1 Tue, 29/10/2024 103,800.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -102,152.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo Fri, 18/10/2024 13 Thu, 31/10/2024 20,073.00 6.49
      (II) Fine Tuning Operations          
         (a) Repo Fri, 25/10/2024 6 Thu, 31/10/2024 25,005.00 6.55
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    5. On Tap Targeted Long Term Repo Operations Mon, 15/11/2021 1095 Thu, 14/11/2024 250.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 2,275.00 4.00
    6. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 15/11/2021 1095 Thu, 14/11/2024 105.00 4.00
    Mon, 22/11/2021 1095 Thu, 21/11/2024 100.00 4.00
    Mon, 29/11/2021 1095 Thu, 28/11/2024 305.00 4.00
    Mon, 13/12/2021 1095 Thu, 12/12/2024 150.00 4.00
    Mon, 20/12/2021 1095 Thu, 19/12/2024 100.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 255.00 4.00
    D. Standing Liquidity Facility (SLF) Availed from RBI$       8,696.81  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     17,168.81  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -84,983.19  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on October 28, 2024 1,010,098.68  
         (ii) Average daily cash reserve requirement for the fortnight ending November 01, 2024 1,016,726.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ October 28, 2024 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on October 04, 2024 488,495.00  
    @ 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. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    £ As per the Press Release No. 2021-2022/181 dated May 07, 2021 and Press Release No. 2021-2022/1023 dated October 11, 2021.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/1389

    MIL OSI Economics

  • MIL-OSI Australia: Address to the Australian Bureau of Agricultural and Resource Economics and Sciences

    Source: Australian Treasurer

    I acknowledge the Ngunnawal people, on whose traditional lands we meet, and pay respect to all First Nations people here today.

    Economist John Crawford started his public service career in the 1940s working under Nugget Coombs in the Department of Post‑War Reconstruction (Miller 2007, Uhr 2006).

    After taking a strong interest in agriculture, tariffs and trade in his academic studies, Crawford became the director of the Department’s rural and regional planning divisions (Powell & Macintyre 2015).

    Those planning divisions evolved into the Bureau of Agricultural Economics which would serve as the Commonwealth agency responsible for examining proposals for settling returned soldiers on productive farms.

    With Crawford as the inaugural director, the Bureau would assess ‘the suitability of climate and soil, the adequacy of the farm areas and likely economic viability of the farms’ (Powell & Macintyre 2015).

    It was a significant task because no one wanted to repeat the costly mistakes of the 1920s where nearly 12,000 soldier settlers abandoned their farms within a few years.

    But Crawford saw greater potential for the Bureau.

    He proposed broader functions such as studies on the outlook for primary industries, land use investigations and research to promote certain commodities (Powell & Macintyre 2015).

    The Bureau of Agricultural Economics, Crawford and its broader functions transferred to the Department of Commerce and Agriculture in 1946.

    Through various departmental leadership roles, Crawford went on to be one of the great public administrators of his generation.

    John Crawford is the only economist ever to be recognised as the Australian of the Year, winning the award in 1981 for his work as ‘one of the foremost architects of Australia’s post‑war growth’ (Australian of the Year n.d) (I can’t help noting in passing that we’re probably due for another economist to take the top gong).

    Meanwhile, the Bureau has broadened its economic knowledge base and has added names to its title over the years as it merged with other research agencies (ABARES n.d).

    Some 80 years and dozens of outlook conferences later, the Australian Bureau of Agricultural and Resource Economics and Sciences continues to uphold John Crawford’s best traditions.

    In his words, providing a ‘fact‑finding service’ and providing ‘the material and critical analyses of problems with which policy can be better made’ (Crawford 1952).

    Recognising the ongoing importance of your work, our government announced additional funding in last year’s Budget to help:

    • improve regional data sources
    • collect information on low‑emissions technology, and
    • examine the effect of emissions policies on agriculture and regions (DAFF 2023).

    Concentrating on competition in agriculture

    As a kid who attended an agricultural high school, I’ve always been fascinated by farming. But competition is my primary reason for being here today.

    Since at least the days of Adam Smith, economists have spruiked the virtues of competition (Leigh 2022).

    Industries with plenty of competitors tend to deliver better prices, more choices and stronger productivity growth.

    Uncompetitive markets tend to deliver higher prices, lower wages, less choice, and less innovation. A lack of competition leads to problems that can be difficult to undo.

    Today, I will talk about one problem that has only become worse in the recent decades: market concentration.

    When I took on the competition portfolio, a friend issued me a challenge: ‘How many Australian industries can you name that are not dominated by a few big firms?’ (Leigh 2024a).

    It’s a tough ask.

    Applying the rule of thumb that a market is concentrated if the largest 4 firms control one‑third or more, research by Adam Triggs and I found over half of the industries in the Australian economy are concentrated markets (Leigh & Triggs 2016).

    Indeed, many people asked to take on my friend’s challenge might well answer ‘farming’. And it turns out that for many commodities – though not all – farming is quite competitive.

    A straightforward source of market concentration data are the annual industry estimates produced by IBIS World. They estimate the market share of the top 4 firms for several hundred industries.

    A round‑up of IBIS World data on the market share of the largest 4 companies in parts of the agricultural supply chain shows farmers are often caught in the middle.

    Upstream, farmers deal with concentrated markets for their inputs.

    The largest 4 companies in fertiliser manufacturing in Australia have a combined market share of 62 per cent (IBIS World 2024a).

    The largest 4 in hardware and building supplies retailing control about 49 per cent of the market (IBIS World 2024b).

    And the market share for garden supplies retailing is about 33 per cent for the largest 4 firms (IBIS World 2024c).

    Downstream, farmers deal with concentrated markets for processing, freight and retailing.

    According to IBIS World industry reports, there is concentration in fruit and vegetable processing, with the largest 4 companies holding about 34 per cent of the market (IBIS World 2023).

    For meat processing, market share of the largest 4 companies is 44 per cent with JBS Australia, Thomas Food International and Teys Australia being the dominant players (IBIS World 2024d).

    For rail freight transport, the 4 largest including Aurizon and Pacific National have a combined 64 per cent market share (IBIS World 2024e).

    For shipping freight transport in Australia, the market share of 2 companies – ANL and Maersk – amounts to about 85 per cent (IBIS World 2024f).

    When it comes to supermarkets and grocery stores in Australia, it is well documented that Coles and Woolworths account for two‑thirds of the market (IBIS World 2024g).

    These figures show that the agricultural supply chain is highly concentrated at the national level.

    However, for many farmers, their options are even more limited than these figures suggest, as transport costs and risk of spoilage further limit the commercially viable options available to them.

    To further illustrate the point about farmers being caught in the middle, today I will draw on case studies from a series of reports where concerns have been raised about market concentration harming farmers.

    And I will finish by outlining our actions to improve competition laws, to revitalise competition policy in Australia and to make the economy more productive.

    Digging in

    First, we should never underestimate the importance and efficiency gains of farm equipment and machinery.

    Historian James Burke argues the entire modern world is the result of the plough (Harford 2017).

    Increasing farm productivity meant communities could build up a surplus of food, people could settle in one place and everyone’s job no longer had to be finding food (Leigh 2024b).

    Knowing where your next meal was coming from allowed craftspeople to specialise, it allowed trade to flourish, and it allowed people to think about improving the world around them.

    Any list of top Australian inventions typically includes Richard Bowyer Smith and his brother Clarence’s invention in 1876 of the stump‑jump plough (Dictionary of Biography n.d).

    These days, we are no longer talking about the humble plough.

    We are talking about a billion‑dollar farm machinery industry consisting of hi‑tech harvesters, tractors and seeding machinery (DAFF 2022).

    John Deere has more software development engineers than mechanical design engineers (Patel 2021).

    For farmers, machinery represents a significant capital investment involving upfront and ongoing costs (ACCC 2021).

    But many Australian farmers feel they have no genuine choice or ability to shop around.

    The Australian Competition and Consumer Commission’s 2021 market study found farm machinery markets are concentrated at the manufacturer and dealership levels (ACCC 2021).

    Compared to car manufacturers, agricultural machinery makers have greater ability to leverage their market share in new sales to reduce competition in the market for servicing, repairs and parts.

    Warranties restrict the purchaser to a single authorised dealer for servicing and repairs.

    And tech restrictions mean independent repairers or farmers can’t access the parts, manuals and diagnostic software they need to carry out repairs.

    In short, farmers have few choices when buying machinery but even less choice when servicing or repairing that equipment.

    The Productivity Commission further examined difficulties accessing repair data as part of the right to repair inquiry (PC 2021).

    It agreed restrictions harm farmers through higher repair prices, reduced access and choice, and greater financial risks from repair delays.

    The Productivity Commission recommended the government intervene by introducing a repair supplies obligation on agricultural machinery.

    This would require manufacturers to provide access to repair information and diagnostic software tools to machinery owners and independent repairers on fair and reasonable commercial terms.

    As you may know, I have advocated for the need for access to service and repair information over many years.

    In July 2022, I launched Australia’s first right to repair law, the Motor Vehicle Service and Repair Information Sharing Scheme.

    The government is currently monitoring how this scheme is operating for the benefit of independent repairers and consumers.

    Extending right to repair to other sectors, such as agriculture, is a good thing for the economy, businesses and consumers.

    I am pleased there have been negotiations between Australian farmers and the farm machinery industry to consider putting in place a voluntary right to repair arrangements for the sector.

    I encourage parties to continue those negotiations as voluntary arrangements are a great opportunity to foster collaboration and flexibility and can often lead to innovative and effective outcomes.

    Seeds of doubt

    Seeds are the next input I want to cover.

    The US Department of Agriculture’s Economic Research Service examined the seed sector as part of its paper on concentration and competition in agribusiness (MacDonald J et al. 2023).

    The 2023 paper found the seed sector ‘has become highly integrated with agricultural chemicals and more concentrated, with fewer and larger firms dominating supply’.

    Using 2021 annual report data, it said Bayer, ChemChina’s Syngenta Group, Corteva and BASF were the biggest players in global sales for seeds and agricultural chemicals.

    The Economic Research Service found seed prices rose significantly as markets became more concentrated but said the evidence was mixed on the influence of other factors.

    Between 1990 and 2020, the average seed price went up by 270 per cent and the average price for genetically modified varieties rose 463 per cent (MacDonald J et al. 2023).

    Despite the higher seed costs, the paper said it could be argued that genetically modified varieties resulted in ‘significant productivity gains to farmers’.

    It also said higher seed prices may have supported research and development with the number of patents for new crop varieties doubling compared to earlier decades.

    Still, there are not many other industries where the price of a key input has grown fivefold in thirty years.

    Mergers have changed the global seed and farm chemical industry in recent years, and questions remain about what it means for prices and innovation in the long term.

    Sour competition grapes

    Wine grapes arrived with the first fleet in 1788 as cuttings collected en route by Captain Arthur Phillip.

    They were planted at Sydney Cove but withered and died without producing any fruit.

    Which is why it’s called the Rum Rebellion, not the Chardonnay Coup.

    Nevertheless, a fledging wine industry struggled to its feet through booms and busts of the 1800s and by the turn of the century had taken root.

    In the most recent year for which statistics are available, Australia exported 621 million litres of wine (Wine Australia 2024). That figure exceeds domestic wine sales, estimated at 444 million litres.

    There are more than 2,000 wineries and approximately 6,000 grape growers across our 65 wine growing regions.

    They have over 160,000 full and part‑time employees.

    But while the terroir may be good, the vineyard not a level playing field.

    A wine grape market study completed by the Australian Competition and Consumer Commission in 2019 found a highly concentrated industry (ACCC 2019).

    Issues in the supply chain included a lack of competition, potential unfair contract terms, a lack of price transparency, and imbalanced risk allocation in favour of winemakers over grape growers.

    The largest 1 per cent of winemakers accounted for over 80 per cent of wine production.

    Four retailers account for over 80 per cent of sales by value in the domestic retail liquor market.

    The 5 largest winemakers account for an estimated 87 per cent of volume in the Australian wine export market.

    And the trend has been towards even greater consolidation of large winemakers in recent years.

    Change is never easy in agricultural industries subject to boom‑and slump cycles of over production in the good times and consolidation in the bad.

    In 2021 the ACCC found that commercial practices in the wine grape industry had improved since their 2019 report but warned that regulatory action may be necessary without further reforms in payment times and transparency.

    Industry is taking steps to improve transparency but there is still work to be done to ensure a fair and functioning wine, grape and retail market.

    In August, we appointed former competition minister Craig Emerson to lead an independent impact analysis of the wine and grape sector’s regulatory options (Collins 2024).

    Dr Emerson’s report will examine fair trading, competitive relationships, contracting practices and risk allocation.

    Competition beef

    Those problems are not unique to the grape and wine industry.

    In 2023, the National Farmers Federation released an issues paper criticising the lack of transparency and competition across Australia’s agricultural supply chains (NFF 2023).

    The National Farmers Federation said reduced competition meant farmers weren’t receiving the incomes they deserved with long‑term consequences for competitiveness, economic and environmental sustainability and profitability.

    Those concerns echoed the Australian Competition and Consumer Commission’s cattle and beef market study of 2017. That study found evidence that conflicts of interest regularly arise in saleyard transactions when buyers bid for livestock on behalf of multiple clients, and when agents represent both a cattle seller and a cattle buyer in the same transaction (ACCC 2017).

    The report pointed out that cattle auctions have characteristics that make it easier for cartels to develop, including repeated interactions with the same auctioneers, who are often linked by social networks that make it easier to ‘punish’ auctioneers who break away from agreed anti‑competitive bidding practices. Other problematic behaviours included the exclusion of rival agents, and a lack of transparency around saleyard weighing protocols.

    There is a cyclical element to many concerns about competitiveness in the market structure of the Australian cattle and beef industry.

    An ongoing concern is the impact on producers of market concentration and buyer power during tough times, such as droughts.

    Seasonal and cyclical fluctuations in supply can also affect the profitability of meat processors, dampening incentives for new entrants and reducing competition through mergers or acquisitions of incumbents.

    The 2017 report found that the top 5 Australian processors account for around 57 per cent of total cattle slaughter (ACCC 2017).

    A follow‑up report by the Australian Competition and Consumer Commission 2 years later found that the industry had taken some steps towards improving transparency in dealings between processors and farmers, but, again, there was still work to do (ACCC 2019).

    Super concentrated

    Another highly concentrated part of the agricultural supply chain in Australia are supermarkets.

    Coles and Woolworths account for about 67 per cent of national retail sales (Mulino 2024, ACCC 2024 p147).

    Only 2 OECD countries – New Zealand and Norway – have a greater market share of sales controlled by 2 supermarkets (ACCC 2024 p148).

    Earlier this year, the House of Representatives Standing Committee on Economics handed down an excellent report on the inquiry into promoting economic dynamism, competition and business formation.

    The Committee received evidence on the high market share in the supermarket sector, profit margins, and the power imbalance in the relationship between the major supermarkets and farm‑gate producers.

    The report said: ‘Many agricultural suppliers are at risk of that power imbalance being used to negotiate outcomes that affect profitability and, therefore, the capacity and willingness to invest.’

    At the same time as the Parliamentary inquiry, our government is taking action on several fronts.

    Food and Grocery Code of Conduct

    First, we are making sure the Food and Grocery Code of Conduct is working effectively and fairly.

    The voluntary Code was introduced in 2015 to improve behaviour in the way supermarkets deal with suppliers – including growers where they supply directly to supermarkets.

    Dr Craig Emerson’s independent review found the Code is ‘needed to address persistent bargaining power imbalances between supermarkets and their smaller suppliers’ (Emerson 2024).

    Dr Emerson made 11 recommendations for improving the Code and the government announced in June that it will adopt them all (Treasury 2024a).

    The Code will be made mandatory with Coles, Woolworths, Aldi and Metcash subject to million‑dollar penalties for serious breaches.

    There will be improvements to the dispute resolution mechanisms. There will be a pathway for anonymous complaints from suppliers and whistle‑blowers, and guards against retribution by supermarkets.

    We released exposure drafts for consultation in September and we aim to introduce legislation into the Parliament later this year.

    Supermarket inquiry

    Second, we understand more needs to be done to achieve a competitive and sustainable food and grocery sector.

    So, we directed the Australian Competition and Consumer Commission to undertake a 12‑month inquiry into supermarket pricing.

    It allows the watchdog to conduct a deep dive into competition and pricing practices in the supermarket sector for the first time in more than 15 years.

    The Australian Competition and Consumer Commission’s interim report released in September said, ‘Australia’s supermarket industry is changing’ but remains ‘highly concentrated’ (ACCC 2024).

    In the era of online shopping, loyalty programs and data technology, Coles and Woolworths have expanded their share of take‑home food and grocery sales by a combined 3.7 percentage points since 2006–07.

    Supermarkets have also expanded into broader ‘ecosystems’ beyond grocery retailing but in highly complementary areas such as advertising and data analytics, pet products, telco and insurance services (ACCC 2024 p161).

    As well as conducting consumer surveys as part of the inquiry, the Australian Competition and Consumer Commission held 7 roundtables to listen to farmers and fresh produce wholesalers.

    Although no conclusions have been made, the interim report highlighted concerns from fresh produce suppliers about information asymmetries, power imbalances and specific practices that have enabled supermarkets to transfer disproportionate risk and cost onto suppliers.

    In the next phase of the inquiry, the Australian Competition and Consumer Commission will undertake 14 case studies to examine supermarket profit margins and how profits are distributed in the supply chain.

    And it will hand a final report to the government in February 2025.

    CHOICE retail reports

    Third, we announced funding for consumer group CHOICE to produce quarterly reports on retail grocery prices.

    The CHOICE reports will compare grocery prices at different retailers, highlighting those charging the most and the least.

    We have already seen the first 2 ‘basket of goods’ quarterly reports using data from March and June to help consumers make informed decisions about what they’re buying and where they shop (Leigh 2024c).

    Other measures

    Earlier this month, the Australian Government announced around $30 million in additional funding to the ACCC to crack down on misleading and deceptive pricing practices and unconscionable conduct in the supermarket and retail sectors.

    This will strengthen the ACCC’s ability to proactively monitor behaviour and investigate concerns about supermarkets and retailers falsely justifying higher prices.

    In addition to this crackdown, the Treasurer will work closely with states and territories through the Council on Federal Financial Relations to reform planning and zoning regulations, which will help boost competition in the supermarket sector by opening up more sites for new stores (Albanese 2024).

    Strengthening protections against unfair contract terms

    Unfair contract term protections are another area where we have already made improvements.

    Unfair contract terms are terms that are clearly lopsided – for example by allowing the more powerful party to unilaterally change prices, or cancel the contract.

    Under the former government, such terms were unenforceable, but it was not an offence to include them in a contract.

    Fertiliser

    For example, last year the Australian Competition and Consumer Commission investigated complaints about fertiliser companies using contracts in a way that could disadvantage farmers (ACCC 2023).

    Contract terms allegedly gave larger suppliers the right to unilaterally vary the quantity delivered or to terminate the agreement and restricted buyers from raising issues about defects.

    Fertiliser suppliers co‑operated and changed the contract terms to address the Australian Competition and Consumer Commission’s concerns.

    Potatoes

    In another example, the Federal Court in 2019 declared Mitolo Group, Australia’s largest potato wholesaler, used unfair terms in contracts with growers (ACCC 2019).

    The court declared contract terms that allowed Mitolo to unilaterally determine or vary the price paid to growers as void.

    Terms preventing growers from selling potatoes to other purchasers and terms stopping farmers from selling their property unless the buyer entered into a contract with Mitolo were also declared void.

    Stronger laws

    More broadly, the problem is the laws weren’t stopping the use of unfair terms, which remain prevalent in standard form contracts.

    A court could declare a contract term to be unfair and therefore void and unenforceable, but until our government took office, the law didn’t allow penalties to be imposed.

    We have fixed that. In 2022, we delivered on our promise to strengthen unfair contract term laws (Leigh & Collins 2022).

    We introduced civil penalty provisions outlawing the use of, and reliance on, unfair terms in standard form contracts.

    And we extended the coverage of the protections.

    We lifted the eligibility cap from businesses with less than 20 employees to businesses with less than 100 employees, or annual turnover of less than $10 million.

    The most significant merger reforms in decades

    Merger regulation is one of the key pillars of competition law (Leigh 2024a).

    It acts as the ‘preventive medicine’ against the few mergers that substantially lessen competition.

    But feedback suggests our system isn’t as healthy as it could be.

    The Competition Taskforce found Australia’s ‘ad hoc’ merger process is unfit for a modern economy and said we lag best practice in other countries.

    In response, we have announced the most significant reforms to merger settings in almost 50 years.

    The proposed reforms will make Australia’s merger approval system faster, stronger, simpler, targeted and more transparent.

    Revitalising National Competition Policy

    The Albanese government is working with state and territories to revitalise National Competition Policy.

    There is consensus that pro‑competitive reforms are worth doing and we are aiming for agreement by the end of the year.

    The original National Competition Policy underpinned a generation of growth from the 1990s (Leigh 2024d).

    While it left us in a good position, the economy has changed, and the nation now faces new challenges that the original policy could not have anticipated.

    These include digitalisation, the growth in human services, the net zero transformation and supporting Australia’s most vulnerable (Treasury 2024b).

    Trade opportunities

    We are also looking to improve competitiveness overseas as well as at home.

    Our farmers are internationally competitive with Australia exporting around 72 per cent of the total value of agricultural, fisheries and forestry production (ABARES 2024).

    Historically, Australia’s farmers have been among the strongest advocates of trade liberalisation. The old ‘protection all round’ strategy meant that Australian farmers paid more for imported farm machinery, and faced tariffs from other countries to which they exported their produce.

    Reductions in Australia’s domestic tariffs under the Whitlam, Hawke and Keating governments made farm equipment more affordable. It also bought Australia international credibility – enabling us to spearhead reform through the creation in 1986 of the Cairns Group of Fair Trading Nations, to advocate for liberalisation of global trade in agricultural goods (cairnsgroup.org).

    Today, our government is building on that legacy. Invested: Australia’s Southeast Asia Economic Strategy said, ‘Australia is already a key partner in helping Southeast Asia meet its food security needs’, and notes that ‘there is strong potential to develop this trade relationship further towards 2040’ (DFAT 2023).

    So, trade forms a significant part of our broader economic agenda.

    And as Trade Minister Don Farrell observes, we are ‘delivering on our commitment to secure new trade and investment opportunities for Australian exporters, producers, farmers and businesses’ (Farrell 2024).

    Closing remarks

    Let me finish by saying, competitive markets matter in all parts of the Australian economy, but especially in the farm sector.

    As the Australian Competition and Consumer Commission’s Mick Keogh crisply puts it: ‘there are many farmers, but few processors or wholesalers, and even fewer major retailers’ (Keogh 2021).

    As my analysis of IBIS World data shows, small‑scale farmers are often the meat in a market concentration sandwich.

    Upstream, there is often no choice about dealing with large‑scale providers on inputs.

    Downstream, there is often no choice about negotiating with larger processors and retailers.

    And through various examples from many reports over several years, we can see that market concentration hurts farmers.

    Higher prices for inputs.

    Less choice for repairs.

    Power imbalances in negotiating contracts.

    A lack of transparency around prices.

    And potentially unfair contract terms.

    I’m pleased to say, as outlined today, the government is focused on practical solutions to improve our competition settings.

    And we appreciate the expertise and insights of the Australian Bureau of Agricultural and Resource Economics and Sciences.

    Thank you.

    Note: My thanks to officials in the Australian Treasury for invaluable drafting assistance.

    References

    Albanese, A; Chalmers, J. (2024) ‘Helping Australians get fairer supermarket prices through stronger protections and greater competition’, [media release] The Treasury, accessed 1 October 2024.

    Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) n.d About ABARES – Our History, online content.

    Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) (2024) Snapshot of Australian Agriculture 2024, ABARES Insights.

    Australian Competition and Consumer Commission (ACCC) (2024) Supermarkets inquiry interim report.

    Australian Competition and Consumer Commission (ACCC) (2017) Cattle and Beef Market Study – Final Report.

    Australian Competition and Consumer Commission (ACCC) (2019a), Transparency improving in cattle and beef industry, media release issued 20 August 2019.

    Australian Competition and Consumer Commission (ACCC) (2020) Perishable agricultural goods inquiry Final Report.

    Australian Competition and Consumer Commission (ACCC) (2021) Agricultural Machinery Market Study.

    Australian Competition and Consumer Commission (ACCC) (2023) Fertiliser suppliers amend unfair contract terms after ACCC investigation Accessed 21 August 2023.

    Australian Competition and Consumer Commission (ACCC) (2019b) Court penalises potato wholesaler for breaching the Horticulture Code and declares unfair contract terms void, Accessed 2 August 2019.

    Australian of the Year Awards (n.d) Sir John Crawford AC CBE – In Memoriam.

    Cairns Group, The. (n.d) About The Cairns Gro…~https://www.cairnsgroup.org/Pages/Introduction.aspx

    Collins (2024) Supporting Australia’s wine industry [media release] The Treasury, accessed 23 August 2024.

    Department of Agriculture, Fisheries and Forestry (2022) Snapshot – Australian agricultural machinery imports Accessed 4 November 2022.

    Department of Agriculture, Fisheries and Forestry (2023) Boosting capabilities to support a sustainable agriculture sector Budget 2023–2024 fact sheet, Australian Government.

    Department of Foreign Affairs and Trade (2023) Invested: Australia’s Southeast Asia Economic Strategy to 2040, a report for the Australian Government accessed September 2023.

    Dictionary of Biography, Australian. Richard Bowyer Smith entry, Biography – Richard …~https://adb.anu.edu.au/biography/smith‑richard‑bowyer‑13201

    Emerson C (2024) Independent Review of the Food and Grocery Code of Conduct Final Report, [final report] Treasury.

    Farrell D (2024) Press conference, Parliament House Accessed 17 September 2024.

    Harford T 27 November (2017) How the plough made the modern economy possible BBC World Service.

    IBIS World (2024a) ‘Agricultural machinery manufacturing in Australia’, Industry Report, February 2024.

    IBIS World (2024b) ‘Hardware and building supplies retailing in Australia’, Industry Report, February 2024.

    IBIS World (2024c) ‘Garden supplies retailing in Australia’, Industry Report, March 2024.

    IBIS World (2024d) ‘Meat processing in Australia’, Industry Report, June 2024.

    IBIS World (2024e) ‘Rail freight transport in Australia’, Industry Report, September 2024.

    IBIS World (2024f) ‘Water freight transport in Australia’, Industry Report, May 2024.

    IBIS World (2024g) ‘Supermarkets and grocery stores in Australia, Industry Report, August 2024.IBIS World 2023, ‘Fruit and vegetable processing in Australia’, Industry Report, August 2023.

    Keogh M (2021) Competition in Australian agriculture Speech to the National Farmers’ Federation accessed 11 June 2021.

    Leigh A 28 November (2022) Look overseas to see the virtues of more competition [opinion piece] The Australian.

    Leigh A 27 August (2024a) Why new rules in competition are sure to be game‑changing [opinion piece] The Canberra Times.

    Leigh A (2024b) The Shortest History of Economics, Black Inc.

    Leigh A (2024b) Supermarket price monitoring to help Australians make informed choices at the checkout [media release] Accessed 20 June 2024.

    Leigh A (2024c) Supermarket price monitoring to help Australians make informed choices at the checkout [media release] Accessed 20 June 2024.

    Leigh A (2024d) Competition reform will ensure flourishing future [opinion piece] The Australian.

    Leigh A and Collins J (2023) Labor delivering on promise to ban unfair contract terms [media release] Accessed 26 July 2022.

    Leigh A and Triggs A (2016), Markets, Monopolies and Moguls: The Relationship between Inequality and Competition. Australian Economic Review, 49: 389–412.

    MacDonald J, Dong X, and Fuglie K (2023) Concentration and Competition in U.S. Agribusiness United States Department of Agriculture Economic Research Service, Economic Information Bulletin No.256.

    Miller J (2007) Sir John Grenfell (Jack) Crawford (1910–1984) Australian Dictionary of Biography, Volume 17, 2007, ANU.

    Mulino D (2024) Better Competition, Better Prices Report on the inquiry into promoting economic dynamism, competition and business formation, House of Representatives, Standing Committee on Economics.

    National Farmers’ Federation (NFF) (2023), Issues Paper, Market Price Transparency, National Farmers’ Federation Issues Paper.

    Patel N 15 June (2021) John Deere turned tractors into computers – what’s next, The Verge.

    Powell G & Macintyre S (2015) Land of opportunity: Australia’s post‑war reconstruction, National Archives of Australia Research Guide.

    Productivity Commission (PC) (2021) Right to Repair Inquiry Report No.97, accessed 29 October 2021.

    Treasury (2024a) Government response to the Independent Review of the Food and Grocery Code of Conduct, Treasury.

    Treasury (2024b) National Competition Policy fact sheet Treasury.

    Uhr J (2006) The Crawford Doctrine: An informal sketch Australian National University, accessed 21 June 2006.

    Whitnall T and Pitts N (2020) Meat Consumption ABARES.

    Wine Australia (2024), Market insights, Australian wine sector at a glance, Wine Australia.

    MIL OSI News

  • MIL-OSI Security: Commander of U.S. Indo-Pacific Command Speaks at Pacific Tech 2024

    Source: United States INDO PACIFIC COMMAND

    Adm. Samuel J. Paparo, commander of U.S. Indo-Pacific Command, delivers a keynote speech at the Pacific Tech / Pacific Defense Contracting 2024 Conference, in Honolulu, Oct. 28.

    Hosted by Hawaii Technology Development Corporation, PACTECH 2024 is a forum for government and defense industry leaders to build relationships with federal Small Business Innovation Research and Small Business Technology Transfer programs.

    USINDOPACOM is committed to enhancing stability in the Indo-Pacific region by promoting security cooperation, encouraging peaceful development, responding to contingencies, deterring aggression and, when necessary, fighting to win.

    MIL Security OSI

  • MIL-OSI China: 48 officials held accountable for fatal chemical plant blast

    Source: China State Council Information Office 2

    Forty-eight officials have been held accountable for a 2023 chemical plant blast that claimed 13 lives in northeast China’s Liaoning Province, according to the provincial emergency management authorities.
    The blast occurred at the chemical plant in the city of Panjin on Jan. 15, 2023, leading to 13 deaths and 35 injuries, as well as about 87.99 million yuan (12.34 million U.S. dollars) in direct economic losses.
    The company involved in the accident has resumed production following a thorough rectification process. Fourteen responsible individuals, including the president of the company, have been handed criminal sentences. A total of 59.57 million yuan worth of fines had been meted out to three responsible entities and 11 individuals.
    Additionally, disciplinary and administrative measures have been taken against the 48 officials, including the Party secretary and the mayor of Panjin, with varying degrees of punishment.
    These measures include criticism and education, admonishment, warning, recording of demerits, removal from office and demotion. 

    MIL OSI China News

  • MIL-OSI Asia-Pac: Speech by SCED at Hong Kong FinTech Week 2024 (English only)

    Source: Hong Kong Government special administrative region

    Speech by SCED at Hong Kong FinTech Week 2024 (English only)
    Speech by SCED at Hong Kong FinTech Week 2024 (English only)
    ************************************************************

         Following is the speech by the Secretary for Commerce and Economic Development, Mr Algernon Yau, at the second day of the Main Conference of Hong Kong FinTech Week 2024 today (October 29): Distinguished guests, ladies and gentlemen,      Good morning.      Welcome to day two of the Main Conference of Hong Kong FinTech Week 2024. It is my pleasure to join you all here this morning.        Hong Kong has all along attached great importance to developing fintech businesses, with a view to developing our city as an ideal destination for fintech firms from around the world. As a symbol of this goal, Invest Hong Kong (InvestHK) has been organising the flagship Hong Kong FinTech Week since 2016 to gather the global fintech stakeholders, including investors, professionals and practitioners, in Hong Kong to discuss the latest developments and explore new opportunities.       Being the premier annual international fintech event in Asia, this mega event has been receiving overwhelming support and serving as a great platform over time for Hong Kong’s expanding fintech business. With its theme “Illuminating New Pathways in Fintech”, Hong Kong FinTech Week this year is expected to attract more than 30 000 visitors, and over 800 speakers and 700 exhibitors from over 100 economies. In fact, such a scale can hardly be matched by other similar fintech events. I am glad that you are in the right place today, and I can assure you of an exciting series of events in the rest of Hong Kong FinTech Week.      Being a “super connector” and a “super value-adder”, Hong Kong acts as an important gateway between the Mainland and the overseas markets. Our city is a place where we advocate entrepreneurship and innovation, and also a perfect launch pad for fintech companies to be groomed locally and globally.        Under “one country, two systems”, Hong Kong continues to maintain our uniqueness as one of the most liberal and easiest places to do business in the world. In terms of foreign direct investment, Hong Kong remains the world’s fourth largest destination as revealed in the World Investment Report 2024; Hong Kong is once again ranked in 2024 as the freest economy by the Fraser Institute; and we are ranked the third globally, the first in the Asia-Pacific region as well as one of the top 10 fintech hubs around the globe according to the recent Global Financial Centres Index report.      These recognitions are attributed to our institutional advantages including a robust common law legal system, an independent judiciary, a simple and low tax system, world-class professional services, and many others, which are the very foundation of Hong Kong’s success as an ideal place for fintech companies to thrive.      Coupled with an array of new business-friendly initiatives announced in the 2024 Policy Address this month, all businesses in Hong Kong, including the fintech sector, could benefit from them. For example, the updated Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) provides more flexibility and convenience for Hong Kong companies to invest and do business on the Mainland. All companies based in Hong Kong, regardless of their place of origin, can all benefit from the latest CEPA enhancements. My friends, I strongly recommend that you set up your fintech and related financial operations in Hong Kong in order to enjoy these advantages.        Apart from companies, we also have good news for individuals. For non-Chinese Hong Kong permanent residents, they are now eligible for the Mainland travel permit since July this year. This groundbreaking measure provides unprecedented convenience for visits to the Mainland for various purposes, including business, leisure or family trips, multiple times within a validity period of five years. Additionally, if you are a non-permanent Hong Kong resident who is also a foreign staff member of a Hong Kong-registered company, the validity period of your multiple-entry visa has now been extended to a maximum of five years to facilitate your Mainland trips. To experience the convenience brought by the two new measures, I would suggest that our overseas friends apply for the permit or multiple-entry visa, if eligible.       In fact, we note that Hong Kong’s competitiveness and business-friendly environment, which I have mentioned above, has already been highly recognised by many fintech companies. In 2024, we are home to over 1 100 fintech companies, representing a 14 per cent year-on-year increase according to InvestHK’s statistics. In the first nine months of this year, InvestHK has helped 470 overseas and Mainland enterprises to establish or expand their business in Hong Kong, and over 23 per cent of them are from the fintech, financial services and related sectors. The above encouraging results have explained Hong Kong’s attractiveness to the global fintech community.     As always, InvestHK, being the Government’s investment promotion agency and your best business partner in Hong Kong, will assist your companies to set up or expand business here. With InvestHK’s extensive and sophisticated global network, you will have no difficulty in receiving their valuable advice and unfailing support even if your companies are located outside Hong Kong. Taking the golden opportunity today, I would encourage you all approach InvestHK and see what advice they can offer you from the investment promotion perspective.      Finally, I would like to give my big thanks to our fintech friends here today for your participation in and strong support for FinTech Week and confidence in Hong Kong, especially those who have joined the event for years. I hope you enjoy today’s conference and explore more business opportunities. And don’t forget to take a walk through our city to enjoy the delicious food and beautiful scenery in Hong Kong.        Thank you.

     
    Ends/Tuesday, October 29, 2024Issued at HKT 12:15

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Australia: $4 million extra funding for improved access to advice and advocacy for tenants as part of plan to make renting fairer

    Source: New South Wales Premiere

    Published: 29 October 2024

    Released by: Minister for Better Regulation and Fair Trading


    The Minns Labor Government is further supporting tenants across NSW when they need it most, with a funding boost to the Tenants Advice & Advocacy Services.

    The network of 21 local not-for-profit organisations, help tenants to understand their rights, support them during negotiations and in resolving disputes, and assist and advocate for them at the NSW Civil and Administrative Tribunal.

    Funded by NSW Fair Trading, these services will be boosted by $1 million extra a year until 2028. In 2024-25, funding has increased to $16.2m.

    The funding boost follows the Minns Labor Government’s recent passage of the most significant rental reform package to assist renters in over a decade. The new reforms will:

    • Ban no grounds evictions;
    • Limit rent increases to only one per year;
    • Make it easier to have pets in rentals;
    • Ensure fee-free ways to pay rent; and
    • Ban renters paying for background checks.

    In addition to these historic new reforms to help tenants across the state, last financial year, NSW Fair Trading responded to 393,000 rental enquiries. Where tenants required greater help, they could access the free assistance of a local Tenants Advice & Advocacy Service.

    The network responds to around 30,000 requests a year for tenancy advice from renters in private and social housing, boarders, lodgers, and land lease community residents.

    The service also provides ongoing assistance to approximately 10,000 tenants annually.

    Find out more information about the Tenants Advice & Advocacy Services.

    Minister for Fair Trading and Better Regulation Anoulack Chanthivong said:

    “NSW has millions of renters who come from diverse backgrounds and communities spread right across the state.

    “The Tenants Advice & Advocacy Service provides local support through a network of highly-skilled  advocates who work to ensure quality advice and advocacy is available to all renters in NSW.

    “The funding boost will mean the services can reach even more renters and keep this critical information service free.

    “This is another step forward to get renters a fairer deal.

    “This is part of the Minns Labor Government’s plan to build a fairer system for renters.”

    NSW Rental Commissioner Trina Jones said:

    “This funding will provide critical support to the millions of people renting in NSW.

    “The tenant advice program supports people in their own communities helping Fair Trading to increase our reach and support for renters.

    “This funding is another example of how the NSW Government is taking action to support renters across the state.”

    Chief Executive Officer of Tenants Union of NSW Leo Patterson Ross said:

    “We welcome this additional funding which will make it easier for renters to seek the expert, free advice, and practical advocacy that the Tenants’ Advice and Advocacy Program provides.

    “This funding increase will ensure services can continue to provide the same high quality advice we have for the past 30 years.

    “Tenants’ Advice and Advocacy Services are an important part of resolving disputes fairly. We help ensure renters know where they stand and help avoid prolonged disputes and unnecessary tribunal applications.

    “We look forward to continuing to work with the NSW Government to cover funding needs that have emerged with the growing renting population and as important tenancy reforms come into effect.”

    MIL OSI News

  • MIL-OSI China: China urged to seize growth opportunities

    Source: China State Council Information Office 3

    China should seize the current window of improving expectations and rising confidence to build momentum going into 2025, economists said, calling for a forceful and extraordinary combination of macro policies next year.

    Given the recently announced stimulus package, China’s economy will likely pick up in the fourth quarter, providing strong support for meeting the annual growth target of around 5 percent, they said.

    Huang Hanquan, head of the Chinese Academy of Macroeconomic Research, which is affiliated with the National Development and Reform Commission, said the Chinese economy is likely to register a “U-shaped” recovery for the full year, with consolidated momentum in the fourth quarter amid strengthened social expectations, bringing the annual economic and social development goals within reach.

    He said the recent incremental policies, ranging from reducing interest rates and banks’ required reserves to lowering existing mortgage rates, have been extraordinary and strong in intensity, demonstrating the government’s “determination and courage to promote economic recovery”.

    “Looking ahead, we must seize the current window of stabilizing expectations and growing confidence to capitalize on the momentum. We need to launch a forceful and extraordinary combination of macro policies and initiate iconic reform measures,” Huang added.

    Zong Liang, chief researcher at Bank of China, said that China’s economy is poised to pick up in the fourth quarter, with the stimulus policies gradually taking effect.

    Sino-US communication

    Their remarks came after Vice-Minister of Finance Liao Min highlighted the powerful package of stimulus policies that China recently introduced during a meeting between economic working groups of China and the United States in Washington, DC, on Friday.

    The two sides had in-depth, practical and constructive communication on macroeconomic situation and policies of the two countries, the ministry said.

    During the World Bank’s 110th Development Committee meeting on Friday, Liao said that China will intensify countercyclical adjustments of fiscal policy, with a series of strong measures implemented to resolve local government debt risks, stabilize the real estate market, increase the income of key groups, enhance people’s livelihoods, and drive equipment upgrades and trade-in deals for consumer goods.

    Zhang Bin, deputy director of the Chinese Academy of Social Sciences’ Institute of World Economics and Politics, said that expectations and confidence have been significantly boosted by the incremental policies, which sent a clear, strong signal that more policies will be announced to enhance economic vitality and tackle the immediate challenge of insufficient demand.

    “The focus now is on how these policies will be implemented and whether their intensity is sufficient. In this regard, I believe the year 2025 is very much worth looking forward to,” said Zhang, who is also a senior researcher at the China Finance 40 Forum, a leading think tank.

    “I think policymakers need to further increase the intensity of (macroeconomic) policies. It’s like a race — policies need to precede the market (expectations) to effectively reverse sentiments and kick off a positive economic cycle,” he said.

    As for fiscal policy, Zhang said it “deserves anticipation” if next year’s fiscal expansion could be further strengthened based on recent policy signals, although specific plans still await legislative procedures. He added that government spending should outpace GDP expansion to drive growth.

    If the country’s GDP growth target stays unchanged at about 5 percent for 2025, it may necessitate a reasonable increase in government debt by about 11 trillion to 12 trillion yuan ($1.5 trillion to $1.7 trillion) to ensure adequate government spending and policy-oriented financial bonds worth 3 trillion to 5 trillion yuan, he said.

    On the monetary policy front, Zhang said there remains a large scope for interest rates to decline, as the rate cut should be significantly bigger than the slide in price levels to ensure easing real financing costs and spurring investment and consumption.

    MIL OSI China News

  • MIL-Evening Report: Inquiry warns distrustful public wouldn’t accept COVID measures in future pandemic

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

    The government-appointed inquiry into Australia’s COVID response has warned public trust won’t be so high in a future pandemic and people would be unlikely to accept again many of the measures taken.

    “That means there is a job to be done to rebuild trust, and we must plan a response based on the Australia we are today, not the Australia we were before the pandemic,” the report released on Tuesday said.

    The inquiry was conducted by former NSW public servant Robyn Kirk, epidemiologist Catherine Bennett, and economist Angela Jackson. It examined the health and economic responses; while it did not directly delve into the state responses, it did cover the federal-state interface.

    The overall takeout from the inquiry is that “Australia did well relative to other nations, that experienced larger losses in human life, health system collapse and more severe economic downturns”.

    But “the pandemic response was not as effective as it could have been” for an event for which there was “no playbook for pivotal actions.”

    The inquiry said “with the benefit of hindsight, there was excessive fiscal and monetary policy stimulus provided throughout 2021 and 2022, especially in the construction sector. Combined with supply side disruptions, this contributed to inflationary pressures coming out of the pandemic.”

    The inquiry criticised the Homebuilder program’s contribution to inflation, as well as Jobkeeper’s targeting, and said blanket access to superannuation should not be repeated.

    The government – which might have originally expected the inquiry to have been more critical of the Morrison government – quickly seized on the report’s economic criticisms.

    The panel has made a set of recommendations to ensure better preparation for a future pandemic.

    It highlighted the “tail” the pandemic has left, especially its effect on children, who suffered school closures.

    “Children faced lower health risks from COVID-19; however, broader impacts on the social and emotional development of children are ongoing. These include impacts on mental health, school attendance and academic outcomes for some groups of children.”

    The report noted that the Australian Health Protection Principal Committee had never recommended widespread school closures.

    A lack of clear communication about risks had created the environment for states to decide to go to remote learning.

    The impacts on children should be considered in future pandemic preparations, the inquiry said.

    It strongly backed making permanent the interim Australian Centre for Disease Control. The government will legislate next year for the CDC, to start on January 1 2026, as an independent statutory agency.

    The CDC would be important in rebuilding trust, the report said, as well as “strengthening resilience and preparedness”. It would provide “national coordination to gather evidence necessary to undertake the assessments that can guide the proportionality of public health responses in future crises”.

    The report said trust in government was essential for a successful response to a pandemic.

    At COVID’s outset, the public largely did what was asked of them, complying with restrictive public health orders.

    But the initial strengthening of trust in government did not continue through the pandemic. By the second year, restrictions on personal freedom were less accepted.

    Reasons for the decrease in trust included a lack of transparency in decision making, poor communication, the stringency and duration of restrictions, implementation of mandated measures, access to vaccines and inconsistencies in responses across jurisdictions.

    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. Inquiry warns distrustful public wouldn’t accept COVID measures in future pandemic – https://theconversation.com/inquiry-warns-distrustful-public-wouldnt-accept-covid-measures-in-future-pandemic-242383

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Economics: China’s medtech market growth to exceed global average over 2023-33 despite headwinds, says GlobalData

    Source: GlobalData

    China’s medtech market growth to exceed global average over 2023-33 despite headwinds, says GlobalData

    Posted in Medical Devices

    Prominent medical technology market experts who gathered at the MedTech Conference 2024, which was held recently in Toronto, Canada, expressed an optimistic outlook for the future of the medical devices market in China. While the global medical devices market is forecast to grow at a compound annual growth rate (CAGR) of 4.2% from 2023 to 2033, China’s medical devices market is forecast to expand at a faster CAGR of 5.0% over the same period despite some challenges, according to GlobalData, a leading data and analytics company.

    Tina Deng, MSc, Principal Medical Device Analyst at GlobalData, comments: “The key drivers of growth in China’s medical devices market include the country’s aging population, an increasing number of chronic conditions, rising penetration of medical devices at all levels of healthcare, and growing coverage by Chinese health insurance funds.”

    The overall economic slowdown in China has resulted in tighter budgets for healthcare expenditures. This financial strain may negatively impact the growth of the medical devices market as hospitals and healthcare institutions struggle to manage costs. While volume-based procurement (VBP) aims to improve efficiency and reduce costs in healthcare spending, it poses challenges for manufacturers that could affect the long-term landscape of the medical devices market in China.

    Global supply chain issues, which were exacerbated by geopolitical tensions and the COVID-19 pandemic, hinder production, and distribution. Additionally, China’s increasing protectionist policies are aimed at bolstering its domestic medical device industry, which poses challenges for international companies.

    Deng concludes: “Multinational companies need to consider differentiated strategies to reduce operational cost and offer affordable products in China. It is essential to emphasize the overall value of products rather than just their price. Highlighting superior quality, reliability, and post-sales support can differentiate products in a competitive landscape.

    “Additionally, multinational companies can collaborate with local companies or distributors to enhance their market knowledge, navigate regulatory environments, and improve access to procurement opportunities. Flexible pricing models that can adapt to different procurement requirements and buyer preferences can also be developed, ensuring competitiveness in various segments.”

    MIL OSI Economics

  • MIL-OSI Economics: Asthma crisis in US marginalized communities from redlining requires more than just healthcare interventions, says GlobalData

    Source: GlobalData

    Asthma crisis in US marginalized communities from redlining requires more than just healthcare interventions, says GlobalData

    Posted in Pharma

    Decades after the discriminatory practice of redlining was banned in the US, its lasting impact is still driving significant health disparities, particularly in asthma prevalence, according to recent studies. These findings highlight how the combination of poor housing conditions and environmental pollutants in historically redlined neighborhoods continues to fuel the asthma crisis, particularly among children. Addressing this crisis requires more than just healthcare interventions, according to GlobalData, a leading data and analytics company.

    Redlining, a practice that historically denied financial services to predominantly minority neighborhoods, labeled these areas as “risky” and prevented necessary investments. Though outlawed in 1968, its effects persist, exposing these neighborhoods to higher pollution levels, poor housing conditions, and entrenched poverty.

    Many redlined neighborhoods remain disproportionately exposed to harmful pollutants from industrial sites and high-traffic roadways, exacerbating respiratory issues. Poor housing quality in these areas, rife with mold, pests, and other asthma triggers, further worsens the condition for residents, making it an issue of environmental justice.

    Sravani Meka, Senior Pharma Analyst at GlobalData, comments: “The legacy of redlining is a multifaceted public health crisis. The intersection of environmental hazards, poor housing conditions, and healthcare access gaps has created a perfect storm for chronic asthma in these communities.”

    Efforts are underway to address these disparities, with initiatives focusing on improving air quality, housing standards, and healthcare access. However, experts warn that systemic barriers remain.

    Meka continues: “While policy reforms are being implemented, convincing decision-makers to prioritize these vulnerable communities and ensuring healthcare providers are equipped to manage the complex needs of these patients will be crucial for long-term change. If successful, these reforms could significantly reduce asthma rates and improve quality of life in historically disadvantaged neighborhoods.”

    Meka concludes: “It’s essential that these communities receive sustained attention, not just short-term interventions, to truly dismantle the structural inequalities that drive these health disparities.”

    MIL OSI Economics

  • MIL-OSI: WTW expands Japan’s Corporate Risk & Broking business with new insurance brokerage service

    Source: GlobeNewswire (MIL-OSI)

    TOKYO, Oct. 29, 2024 (GLOBE NEWSWIRE) — WTW, (NASDAQ: WTW), a leading global advisory and broking solutions company, today announced the expansion of its Corporate Risk & Broking (CRB) business in Japan with the launch of an insurance brokerage service. The new service will offer insurance solutions to commercial clients, as well as wholesale facultative reinsurance placement services to partner brokers or agencies in Japan under the entity, WTW Broker Japan Co., Ltd.

    Ryohei (Roy) Nakazawa, Head of WTW Japan, said: “We’re excited with the expansion of our additional service in Japan, introducing specialty broking solutions to Japanese companies. Working closely with the international and domestic insurance markets, we will focus on the speciality segments, particularly for large corporates and Japanese companies with overseas business interests. These include those in Natural Resources, such as Power Plants, Renewables and Mining, Marine, Construction, Aviation, Crisis Management, Rep & Warranty, Captive and reinsurance business.

    At the same time, our existing agency company will continue to focus on the domestic corporate business and Japanese companies with global programmes, where we can support them in collaborating with their corporate in-house agencies.”

    Luke Ware, Head of CRB Asia, WTW commented: “This underscores our commitment to support the evolving needs of our clients and strengthen our position in the market – to be Japan’s best risk advisor, specialty broker and client partner, with world-class analytical capability. Japanese businesses face increasing technology, cyber, supply chain and climate transition risks. In response, we offer deep industry knowledge and insights to help them mitigate these risks and optimize business performance.”

    Headed by Tetsuro Nakazawa, Representative Director and Chief Operating Officer, WTW Broker Japan, the new retail brokerage operation will consist of over 10 brokers and risk advisors by the beginning of next year.

    Tetsuro recently joined WTW and brings with him 25-years of insurance industry experience in Japan, Singapore and London. An industry veteran in facultative reinsurance broking, Tetsuro has dedicated himself to property and facultative reinsurance placements for large and complex Japanese corporate risks, having worked at leading international broking companies with agency and broking operations in the past.

    Tetsuro said: “Japan’s corporate insurance market is undergoing a phase of transformation, and the role of independent international brokers is expected to grow in importance. WTW Broker Japan is positioned to work with corporate clients and insurance partners or agencies to support companies in securing insurance and fac reinsurance for complex risks. I am confident that our new broking business, armed with our group of specialists, can draw on the experience of our brokers and risk advisors globally, as well as our extensive network internationally to ensure that our clients and partners get the right insurance cover.”

    About WTW

    At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance.

    Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you. Learn more at wtwco.com.

    Media contact

    Clara Goh: +65 6958 2542
    clara.goh@wtwco.com

    The MIL Network

  • MIL-OSI: Notice on Public Offering of Subordinated Bonds of LHV Group

    Source: GlobeNewswire (MIL-OSI)

    AS LHV Group (hereinafter LHV) hereby announces a public offering of LHV’s subordinated bonds. The offering is conducted on the basis of the prospectus affirmed by the Estonian Financial Supervision and Resolution Authority (FSA) on 28 October 2024, that has been disclosed on the date of this announcement on the web pages of LHV and the FSA. The public offering of the subordinated bonds will be carried out in Estonia, Latvia and Lithuania.

    This is the second issue of subordinated bonds, in the amount of up to EUR 20 million, under the bond programme confirmed in 2023. Under the bond programme EUR 35 million worth of subordinated bonds have previously been issued and altogether it is possible to raise up to EUR 200 million.

    Main Terms of Offering

    LHV offers publicly up to 20,000 subordinated bonds of LHV „EUR 6.00 LHV Group subordinated bond 24-2034” with the nominal value of EUR 1,000, the maturity date of 15 November 2034 and a quarterly paid fixed interest rate offered to the investor at the rate 6% per annum. Subordinated bonds will be offered at a price of EUR 1,000 per one bond. Subordinated bonds will be issued in a dematerialised book-entry form and registered in Nasdaq CSD SE under ISIN code EE3300004993.

    The subscription period for the bonds will start on 29 October 2024 at 10:00 and will end on 12 November 2024 at 16:00. The subordinated bond offering is intended for retail and institutional investors operating in Estonia, Latvia, and Lithuania and made possible for the clients of account-managing financial institutions that are members of the Estonian securities settlement system.

    A subordinated bond represents an unsecured debt obligation of LHV before the investor. The subordination of the bonds means that upon the liquidation or bankruptcy of LHV, all the claims arising from the subordinated bonds shall fall due and shall be satisfied only after the full satisfaction of all unsubordinated recognised claims in accordance with the applicable law. Among other things, with subordinated bonds, the risk of conversion of liabilities and claim rights (bail-in risk) must be considered.

    Timetable of Offering

    29.10.2024 at 10:00 Start of the subscription period for the subordinated bonds
    12.11.2024 at 16:00 End of the subscription period for the subordinated bonds
    On or about 13.11.2024  Disclosing the allocation results of the subordinated bonds
    On or about 15.11.2024 Transfer of the subordinated bonds to investors’ securities accounts
    On or about 18.11.2024 Expected listing of the subordinated bonds and admission to trading on the regulated market operated by Nasdaq Tallinn AS (on the Baltic Bond List of the Nasdaq Tallinn Stock Exchange)

    Submitting Subscription Undertakings 

    In order to subscribe for the subordinated bonds an investor has to submit, during the subscription period, a subscription undertaking to the custodian who holds the investor’s securities account opened at Nasdaq CSD SE, with the format accepted by the custodian and in accordance with the prospectus and offer conditions. The subscription undertaking must be submitted before the end of the subscription period. The investor may use any method that such investor’s custodian offers to submit the subscription undertaking (e.g., physically at the client service venue of the custodian, over the internet or by other means). The subscription undertaking will be forwarded to Nasdaq CSD SE.

    Listing and Admission to Trading

    LHV intends to submit an application to Nasdaq Tallinn AS for the listing and admission to trading of the LHV’s subordinated bonds on the Baltic Bond List of the Nasdaq Tallinn Stock Exchange. The expected date of listing and admission to trading is on or about 18 November 2024.

    While every effort will be made and due care will be taken in order to ensure the listing and the admission to trading of the subordinated bonds, LHV cannot ensure that the subordinated bonds will be listed and admitted to trading.

    Availability of Prospectus and Terms of Offering

    The Prospectus has been published and can be obtained in electronic format from LHV’s website https://investor.lhv.ee/en/ and from the website of the FSA https://www.fi.ee/en. Additionally, the Estonian translation of the Prospectus has been disclosed and made available together with the Prospectus on the LHV website https://investor.lhv.ee/en and is also available through the information system of Nasdaq Tallinn Stock Exchange. The terms and conditions of the subordinated bonds and the final terms of the offering together with the summary of the prospectus and their translations to Estonian, Latvian and Lithuanian have been published and can be obtained in electronic format from LHV’s website https://investor.lhv.ee/en.

    Before investing into LHV’s subordinated bonds we ask you to acquaint yourself with the prospectus, the terms and conditions of the bonds, the final terms and if necessary consult an expert.

    LHV Group is the largest domestic financial group and capital provider in Estonia. The LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs nearly 1,200 people. As at the end of September, LHV’s banking services are being used by 445,000 clients, the pension funds managed by LHV have 116,000 active clients, and LHV Kindlustus protects a total of 169,000 clients. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the United Kingdom and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.

    Priit Rum
    Communications Manager
    Phone: +372 502 0786
    Email: priit.rum@lhv.ee

    Important information:
    This information is an advertisement of securities within the meaning of Regulation (EU) 2017/1129 and does not constitute an offer of bonds of AS LHV Group or an invitation to subscribe for or acquire bonds. The offer of the bonds will be made on the basis of the Terms and Conditions of the Prospectus published on the day of the public offer of the bonds and approved by the Finantsinspektsioon (Estonian Financial Supervision and Resolution Authority), and the Final Terms of the First Issue. The Prospectus is available on the websites of the Finantsinspektsioon and AS LHV Group at fi.ee and investor.lhv.ee, respectively, where the Terms and Conditions referred to and the Summary of the Prospectus are also available. Investors should read the information published in the Prospectus, its Terms and Conditions, and the Final Terms of the First Issue before making an investment decision in order to understand all the facts relating to the investment. The approval of the prospectus by the Finantsinspektsioon does not constitute an approval of AS LHV Group or the securities offered. The bonds are publicly offered in the Republic of Estonia, the Republic of Latvia, and the Republic of Lithuania.

    Attachments

    The MIL Network

  • MIL-OSI Economics: Lufthansa Group reports an operating profit of 1.3 billion euros for the third quarter following a strong summer travel season

    Source: Lufthansa Group

    Carsten Spohr, Chairman of the Executive Board and CEO of Deutsche Lufthansa AG:

    “Today, we are reporting on another strong summer travel season, with a record seat load factor of 88 percent in August. Particularly in view of the fact that global air traffic again reached its capacity limits this summer, I would like to thank our employees for their efforts and our customers for the patience we sometimes had to ask for.
    Global demand remains intact and bookings for the fourth quarter are also at a high level compared to the previous year, particularly in the premium classes.

    With all passenger airlines operating at a profit, Eurowings, Austrian Airlines and Brussels Airlines even generated record results in the third quarter. Lufthansa Technik and Lufthansa Cargo also remain on track. 
    At the same time, delayed aircraft deliveries, punctuality issues at our hubs in Germany and regulatory disadvantages are impacting our core brand. Lufthansa Airlines has therefore launched the “Turnaround” program to address these and structural internal challenges.

    Across the group, we are continuing to invest in the largest fleet modernization in our history, in premium offers for our guests and in an even more international positioning. These three central pillars of our strategy will enable us to further expand our role as the leading airline group in Europe.”

    Results
    The Group increased its revenue by five percent year-on-year to 10.7 billion euros (previous year: 10.3 billion euros) in the third quarter due to the higher number of flights and the revenue growth at Lufthansa Technik. This was the strongest quarter in terms of revenue in the history of the Lufthansa Group. The Group generated an operating profit (Adjusted EBIT) of 1.3 billion euros (previous year: 1.5 billion euros), resulting in an operating margin of 12.5 percent (previous year: 14.3 percent). The year-on-year decline was due to significant cost increases, particularly in fees, MRO expenses and personnel. Net profit fell to 1.1 billion euros (previous year: 1.2 billion euros).

    Lufthansa Group Passenger Airlines expand capacity

    The Lufthansa Group airlines welcomed more than 40 million guests on board their aircraft in the third quarter, an increase of six percent over the previous year. At 94 percent of available capacity (prior-year period: 88 percent), the seat load factor rose to 87 percent in the third quarter (previous year: 86 percent). In terms of the seat load factor, August was the strongest month in the company’s history, with a load factor of 88 percent.

    Due to the industry-wide capacity growth, average yields fell by 3.5 percent compared to the previous year, although the development in the various traffic regions was mixed: While average yields in continental traffic in the third quarter remained almost at the previous year’s level (-0.4 percent), they fell significantly by 14 percent in the Asia/Pacific region. Due to the improved passenger load factor, the decline in unit revenues (RASK) was less pronounced at minus 2.7 percent. Unit costs increased by 4.5 percent compared to the previous year due to higher fees, as well as higher material and personnel costs. 

    Overall, the Group’s passenger airlines generated an Adjusted EBIT of 1.2 billion euros in the third quarter (previous year: 1.4 billion euros). The decline in the operating profit of the passenger airlines is mainly driven by the 234 million euros decline in the result of Lufthansa Airlines. Delays in the delivery of new aircraft and the associated need to continue operating older aircraft, increased location costs, higher staff costs and expenses for compensation payments following flight irregularities had an above-average impact on the result of Lufthansa Airlines.

    Turnaround program at Lufthansa Airlines is making progress

    Lufthansa Airlines is consistently implementing its Turnaround program. The aim is to increase efficiency, reduce complexity and improve product quality, thereby making the airline fit for the future. Among other things, the Turnaround plan envisages shifting more short-haul traffic to more cost-efficient flight operations. Further efficiency gains are to be achieved by optimizing the network and increasing flexibility and automation. By 2026, the measures will have a gross EBIT effect of around 1.5 billion euros.

    Till Streichert, Chief Financial Officer of Deutsche Lufthansa AG:

    “The Lufthansa Group will continue to focus on generating cash flow and creating value for our shareholders. For this, the Turnaround program at Lufthansa Airlines and the fleet modernization are core elements. I am confident that on this basis we will position all our passenger airlines to be sustainably efficient and profitable.”

    Lufthansa Technik’s result on par with last year, positive performance at Lufthansa Cargo

    In the third quarter, Lufthansa Technik continued to benefit from the high demand for air travel and the associated increase in demand from airlines worldwide for maintenance and repair services. Lufthansa Technik generated an Adjusted EBIT of 167 million euros in the third quarter (previous year: 168 million euros).

    The airfreight business continued to recover in the third quarter compared with the previous quarter. Lufthansa Cargo achieved an operating profit of 38 million euros (previous year: 1 million euros) in the traditionally seasonally weak third quarter for air freight. This trend confirms the anticipated normalization in the air freight market. Furthermore, Lufthansa Cargo is optimally positioned to benefit from strong e-commerce business with Asia, which has prompted Lufthansa Cargo to shift capacity from the transatlantic to the Asia/Pacific region. 

    Adjusted free cash flow clearly positive, balance sheet further strengthened

    The Lufthansa Group generated an operating cash flow of 635 million euros in the third quarter of 2020 (previous year: 1.2 billion euros). After deducting net capital expenditure, primarily for new fuel-efficient aircraft, the Group recorded an Adjusted free cash flow of 128 million euros in the quarter. In the first nine months, the Adjusted free cash flow was 1.0 billion euros (previous year: 1.7 billion euros).

    The Group continued to strengthen its balance sheet during the first nine months of the year, supported by the positive cash flow. At 5.1 billion euros, net debt was below the year-end level 2023 (December 31, 2023: 5.7 billion euros). Net pension liabilities decreased to 2.6 billion euros (December 31, 2023: 2.7 billion euros). Compared to the beginning of the year, available liquidity increased by around 1 billion euros to 11.4 billion euros and was therefore well above the target range of 8-10 billion euros as of the reporting date.

    Outlook

    The Lufthansa Group expects demand for air travel to remain strong in the remaining months of the year. The load factors booked for November and December are well above the levels observed at the same time last year. Demand remains particularly high in the premium classes, i.e. Business Class and First Class.

    The Lufthansa Group plans to increase its capacity in the fourth quarter further compared to the previous year. For the full year 2024, it expects a capacity of around 91 percent compared to the pre-crisis level.

    The Group also expects to report a positive operating result in the fourth quarter. Overall, the Lufthansa Group is therefore confirming its expectation of achieving an Adjusted EBIT of 1.4 to 1.8 billion euros for the full year.

    Further information

    Further information on the results of individual business segments will be published in the report for the third quarter of 2024. This will be published at the same time as this press release on October 29, 2024, at 7:00 a.m. at

    https://investor-relations.lufthansagroup.com/en/investor-relations.html.

    The traffic figures for the third quarter of 2024 will also be published at 7:00 a.m. at https://investor-relations.lufthansagroup.com/en/financial-reports-publications/traffic-figures.html

     
     
    Jan. – Sept.
    2024
     
    Jan. – Sept. 2023
     
    Change in %
     
    July – Sept.
    2024
     
    July – Sept. 2023
     
    Change in %
    Revenue and result
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Total revenue
     
    €m
     
    28,137
     
    26,681
     
    5
     
    10,738
     
    10,275
     
    5
    Of which traffic revenue
     
    €m
     
    23,578
     
    22,583
     
    4
     
    9,246
     
    8,832
     
    5
    Adjusted EBIT
     
    €m
     
    1,177
     
    2,280
     
    -48
     
    1,340
     
    1,468
     
    -9
    Adjusted EBIT margin
     
    %
     
    4.2%
     
    8.5%
     
    -4.3%p
     
    12.5
     
    14.3
     
    -1.8%p
    EBIT
     
    €m
     
    1,249
     
    2,218
     
    -44
     
    1,461
     
    1,441
     
    1
    Net profit / loss
     
    €m
     
    830
     
    1,606
     
    -48
     
    1,095
     
    1,192
     
    -8
    Earnings per Share
     
     
    0,69
     
    1,34
     
    -49
     
    0,92
     
    1,00
     
    -8
    Key balance sheet and cash flow statement figures
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Total assets
     
    €m
     
    46,439
     
    46,591
     
    0
     
     
     
    Cash flow from operating activities
     
    €m
     
    3,423
     
    4,320
     
    -21
     
    635
     
    1,220
     
    -48
    Net capital expenditures
     
    €m
     
    1,815
     
    2,421
     
    -25
     
    61
     
    550
     
    -89
    Adjusted free cash flow
     
    €m
     
    1,006
     
    1,663
     
    -40
     
    128
     
    592
     
    -78
    Employees
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Employees as of 30 September
     
    Number
     
    100,518
     
    117,187
     
    -14
     
     
     

    MIL OSI Economics

  • MIL-OSI Economics: AIIB Commits EUR75 Million to Support ENGIE’s Global Renewable Energy Expansion, Decarbonization

    Source: Asia Infrastructure Investment Bank

    The Asian Infrastructure Investment Bank (AIIB) has committed EUR75 million to a EUR500 million sustainability-linked green loan facility to support ENGIE’s global renewable energy portfolio expansion and decarbonization efforts.

    The ENGIE Sustainability Linked Green Loan Project has been co-financed with the International Finance Corporation (IFC) and Société de Promotion et de Participation pour la Coopération Economique (Proparco). This is AIIB’s second engagement with ENGIE, one of the world’s largest multinational electric utilities and independent power producers, following the financing of the 400MW Gujarat Solar Project earlier this year.

    AIIB joins IFC and Proparco to provide a green sustainability-linked loan facility to support the expansion of the group’s clean energy assets in Poland and South Africa, both AIIB members. Proceeds will finance the acquisition, development and construction of over 550MW of installed capacity. In line with sustainability-linked principles, remuneration of the loan will be linked to ENGIE’s global performance in terms of greenhouse gas emissions, renewable energy expansion and occupational health and safety.

    “This project reinforces AIIB’s global mandate, strong partnership and innovative focus on climate finance,” said Najeeb Haider, AIIB Director General, Project and Corporate Finance Clients, Global. “With its agility and international presence in strategic markets, AIIB is uniquely placed to support multinational energy groups like ENGIE to advance the energy transition in Asia and beyond with their investments. We congratulate ENGIE and our cofinancing partners on their respective achievements.”

    Through the loan, AIIB is supporting its members by leveraging ENGIE’s global leadership in green energy and climate transition. ENGIE aims to invest EUR22-25 billion in renewable energy and low-carbon energy solutions between 2023 and 2025. The projects are aligned with AIIB’s Energy Sector Strategy, which directs the Bank to support traditional energy conglomerates and state-owned enterprises as they shift their corporate strategies and business modalities to redirect investments toward the energy transition.

    “To accelerate the energy transition, considerable resources and efforts are needed from many stakeholders,” said Jean-Marc Turchini, Group Head of Corporate Finance at ENGIE. “Our partnership with AIIB is certainly a meaningful contribution and we feel grateful for what they achieved with this financing. We are also proud to highlight the innovative structure of this most recent corporate loan, which includes climate-related targets for scope 3 emissions and a health and safety performance indicator that covers ENGIE employees and subcontractors on all sites, reflecting ENGIE’s sustainability and social ambitions.”

    About AIIB

    The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank whose mission is Financing Infrastructure for Tomorrow in Asia and beyond – infrastructure with sustainability at its core. We began operations in Beijing in 2016 and have since grown to 110 approved members worldwide. We are capitalized at USD100 billion and AAA-rated by the major international credit rating agencies. Collaborating with partners, AIIB meets clients’ needs by unlocking new capital and investing in infrastructure that is green, technology-enabled and promotes regional connectivity.

    MIL OSI Economics

  • MIL-OSI: Sampo plc’s share buybacks 28 October 2024

    Source: GlobeNewswire (MIL-OSI)

    Sampo plc, stock exchange release, 29 October 2024 at 8:30 am EET

    Sampo plc’s share buybacks 28 October 2024

    On 28 October 2024, Sampo plc (business code 0142213-3, LEI 743700UF3RL386WIDA22) has acquired its own A shares (ISIN code FI4000552500) as follows:                

    Sampo plc’s share buybacks Aggregated daily volume (in number of shares) Daily weighted average price of the purchased shares* Market (MIC Code)
      2,620 40.85 AQEU        
      36,239 40.86 CEUX
      762 40.92 TQEX
      52,631 40.89 XHEL
    TOTAL 92,252 40.88  

    *rounded to two decimals                

    On 17 June 2024, Sampo announced a share buyback programme of up to a maximum of EUR 400 million in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR) and the Commission Delegated Regulation (EU) 2016/1052. On 16 September 2024, the Board of Directors of Sampo plc resolved to increase the share buyback programme to EUR 475 million. The programme, which started on 18 June 2024, is based on the authorisation granted by Sampo’s Annual General Meeting on 25 April 2024.

    After the disclosed transactions, the company owns in total 9,505,972 Sampo A shares representing 1.73 per cent of the total number of shares in Sampo plc, taking the issuance of shares on 16 September 2024 into account.

    Details of each transaction are included as an appendix of this announcement.

    On behalf of Sampo plc,
    Morgan Stanley

    For further information, please contact:

    Sami Taipalus
    Head of Investor Relations
    tel. +358 10 516 0030

    Distribution:
    Nasdaq Helsinki
    Nasdaq Stockholm
    Nasdaq Copenhagen
    London Stock Exchange
    The principal media
    FIN-FSA
    DEN-FSA
    www.sampo.com

    Attachment

    The MIL Network

  • MIL-OSI Asia-Pac: HKSAR Government sets up Hong Kong Cross-boundary Public Services self-service kiosk and “iAM Smart” self-registration kiosk in Foshan (with photos)

    Source: Hong Kong Government special administrative region

    HKSAR Government sets up Hong Kong Cross-boundary Public Services self-service kiosk and “iAM Smart” self-registration kiosk in Foshan (with photos)
    HKSAR Government sets up Hong Kong Cross-boundary Public Services self-service kiosk and “iAM Smart” self-registration kiosk in Foshan (with photos)
    ******************************************************************************************

         To advance the development of a digital government, the Hong Kong Special Administrative Region (HKSAR) collaborates with Guangdong Province to promote the Cross-boundary Public Services initiative. The Digital Policy Office (DPO) announced today (October 29) the setting up of a Hong Kong Cross-boundary Public Services self-service kiosk in Foshan. It will help residents and enterprises in Mainland cities of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) access public services of Hong Kong without the need to travel to Hong Kong in person.      Starting today, the public can use the Hong Kong Cross-boundary Public Services self-service kiosk located on the first floor of the Foshan Nanhai District Administrative Service Center to access various public services of Hong Kong. The kiosk is available for use during the opening hours of the Center (i.e. 8.30am to noon and 2pm to 5.30pm, Monday to Friday except public holidays on the Mainland). For details, please visit the Hong Kong Cross-boundary Public Services thematic website at www.crossboundaryservices.gov.hk/en/home/index.html.      Following the Hong Kong Cross-boundary Public Services self-service kiosks that commenced operation earlier in Guangzhou, Qianhai and Futian in Shenzhen as well as Zhuhai, the Cross-boundary Public Services self-service kiosk currently provides a total of 70 public services from 11 government bureaux and departments as well as related organisations, encompassing areas commonly used by enterprises and the public including taxation, company registration, property and vehicle enquiry and registration, application for personal identification documents and entry of talent, welfare and education, healthcare, immigration clearance, urgent assistance as well as culture and tourism. Members of the public can use the self-service kiosk to perform data entry, document scanning and result printing to enjoy one-stop access when applying for various public services.       An “iAM Smart” self-registration kiosk is also set up at the location mentioned above to enable Hong Kong residents working and living on the Mainland to register for, or upgrade to, “iAM Smart+” directly to enjoy online public services that support “iAM Smart+” such as renewal of a vehicle licence, application for an International Driving Permit and registration for eHealth. For details and registration requirements, please visit the “iAM Smart” thematic website at www.iamsmart.gov.hk/en/reg.html.      A spokesman for the DPO expressed sincere gratitude to the Guangdong Provincial Administration of Government Service and Data for its strong support and the Center for its full co-operation. The DPO will continue to discuss with the Guangdong Provincial Administration of Government Service and Data to set up self-service and self-registration kiosks in more Mainland cities of the GBA to cope with the demands of residents and enterprises in the GBA for public services of Hong Kong.      To implement the State Council’s Guiding Opinions to all provincial governments on Cross-provincial Public Services and their comprehensive deployment, the HKSAR Government accepted the invitation of the People’s Government of Guangdong Province in 2021 to jointly launch the GBA Cross-boundary Public Services, and worked with Guangdong Province in November last year to introduce a dedicated service area/thematic website for Cross-boundary Public Services. The initiative enables enterprises and the public in both regions to enjoy simple and convenient cross-boundary services, with a view to facilitating the provision of public services and investment in the GBA, and enhancing the satisfaction and sense of contentment of enterprises and the public in accessing services across the boundary.

     
    Ends/Tuesday, October 29, 2024Issued at HKT 15:00

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Australia: Antisemitism at Australian universities referred to the Parliamentary Joint Committee on Human Rights

    Source: Australian Executive Government Ministers

    The Albanese Government has referred antisemitism at Australian universities to the Parliamentary Joint Committee on Human Rights for inquiry and report. 

    Every Australian deserves to feel safe and supported in our community, no matter who they are or what they believe. 

    There is no place for hatred or racism in our universities or anywhere else. 

    This inquiry was a recommendation of the Senate Legal and Constitutional Affairs Legislation Committee. The Committee was deeply troubled by the experiences of Jewish students and staff, and the responses to antisemitism by Australian universities. 

    The Parliamentary Joint Committee on Human Rights inquiry will consider the prevalence, nature and experiences of antisemitism at universities, including frameworks and policies to prevent and respond to it, and support provided to students and staff. 

    This inquiry is part of the Government’s multifaceted approach to addressing Australia’s complex experiences of racism. 

    The inquiry will complement other initiatives underway, including: 

    • the Australian Human Rights Commission’s ‘Respect at Uni: Study into Antisemitism, Islamophobia, Racism and the experience of First Nations People’ 
    • the work of the Special Envoy to Combat Antisemitism and Special Envoy to Combat Islamophobia, and 
    • legislation to establish an independent National Student Ombudsman. 

    The Committee has been asked report to both Houses of the Parliament by 31 March 2025.

    Details of the inquiry, including the letter of referral and the terms of reference, will be available on the Parliamentary Joint Committee on Human Rights webpage

    Quotes attributable to Attorney-General Mark Dreyfus:

    “All around Australia Jewish students and staff tell me they don’t feel welcome on campus and they don’t think their universities care. 

    “This is an intolerable situation and urgent action is needed to address the tensions on university campuses to protect the safety of students and staff. The Albanese Government is committed to ensuring we deal effectively with this disturbing situation.” 

    Quotes attributable to Minister for Education Jason Clare: 

    “There is nothing more important than the safety of students and staff on campus. 

    “This inquiry complements the existing actions the Government is taking to improve safety at our universities and I look forward to its recommendations.”

    MIL OSI News

  • MIL-OSI: Jyske Bank launches strategy and long-term financial targets

    Source: GlobeNewswire (MIL-OSI)

    Earlier in the month, Jyske Bank upgraded its outlook for 2024 due to a continued positive development. We are now launching a strategy to become an even better bank for our customers,” says Lars Mørch, CEO and Managing Director, and continues:

    “With a strong foundation in the Danish market and a number of positions of strength in servicing both personal and corporate customers, Jyske Bank will over the coming years do more of what we have shown that we are good at and accelerate development in the areas where we want to do better.“

    “We support customers, e.g., in their sustainable transition and use digitization proactively to the benefit of the customers and to increase efficiency. Based on the strategy, we have set financial targets according to which we aim to obtain a return on tangible equity of 10% based on a cost/income ratio below 50 supplemented by an attractive distribution to shareholders,” says Lars Mørch, CEO and Managing Director.

    Jyske Bank utilizes the opportunities that arise to create value for customers, and the Group will seek out opportunities for cooperation and, in doing so, be an attractive partner for other players in the sector.

    In the lead up to the strategy announcement, the Group has set up the organisation so that customer orientation is strengthened throughout the value chain and efforts and resources are efficiently channelled to where it benefits the customers the most and contributes the most to the Group’s profitability. At the same time, risk management and digitization have been strengthened.

    Jyske Bank expects a return on tangible equity of 10% in 2028 based on a presupposed common equity tier 1 capital ratio at the lower end of 15%-17%, a cost/income ratio below 50, and a normalised cost of risk of 8bp p.a. The ambition to distribute approx. 30% of shareholders’ result supplemented by share buy-backs is maintained. In the coming years, the Danish economy is expected to be dominated by lower interest rates and balanced growth with high levels of employment and moderate inflation.

    The targets reflect an underlying improvement in profitability aimed at mitigating expectations of significantly lower interest rates over the coming years. The targets will be achieved through stronger customer-orientation and focus on capital-light income as well as structural cost measures, ensuring continued investment in new technology and higher efficiency.

    The expectations involve uncertainty and depend, for instance, on macroeconomic circumstances and developments in the financial markets.

    In connection with the release of its Interim Report for Q1-Q3 2024, Jyske Bank will publish an update of the strategy that expands on the above. Otherwise, reference is made to jyskebank.com/investorrelations, which also provides access to today’s conference call at 2.00 p.m.

    Yours faithfully, 
    Jyske Bank

    Contact:
    Lars Mørch, CEO and Managing Director, tel. +45 89 89 20 01
    Birger Krøgh Nielsen, CFO, tel. +45 89 89 64 44

    Attachment

    The MIL Network

  • MIL-Evening Report: Australia’s COVID inquiry shows why a permanent ‘centre for disease control’ is more urgent than ever

    Source: The Conversation (Au and NZ) – By Jocelyne Basseal, Associate Director, Sydney Infectious Diseases Institute (Sydney ID), Faculty of Medicine and Health, University of Sydney

    Christie Cooper/Shutterstock

    The long-awaited independent inquiry into Australia’s COVID response was released today, with lessons on how the nation could better prepare for future pandemics.

    The 868-page report outlined nine guiding recommendations and 26 actions, including 19 set for implementation over the next 12 to 18 months. These form the foundation for future pandemic preparedness.

    With initial strong national solidarity, Australia acted quickly to close national borders, the inquiry found. This bought crucial time, but Australia was not adequately prepared for a crisis of the scale of the COVID pandemic.

    Australia’s response lacked strong central co-ordination and leadership. Communication about public health advice was often conflicting or not appropriately communicated with the most vulnerable groups. Public trust was further undermined by a lack of transparency in decision-making, such as disease modelling, which underpinned important public health responses.

    In hindsight, the inquiry concluded a fully fledged Australian Centre for Disease Control (CDC) could have made a huge difference. In response, the federal government today committed A$251 milion to establish such a centre in Canberra.

    What did the inquiry find?

    1. Early rapid response and consensus helped keep us safe. As an inland nation, Australia was able to close its borders while preparing for the ultimate inevitable population-wide spread of SARS CoV-2. But it was unprepared for pandemic-related quarantines.

    2. Initially, the communication was clear and consistent. This didn’t last. Huge uncertainties, rapidly changing circumstances, differing opinions among experts and the politicisation of the response undermined communication strategies. Communication with diverse ethnic groups and vulnerable populations groups were often sub-optimal. In future, misinformation and disinformation needs to be addressed through improving health literacy and proactive communication.

    3. Our health-care infrastructure was lacking and couldn’t cope with emergency surge capacity, the inquiry found, although health-care workers “pulled together” remarkably. Aged care facilities were particularly vulnerable and had poor infection-control practices. More broadly, there were supply chain issues and inadequate stockpiles of essential infection prevention and control equipment, such as masks and gloves. Australia was unable to manufacture these and was left at the mercy of foreign providers.

    4. Analysing the genetic material of the virus and widespread testing were critical to tracking viral evolution and spread. Pathogen genomics in New South Wales and Victoria, for instance, allowed accurate tracking of virus variants and local transmission. But there was poor exchange of data between jurisdictions and limited national coordination to optimise data interpretation and response.

    5. Transparent, evidence-based decision-making was lacking. Disease models that informed key decisions were opaque and not open to scrutiny or peer review.

    6. Vulnerable populations, including children, suffered disproportionately. COVID-related school closures were particularly harmful as they affected learning, socialising and development, and disproportionately affected children from lower socioeconomic backgrounds. Strict social isolation also increased the risk of family violence, along with anxiety and other mental health impacts. Aboriginal and Torres Strait Islander people experienced higher risks due to the inequity of service provision and the social determinants of health.

    7. Research is important and should be rapidly scalable. Good surveillance systems for emerging infectious diseases and future pandemic threats should be in place. Patient specimens need to be stored so we can rapidly explore the mechanisms of disease and develop essential diagnostic tests. The inquiry recognised the need for Australia to develop its own vaccines and for access to mRNA technology was recognised as an important health security measure, given challenges in vaccine access.

    8. Global solidarity and co-operation create a safer word for all.
    The stark inequities in COVID vaccine access, opened major fault lines in international relationships and still complicate the drafting of a global pandemic treaty.

    9. Emerging diseases with a One Health focus should be recognised as a ‘standing threat’. In our modern interconnected world, with highly concentrated human and animal populations combined with stressed ecosystems, new diseases with pandemic potential will continue to emerge at an unprecedented rate. This requires a gobal focus.

    How could a CDC make a difference?

    One of the inquiry’s key take-home messages is that the lack of strong, independent, central co-ordination hampered our pandemic response.

    The inadequate flow of data between jurisdictions were major shortcomings that limited the ability to target responses. This is needed to understand:

    • transmission dynamics
    • the vulnerabilities in those with severe disease
    • the circulating viral variants.

    The inquiry also emphasised the need to analyse data in near real time.

    Good data drive evidence-informed and transparent policy. This is a crucial area for a future Australian CDC to address. The CDC will function as a “data hub”, with Canberra offering the ideal location supporting a multi-jurisdictional “hub-and-spoke” model.

    Australia’s new CDC is expected to be launched by January 2026, pending legislation approval. The ongoing challenge will be to ensure it delivers optimal long-term health benefits for all Australians.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    ref. Australia’s COVID inquiry shows why a permanent ‘centre for disease control’ is more urgent than ever – https://theconversation.com/australias-covid-inquiry-shows-why-a-permanent-centre-for-disease-control-is-more-urgent-than-ever-239498

    MIL OSI AnalysisEveningReport.nz