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Category: Business

  • MIL-OSI Australia: Cyber Security is Everyone’s Business

    Source: Northern Territory Police and Fire Services

    This October is Cyber Security Awareness Month and Northern Territory Police are urging Territorians to take a moment to ensure you’re being Cyber Secure.

    There are still bookings available in both Alice Springs and Darwin for free information sessions for seniors next week.

    Cyber Security is everyone’s business and following the below simple steps can greatly reduce the likelihood you fall victim to cyber criminals.

    Senior Constable Nadine Caulfield with the NT CyberCrime Investigations Unit (CIU) said “Northern Territory Police regularly receive reports where victims have suffered financial loss, or have become a victim of identity theft, and in many cases we investigate, a stronger password or the presence of Multi-Factor Authentication could have prevented it.

    “Those two simple tools remain one of the best defences against cybercrime.  We hear the messaging all the time – update your password, set up multi-factor authentication or two-step verification, and there’s a reason for it –it works. 

    “Last year, the NT CIU was made aware that 39 Australians, from every state and Territory across the country, reported to police that they were victims of online fraud.  Two offenders were identified in the NT.  Both were arrested and charged with 39 counts each of Obtain a Benefit by Deception.  The matter remains before Darwin Local Court with their next appearance is on 18 November 2024.

    “Throughout our investigations, it became apparent that there was likely to be at least another 200 victims of the same online fraud syndicate.  Many people may be ashamed to report that they have been the victim of a scam, but proper reporting gives police the information needed to tackle these offenders head on.

    “NT Police will be jointly presenting in free Cyber Safety Sessions lead by the NT Government in partnership with the Council of Aging NT.”

    The Alice Springs sessions will be held on Wednesday 23 October – the Seniors event at 10am to 11:30am, and the Business event at 1pm to 2.30pm at the Alice Springs Convention Centre.

    The Darwin Seniors session will be held on Friday 25 October at 1pm to 2:30pm at the Council of the Ageing, Spillett House.

    Bookings are essential so register HERE.

    Cybercrime across Australia remains grossly underreported. NT Police encourage all Territorians to make a report if you have been a victim of cybercrime, even if you did not suffer financial loss.

    Reporting has never been more simple by going straight to Cyber Report.

    For more information go to https://becybersmart.nt.gov.au/. 

    MIL OSI News –

  • MIL-OSI: XTOOLOnline Launches the XTOOL D5, D5S, D6, D6S, and IP500 OBD2 Scanner: Trusted Automotive Diagnostic Tools Backed by Industry-Leading Innovation

    Source: GlobeNewswire (MIL-OSI)

    SANTA ANA, Calif., Oct. 17, 2024 (GLOBE NEWSWIRE) — XtoolOnline, a leader in advanced automotive diagnostics, has unveiled eight new tools, marking a significant milestone in the brand’s evolution. Jim Jin, CEO of XtoolOnline, stated, “This launch features a comprehensive product matrix, including single-model, four-system, and full-system tools. We developed these offerings to address gaps in our current product line at this price point, cater to diverse consumer needs, and further enhance our brand visibility.”

    XtoolOnline’s newly launched eight tools feature a fresh design, portable size, and robust capabilities. This lineup includes the four-system XTOOL D5 and D5S, the full-system XTOOL D6 and D6S, as well as the four single-model diagnostic tools IP500. The intuitive interface makes them accessible to both novice users and seasoned professionals, ensuring seamless operation and enhanced efficiency.

    D5/D5S: Four-System Diagnostic Tool

    The XTOOL D5/D5S is designed for automotive technicians and DIY enthusiasts looking for reliable diagnostics at an entry-level price. Developed with an in-depth understanding of our customers’ diverse daily diagnostic needs, this tool provides basic diagnostics for four systems, along with complete OBD2 functionality. The D5 includes 9 special functions, while the D5S enhances your capabilities with 15 special functions, making it an excellent choice for those starting in vehicle diagnostics.

    D6/D6S: All-System Diagnostic Tool

    For professionals seeking advanced diagnostic solutions, the XTOOL D6/D6S offers extensive vehicle coverage and comprehensive OBD2 functionality. The D6 includes 15 special functions, while the D6S boasts an impressive 30 special functions. This series is ideal for daily repair tasks, delivering exceptional performance and outstanding value as a cost-effective solution for both seasoned professionals and automotive enthusiasts. The D6 series represents an upgrade from the D5 series, catering to users who require more advanced diagnostic capabilities.

    IP500: All-System, Full-Function Diagnostic Tool for Specific Vehicle Models: IP500-TLS, IP500-BMR, IP500-BCC, and IP500-DJC

    The XTOOL IP500 series is tailored for specific vehicle models such as BMW, Toyota, Buick, and Dodge. These diagnostic tools provide comprehensive full-system and full-function diagnostics, supporting a range of functions, including active tests, calibration, resets, and coding. Ideal for specialized technicians and workshops, the IP500 series delivers precise diagnostics for those working with specific brands.

    XtoolOnline’s newly launched range of these eight products comes with lifetime free updates. XtoolOnline aims for these tools to be your long-term companions, ensuring the safety and optimal performance of your vehicle.

    For more information, please visit http://www.xtoolonline.com

    For Purchase, please visit http://www.xtoolglobal.com

    ABOUT XTOOLONLINE

    Established in 2011, XTOOLonline is the extension of XTOOL, offering a comprehensive range of automotive tools tailored to meet the diverse needs of our global customers. XTOOLonline specializes in delivering top-of-the-line products, we cover a wide spectrum, including cars, trucks, electric vehicle scanners, key programming tools, and code readers.

    XTOOLONLINE Make Repairs Easier-Online Series of XTOOL.

    Media Contact:
    Full company name: XTOOLONLINE
    Company website: http://www.xtoolonline.com
    Name: Jason Lin
    Email id: marketing@xtoolonline.com

    SOURCE Xtoolonline Technology Co, Ltd

    Disclaimer: This content is provided by the sponsor. The statements, views, and opinions expressed in this column are solely those of the content provider. The information shared in this press release is not a solicitation for investment, nor is it intended as investment, financial, or trading advice. It is strongly recommended that you conduct thorough research and consult with a professional financial advisor before making any investment or trading decisions. Please conduct your own research and invest at your own risk.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cc1b5c0d-b496-488a-b45f-58240c5d4b9f

    The MIL Network –

  • MIL-OSI Asia-Pac: HKMA introduces multiple measures to support SMEs’ development, upgrade and transformation

    Source: Hong Kong Government special administrative region

    The following is issued on behalf of the Hong Kong Monetary Authority:
     
         The Hong Kong Monetary Authority (HKMA), together with the banking sector, introduced multiple measures today (October 18) to further support, through financing as well as banking products and services, the continuous development of small and medium-sized enterprises (SMEs) and assist them in expanding new businesses and markets.
          
         Since the launch of the nine SME support measures by the HKMA and the Banking Sector SME Lending Coordination Mechanism (Mechanism) in March this year, a total of around 20 000 SMEs have benefitted from the measures, involving an aggregate credit limit of over HK$44 billion. The HKMA has also been deepening its understanding of the challenges and needs faced by SMEs of different sectors through various channels and platforms, including the Taskforce on SME Lending (Taskforce) which was established in August this year, and engagement sessions with over 50 trade associations and their members from different industry sectors.
          
         While Hong Kong is currently undergoing economic transformation, the HKMA and the banking sector are aware of the needs of SMEs to strive for change and adapt to changes in the market and business operating environment. Taking into account the views of the commercial sector, the HKMA and the banking sector will roll out the following five measures to assist SMEs’ continuous development, upgrade and transformation, and enhance their competitiveness and productivity to cope with new operational challenges:
     
         1. Release of bank capital to facilitate the financing needs of SMEs: The HKMA lowered the countercyclical capital buffer (CCyB) ratio from 1 per cent to 0.5 per cent, and will allow banks to early adopt the preferential treatments for SME exposures under the Basel III capital framework. These policies will release bank capital and thereby enable banks to make use of the additional capital to facilitate the financing needs of SMEs. 

         2. Set aside dedicated funds to support SMEs: The 16 banks that are active in SME lending have set aside a total of over HK$370 billion of dedicated funds for SMEs in their loan portfolio. The funds will allow SME customers to access necessary financing for coping with the evolving business environment. The banks will regularly review and consider scaling up the size of their dedicated funds in response to SMEs’ needs and development. 
         â€‹
         3. Launch more credit products and services to assist SMEs’ transformation: Banks will launch more credit products and services to meet the transformation needs of SMEs. Examples include pre-approved credit limits, unsecured loans, cross-border loans, and loans with flexible repayment periods.
     

    On digital transformation, banks will offer e-commerce financing and electronic payment services to enable SMEs in different sectors such as retail, catering and trading to better utilise data and adopt innovative business solutions, so that SMEs can strengthen their marketing and promotion, streamline business processes and save operating costs. 

    On green transformation, banks will actively consider launching relevant advisory services. Through collaboration with green certification agencies, banks can alleviate the costs for SMEs to apply for green certification, thereby supporting their low-carbon transition. Banks will also provide green loans to assist SMEs in purchasing and adopting low-carbon equipment, so as to reduce the SMEs’ own carbon emissions and transform into green suppliers. 

         4. Increase the partial principal repayment options: When an orderly exit from the banking sector’s Pre-approved Principal Payment Holiday Scheme commenced in July 2023, the Mechanism introduced enhanced measures to assist corporates’ gradual return to normal repayment. Since some customers’ partial principal repayment arrangements will expire in early 2025, banks will be accommodative and consider offering more flexible repayment arrangements to help these customers to address challenges encountered during economic transformation. Such arrangements include, for instance, extending the duration of partial principal repayment, offering more options on the proportion and duration of partial principal repayment, or even offering principal moratorium, subject to prudent risk-management principles. The above-mentioned arrangements are also applicable to taxi loans, public light bus loans and commercial vehicle loans taken out by personal customers.

         5. Devote sufficient manpower and resources to implement the enhancements to SME Financing Guarantee Scheme as soon as possible: Banks will allocate adequate resources to process applications and work closely with HKMC Insurance Limited to implement as soon as possible the principal moratorium and other enhanced measures under the SME Financing Guarantee Scheme.

         The HKMA will continue to understand the SME-related business strategies of banks, and maintain close communication with the commercial sectors through the Mechanism and the Taskforce. Seminars and other activities will be organised to promote the SME services, products and schemes offered by the banking sector in the concerted efforts to assist the continuous development, upgrade and transformation of SMEs.
     
    Background
     
    The Banking Sector SME Lending Coordination Mechanism

         The Banking Sector SME Lending Coordination Mechanism was established by the HKMA in October 2019. Participants include 11 banks (Note 1) that are most active in SME lending, the Hong Kong Association of Banks (HKAB) and the HKMC Insurance Limited. During the pandemic, the Mechanism rolled out several rounds of relief measures for corporates, including the Pre-approved Principal Payment Holiday Scheme. In March 2024, the HKMA, together with the Mechanism, launched nine measures to assist SMEs in obtaining bank financing and to support their continuous development.
     
    The Taskforce on SME Lending

         The Taskforce on SME Lending was jointly established by the HKMA and HKAB in August 2024. Participants include representatives of the HKMA, HKAB and 16 banks (Note 2) that are active in SME lending. The Taskforce aims to further strengthen the related work for supporting SMEs in obtaining bank financing at both the individual case and the industry levels. Participating banks of the Taskforce have stated that they would ensure the ongoing effective implementation of the nine SME support measures that were launched previously, and indicated that they had not changed and would not change their risk appetite towards SME financing and related credit approval standards. The participating banks would also strive to treat customers fairly and communicate with customers in an accommodative manner.
     
    Note 1: Bank of China (Hong Kong), Bank of East Asia, China Construction Bank (Asia), Citibank, Dah Sing Bank, DBS Bank (Hong Kong), Hang Seng Bank, The Hongkong and Shanghai Banking Corporation, Industrial and Commercial Bank of China (Asia), OCBC Bank (Hong Kong), and Standard Chartered Bank (Hong Kong).

    Note 2: Including the 11 banks participating in the Mechanism, and Bank of Communications (Hong Kong), China CITIC International, Fusion Bank, Nanyang Commercial Bank and PAO Bank.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Monetary Authority announces countercyclical capital buffer ratio for Hong Kong

    Source: Hong Kong Government special administrative region

    The following is issued on behalf of the Hong Kong Monetary Authority:
         
         The Monetary Authority announced today (October 18) that the countercyclical capital buffer (CCyB) ratio for Hong Kong is reduced from 1 per cent to 0.5 per cent with immediate effect.
          
         The Monetary Authority, Mr Eddie Yue, said, “While the local economy has continued to recover, the risk of economic overheating is well contained as suggested by the quantitative indicators. Facing changes in the market landscape, certain sectors in the domestic economy, in particular the SMEs, are nevertheless still seeing challenges in their business operations amid uncertainties in the external and local economic environment. It is therefore appropriate to reduce the CCyB moderately to allow banks to be more supportive to Hong Kong’s economy. Together with the other measures already introduced by the HKMA to support SMEs, we expect banks to make use of the additional leeway provided by the lower CCyB to further facilitate the financing needs of local SMEs. A gradual increase in the CCyB for Hong Kong will only be considered in the future when data suggest that there is more broad-based growth in the domestic economy and when the credit and property market conditions suggest a higher CCyB is warranted.”
          
         Further details of the decision may be found in the Announcement of the CCyB to Authorized Institutions on the HKMA website.
          
    Background

         In setting the CCyB ratio the Monetary Authority considered a series of quantitative indicators and qualitative information including an “indicative buffer guide” (which is a metric providing a guide for CCyB ratio based on the gap between the ratio of credit to GDP and its long term trend, and between the ratio of residential property prices to rentals and its long term trend). The latest indicative buffer guide calculated based on 2024Q2 data and the Positive Neutral CCyB (Note) according to the revised formula, signals a CCyB of 1 per cent. The projection based on all available data suggests that the indicative buffer guide would likely signal a CCyB of 1 per cent when all relevant 2024Q3 data become available.
          
         The indicative buffer guide, as its name suggests, provides only a “guide” for CCyB decisions, and the determination of the jurisdictional CCyB ratio for Hong Kong is not a mechanical exercise. In addition to the indicative buffer guide, the Monetary Authority also reviewed other relevant information. While the local economy has continued to recover, the risk of economic overheating is well contained as suggested by quantitative indicators. Facing changes in the market landscape, certain sectors in the domestic economy, in particular the SMEs, are nevertheless still seeing challenges in their business operations amid uncertainties in the external and local economic environment. Together with the other measures already introduced by the HKMA to support SMEs, a lower CCyB will provide banks with additional leeway to further facilitate the financing needs of local SMEs.
          
         The CCyB is an integral part of the Basel III regulatory capital framework and is being implemented in parallel by Basel Committee member jurisdictions worldwide. The CCyB has been designed by the Basel Committee to increase the resilience of the banking sector against system-wide risks. The banking sector can then act as a “shock absorber” in times of stress, rather than as an amplifier of risk to the broader economy.
          
         The power to implement the CCyB in Hong Kong is provided by the Banking (Capital) Rules, which enable the Monetary Authority to announce a CCyB ratio for Hong Kong. The specific CCyB requirement applicable to a given Authorized Institution (AI) is expressed as a percentage of its CET1 capital to its total risk-weighted assets (RWA). Each AI’s CCyB requirement may vary depending on the geographic mix of its private sector credit exposures and the CCyB applicable in each jurisdiction where it has such exposures.

    Note: Under the Positive Neutral CCyB approach, authorities aim for a positive CCyB when risks are judged to be neither subdued nor elevated. Please refer to http://www.bis.org/publ/bcbs_nl30.htm for more information.

    MIL OSI Asia Pacific News –

  • MIL-OSI China: China’s major lenders lower deposit interest rates

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

    BEIJING, Oct. 18 — China’s major state-owned commercial banks announced Friday reductions in deposit interest rates.

    The one-year fixed-term deposit interest rate was cut by 25 basis points to 1.1 percent, according to the official deposit interest rates released by Industrial and Commercial Bank of China, Bank of China, China Construction Bank, Agricultural Bank of China and Bank of Communications.

    After the reductions, the deposit interest rates with terms of 2, 3 and 5 years are 1.2 percent, 1.5 percent and 1.55 percent, respectively.

    This was the second deposit interest rate cut for state-owned big banks in 2024, with previous cut implemented in July.

    China’s central bank announced a raft of monetary stimulus at a press conference last month, calling for efforts to create a sound monetary and financial environment for stable economic growth and high-quality development.

    MIL OSI China News –

  • MIL-OSI USA: Schatz Statement On FTC Click-To-Cancel Rule

    US Senate News:

    Source: United States Senator for Hawaii Brian Schatz

    WASHINGTON –U.S. Senator Brian Schatz (D- Hawai‘i) today released the following statement after the Federal Trade Commission (FTC) announced its final “click-to-cancel” rule that would help customers more easily get out of unwanted subscriptions.

    “Free trials should be free, but instead some companies have used that model to lure and trap customers into subscriptions with costly monthly charges they never meant to make. That’s why I introduced a bill to stop those kinds of deceptive business practices. While this FTC action is a good step in the right direction, we also need to pass the Unsubscribe Act to provide consumers with more transparency and protections.”

    Senator Schatz previously introduced the Unsubscribe Act, bipartisan legislation that would require companies to be more transparent about subscription-based business models and make it easier for consumers to cancel their subscriptions once their free or reduced price trial period has ended.

    MIL OSI USA News –

  • MIL-OSI USA: Cassidy Tours Bayou Bend Health and Wellness Center

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy

    LAFAYETTE – Today, U.S. Senator Bill Cassidy, M.D. (R-LA) toured the Bayou Bend Health and Wellness Center, which has served patients in St. Mary Parish since 1953 and provides many of the same services a patient can find at hospitals in large cities.

    “As a doctor, I know that good health care is important for the individual, the family, and the community,” said Dr. Cassidy. “Families will move to a community based upon the quality of their health care. Bayou Bend is meeting those needs and then some.”
    Last July, Cassidy reintroduced the bipartisan Treat and Reduce Obesity Act, which would expand coverage of chronic weight management medications and specialists within Medicare. 
    Additionally, Cassidy has introduced legislation to support rural health care and the communities they serve. That includes the Protecting Access to Ground Ambulance Medical Services Act to support rural ambulance services, the PEERS in Medicare Act to encourage peer counseling for senior citizens, and the CONNECT for Health Act to support telehealth through Medicare. The announcement by Cassidy and Governor Jeff Landry in August of $1.35 billion from the Infrastructure Investment and Jobs Act (IIJA) for rural broadband will help provide the foundation necessary to expand telehealth throughout Louisiana.

    Bayou Bend provides numerous medical services to its patients, including respiratory therapy, radiology, pain management and rehabilitation, maternity and newborn nursery services, and surgical care. Their Wellness Center features a fitness center with an indoor walking track, group exercise studios and a place for cycling, as well as space for wellness testing and expanded therapy. Cassidy toured both the hospital and wellness center and was led by Ms. Stephanie Guidry, CEO of Bayou Bend.
    “We are so thankful that Senator Cassidy took some time out of his schedule for a tour,” said Ms. Guidry. “We had wonderful discussions about Bayou Bend’s growth and strategy to transition from treating illness to creating wellness in the communities we serve. During the tour of our Wellness Center, we share some patient success stories that illustrate our efforts to combat diseases like hypertension and diabetes through wellness initiatives. We also shared that in just our first year open, we’ve had over 100,000 check-ins to the facility, and members have recorded almost 10 million calories burned! Our team has done a tremendous job of providing a place that is ‘more than just a gym,’ and I think our community is better off because of it.”

    Later, Cassidy visited local leaders in Morgan City, including the Mayors of Morgan City and Franklin and the Executive Director of the Morgan City Harbor and Terminal District. He led a discussion on improving St. Mary Parish’s infrastructure, among other topics. Cassidy’s IIJA has delivered millions of dollars throughout the parish, including nearly $20 million to the U.S. Army Corps of Engineers in 2022 for construction, damage repairs, and levee surfacing replacements along the Atchafalaya Basin, and $10 million that October to expand the Port of Morgan City’s dock. Additionally, in a separate appropriation for Fiscal Year 2024, Cassidy secured $2.3 million to upgrade the emergency operations center at the port.

    Along with mayors and other officials, Cassidy met with Mr. Evan Boudreaux, Director of Economic Development, Policy and Government Affairs for the parish.
    “A critical factor in cultivating long-lasting economic growth in any community is having all of your partners come to the table to move the needle on addressing local challenges,” said Mr. Boudreaux. “Senator Cassidy is one of the best friends St. Mary Parish has. Without the leadership of Senator Cassidy on legislation such as the Bipartisan Infrastructure Law, St. Mary would not have been able to access or compete for funding to address some of our greatest hindrances to creating a more vibrant community.”

    MIL OSI USA News –

  • MIL-OSI Economics: Lufthansa Cargo appoints Elodie Berthonneau as Vice President Asia Pacific

    Source: Lufthansa Group

    As of 1 October 2024, Elodie Berthonneau will take over the position of Vice President Asia-Pacific at Lufthansa Cargo in Singapore. She will head the sales and handling organization in one of the most important markets for Lufthansa Cargo. This includes among others the regions China, Japan, South Korea, Thailand, Vietnam, Singapore, Malaysia, Indonesia, Philippines and Oceania. Berthonneau joins Lufthansa Cargo from Qatar Cargo where she was Vice President Network Planning and Strategic Partnership.

    With more than 25 years of experience in the aviation industry, Berthonneau has held various management positions in sales, pricing, profit management and strategic planning at Qatar Airways and Air France KLM. Her previous roles have included building start-ups, restructuring organizations, network redesign, major strategic partnerships and people management. Having worked in Europe, the Middle East and Asia, she also has broad international experience.

    “We are happy to welcome Elodie Berthonneau as Head of Asia Pacific. The Asian region is one of our most important markets and is expected to become even more relevant in the coming years. Combining her expertise and experience within the industry and the Lufthansa Cargo brand and knowledge, she will set new accents in our Asia Pacific organization and in the dialogue with our customers,” explains Anand Kulkarni, Head of Global Markets at Lufthansa Cargo

    About Lufthansa Cargo

    With revenue of 3.0 billion euros and a transport performance of 7.5 billion freight ton kilometers in 2023, Lufthansa Cargo is one of the world’s leading companies in the transport of airfreight. The company currently employs around 4,150 people worldwide. Lufthansa Cargo’s focus is on the airport-to-airport business. The route network covers around 300 destinations in more than 100 countries, using both freighter aircraft and cargo capacity from passenger aircraft operated by Lufthansa, Austrian Airlines, Brussels Airlines, Discover Airlines and SunExpress, as well as trucks. The majority of the cargo business is handled via Frankfurt Airport. 

    MIL OSI Economics –

  • MIL-OSI Economics: Money Market Operations as on October 17, 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) 556,222.72 6.29 0.01-6.50
         I. Call Money 8,226.89 6.43 5.10-6.50
         II. Triparty Repo 406,519.90 6.28 6.16-6.40
         III. Market Repo 140,522.93 6.31 0.01-6.50
         IV. Repo in Corporate Bond 953.00 6.41 6.39-6.50
    B. Term Segment      
         I. Notice Money** 122.10 6.30 6.10-6.45
         II. Term Money@@ 380.00 – 6.75-6.90
         III. Triparty Repo 231.00 6.45 6.35-6.45
         IV. Market Repo 98.04 6.55 6.55-6.55
         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 Thu, 17/10/2024 1 Fri, 18/10/2024 40,385.00 6.49
    3. MSF# Thu, 17/10/2024 1 Fri, 18/10/2024 5,717.00 6.75
    4. SDFΔ# Thu, 17/10/2024 1 Fri, 18/10/2024 82,925.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -117,593.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo Fri, 04/10/2024 14 Fri, 18/10/2024 44,275.00 6.49
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo Mon, 14/10/2024 4 Fri, 18/10/2024 24,070.00 6.49
    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$       7,222.87  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -57,582.13  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -175,175.13  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on October 17, 2024 984,522.44  
         (ii) Average daily cash reserve requirement for the fortnight ending October 18, 2024 1,001,756.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ October 17, 2024 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on September 20, 2024 418,318.00  
    @ 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: 2024-2025/1328

    MIL OSI Economics –

  • MIL-OSI New Zealand: Have your say on the Dairy Industry Restructuring (Export Licences Allocation) Amendment Bill

    Source: New Zealand Parliament

    Media Release

    Organisation:   Primary Production Committee

    For release:     Friday 18 October 2024

    Have your say on the Dairy Industry Restructuring (Export Licences Allocation) Amendment Bill

    The Primary Production Committee is calling for submissions on the Dairy Industry Restructuring (Export Licences Allocation) Amendment Bill. The bill would amend rules around how the dairy export quotas administered by New Zealand are allocated.

    Dairy export quotas allow New Zealand dairy products to receive beneficial tariff rates in certain overseas markets. The bill would change the allocation of dairy export quotas from a system based on the proportion of milk solids a company collects from New Zealand farmers to a system based on a company’s export history. It would also create a regulation-making power to enable quotas to be reserved for low-volume and otherwise ineligible exporters, and include non-bovine dairy in quota allocation.

    Tell the Primary Production Committee what you think

    Make a submission on the bill by midnight on 17 November 2024.

    For more details about the bill:

    ENDS

    For media enquiries contact:

    Primary Production Committee staff

    pp@parliament.govt.nz

    MIL OSI

    MIL OSI New Zealand News –

  • MIL-OSI Asia-Pac: SFST’s speech at HKQAA 35th Anniversary Forum (English only)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the HKQAA 35th Anniversary Forum today (October 18):

    Chairman Ho (Chairman of the Hong Kong Quality Assurance Agency, Mr Ho Chi-shing), distinguished guests, ladies and gentlemen,

         Good afternoon. It is my great pleasure to join you today as we celebrate the 35th anniversary of the Hong Kong Quality Assurance Agency (HKQAA). First, let me extend my warmest congratulations to the HKQAA on this remarkable milestone, and my sincere thanks for the invitation to speak at today’s forum.

         Today’s topic – Sustainable Finance, ESG, and Climate Resilience – could not be more timely or critical, as it highlights the directions we must take to secure the future of not just our economy and financial markets, but our society and planet. I would like to focus on Hong Kong’s role and achievements in this area, which I believe can be summed up by a three-A framework: accessibility to capital, availability of opportunity, and accountability to global standards.

    Accessibility to capital

         Sustainable finance is not just a passing trend. It represents a transformative movement, aligning financial systems with the larger goals of sustainable, inclusive growth. Hong Kong has embraced this vision, emerging as a leading international hub for green finance. In 2023 alone, the total issuance of green and sustainable debt in Hong Kong exceeded US$50 billion, including both bonds and loans, with green and sustainable bonds arranged here accounting for 37 per cent of all such bonds issued across Asia.

         This growing accessibility to green capital is not just about numbers. It shows that Hong Kong is well-positioned to channel investments into projects that positively impact the environment and society. We are actively working to expand our green investment product offerings and attract more international issuers to use Hong Kong’s green financing market.

         By June of this year, the Securities and Futures Commission had authorised over 230 ESG (environmental, social and governance) funds, with total assets under management exceeding HK$1.3 trillion. This represents year-on-year growth of 19 per cent in the number of funds and 8 per cent in assets under management. These investments are not only generating financial returns for investors but also contributing to the well-being of our communities, proving that profitability and purpose can indeed go hand in hand.

    Availability of opportunity

         As we look to the future, it is vital that we continue to unlock new investment opportunities and encourage innovation in green and sustainable finance. Collaboration across sectors – between government, businesses, and the community – is essential in driving this progress.

         One recent example of innovation is Core Climate, a marketplace launched by the Hong Kong Exchanges and Clearing Limited (HKEX) in 2022. Core Climate connects capital with climate-related products and opportunities across Hong Kong, Mainland China, Asia, and beyond. In August this year, the HKEX further enhanced this platform by introducing Gold Standard’s Verified Emission Reductions, offering users a seamless, integrated experience.

         Hong Kong has also demonstrated its leadership in combining the bond market, green finance, and fintech. In February this year, we successfully issued HK$6 billion worth of tokenised green bonds, denominated in multiple currencies – Hong Kong dollar, Renminbi, US dollar, and euro. This marks our second tokenised bond issuance, following the first in February 2022, and is the world’s first multi-currency digitally native green bond.

         The success of these initiatives reflects the strength of Hong Kong’s green fintech ecosystem, which continues to evolve. By leveraging new technologies, we can amplify efforts to support sustainable development, not only in our local community but across the entire region.

    Accountability to global standards

         As a global green finance hub, Hong Kong recognises the importance of maintaining accountability and transparency in sustainability efforts. This is why aligning with international standards, notably as the International Sustainability Standards Board (ISSB), is a key priority. We are committed to ensuring that our local sustainability disclosure requirements are aligned with the ISSB Standards, which will significantly enhance Hong Kong’s competitiveness in the global sustainable finance arena.

         By adopting these internationally recognised standards, we will strengthen our position as a trusted green finance hub while also improving the resilience of our local communities. This alignment will not only foster greater investor confidence but also ensure that our financial sector is well-equipped to meet the challenges of an increasingly sustainability-driven world.

    HKQAA’s contributions

         I would also like to take this opportunity to commend the HKQAA for its significant contributions to Hong Kong’s sustainable finance journey. Over the past 35 years, the HKQAA has been a steadfast partner, providing critical quality assurance and helping to uphold rigorous standards for green and sustainable finance. Since the launch of the Government Green Bond Programme in 2019, the HKQAA has played a pivotal role by providing external reviews for each bond issuance, ensuring the credibility and integrity of these instruments.

         In addition, the HKQAA has introduced a number of certification schemes, further enhancing stakeholder confidence in green finance products. Their dedication to upholding high standards has been instrumental in positioning Hong Kong as a global leader in this space. Looking ahead, we will continue to count on the HKQAA’s expertise as we strive to meet the evolving challenges of sustainable development.

    Conclusion

         In closing, I would like to emphasise that the future of finance is sustainable finance. As we work towards building a more resilient and sustainable future for Hong Kong and beyond, we must remain committed to the principles of ESG and climate resilience.

         Thank you for your attention and your unwavering commitment to sustainable development. Together, we can create a brighter, greener future for generations to come.

    MIL OSI Asia Pacific News –

  • MIL-OSI USA News: FACT SHEET: The U.S.-Germany  Partnership

    Source: The White House

    On the occasion of President Joseph R. Biden Jr.’s visit to Germany, the United States reaffirms its commitment to deepening the close and historic bond between the two nations as Allies and friends.  For over 75 years, Germany has been a crucial partner in ensuring the stability, security, and prosperity of the transatlantic alliance.  In October 2023, President Biden welcomed President Steinmeier to Washington during German-American Day, underscoring the enduring people-to-people ties between our two countries, including the over 40 million Americans who claim German heritage and strengthen the diverse fabric of the United States.  In February 2024, President Biden welcomed Chancellor Olaf Scholz to the White House, where the two leaders reaffirmed their support for Ukraine’s defense against Russia’s war of aggression, discussed regional stability in the Middle East, and prepared for the NATO Summit in Washington.

    During his visit to Germany, President Biden will underscore our mutual commitment to upholding democracy, combating antisemitism and hatred, and expanding collaboration to promote economic growth and technological innovation.  In addition, he will express gratitude to Germany for its role in hosting approximately 39,000 U.S. service members and its vital contributions to the security of NATO and the broader transatlantic community. 

    The United States and Germany are partners in a wide range of new and continuing initiatives to address the most pressing challenges of our time, some of which are listed below.

    # # #

    SECURITY AND DEFENSE

    • The United States and Germany cooperate through several multilateral institutions including NATO, the G7, the OSCE, and the UN, to advance security, democracy, and the rule of law globally.
    • As host to the largest U.S. troop presence in Europe and second largest globally, Germany continues to play a critical role as a platform for U.S. military force projection, including support for NATO’s eastern flank and training for Ukrainian soldiers. 
    • Germany has been a key provider of military assistance to Ukraine in its defense against the Kremlin’s aggression.  Contributions include advanced weaponry such as Leopard 2 tanks, air defense systems (such as IRIS-T), artillery, and ammunition. Germany also supplies medical aid, vehicles, and training for Ukrainian forces, continuously adapting its support to Ukraine’s evolving needs in coordination with NATO allies.
    • As announced by President Biden and Chancellor Scholz on July 10, 2024, the United States looks forward to beginning the episodic deployments of its Multi-Domain Task Force in Germany in 2026, as part of planning for enduring stationing of these conventional long-range fire capabilities in the future.
    • Germany plays a key role in the U.S-Italy co-led G7+ Coordination Group for Ukraine Energy Security Support.  Germany has been a leading provider of financial assistance and critical components such as transformers and power generators to support the repair and strengthening of Ukraine’s energy sector in response to Russia’s continued brutal attacks on civilian infrastructure.
    • Germany is a robust partner in the fight against terrorism and terrorism financing, in the Financial Action Task Force, and as part of the Global Coalition to Defeat ISIS (D-ISIS).  On September 30, State Secretary Tobias Lindner joined Secretary Blinken for the D-Isis Ministerial Meeting in Washington, D.C. 
    • Germany will accede to Operation Olympic Defender, a U.S.-led multinational effort intended to strengthen nations’ abilities to deter hostile acts in space, strengthen deterrence against hostile actors, and reduce the spread of debris orbiting the earth. International partners currently include the UK, Canada, and Australia.

    DEFENDING DEMOCRACY

    • As the second-largest provider of assistance to Ukraine after the United States, Germany has provided $37.2 billion (€34 billion) in bilateral assistance since February 2022.  This includes humanitarian assistance, budgetary support, military equipment and training, and funding for Ukraine’s reconstruction.  Germany hosted an international reconstruction conference for Ukraine in Berlin in June 2024 which generated over €60 billion in commitments to Ukraine and emphasized the human dimension of post-war recovery.
    • At the September 2024 United Nations General Assembly, the United States, in partnership with Germany and other international allies, reaffirmed its commitment to supporting democratic transitions as part of the Democracy Delivers Initiative, launched by USAID.  The initiative mobilized over $517 million to provide financial and technical assistance to countries undergoing democratic renewal, including Guatemala, Armenia, and Moldova, with the aim of strengthening global democratic resilience.
    • Germany has increasingly recognized the importance of supporting Taiwan as a like-minded democratic partner.  Education Minister Stark-Watzinger’s visit to Taiwan in 2023 marked the first visit by a German minister to Taiwan in 26 years.  Two German warships recently transited the Taiwan Strait, a visible demonstration of Germany’s commitment to upholding international laws and norms and increasing engagement to maintain a free and open Indo-Pacific region.
    • Germany was one of the first of twenty-one countries to endorse the U.S. government’s Framework to Counter Foreign State Information Manipulation, the U.S. Department of State’s key initiative to galvanize like-minded democracies to respond collectively to the threat posed by disinformation.  

    ECONOMICS & TRADE

    • Germany is the United States’ largest trading partner in Europe, with bilateral trade reaching over $324 billion in goods and services in 2023.  U.S. direct investment in Germany was $193.2 billion in 2023.  In total, German firms employ an estimated 923,600 people in the United States.  Germany is the fourth-largest source of foreign direct investment in the United States and the number one foreign investor in U.S. renewable energy projects.  Germany is currently the third-largest source of foreign direct investment in the United States, with investments worth more than $660 billion based on 2023 data.
    • On September 24, 2024, the United States and Germany held the third round of the U.S.-Germany Economic Dialogue, building on the framework established in the 2021 Washington Declaration.  The talks focused on strengthening collaboration to increase economic security, including cooperation in sectors such as digital technologies and clean energy supply chains.  Both countries committed to enhancing supply chain resilience and advancing sustainability goals.
    • Germany and the United States partner on several initiatives to advance women’s economic security around the world, including bolstering women’s participation in climate sectors through the Women in the Sustainable Economy Initiative, closing the gender digital divide through the Women in the Digital Economy Initiative, and supporting women to join the workforce by investing in efforts to close the global childcare gap through the Invest in Childcare Initiative.

    COMBATTING ANTISEMITISM:

    •  Germany is a global leader and vital partner in the fight against antisemitism and extremism.  Senior officials are unequivocal in condemning antisemitism and federal and state governments have robust strategies for tackling the problem.  In July 2024, Germany co-launched the Global Guidelines for Countering Antisemitism in Buenos Aires, an initiative led by U.S. Special Envoy Deborah Lipstadt.
    • Launched in 2021, The U.S.-Germany Dialogue on Holocaust Issues, plays an essential role in combatting Holocaust distortion online and promoting accurate Holocaust education and commemoration.
    • Germany and the United States cooperate on improving resolution to Nazi-confiscated art to ensure just and fair solutions for survivors and heirs, and salute Germany’s new art restitution policy.

    EDUCATIONAL EXCHANGES

    • The German-American Fulbright program is one of the largest and most varied of the Fulbright Programs worldwide, sponsoring over 40,000 Germans and Americans since its inception in 1952.
    • Established in 2016 as a public-private partnership, each year the USA For You program brings youth from underserved German communities to the United States for a two-week homestay and community service experience.  The program promotes civic engagement and helps counter extremism and xenophobia by fostering cultural understanding.  In 2023, the German government launched a reciprocal Germany for You program, allowing American high school students to visit Germany for a similar exchange, further strengthening transatlantic ties.
    • The Congress-Bundestag Youth Exchange (CBYX), jointly funded by the United States and German governments, supports the transatlantic relationship by fostering year-long academic, homestay, and community service opportunities for 700 American and German youth annually.  Since 1983, CBYX has promoted cross-cultural understanding, professional skills, and mutual awareness of each nation’s history, politics, and society.  With around 15,000 German and 14,000 American participants to date, the program strengthens ties and deepens the transatlantic partnership between the next generation of leaders.
    • The German Bundestag-Bundesrat exchange (CBBSX) program is an annual two-way exchange between German Bundestag and Bundesrat staff and U.S. Congressional staff members.  It was initiated during the 1983 German-American Tricentennial celebration and first implemented in 1984.  Participants focus on the U.S. legislative process and U.S.-German relations; examining U.S. Congress and the U.S. political system.  In 2024 the IVLP brought 10 German Bundestag and Bundesrat staff members to the United States.  For the first time, CBBSX participants also engaged with state and local government.

    SCIENCE, ENVIRONMENT, SPACE, & TECHNOLOGY

    • On January 10, 2024, the United States and Germany held a U.S.-Germany Critical and Emerging Technology Track 1.5 Dialogue to share strategic objectives, outlooks, and lessons learned in technological innovation. The two countries agreed to convene the first of an ongoing AI Dialogue to discuss approaches to AI governance, infrastructure and innovation, and applications of AI for good. They intend to hold the first session of this dialogue in early 2025.
    • Furthering their commitment to monitoring the effects of climate change, the United States and Germany have partnered on space collaboration through NASA’s Gravity Recovery and Climate Experiment Follow-On (GRACE-FO) mission, which monitors Earth’s water movement by tracking shifts in gravity.  This mission provides critical data for managing water resources, monitoring sea levels, and understanding climate change impacts on a global scale.
    • The U.S.-Germany scientific partnership was further strengthened throughfunding from the U.S. National Science Foundation (NSF) and Germany’s Federal Ministry of Education and Research (BMBF) for Collaborative Research in Computational Neuroscience (CRCNS) program, which advances cutting-edge research in brain function and computational neuroscience.  This initiative supports interdisciplinary approaches to understanding neural systems.
    • On September 14, 2023, the United States and Germany held the inaugural U.S.-Germany Space Dialogue, advancing collaboration in space exploration, satellite technology, and space security.  This dialogue promotes joint efforts in planetary science, climate monitoring, and managing space debris, while advancing international norms for responsible space operations.

    CLIMATE & ENERGY

    • In July 2021, the United States and Germany launched the U.S.-Germany Climate and Energy Partnership to deepen collaboration on the policies and sustainable technologies needed to accelerate the global net-zero future.  Notable outcomes of the Partnership include the first U.S.-Germany Climate and Energy Summit held in Pittsburgh September 2022, and the U.S.-German Clean Hydrogen Conference held in Berlin October 2023.
    • Beyond our strong bilateral partnership, the United States and Germany are also intensifying our cooperation to accelerate the clean energy transition and promote clean economic growth in emerging and developing economies.  This includes leveraging and scaling-up our collective technical, policy, and financial support to catalyze investments in clean energy manufacturing and industrial decarbonization in developing countries, leveraging key international platforms such as the Climate Club and Clean Technology Fund.

    GLOBAL DEVELOPMENT

    • The United States participated in the International Humanitarian Conference on Sudan, hosted by France, Germany, and the European Commission on April 15, 2024, to address the vital need for greater humanitarian assistance for the Sudanese people.
    • The U.S. Agency for International Development (USAID) and Germany’s Ministry for Economic Cooperation and Development (BMZ) are strengthening their partnership through a Strategic Development Dialogue.  This initiative focuses on joint efforts to tackle global challenges in climate change, food security, gender equality, health, and G7 development priorities.
    • The United States and Germany have worked closely across multiple presidencies of the G7 Food Security Working Group to support efforts to achieve long-term food and nutrition security.  As most recently affirmed in the Apulia G7 Leaders’ Communiqué, both countries have committed to promoting and supporting multi-stakeholder programs to build climate resilience in our food systems.  These programs include the Vision for Adapted Crops and Soils, launched by the United States in partnership with the African Union and Food and Agriculture Organization of the United Nations.

    ###

    MIL OSI USA News –

  • MIL-OSI: Bitget Wallet Users Doubled in Six Months Amid DEX Trading Surge, TON, and Meme Coin Booms

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Oct. 18, 2024 (GLOBE NEWSWIRE) — Bitget Wallet, the leading Web3 non-custodial wallet, has surpassed 40 million users with 100% growth in just six months, becoming the second most downloaded crypto app globally after Binance. This surge reflects Bitget Wallet’s growing role in the DeFi ecosystem, closely tied to the rapid expansion of the TON ecosystem and rising DEX trading activity.

    Bitget Wallet’s growth is largely contributed by its deep integration with the TON ecosystem, offering seamless access to decentralized apps and services through Telegram. This year, the wallet partnered with over 40 TON projects and saw a 4,886% increase in TON addresses in Q3 2024. Overall, on-chain activity surged with token swaps up 125% and token transfers rising 175%, reflecting growing user demand for decentralized solutions. Bitget Wallet’s comprehensive features—including asset management, swaps, and staking—make it a key entry point for new Web3 users, including those onboarding through Telegram.

    The explosive growth of Bitget Wallet is also closely tied to the rising popularity of DEX trading, as more users seek decentralized solutions to manage their digital assets. DEX trading has hit an all-time high of over 20% of the total spot trading volume, according to DeFiLlama, as more users turn to decentralized exchanges. Bitget Wallet’s intuitive interface and comprehensive product offerings have made it easier for first-time crypto users to engage with DeFi. A standout feature driving this growth is Bitget Wallet’s advanced Swap function, which aggregates liquidity from over 100 DEXs, enabling fast and cost-effective token exchanges. In Q3 2024, the wallet saw a 125% increase in Swap activity, underscoring its crucial role in facilitating seamless trading experiences for users. This signals a broader trend in the industry, where decentralized wallets are competing with centralized exchanges and becoming critical gateways to Web3 trading.

    The ongoing meme coin boom has also fueled growth, attracting both new users and seasoned investors. Solana and TON ecosystems have demonstrated significant wealth effects, bringing liquidity and innovation to decentralized exchanges, while meme coins have boosted transaction demand and user engagement. This surge has increased on-chain activity and positioned Bitget Wallet as a hub for decentralized trading. Since its inception in 2018, Bitget Wallet has established itself as a comprehensive Web3 hub. Supporting over 100 blockchains, 20,000+ DApps and 500,000+ tokens, it stands out in the decentralized marketplace. The wallet’s Swap feature not only enables efficient token exchanges but also enhances the overall user experience by providing access to real-time market insights and trading tools.

    Alvin Kan, COO of Bitget Wallet, stated, “Surpassing 40 million users is a clear indication that we’re meeting the demand for accessible crypto solutions in a rapidly evolving market. Our Swap feature has become a vital tool for users looking to trade seamlessly and efficiently. We’re excited to be at the forefront of this decentralized finance revolution.”

    About Bitget Wallet

    Bitget Wallet stands as one of the world’s leading non-custodial Web3 wallets and decentralized ecosystem platform. With the Bitget Onchain Layer, the wallet is well-poised to develop a burgeoning DeFi ecosystem through co-creation and strategic incubation. Aside from a powerful Swap function, Bitget Wallet also offers multi-chain asset management, smart money insights, a native Launchpad, Inscriptions Center, and an Earning Center. Supporting over 100 major blockchains, 500,000+ tokens, and a wide array of DApps, Bitget Wallet is your top wallet for asset discovery and Web3 exploration.

    For more information, visit: Website | Twitter | Telegram | Discord

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9440c859-8c8a-4b49-8bb3-ae1be97dba72

    The MIL Network –

  • MIL-Evening Report: Hamas leader Yahya Sinwar’s death is a defining moment, but it will not end the war

    Source: The Conversation (Au and NZ) – By Ian Parmeter, Research scholar, Middle East studies, Australian National University

    The death of Hamas leader Yahya Sinwar, one of the masterminds behind the group’s horrific October 7 2023 attack on southern Israel, is no doubt a consequential moment in Israel’s year-long war against Hamas.

    But is it a turning point?

    Israeli Prime Minister Benjamin Netanyahu said Sinwar’s killing – long a major objective of the Israel Defense Forces (IDF) – would signal the “beginning of the end” of the war. But he made clear the war is not over.

    In fact, Benny Gantz, a former defence minister and member of the war cabinet, said the IDF would continue to operate in Gaza “for years to come”.

    So, what exactly will be the impact of Sinwar’s death?

    Does this change anything?

    Sinwar’s death does change at least one aspect of the war. He was an iconic figure, for better or worse, for Palestinians. He was seen as someone who was taking the fight to Israel.

    With Sinwar still alive and Hamas hitting back at Israel’s war in Gaza, the group was actually increasing in popularity.

    Opinion polling in late May showed support for Hamas among Palestinians in the Occupied Territories had reached 40%, a six-point increase from three months earlier. Support for the Palestinian Authority, which controls the West Bank, was about half that.

    Sinwar’s demise changes the face of Hamas. It could be a major turning point if Hamas is unable to replace him with a leader as strong as he was.

    One of the names being discussed is Khaled Mashal, the former head of Hamas’ political office who still remains influential in the organisation.

    This moment offers an opportunity for a new Hamas leader to seek a ceasefire with Israel and an end to the horrific conditions in which Gazans are living. But there’s still the question of whether Sinwar’s death achieves Israel’s war objectives.

    What would constitute a victory for Netanyahu?

    The main issue is that Netanyahu’s war aims have not yet been achieved:

    • the elimination of Hamas as a fighting force and a danger to Israel

    • the freeing of the roughly 100 Israeli hostages still believed to be held in Gaza, as many as half of whom may now be dead

    • the re-establishment of deterrence with Hezbollah in Lebanon to allow the 60,000 Israelis who have been evacuated from northern Israel to return home.

    Although the killing of Sinwar is a major step towards restricting Hamas’ ability to maintain its war against the IDF in Gaza, Israeli soldiers still face some very significant problems there.

    Over the past year, Hamas has morphed from an organised fighting force into guerrilla mode, which makes its fighters much more difficult to eliminate completely.

    The classic methodology for dealing with a guerrilla force is “clear, hold and build”. This means you clear an area of the enemy, put troops in to hold the area, and then build an environment in which the enemy can’t re-establish itself.

    Israel can certainly do the “clearing” and “holding”, but has not been able to build an environment in which Hamas can no longer operate.

    Israeli journalists who have been embedded with Israeli forces have made the point that Hamas operatives are returning to areas that were previously cleared by the IDF, in part due to the group’s extensive tunnel network.

    Other complications for Netanyahu

    Another issue for Netanyahu is that right-wing members of his cabinet have threatened to resign from his governing coalition if he agrees to a ceasefire before Hamas is destroyed as a fighting force. They believe Hamas could use a ceasefire to regroup and re-establish itself as a serious threat to Israel.

    At the same time, Netanyahu is also facing increasing pressure over the fate of the hostages. If there isn’t a ceasefire and negotiations to release them, their families and supporters will continue the large demonstrations they have been staging in Israel in recent months. They are desperate to get back any hostages who may still be alive and the remains of those who have died.

    Netanyahu is also still weighing Israel’s promised retaliation against Iran for its missile attack against the Jewish state in early October.

    If Israel does launch a major strike, what does Iran do in response? Iran’s problem is that it had always relied on a strong Hezbollah in Lebanon to be able to respond to Israel militarily on its behalf. And now it seems to have lost that as Hezbollah has been significantly weakened in recent weeks.

    The US sees a potential off-ramp

    Another aspect, of course, is where the United States stands on this. The US has made clear it sees Sinwar’s death as being an off-ramp for Israel in Gaza – it can claim a major strategic victory and essentially agree to a ceasefire.

    In recent weeks, the US has also given Israel an ultimatum, saying if there isn’t an improvement in the amount of humanitarian aid going into Gaza by the end of November, it will cut off some military aid to Israel.

    The Democrats want the war to end as soon as possible, because while it’s on the front pages of US newspapers, it divides the party and could encourage some voters not to come out and vote in the presidential election.

    So it’s very important for the Democratic candidate, Vice President Kamala Harris, that there be a ceasefire as soon as possible. She said as much in her remarks today:

    Hamas is decimated and its leadership is eliminated. This moment gives us an opportunity to finally end the war in Gaza.

    The problem, however, is that Netanyahu has shown in the past he is prepared to go against US wishes whenever it suits him. And a ceasefire does not suit his purposes at this point.

    Given Republican nominee Donald Trump’s steadfast support for Netanyahu, the Israeli leader would also be more than happy to see him return to the White House.

    What’s most likely to happen

    Taking all of these factors into account, Netanyahu is likely to prioritise keeping his government together.

    As such, he will be more guided by its very right-wing members – Finance Minister Bezalel Smotrich and National Security Minister Itamar Ben Gvir – than by the US or the families of the hostages.

    AFter Sinwar’s death, Smotrich said the IDF “must increase intense military pressure in the Strip”, while Ben Gvir called on Israel to “continue with all our strength until absolute victory”.

    So at this stage, it seems likely the war will continue until Netanyahu can say Hamas has been destroyed as a fighting force. That is what his cabinet is demanding to achieve the government’s war aims.

    Ian Parmeter 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. Hamas leader Yahya Sinwar’s death is a defining moment, but it will not end the war – https://theconversation.com/hamas-leader-yahya-sinwars-death-is-a-defining-moment-but-it-will-not-end-the-war-241666

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Bitget Wallet and 1inch Partner to Elevate Multichain DEX Trading Experience

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Oct. 18, 2024 (GLOBE NEWSWIRE) — Bitget Wallet, the leading Web3 non-custodial wallet, has announced a strategic partnership with 1inch, the premier DEX aggregator. 1inch has integrated Bitget Wallet as a wallet connection option on its platform, enabling users to trade seamlessly through Bitget Wallet for a smoother experience. Previously, Bitget Wallet had integrated 1inch as an aggregator to enhance its swap functionality, offering users a better experience and improved pricing.

    As pioneers in decentralized trading, Bitget Wallet and 1inch have established a strong partnership. 1inch, known for its top-tier DEX aggregation and advanced routing algorithms, ensures optimal trading prices and minimized slippage. With decentralized trading at its core, Bitget Wallet is the most user-friendly multichain wallet and the leading gateway for Web3 traders. Previously, Bitget Wallet had incorporated 1inch’s services within its Swap feature, allowing users to perform instant token swaps and place limit orders, boosting trading efficiency while providing competitive prices and broad liquidity.

    Bitget Wallet’s Swap feature aggregates hundreds of DEXs and cross-chain bridges, offering token swaps, limit orders, and cross-chain services across more than 50 blockchains. Its smart algorithms deliver the best pricing for seamless exchanges between any tokens. In addition, users benefit from real-time market data, advanced trading tools, such as gasless transactions, automatic slippage adjustments, smart money tracking, and rapid trading modes. These features enhance both flexibility and speed, giving users a powerful edge in decentralized markets.

    Bitget Wallet recently surpassed 40 million users, growing over 100% in six months, and now it is the second most downloaded crypto app globally, rivaling Binance. This growth has been driven by the wallet’s robust Swap functionality and deep integration with the TON ecosystem. In Q3 2024, Bitget Wallet recorded a 125% surge in Swap activities and a 4886% increase in TON addresses, highlighting its role as a key player in Web3 trading.

    Alvin Kan, COO of Bitget Wallet, commented, “Swap has always been one of our core product offerings, and we’re committed to building the best trading experience. This deepened collaboration with 1inch helps us strengthen our position as the top multichain wallet and gives users access to more opportunities in Web3.” Looking ahead, Kan also hinted at further joint initiatives with 1inch aimed at delivering greater value and rewards to users.

    About Bitget Wallet

    Bitget Wallet stands as one of the world’s leading non-custodial Web3 wallets and decentralized ecosystem platform. With the Bitget Onchain Layer, the wallet is well-poised to develop a burgeoning DeFi ecosystem through co-creation and strategic incubation. Aside from a powerful Swap function, Bitget Wallet also offers multi-chain asset management, smart money insights, a native Launchpad, Inscriptions Center, and an Earning Center. Supporting over 100 major blockchains, 500,000+ tokens, and a wide array of DApps, Bitget Wallet is your top wallet for asset discovery and Web3 exploration.

    For more information, visit: Website | Twitter | Telegram | Discord

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a1e534af-2f11-4e29-b348-93414e50ae0c

    The MIL Network –

  • MIL-OSI Australia: Interview with Laura Jayes, Sky News

    Source: Australian Ministers 1

    LAURA JAYES, HOST: One of the biggest issues you’re engaged in at the moment, especially if you’re a parent, is social media, and where it should be banned, at what age. The Government is working on this. Joining me now is the Communications Minister, Michelle Rowland. She’s here in the studio with me. We talk about this a lot. We’ve been discussing how at school pickup this is being discussed widely. There’s a lot of pressure on parents at the moment. It’s not about outsourcing, parenting. Where we’re trying to land now, at the moment, particularly from the Government’s perspective, is what the age is, what the age limit is.
     
    MICHELLE ROWLAND, MINISTER FOR COMMUNICATIONS: That’s right. And we’re working through that now, Laura. There’s a wide variety of views about what that minimum age should be. But it’s been a really useful conversation that’s been going on in the Australian community, also with experts, and at the Social Media Summit that I attended last week, jointly hosted by South Australia and New South Wales.
     
    There’s a couple of things I’ll say: the first is we’ve released our legislative design principles because we will introduce legislation this year to introduce a mandatory minimum age for accessing social media. And part of that legislative design includes putting the onus on the platforms, not on parents or children. Parents and children won’t be subject to penalties. These will rest on the digital platforms to demonstrate that they are enforcing this minimum age, and the eSafety Commissioner will be responsible for oversight and enforcement. And, this is a really important point – we’ve already got a framework in place to be able to do this. We’re not starting from scratch.
     
    Governments and regulators around the world are grappling with the issue, and I’m sure your viewers recognise that social media has many benefits, but the harms need to be addressed, particularly as they apply to children.
     
    JAYES: Yeah.
     
    ROWLAND: The second point about the age: people will say to me, the really important value here is normative. It’s not saying how you should parent or judging parenting, it’s giving parents a guide, giving parents some normative value there about saying this is what government has determined based on the research they’ve done- based on the evidence is reasonable.
     
    And parents are exhausted. They’re exhausted trying to keep up with the demands of parenting and having this second generation of digital natives. So, I think that is where the value in this will lie, in addition to actually keeping children safer online, but also, as we’ve seen from the mobile phone ban in schools, exposing them to things beyond looking at a screen all the time.
     
    JAYES: Yeah, and this is a first generation of young children whose lives are lived through social media, more than they are in real life, in many ways. And the evidence is overwhelming, isn’t it? When you look at the rates of depression, suicide ideation and just general anxiety, it comes down to social media and the digital influence in our lives. So, when you say you’re going to introduce legislation that will happen towards the end of the year, so end of November – that’s the last couple of sitting weeks before Christmas. And you will have an age there?
     
    ROWLAND: That’s correct.
     
    JAYES: In that legislation.
     
    ROWLAND: And we are looking forward to support across the Parliament with this.
     
    JAYES: Have you decided on that, but don’t want to tell us yet? Or …
     
    ROWLAND: No, we’re working through this. And, as I said, there’s a variety of ages. We’re looking at a range between 13 and 16 …
     
    JAYES: Okay. So, 13 … that’s, a new age, because usually the argument’s around 14 and 16. Michelle, could you take us through- you know, it doesn’t seem like- it’s only three years. So, what are the arguments and the difference in the arguments between those ages?
     
    ROWLAND: They’re twofold, if I can summarise: the first is based around children’s development- physical and emotional development. So, puberty obviously, and there’s different responses to different people. We all know that. But secondly, there are also differences based on gender as well. And in terms of the platforms actually being able to recognise and enforce, we’re doing our age assurance trial at the moment, and we know that some of those technologies actually have differentiators in them, depending on even things like ethnicity. So, we have to take these different factors into account.
     
    JAYES: So this is down to face recognition?
     
    ROWLAND: Yes, and some …
     
    JAYES: And that children, particularly boys, sometimes can look older than their years.
     
    ROWLAND: Sometimes, depending on gender and depending on ethnicity, there can be variances in that.
     
    JAYES: Yeah. So, you’ve got to take that all into consideration in this legislation?
     
    ROWLAND: That’s correct. And I think I should also point out, Laura, when this is legislated, and we certainly hope that this will be legislated without delay, is that this won’t protect every child from every harm, every minute that they are online. But it’s going to make a difference. And I think that is what Australians are looking for. The alternative is to do nothing, and we’re just not prepared to take that course.
     
    JAYES: Okay. Let me ask you finally about this Channel Nine culture review. This is a long time coming. There are 22 recommendations. A lot of it’s historic, to be honest. And it’s put on the shoulders of people that are no longer at Channel Nine. Is this review acceptable to you? And is the response acceptable?
     
    ROWLAND: Firstly, this has exposed a very serious cultural issue within Nine. And we know that there’s other parts of the media who have been similarly infected by bad behaviours. Our public broadcaster is a case in point when it comes to racism.
     
    But I think what the public is looking for, and what these impacted employees are looking for, is delivery. It’s one thing to identify the problems, and it is useful that has been done and that has been made transparent now. But what people will want to see is deliverables, milestones, actual commitments, what sort of mechanisms are going to be put in place.
     
    We’re talking about the Fourth Estate here. And when you have a private sector organisation where, I think I was watching your show earlier, over 60 per cent of the complaints were around sexual harassment. No good corporate citizen would stand for that. And the fact that it has reached that level shows the seriousness of it.
     
    So, the key point here will be delivery. And I’m saying that as someone who comes from a sector where we have had our own issues and continue to implement change. Change has to happen because the Fourth Estate is fundamental to our democracy.
     
    JAYES: So, what happens if it doesn’t, because often you see these reports as big promises made. Cultural change takes time. I mean, the Government, you, for example, don’t have any power to intervene in a private sector or at a private company like Channel Nine, do you?
     
    ROWLAND: Well, the fact is, if there are crimes being committed here as well, and they’ve been reported, then that’s incumbent on Government. Government can always (take) its own actions where it sees the need to either investigate or potentially make legislative change.
     
    But I think what everyone would want to see here, Laura, is a media company acting in the best interests of not only their employees, but also their product. This is free-to-air broadcasting. It’s stable, free and ubiquitous. Any Australian can get it, but we want to see a media sector that is strong in terms of its culture. Clearly it needs to change in many aspects, and there have been reports, as I said, across the board, including in our public broadcaster, and I think the Australian people will want to see deliverables from here on.
     
    JAYES: I think so too. Michelle, thanks so much for your time. Great to see you.
     
    ROWLAND: Pleasure.

    MIL OSI News –

  • MIL-Evening Report: Could a recent ruling change the game for scam victims? Here’s why the banks will be watching closely

    Source: The Conversation (Au and NZ) – By Jeannie Marie Paterson, Professor of Law, The University of Melbourne

    Meteoritka/Shutterstock

    In Australia, it’s scam victims who foot the bill for the overwhelming majority of the money lost to scams each year.

    A 2023 review by the Australian Securities and Investment Commission (ASIC) found banks detected and stopped only a small proportion of scams. The total amount banks paid in compensation paled in comparison to total losses.

    So, it was a strong statement this week when it was revealed the Australian Financial Conduct Authority (AFCA) had ordered a bank – HSBC – to compensate a customer who lost more than $47,000 through a sophisticated bank impersonation or “spoofing” scam.

    This decision was significant. An AFCA determination is binding on the relevant bank or other financial institution, which has no direct right of appeal. It could have implications for the way similar cases are treated in future.

    The ruling comes amid a broader push for sector-wide reforms to give banks more responsibility for detecting, deterring and responding to scams, as opposed to simply telling customers to be “more careful”.

    Here’s what you should know about this landmark ruling, and what it might mean for consumers.



    Read more:
    Australia’s new scam prevention draft is welcome – but it needs to be broader in scope

    A highly sophisticated ‘spoofing’ scam

    You might be familiar with “push payment” scams that trick the victim into paying money to a dummy account. These include the “mum I’ve lost my phone” scam and some romance scams.

    The recent case concerned an equally noxious “bank impersonation” or “spoofing” scam. The complainant – referred to as “Mr T” – was tricked into giving the scammer access to his HSBC account, from which an unauthorised payment was made.

    The victim was duped into providing passcodes to access his online banking account.
    tsingha25/Shutterstock

    The scammer sent Mr T a text message, purportedly asking him to investigate an attempted Amazon transaction.

    In an effort to respond to the (fake) unauthorised Amazon purchase, Mr T revealed security passcodes to the scammer, enabling them to transfer $47,178.54 from his account and disappear with it.

    The fact Mr T was dealing with scammers was far from obvious – scammers had information about him one might reasonably expect only a bank would know, such as his bank username.

    On top of this, the scam text message appeared in a thread of other legitimate text messages that had previously been sent by the real HSBC.

    AFCA’s ruling

    HSBC argued to AFCA that having to pay compensation should be ruled out under the ePayments Code, a voluntary code of practice administered by ASIC.

    Under this code, a bank is not required to compensate a customer for an unauthorised payment if that customer has disclosed their passcode. The bank argued the complainant had voluntarily disclosed these codes to the scammer, meaning the bank didn’t need to pay.

    AFCA disagreed. It noted the very way the scam had worked was by creating a sense of urgency and crisis. AFCA considered that the complainant had been manipulated into disclosing the passcodes and had not acted voluntarily.

    AFCA awarded compensation covering the vast majority of the disputed transaction amount, lost interest charged to a home loan account, and $5,000 towards Mr T’s legal costs.

    It also ordered the bank to pay compensation of $1,000 for poor customer service in dealing with the matter, including communication delays.

    Other cases may be more complex

    In this case, the determination was relatively straightforward. It found Mr T had not voluntarily disclosed his account information, so was not excluded from being compensated under the ePayments Code.

    However, many payment scams fall outside the ePayments Code because they involve the customer directly sending money to the scammer (as opposed to the scammer accessing the customer’s account). That means there is no code to direct compensation.

    Still, AFCA’s jurisdiction is broader than merely applying a code. In considering compensation for scam losses, AFCA must consider what is “fair in all the circumstances”. This means taking into account:

    • legal principles
    • applicable industry codes
    • good industry practice
    • previous AFCA decisions.

    Relevant factors might well include whether the bank was proactive in responding to known scams, as well as the challenges for individual customers in identifying scams.

    Broader reforms are on the way

    At the heart of this determination by AFCA is a recognition that, increasingly, detecting sophisticated scams can be next to impossible for customers, which can mean they don’t act voluntarily in making payments to scammers.

    Similar reasoning has informed a range of recent reform initiatives that put more responsibility for detecting and responding to scams on the banks, rather than their customers.

    In 2023, Australia’s banking sector committed to a new “Scam-Safe Accord”. This is a commitment to implement new measures to protect customers, including a confirmation of payee service, delays for new payments, and biometric identity checks for new accounts.

    Tech platforms – including social media giants – would have to take more proactive steps against scams under proposed new legislation.
    Primakov/Shutterstock

    Changes on the horizon could be more ambitious and significant.

    The proposed Scams Prevention Framework legislation would require Australian banks, telcos and digital platforms to take reasonable steps to prevent, detect, report, disrupt and respond to scams.

    It would also include a compulsory external dispute resolution process, like AFCA’s, for consumers seeking compensation for when any of these institutions fail to comply.

    Addressing scams is not just an Australian issue. In the United Kingdom, newly introduced rules make paying and receiving banks responsible for compensating customers, for scam losses up to £85,000 (A$165,136), unless the customer is grossly negligent.

    Jeannie Marie Paterson has previously received funding from the Australian Research Council and conducted research for ASIC and AFCA. She is currently working on a project on AFCA determinations with Dr Nicola Howell and Evgenia Bourova. The scams research has been assisted by Andrew Lim.

    Nicola Howell has previously conducted funded research for ASIC and is currently working on a project on AFCA determinations with Professor Jeannie Paterson and Evgenia Bourova. Nicola is affiliated with the Consumers’ Federation of Australia, as a member of the CFA Executive.

    – ref. Could a recent ruling change the game for scam victims? Here’s why the banks will be watching closely – https://theconversation.com/could-a-recent-ruling-change-the-game-for-scam-victims-heres-why-the-banks-will-be-watching-closely-241558

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Asia-Pac: Tender for third operation and management contract of Light Public Housing invited

    Source: Hong Kong Government special administrative region

    Tender for third operation and management contract of Light Public Housing invited
    Tender for third operation and management contract of Light Public Housing invited
    **********************************************************************************

         ​The Housing Bureau (HB) today (October 18) invites tenders for the third operation and management contract of Light Public Housing (LPH), and encourages capable and experienced organisations to participate actively.           The project is located at Tsing Fuk Lane, Tuen Mun (i.e. Tuen Mun Area 3A), providing about 1 900 units, with intake tentatively scheduled in the fourth quarter of next year. Same as the previous two contracts, the scope of operation and management services mainly cover occupant management, property management, daily maintenance, as well as the provision of social services, and the management and operation of ancillary facilities, etc. To encourage participation of different stakeholders in the community, the HB welcomes tenders from all capable and experienced service providers, including non-government organisations and those with a valid property management company licence, or a collaboration between them.           To ensure service quality, the HB will carry out a technical assessment based on a series of factors, including management capability, relevant experience and past service performance of the organisations, as well as the proposed modes of operation and management, social service support to be provided, feasibility of an exit plan and use of innovation and information technology as stated in their proposals, etc such that the facilities and services of LPH can meet the needs of the residents and the local community. The tender price will then be evaluated to form a consolidated assessment to decide on the most suitable organisation for operating LPH.           A spokesman for the HB said, “LPH could fill the short-term gap of public housing supply, and improve the living conditions and quality of life of people living in inadequate housing as soon as practicable. Construction of a number of projects has already commenced. The first LPH project located at Yau Pok Road, Yuen Long, which provides about 2 100 units, will be completed with tenant intake in the first quarter of next year. Its operation and management contract has been awarded to the Pioneer Management Limited – Tung Wah Group of Hospitals Joint Venture. The second operation and management contract of LPH, which covers the two LPH projects at Choi Hing Road and Choi Shek Lane, Ngau Tau Kok (i.e. the former St Joseph’s Anglo-Chinese School), which provide about 2 290 and 148 units respectively, is expected to be awarded soon. Their tenant intake is anticipated in the second quarter of next year and the first quarter of 2026 respectively. We hope that experienced and aspirational organisations can continue to actively participate in the tender exercise and join hands with us in this large-scale social project.”           Interested organisations may download the tender documents via the relevant tender notice on the HB’s website (www.hb.gov.hk) or from the e-Tendering System; or contact the Dedicated Team on Light Public Housing under the HB for obtaining the tender documents. The Tender Reference is HB2024/OPR-LPH-TFL.           Tenderers must submit the tenders by noon on December 6, 2024 (Friday), either electronically via the e-Tendering System or by deposit in the Government Secretariat Tender Box situated at Lobby of the Public Entrance on Ground Floor, East Wing, Central Government Offices, 2 Tim Mei Avenue, Tamar. Late tenders will not be accepted.

     
    Ends/Friday, October 18, 2024Issued at HKT 12:00

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI New Zealand: Legislation – Fast Track Bill even worse after select committee – confirms Luxon is engaged in a War on Nature says Greenpeace

    Source: Greenpeace

    Greenpeace says the Luxon Government’s fast track bill is one of the most damaging pieces of legislation in living memory, and the changes announced today in the select committee report-back do nothing to change that.
    “The changes to the Fast Track Bill announced today will do nothing to deter the uprising of public protest that this grievously bad bill has sparked,” says Greenpeace Aotearoa executive director Russel Norman.
    “This government is waging a war on nature, and the Fast Track bill is a key weapon.
    “Destructive projects like the Ruataniwha Dam and the Trans-Tasman Resources seabed mining proposal for the South Taranaki Bight are threatening to return from the dead like nightmarish zombies under the fast track bill. Both of these projects were already stopped by the courts due to their environmental harm.
    “The amendments to the Bill in the select committee reportback do not change the fundamental problems with the bill and they will not deter the groundswell of public protest that is building. In some respects they make the bill worse.
    “The purpose clause of the bill has been amended to give even greater direction to expert panels to focus on approving development projects.
    “The key part of the Fast Track Bill remains in place after the changes announced by the select committee report. Projects will still be assessed primarily on economic criteria that completely override environmental criteria and put profit before people and nature. Environmental protections and the balance in the Resource Management Act are trumped by profit under the fast track bill.
    “There are no safeguards. Projects referred to the fast track process are almost guaranteed to be rubber-stamped by the expert panels under this legislation.
    “It is also deeply disturbing that the Minister of Infrastructure, who gets to decide if a corporation gets access to the fast track rubber stamping process, is Chris Bishop, who was also the chair of National’s campaign committee at the last election.
    “We already know that $500,000 in campaign donations flowed from shareholders and companies associated with projects that have been listed for fast tracking. This creates clear risks of conflict of interest in the very heart of the fast track process.”

    MIL OSI New Zealand News –

  • MIL-OSI Economics: Zoom undergoes GenAI-driven renaissance, says GlobalData

    Source: GlobalData

    Zoom undergoes GenAI-driven renaissance, says GlobalData

    Posted in Technology

    Zoom Video Communications Inc (Zoom) has recently unveiled a wide array of new and upcoming platform enhancements powered by generative AI (GenAI) at its annual showcase event “Zoomtopia 2024.” The announcements were compelling for their sheer volume, breadth, and substance and continue the renaissance of Zoom’s platform that began one year ago at Zoomtopia 2023, says GlobalData, a leading data and analytics company.

    Gregg Willsky, Principal Analyst, Enterprise Technology & Services at GlobalData, comments: “At Zoomtopia 2023, Zoom unveiled an extensive and eclectic list of features that marked the latest milestone in the rapid build-out of its GenAI arsenal and collectively moved the ball dramatically forward for the company. What began as an evolution during the dark, nascent days of the COVID-19 pandemic took a sharp trajectory upward and morphed into a full-blown renaissance.”

    Dial the clock ahead one year and that renaissance remains in full swing. Zoom entered Zoomtopia 2024 with some especially impressive jewels recently secured in its crown. These include GenAI assistant Zoom AI Companion; Zoom Workplace, a suite of platform tools with Zoom AI Companion at its core; and Zoom Docs, a modular, digital workspace for creating and editing content that natively integrates with Zoom Workplace.

    Willsky continues: “Zoomtopia 2024 builds upon that momentum. Multiple capabilities go beyond ‘plan vanilla’ and demonstrate real ingenuity made possible by GenAI. For example, Zoom AI Companion 2.0 (coming October 2024) can gather, synthesize, and share information from multiple sources across Zoom such as meetings, chats, and docs; Zoom Tasks synthesizes material such as meeting summaries, emails, documents, and whiteboards and then takes action by detecting tasks, making recommendations, and helping users get started; Zoom Virtual Agent now helps contact center agents handle more complex customer queries in greater numbers within a single customer interaction.”

    Collectively, the announcements made at Zoomtopia 2024 place Zoom on even more solid footing with rivals while simultaneously positioning it well for the near future.

    Willsky concludes: “Zoomtopia 2024 was shorter in duration and hosted a smaller onsite audience compared to Zoomtopia 2023. However, the volume, breadth, and quality of features unveiled was as impressive if not more so. Zoom continues its renaissance in earnest.”

    MIL OSI Economics –

  • MIL-OSI Economics: APAC deal volume drops 6.8% during Q1-Q3 2024, as India, Japan, and Australia defy global trend, reveals GlobalData

    Source: GlobalData

    APAC deal volume drops 6.8% during Q1-Q3 2024, as India, Japan, and Australia defy global trend, reveals GlobalData

    Posted in Business Fundamentals

    Deal activity in the Asia-Pacific (APAC) region saw a 6.8% year-on-year (YoY) decline during January to September (Q1-Q3) 2024, with mergers & acquisitions, private equity, and venture financing facing headwinds from economic uncertainties and geopolitical tensions. However, APAC demonstrated resilience compared to global markets, with countries like India, Japan, and Australia bucking the trend and showing growth in deal volume, according to GlobalData, a leading data and analytics company.

    An analysis of GlobalData’s Deals Database reveals that a total of 10,551 deals were announced in APAC during Q1-Q3 2024 compared to the 11,317 deals announced during the same period in previous year,

    The number of M&A, private equity, and venture financing deals registered a YoY decline of 3.1%, 20.7%, and 10.2%, respectively, during the review period.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “In line with the global trend, APAC also witnessed decline in deal activity amid the economic uncertainties, ongoing wars and geopolitical tensions. However, it is noteworthy that APAC showcased relative resilience compared to other regions and even though there was a decline, it was the least among all the regions.”

    For instance, North America, Europe, Middle East and Africa, and South and Central American regions experienced respective deal volume fall by 16%, 13.6%, 7.6%, and 22.3% YoY during Q1-Q3 2024.

    Bose adds: “While deal activity across the APAC region presented a varied picture, the bulk of the decline was concentrated in China. In contrast, key markets like India, Japan, and Australia showed positive momentum, highlighting their resilience amid broader economic challenges.”

    China experienced a 22.8% YoY decrease in the number of deals announced during Q1-Q3 2024 compared to Q1-Q3 2023. Other markets such as South Korea, Singapore, Malaysia, Hong Kong, Indonesia, and New Zealand experienced decline in deal volume by 1.2%, 19.1%, 14.4%, 16%, 34.2%, and 4.7%, respectively. Meanwhile, India, Japan and Australia saw their respective deal volume grow by 9.6%, 16.2% and 2.2%.

    Bose concludes: “The growth seen in India, Japan, and Australia reflects a strategic shift in investor focus on markets with strong fundamentals and growth prospects. These markets continue to offer compelling opportunities, and their ability to buck the global trend reinforces the importance of a diversified approach in venture capital and private equity investments within the region.”

    MIL OSI Economics –

  • MIL-OSI Economics: Consumer preference for clean label products spurs innovation in APAC, says GlobalData

    Source: GlobalData

    Consumer preference for clean label products spurs innovation in APAC, says GlobalData

    Posted in Consumer

    The rising demand for clean label products is spurring advancements and innovations in the Asia-Pacific (APAC) region, as companies recognize the need to adapt to changing consumer preferences. This demand is not just limited to food and beverages; it extends to personal care and household products as well. A survey corroborates this trend, where 49% of respondents in Asia & Australasia stated that their product purchasing decisions for household cleaning products are either always or often influenced by how ethical/environmentally friendly/socially responsible the product/service is*, says GlobalData, a leading data and analytics company.

    Mani Bhushan Shukla, Consumer Analyst at GlobalData, comments: “Clean label products often use simple, natural ingredients, are free from additives and artificial chemicals, and also commonly feature sustainable and ethical credentials. The expected characteristics of clean label products can vary between industries. Healthy attributes such as “low-sugar” and “low-fat” are prioritized more in food and beverages, while “natural” and “free-from” attributes are prioritized more in personal care. Clean label household care products tend to include natural ingredients instead of synthetic ingredients or “harsh” chemicals, as well as exhibiting sustainability credentials like recyclable packaging.”

    Deepak Nautiyal, Consumer and Retail Commercial Director, Asia-Pacific and Middle East, GlobalData, adds: “Manufacturers are exploring innovative sourcing methods, sustainable packaging solutions, and alternative ingredients that align with the clean label ethos. As brands strive to meet consumer expectations, they are also exploring new marketing strategies that highlight their commitment to transparency and sustainability, ultimately leading to a broader range of clean label options for consumers.

    “Aligning with this trend, Unilever introduced the Sunlight BioCare Nature dishwashing liquid in Vietnam, Indonesia, and Thailand, featuring RhamnoClean Technology for superior grease removal. This product is integrated into the company’s Clean Future sustainability initiative, which employs circular economy principles in both its formulation and packaging to minimize CO2 emissions and plastic waste.”

    Shukla notes: “Heightened health and wellbeing concerns are seeing consumers seek ways to safeguard health and wellness and boost immunity, while increased awareness of sustainability issues amid a rising frequency of extreme weather events has resulted in proactive efforts to reduce carbon footprints. Many consumers are switching to clean label products that feature simple and natural ingredient lists to address such concerns, as well as eco-friendly or ethically sound products. For instance, Garnier, part of the L’Oréal’s family, renewed its commitment to providing sustainable products for consumers in Asia. By utilizing green science, the brand seeks to reduce the environmental footprint of its products, aligning with the increasing consumer interest in eco-friendly beauty solutions.”

    Nautiyal continues: “The integration of sustainable packaging and a clean label will significantly influence consumer purchasing decisions and foster brand loyalty, as evidenced in a GlobalData consumer survey, wherein 78% of APAC consumers consider it essential/nice to have recyclable packaging*. This dual approach not only attracts eco-conscious consumers but also fosters a deeper emotional connection with the brand, leading to increased customer retention and loyalty.”

    Shukla concludes: “As environmental concerns rise in Asia, companies emphasizing eco-friendly ingredients and sustainable supply chains will find new growth opportunities. The demand for safe, environmentally beneficial products will drive innovation in the clean label market. By investing in innovative sourcing and transparent supply chains, these companies can enhance their clean label offerings, attract eco-conscious consumers, and build brand loyalty for long-term success.”

    *GlobalData Q2 2024 Consumer Survey­ – Asia & Australasia, published in July 2024, with 6,506 respondents

    MIL OSI Economics –

  • MIL-OSI Economics: 2024/25 LaLiga generates estimated $117.47 million in sponsorship revenue, reveals GlobalData

    Source: GlobalData

    2024/25 LaLiga generates estimated $117.47 million in sponsorship revenue, reveals GlobalData

    Posted in Sport

    Spanish football league LaLiga’s largest sponsorship deal in terms of annual value for the 2024/25 season is its title sponsorship with EA Sports. The deal came into effect from the 2023/24 season and covers the top-flight LaLiga and second-tier Segunda Division, LaLiga Promises, and eLaLiga. Additionally, the league’s longest active partner is Microsoft, which has been in partnership with the league since 2016. Overall, the football league generated an estimated $117.47 million in sponsorship revenue for the 2024/25 season, reveals GlobalData, a leading data and analytics company.

    GlobalData’ s latest report, “The Business of LaLiga 2024/25”, reveals that the estimated domestic media revenue for the 2024/25 LaLiga is $1.12 billion. FC Barcelona’s kit supplier deal with Nike has the largest annual value across the 2024/25 LaLiga competing teams. New partners for the 2024-25 season were Uber Eats, Exness, Luckia, SportBet, and ACTIVA Group.

    Olivia Snooks, Sport Analyst at GlobalData, comments: “Over half of the annual deal revenue for LaLiga is being generated from American-based brands. So, developing partnerships with US-based brands is a logical step for the league to take.”

    Real Madrid, being the most successful Spanish soccer club, boasts the second largest kit supplier deal with adidas. Barcelona and Real Madrid hold a far superior commercial value compared to the other competing teams. Both club kit suppliers, Nike and adidas, are comfortably the biggest spenders in the kit supplier market across the LaLiga 2024/25 season.

    Snooks continues: “There is a notable drop off in terms of spend between Nike and adidas, and the other kit supplier brands across the market. As mentioned, given the commercial value of Barcelona and Real Madrid, the likes of Castore and Hummel just cannot match the ability to commit to such a high value partnership, unlike Nike and adidas.”

    Worth an estimated $381.54 million annually, Barcelona has the highest estimated annual sponsorship revenue for the season, closely followed by Real Madrid in second. Barcelona’s largest deal in terms of annual value ahead of the 2024/25 season is with Spotify. Real Madrid’s largest deal is with HP, which is the team’s first ever sleeve sponsor; the deal is worth an estimated $35 million annually.

    Snooks concludes: “It is no surprise that the two teams that have the highest commercial value across kit suppliers, front-of-shirt sponsors, and sleeve sponsors, also have the largest sponsorship revenue across the 20 competing LaLiga teams. It is worth noting that both Real Madrid and Barcelona did not even rank in the top three teams in terms of deal volume; however, both teams have such huge commercial value that the deal volume is not so important.”

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: Government gazettes amendment regulations to implement electronic vehicle licence initiative and tackle prolonged non-licensed vehicles

    Source: Hong Kong Government special administrative region

    Government gazettes amendment regulations to implement electronic vehicle licence initiative and tackle prolonged non-licensed vehicles
    Government gazettes amendment regulations to implement electronic vehicle licence initiative and tackle prolonged non-licensed vehicles
    ******************************************************************************************

         The Road Traffic (Registration and Licensing of Vehicles) (Amendment) Regulation 2024 (RLV Amendment Regulation), Road Traffic (Registration and Licensing of Vehicles) (Amendment) (No. 2) Regulation 2024 (RLV (No. 2) Amendment Regulation) and Motor Vehicles Insurance (Third Party Risks) (Amendment) Regulation 2024 (TPR Amendment Regulation) were gazetted today (October 18).     The Amendment Regulations seek to implement an electronic vehicle licence (eVL) of the Transport Department (TD) by obviating the need of vehicle owners to replace their paper-form vehicle licences on each renewal, to simplify the supporting documents required for vehicle licence (VL) applications; as well as to tighten the vehicle registration and licensing regime by introducing a penalty for taking no action on vehicles unlicensed for two years or more.     A spokesman for the Transport and Logistics Bureau said, “The eVL initiative will streamline the process for vehicle licence applications and bring greater convenience to vehicle owners. The TD will issue a notice to the vehicle owners containing the new licensed period in lieu of a paper-form VL, so that the vehicle owners will not need to replace the paper-form VL with a new one on each renewal after its first issuance bearing no expiry date. The amendments to the law will also simplify the documents accompanying a VL application by repealing the requirement of presenting the Vehicle Registration Document; whereas online VL applicants will have the option not to present the scanned copy of policy of insurance or security, but providing information (such as name of the vehicle owner, identity document number of the vehicle owner, vehicle registration mark, etc) to be specified by the Commissioner for Transport.       “Moreover, to address at source the issue of improper abandonment of unlicensed vehicles in a public area, amendments will be made to hold vehicle owners responsible for their vehicles on a continuous basis. The registered owners of vehicles unlicensed for two years or more must, within three months of the date of a notice to be issued by the TD, either have the vehicle relicensed, or cancel the registration of the unlicensed vehicle in accordance with the requirement, failing which will constitute an offence,” the spokesman added.     The Legislative Council (LegCo) Panel on Transport and the Transport Advisory Committee were briefed on the above, and members generally supported and welcomed the proposed arrangements. The Amendment Regulations will be tabled at the LegCo on October 23 for negative vetting. Subject to scrutiny by the LegCo, the RLV Amendment Regulation and TPR Amendment Regulation will be effective from December 30 this year. To allow sufficient time for vehicle owners to take appropriate actions on their unlicensed vehicles, the RLV (No. 2) Amendment Regulation will come into operation on a date to be fixed by notice in the Gazette, tentatively in the fourth quarter of 2025.

     
    Ends/Friday, October 18, 2024Issued at HKT 12:30

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    MIL OSI Asia Pacific News –

  • MIL-OSI Australia: Commercial deals service resources

    Source: Australian Department of Revenue

    Commercial deals case studies

    These case studies show how engaging with us early and working transparently can mutually resolve tax issues prior to lodgment and help avoid tax disputes post-lodgment.

    Capital gains tax case study

    Three siblings each had a 33% shareholding in a family company, and 2 of them wanted to sell their shares to their brother. The family trusts controlled by the 2 siblings each disposed of their 33% ownership in the family company to their brother’s trust. This left their brother with 100% ownership of the company.

    We enquired if the siblings had considered whether the market value substitution rule for capital proceeds applied. That part of the tax law has the effect of replacing the actual capital proceeds with their market value when the parties to the transaction didn’t deal with each other at arm’s length.

    With advice from internal valuation advisers on whether the siblings had transacted for an arm’s length value, we concluded that the capital proceeds were below their market value. We asked the siblings for information and evidence to demonstrate that real bargaining had taken place in relation to the sale.

    The 2 siblings provided a valuation of the shares that aligned with our view. They informed the case officer that their brother, who was purchasing their shares, set the price and they accepted to avoid family conflict. For this reason, the 2 siblings couldn’t provide any evidence of bargaining in relation to the terms and conditions of the sale.

    With these facts, we took the position that the market value substitution rule applied. A pre-lodgment agreement was reached that the market value amount would be substituted for the capital proceeds.

    Company restructure case study

    A company was founded by four individuals who were looking to sell some of their business. To do this, they started trading under a new company. The shares were owned 25% each personally by the four individuals. Days later, one quarter of these shares were sold to a third party.

    As part of the sale, new classes of shares were issued for $1 each (one A class share issued to the third party and one B class share issued to a family trust, controlled by the founders), with priority to dividends and other specific rights attached.

    In the 2022 income year, the rights and terms attached to both the A and B class shares were altered, via a share split and variation of rights, by the ordinary shareholders in anticipation of a scheduled Special Purpose Acquisition Company (SPAC) process. Prior to this, one founder had a valuation prepared for the B class share, which determined the market value of the B class shares based on the priority dividend rights.

    We examined this valuation, given our concerns over the valuation presented to us. The A and B class shares, which were split and rights varied, now had an inflated value, equal to the ordinary shares.

    Several months after the share split and variation of rights, the SPAC process was successfully completed in the 2023 income year. The change in rights and share split shifted the inflated value from the initial ordinary shareholders (the individuals) to their family trust via a direct value shift.

    After reviewing the general value shifting regime, with technical adviser guidance, agreement was reached that the direct value shifting rules applied to effectively deem capital gains for the four individuals in the 2022 income year. This treated it as if they had sold the shares to the trust at that point in time. This determination increased the capital gain from the client’s original position but provided tax certainty on the transaction moving forward.

    Foreign resident capital gains case study

    A foreign resident held shares in a listed company. The company entered a binding Scheme Implementation Deed where 100% of the ordinary shares would be acquired for non-cash consideration. A timely outcome was necessary due to an upcoming shareholder vote.

    The foreign resident proposed to provide us with acceptable security equal to the agreed capital gains tax (CGT) liability, and, in return, they would receive a variation in the rate of foreign resident capital gains withholding (FRCGW) to 0%.

    A preliminary assessment by the foreign resident predicted a $30 million tax liability dependent on the market value of the non-cash consideration (shares) at the time of the transaction.

    Following open and transparent discussions and collaboration between us and the foreign resident’s representatives, an agreement was reached and an escrow deed was executed. Approximately $30 million in future tax payable was secured and the FRCGW rate was also varied to 0%.

    Commercial deals videos

    Our video resources explain the commercial deals process and the advantages of engaging with us early to get certainty of the tax implications and impacts of your transaction.

    Increased certainty prior to lodgment

    With certainty prior to lodgment, you can avoid potential post-lodgment tax disputes.

    How to navigate your commercial deals engagement

    Navigate your commercial deals engagement by preparation, commitment and transparency.

    Practical certainty on your approach

    Commercial deals assistance can give you practical certainty that the approach you are taking is acceptable.

    Advice and assurance options for early engagement

    Exploring the advice and assurance options available for early engagement.

    Advantages of knowing the likely outcome

    Engaging with us early gives you the advantage of knowing the outcomes you are likely to receive.

    MIL OSI News –

  • MIL-OSI: Coop Pank unaudited financial results for Q3 2024

    Source: GlobeNewswire (MIL-OSI)

    By the end of the Q3 2024, Coop Pank had 202,000 customers, increased by 6,000 customers in the quarter (+3%) and by 27,000 in the year (+15%). The bank had 90,100 active customers, increased by 600 (+1%) in the quarter and by 12,700 (+16%) in the year.

    In Q3 2024, volume of deposits in Coop Pank increased by 99 million euros (+6%), reaching total of 1.84 billion euros. Deposits from private clients increased by 9 million euros: demand deposits increased by 3 million euros and term deposits increased by 6 million euros. Deposits from domestic business customers increased by 11 million euros: demand deposits increased by 17 million euros and term deposits decreased by 6 million euros. Deposits from the international deposit platform Raisin and other financing increased by 79 million euros. Compared to Q3 2023, volume of Coop Pank’s deposits has increased by 132 million euros (+8%). In an annual comparison, share of demand deposits of total deposits has increased from 31% to 32%. In Q3 2024, the bank’s financing cost was 3.3%, at the same time last year the financing cost was 2.9%.

    In Q3 2024, net loan portfolio of Coop Pank increased by 40 million euros (+2%), reaching 1.66 billion euros. The volumes of home loan portfolio increased by 31 million euros (+5%), the volumes of business loan portfolio increased by 4 million euros (+1%), the leasing portfolio increased by 3 million euros (+2%) and consumer finance portfolio increased by 1 million euros (+1%). Compared to Q3 2023, total loan portfolio of Coop Pank has increased by 167 million euros (+11%).

    In Q3 2024, overdue loan portfolio of Coop Pank increased from the level of 2.2% to the level of 2.4%. A year ago, overdue loan portfolio was at the level of 2.1%.

    Impairment costs of financial assets in Q3 2024 were 1.0 million euros, which is 0.2 million euros (-17%) less than in the previous quarter and 0,3 million euros (-21%) less than in Q3 2023.

    Net income of Coop Pank in Q3 2024 was 21.2 million euros, increasing by 4% in a quarterly comparison and decreasing by 7% in an annual comparison. Operating expenses reached 10.3 million euros in Q3, operating expenses increased by 2% in the quarterly comparison and 14% in the annual comparison.

    In Q3 2024, net profit of Coop Pank was 8.6 million euros, which is 8% more than in the previous quarter and 22% less than a year ago. In Q3 2024, cost to income ratio of the bank was 48% and return on equity was 17.3%.

    As of 30 September 2024, Coop Pank has 36,400 shareholders.

    Margus Rink, Chairman of the Management Board of Coop Pank, comments the results:

    “At the beginning of September, the 200,000th customer joined Coop Pank. We continue to rapidly grow our customer base: an average, the number of our customers increases by nearly 2,000 and the number of customers actively using our services by nearly 1,000 every month.

    In the third quarter, the growth of Coop Pank’s loan portfolio was driven by private customer home loans. The growth of the business customers loan portfolio was modest. Over the year, the loan portfolio of private and business customers of Estonian banks has grown by nearly 6% (€1.6 billion), while the loan portfolio of Coop Pank has grown by nearly 11% (€167 million). Thus, Coop Pank’s loan volumes grow twice as fast as the market.

    The quality of the loan portfolio continues to be very good, and the long stagnation in the economy has not affected the payment behaviour of customers.

    The interest rate environment is in a downward trend. Since the fall of last year, the 6-month Euribor has fallen by almost 1 percentage point (from 4.1% to 3.1%). Interest on deposits has also responded: the interest paid on annual deposits has decreased by 1 percentage point (from 4.3% to 3.3%). As a result of the mentioned trends, our net interest margin fell from 4.4% to 3.9% during the year. In a falling interest rate environment, the bank’s revenues can only grow at the expense of the growth of business volumes, and that is how it has been at Coop Pank.

    In summary, with the bank’s performance indicators, after the extraordinary year of 2023 with high interest levels, we are back in reality, i.e. at the level of 2022. According to Coop Pank’s long-term goals, our cost-income ratio is below 50% and our return on equity is above 15%.”

    Income statement, in th. of euros Q3 2024 Q2 2024 Q3 2023 9M 2024 9M 2023
    Net interest income 20 021 19 319 21 257 58 420 60 672
    Net fee and commission income 1 040 1 000 1 147 3 054 3 359
    Net other income 167 146 334 438 758
    Total net income 21 228 20 464 22 738 61 912 64 789
    Payroll expenses -6 138 -5 858 -5 297 -17 405 -14 739
    Marketing expenses -593 -775 -630 -1 902 -1 676
    Rental and office expenses, depr. of tangible assets -729 -775 -673 -2 299 -2 098
    IT expenses and depr. of intangible assets -1 579 -1 474 -1 203 -4 457 -3 440
    Other operating expenses -1 221 -1 208 -1 218 -3 716 -3 230
    Total operating expenses -10 261 -10 091 -9 022 -29 777 -25 182
    Net profit before impairment losses 10 967 10 374 13 716 32 135 39 607
    Impairment costs on financial assets -1 022 -1 224 -1 296 -2 822 -5 155
    Net profit before income tax 9 945 9 150 12 420 29 313 34 452
    Income tax expenses -1 296 -1 152 -1 344 -3 528 -3 634
    Net profit for the period 8 649 7 998 11 076 25 785 30 818
               
    Earnings per share, eur 0,08 0,08 0,11 0,25 0,30
    Diluted earnings per share, eur 0,08 0,08 0,11 0,25 0,30
    Statement of financial position, in th. of euros 30.09.2024 30.06.2024 31.12.2023 30.09.2023
    Cash and cash equivalents 404 472 335 710 428 354 404 911
    Debt securities 37 445 36 980 36 421 31 765
    Loans to customers 1 661 152 1 621 000 1 490 873 1 493 985
    Other assets 31 956 32 608 30 564 30 527
    Total assets 2 135 025 2 026 298 1 986 212 1 961 188
    Customer deposits and loans received 1 838 626 1 739 709 1 721 765 1 707 214
    Other liabilities 28 026 28 121 28 435 27 451
    Subordinated debt 63 410 63 148 50 187 50 148
    Total liabilities 1 930 062 1 830 978 1 800 387 1 784 813
    Equity 204 963 195 320 185 825 176 375
    Total liabilities and equity 2 135 025 2 026 298 1 986 212 1 961 188

    The reports of Coop Pank are available at: https://www.cooppank.ee/en/reporting

    Coop Pank will organise a webinar on 18 October 2024 at 9:00 AM, to present the financial results of Q3 2024. For participation, please register in advance at: https://bit.ly/18102024-registreerumine-veebiseminarile

    The webinar will be recorded and published on the company’s website http://www.cooppank.ee and on the YouTube channel.

    Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia. The bank has 202,000 daily banking clients. Coop Pank aims to put the synergy generated by the interaction of retail business and banking to good use and to bring everyday banking services closer to people’s homes. The strategic shareholder of the bank is the domestic retail chain Coop Eesti, comprising of 320 stores.

    Additional information:
    Paavo Truu
    CFO
    Phone: +372 516 0231
    E-mail: paavo.truu@cooppank.ee

    Attachments

    The MIL Network –

  • MIL-OSI Australia: Victorian woman sentenced over GST fraud

    Source: Australian Department of Revenue

    A Victorian woman has been sentenced to 4 years imprisonment, with a non-parole period of 2 years and 4 months, after she claimed nearly $600,000 in GST refunds from 27 fraudulent business activity statements lodged, contrary to section 134.2(1) of the Criminal Code (Cth).

    Tahra Wyntjes was sentenced for obtaining $599,349 in fraudulent GST refunds she was not entitled to and for attempting to obtain a further $259,976, which was stopped by ATO officers. A reparation order to the value of the amount obtained was granted. This debt to the Commonwealth will be actively pursued in addition to the jail time Ms Wyntjes will serve.

    Ms Wyntjes registered for both an Australian Business Number and for GST in November 2021 for a residential cleaning business. Between November 2021 and March 2022, she lodged the fraudulent business activity statements (BAS), which ATO officers quickly noticed and began investigating.

    After failing to respond to ATO officers following a review on her BAS lodgments and reviewing available evidence, it was concluded that Ms Wyntjes was not carrying on a genuine business and had submitted multiple false claims for GST.

    Acting Deputy Commissioner Jade Hawkins welcomed the court’s decision which serves as a warning to those who deliberately try to defraud the government for their own personal gain.

    ‘Not only did this individual lodge fraudulent activity statements, but she also invented a fake business in order to claim GST refunds she was not entitled to.’

    ‘Our message remains clear. If you don’t run a business, you don’t need an ABN and you can’t claim GST refunds. This is fraud,’ Ms Hawkins said.

    For those who may be tempted to take part in these criminal activities, the ATO has sophisticated risk models and technologies to detect and prevent fraud.

    This is the latest result of extensive efforts under the Australian Taxation Office (ATO)–led investigation, Operation Protego, which was initiated in response to calculated GST fraud.

    ‘GST fraud is not a victimless crime – those who steal funds from the community that would otherwise be used for essential services will face severe consequences including jail sentences for serious offenders,’ Ms Hawkins said.

    This matter was prosecuted by the Office of the Director of Public Prosecutions (Cth) (CDPP) following a referral from the ATO.

    As part of Operation Protego, the ATO has taken action against more than 57,000 alleged offenders, and those involved in this fraud have already been handed in the order of $300 million in penalties and interest.

    As of 30 September 2024:

    • 104 people have been arrested.
    • 59 people have been convicted with a range of sentencing outcomes, including jail terms of up to 7 years and 6 months and with orders made to restrain real property.
    • The ATO has finalised 60 investigations and referred 51 briefs of evidence to Commonwealth Director of Public Prosecutions.

    The ATO also supports Operation Protego investigations which are led by local law enforcement agencies rather than the SFCT.

    You can confidentially report suspected tax crime or fraud to us by making a tip-off online or calling 1800 060 062.

    For more information about Operation Protego ato.gov.au/GSTrefundfraud.

    MIL OSI News –

  • MIL-OSI: Nokia announces changes to its Group Leadership Team

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    18 October 2024 at 08:00 EEST

    Nokia announces changes to its Group Leadership Team

    • Nokia has decided to divide its Corporate Affairs function into two separate functions: Geopolitics and Government Relations; and Communications.
    • Finland’s former Ambassador to the U.S. Mikko Hautala will join Nokia as Chief Geopolitical and Government Relations Officer, and he will become a member of the Group Leadership Team.
    • Louise Fisk has been promoted to Chief Communications Officer and will become a member of the Group Leadership Team.
    • Melissa Schoeb, Chief Corporate Affairs Officer, has decided to leave the company and will step down from the Group Leadership Team.
    • Jenni Lukander, President of Nokia Technologies business group, has decided to leave the company and will step down from the Group Leadership Team.

    Espoo, Finland – Nokia today announced changes to its Group Leadership Team. Its Corporate Affairs function, which is responsible for protecting and enhancing Nokia’s reputation, will be divided into two parts: Geopolitics and Government Relations; and Communications. Former Finland ambassador to the U.S. Mikko Hautala has been appointed Chief Geopolitical and Government Relations Officer and member of the Group Leadership Team, effective November 1, 2024. Louise Fisk has been promoted to Chief Communications Officer, and member of the Group Leadership Team, effective immediately. Chief Corporate Affairs Officer, Melissa Schoeb, has decided to leave the company, effective December 31, 2024, and step down from the Group Leadership Team immediately.

    In addition, President of Nokia Technologies, Jenni Lukander, has decided to leave the company, effective December 31, 2024, and will step down from the Group Leadership Team immediately. Patrik Hammaren, who is currently Chief Licensing Officer, Wireless Technologies, will assume an interim role leading Nokia Technologies and will be a member of the Group Leadership Team as the search commences for Lukander’s successor.

    “Jenni has been a valued member of the Group Leadership Team and played a crucial role in securing the long-term stability of our Technologies business, building a solid foundation for the future. The business group will now move into the next phase of its growth journey. I’m grateful for Jenni’s contribution to Nokia over the past 17 years and for her support during the upcoming transition. I wish her all the best for the next chapter of her career,” said Pekka Lundmark, President and CEO of Nokia.

    As the impact geopolitics has on Nokia’s business continues to grow, the company has taken the decision to establish the new role of Chief Geopolitical and Government Relations Officer. Mikko Hautala has been appointed to this role and will be based in Espoo, Finland, reporting to Pekka Lundmark.

    Hautala is a highly respected diplomat with over two decades of government experience in prominent roles across the world. He served as Finland’s ambassador to the United States between 2020 and 2024. Prior to that, he was the Ambassador of Finland to Russia between 2016 and 2020, and has held a range of government roles, including foreign policy advisor to Finland’s former President Sauli Niinistö.

    “Mikko’s vast experience, excellent networks and deep understanding of international diplomacy will be hugely valuable to Nokia as geopolitical factors and government policies increasingly shape our operating environment. I’m excited to welcome Mikko to the Nokia team and believe his unique strategic perspective will help strengthen our positioning in our key markets,” said Lundmark.

    “I am extremely delighted to join Nokia’s leadership team at the moment when geopolitical and strategic considerations matter more than ever. Navigating the right path under these conditions is demanding, but offers great potential for sustainable business growth,” said Hautala.

    As Nokia continues to strengthen its position and expand into new markets, the company has promoted Louise Fisk to Chief Communications Officer. She will continue to be based in London, U.K. and report to Pekka Lundmark. Fisk’s previous role at Nokia was VP, Corporate Affairs Programs & Corporate Communications. Before joining Nokia, she worked in a number of senior leadership roles, including BAE Systems Applied Intelligence and Logica.

    “I’m pleased to welcome Louise to our leadership team where she will further strengthen our strategic communications and brand positioning. Louise has already proven her ability to protect and enhance Nokia’s reputation and I look forward to her further developing our strategic positioning. I would also like to thank Melissa for her contribution, not least for delivering our brand refresh in 2023 to reposition Nokia as who we are today: a B2B technology innovation leader. I wish her all the best in her future endeavors,” said Lundmark.

    In the new setup, Nokia’s Sustainability team, previously part of the Corporate Affairs function, will report to Chief Legal Officer, Esa Niinimäki, with immediate effect.

    About Mikko Hautala:

    Born: 1972

    Nationality: Finnish

    Education:

    • Master of Social Sciences (Political history), University of Helsinki
    • Master of Philosophy (Slavic languages), University of Helsinki

    Experience:

    • 2020–2024        Ambassador, Head of Mission, Embassy of Finland, Washington DC 2016–2020        Ambassador, Head of Mission, Embassy of Finland, Moscow
    • 2012–2016        Foreign Policy Adviser to the President, Office of the President of the Republic of Finland, Helsinki
    • 2011–2012        Minister, Deputy Head of Mission, Embassy of Finland, Moscow
    • 2007–2011        Diplomatic Adviser to the Minister of Foreign Affairs, Ministry for Foreign Affairs, Helsinki
    • 2002–2007        First Secretary, Permanent Representation of Finland to the EU, Brussels
    • 2001–2002        Attaché, Ministry for Foreign Affairs, Helsinki 1999–2001        Attaché, Embassy of Finland, Kyiv
    • 1998–1999        Visa Officer, Embassy of Finland, Kyiv
    • 1998        Market Analyst, Kazakhstan, Oy Sinebrychoff Ab, Helsinki
    • 1997        Trainee, Embassy of Finland, Kyiv

    Additional positions:

    • Board Member Support for Finnish Society (SYT) foundation.
    • Chairman John Morton Center for North American Studies Board. University of Turku.

    About Louise Fisk:

    Born: 1976

    Nationality: British

    Education:

    • Advanced executive leadership development, DUKE University.
    • Advanced global leadership, INSEAD business school
    • Post graduate diploma in PR & Journalism, University of Wales, College of Cardiff
    • BA Hons in Communication, University of Wales, College of Cardiff

    Experience:

    • 2020-2024 Vice President, Corporate Affairs Programs & Corporate Communications, Nokia.
    • 2015-2019 Global leadership team, Communications and Marketing Director, BAE Systems Applied Intelligence.
    • 2012-2015 Head of Global Communications, Investor Relations and Marketing, Innovation Group.
    • 2006-2012 Global PR Director & Deputy Communications Director, Logica.
    • 1999-2006 Partner & Associate Director, LEWIS Communications.

    Additional positions:

    • Trustee of the Williams Syndrome Foundation

    About Nokia

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

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

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

    Inquiries:

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

    Nokia
    Investor Relations
    Phone: +358 40 803 4080
    Email: investor.relations@nokia.com

    The MIL Network –

  • MIL-OSI: Subsidiary of EfTEN Real Estate Fund AS acquired the ELP Logistics OÜ logistics center

    Source: GlobeNewswire (MIL-OSI)

    On 17.10.2024, EfTEN Härgmäe OÜ finalized the transaction by which the company acquired the properties located at Härgmäe Str. 8 and Piimamehe Str. 7 in Tallinn from the Conus Assets OÜ.
    Previously (20.09.2024), the fund has notified the stock exchange of the conclusion of a contract of sale under the law of obligations. All the agreed preconditions for the transfer of ownership and the conclusion of a real right contract have been met.
    The properties will be used by the logistics company ELP Logistics OÜ under a long-term lease (10+5 years).

    Viljar Arakas
    Member of the Management Board
    Tel. 655 9515
    Email: viljar.arakas@eften.ee

    The MIL Network –

  • MIL-OSI Economics: Results of Underwriting Auctions Conducted on October 18, 2024

    Source: Reserve Bank of India

    In the underwriting auctions conducted on October 18, 2024, for Additional Competitive Underwriting (ACU) of the undernoted Government securities, the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers as given below:

    (₹ crore)
    Nomenclature of the Security Notified Amount Minimum Underwriting Commitment (MUC) Amount Additional Competitive Underwriting Amount Accepted Total Amount underwritten ACU Commission Cut-off rate
    (paise per ₹100)
    7.02% GS 2031 10,000 5,019 4,981 10,000 0.06
    7.23% GS 2039 13,000 6,510 6,490 13,000 0.08
    7.09% GS 2054 10,000 5,019 4,981 10,000 0.11
    Auction for the sale of securities will be held on October 18, 2024.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/1329

    MIL OSI Economics –