Category: Economy

  • MIL-OSI Economics: Trump’s policies to hinder economic growth prospects of Mexico, foresees GlobalData

    Source: GlobalData

    Mexico is grappling with rising risks stemming from strained relations with the US during President Donald Trump’s second term. Trump’s “America First” policies, including a proposed 25% tariff on Mexican goods, pose a significant threat to Mexico’s export sector and could disrupt North American supply chains. Weak domestic demand is also expected to further hinder Mexico’s economic growth. Against this backdrop, Mexico’s GDP growth is forecast to slow to 1.1% in 2025, down from 1.5% in 2024 and 3.2% in 2023, according to GlobalData, a leading data and analytics company.

    GlobalData’s latest report, “Macroeconomic Outlook Report: Mexico”, reveals that domestic demand in Mexico is expected to remain subdued due to a rising unemployment rate. Real household consumption expenditure growth is projected to decline to 1.8% in 2025, down from 2.0% in 2024 and 4.3% in 2023. Meanwhile, the unemployment rate is forecast to increase to 3% in 2025, compared to 2.7% in 2024 and 2.8% in 2023.

    Mexico’s central bank, Banco de México, reduced the key policy rate six times since March 2024. The most recent cut occurred in February 2025, when the Governing Board lowered the overnight interbank interest rate by 50 basis points to 9.5%, driven by easing inflationary pressures. Inflation in January 2025 dropped to a four-year low of 3.6%.

    Gayatri Ganpule, Economic Research Analyst at GlobalData, comments: “Mexico’s economic growth in 2025 is likely to encounter significant challenges, including uncertainty under a new US presidency and evolving global geopolitical dynamics. The US policy shifts, such as tariffs and immigration reforms, are expected to adversely impact trade and remittances. Investor sentiment may be further weakened by controversial judicial reforms, while Pemex’s financial struggles under revised energy policies could add to the economic strain. Additionally, rising public debt poses a risk of losing the nation’s investment-grade rating. As such, strategic actions will be essential to ensure stability.”

    In terms of sectors, mining, manufacturing, and utility activities contributed 26.2% to Mexico’s gross value added (GVA) in 2024, followed by wholesale, retail, and hotels business activities (23.9%), and financial intermediation, real estate, and business activities (16.2%). In nominal terms, the three sectors are forecast to grow by 6.5%, 7.6%, and 7.4%, respectively, in 2025, compared to an estimated 6.8%, 8%, and 7.8% growth in 2024.

    Ganpule adds: “The external sector is expected to face challenges as proposed tariff measures could sharply increase costs, disrupt the automotive and agriculture industries, and threaten millions of jobs across North America. Additionally, potential retaliatory actions from Mexico, as warned by President Claudia Sheinbaum, could further strain trade relations.”

    According to GlobalData analysis using data from ITC Trade Map, vehicles and auto parts accounted for 27.6% of Mexico’s total exports to the US in 2023, followed by 19.5% for electrical machinery and 17.4% for nuclear reactors, boilers, and mechanical appliances. Trump’s proposed tariff could severely impact these sectors, disrupting trade and supply chains.

    Ganpule continues: “The automotive industry, Mexico’s largest exporter, faces significant risks. Major automakers like Ford, Volkswagen, Toyota, Honda, General Motors, and Stellantis operate large manufacturing plants in Mexico, and tariffs could threaten exports, production, and investment stability.”

    Beyond autos, Mexico’s state-owned oil company, Pemex, relies heavily on the US for its sales and could see revenue declines. In consumer goods, companies like Controladora Mabe (home appliances) and Becle (tequila producer) are particularly vulnerable, with a hefty share of their revenues coming from US sales. The agribusiness sector could also feel the impact, affecting firms such as Grupo Bimbo, Sigma Alimentos, Gruma, and Arca Continental, though their US operations may provide some buffer.

    Mexico’s 2025 budget prioritizes fiscal discipline, aiming to reduce the budget deficit to 3.9% of GDP from 5.9% in 2024. The government plans significant spending cuts across sectors like defense, security, and the environment while focusing on achieving a primary budget surplus to ensure fiscal sustainability alongside economic growth and social development.

    Mexico ranked 82nd out of 153 nations in the GCRI Q4 2024 update, with an overall risk score of 57.8, placing it in the medium-risk category (scores between 40 and 60). This indicates a higher risk than the North American average of 43.8 and the global average of 55.0.

    Ganpule concludes: “Mexico’s economic trajectory depends on proactive fiscal policies, investment climate improvements, and strategic international negotiations. Strengthening trade alliances with other global partners and fostering domestic innovation will be crucial in mitigating external risks and ensuring long-term growth.”

    MIL OSI Economics

  • MIL-OSI: Qifu Technology to Announce Fourth Quarter and Full Year 2024 Unaudited Financial Results on March 17, 2025

    Source: GlobeNewswire (MIL-OSI)

    SHANGHAI, China, March 04, 2025 (GLOBE NEWSWIRE) — Qifu Technology, Inc. (NASDAQ: QFIN; HKEx: 3660) (“Qifu Technology” or the “Company”), a leading Credit-Tech platform in China, today announced that it will report its unaudited financial results for the fourth quarter and full year ended December 31, 2024, before U.S. markets open on Monday, March 17, 2025.

    Qifu Technology’s management team will host an earnings conference call at 7:30 AM U.S. Eastern Time on Monday, March 17, 2025 (7:30 PM Beijing Time on the same day).

    Conference Call Preregistration

    All participants wishing to join the conference call must pre-register online using the link provided below.

    Registration Link: https://s1.c-conf.com/diamondpass/10045854-hg6t5r.html

    Upon registration, each participant will receive details for the conference call, including dial-in numbers, conference call passcode and a unique access PIN. Please dial in 10 minutes before the call is scheduled to begin.

    Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of the Company’s website at ir.qifu.tech.

    About Qifu Technology

    Qifu Technology is a leading Credit-Tech platform in China that provides a comprehensive suite of technology services to assist financial institutions and consumers and SMEs in the loan lifecycle, ranging from borrower acquisition, preliminary credit assessment, fund matching and post-facilitation services. The Company is dedicated to making credit services more accessible and personalized to consumers and SMEs through Credit-Tech services to financial institutions.

    For more information, please visit: ir.qifu.tech.

    Safe Harbor Statement

    Any forward-looking statements contained in this announcement are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward-looking statements. Qifu Technology may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in announcements made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including the Company’s business outlook, beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, which factors include but not limited to the following: the Company’s growth strategies, the Company’s cooperation with 360 Group, changes in laws, rules and regulatory environments, the recognition of the Company’s brand, market acceptance of the Company’s products and services, trends and developments in the credit-tech industry, governmental policies relating to the credit-tech industry, general economic conditions in China and around the globe, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks and uncertainties is included in Qifu Technology’s filings with the SEC and announcements on the website of the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and Qifu Technology does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    For more information, please contact:

    Qifu Technology
    E-mail: ir@360shuke.com

    The MIL Network

  • MIL-OSI: Economic uncertainty has 83% of Canadians changing their financial habits; one-third say they’re worse off

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, March 04, 2025 (GLOBE NEWSWIRE) — The current economic climate has 83 per cent of Canadians adjusting their financial strategies, according to a new survey from CPA Canada and BDO Debt Solutions.

    The survey suggests three-quarters (76%) of Canadians say the broader economic climate is affecting their financial well-being, with one-third (34%) saying they are in worse financial shape than one year ago.

    Four in ten (40%) Canadians say inflation and the rising cost of living are their top concerns.

    Global issues, including trade tensions and the threat of U.S. tariffs, are contributing to what CPA Canada’s Chief Economist David-Alexandre Brassard describes as “weaponized uncertainty,” leaving many Canadians more pessimistic about their financial future than they were a year ago.

    “Personal finance doesn’t exist in a vacuum,” says Brassard. “As consumer confidence drops and spending weakens, Canada could face slower economic growth.”

    There is a noticeable generational divide in response to the current situation. Political instability is a source of stress for older Canadians, with 14 per cent of those aged 55 and older citing it as a concern. In contrast, only four per cent of younger Canadians, aged 18-34, share this concern. Despite this context, those aged 18-34 remain more optimistic about their financial prospects.

    “The financial caution we’re seeing isn’t just about inflation—it’s about uncertainty,” says Li Zhang, financial literacy leader at CPA Canada. “Many Canadians are bracing for worst-case scenarios, adjusting their financial plans to safeguard against potential downturns.”

    To cope with risings costs, 66 per cent of Canadians plan to reduce expenses—but despite growing concerns, only 24 per cent of Canadians plan to pay down debt considering the current economic climate.

    “Cutting spending is a positive step, but without a focus on debt repayment, financial stress will continue to build,” says Nancy Snedden, Licensed Insolvency Trustee and President at BDO Debt Solutions. “Many Canadians are struggling with credit card debt and without a plan to pay it off, they risk larger financial problems down the road.”

    Survey methodology

    Leger conducted the 2025 Economic uncertainty OMNIbus online survey from February 7 to February 10, 2025, among 1,590 randomly selected Canadians aged 18 and over.

    For the complete survey results or to schedule an interview, please contact media@cpacanada.ca.

    The MIL Network

  • MIL-OSI: Asimily Launches Automated IoT Patching Solution to Streamline Device Security

    Source: GlobeNewswire (MIL-OSI)

    SUNNYVALE, Calif., March 04, 2025 (GLOBE NEWSWIRE) — Asimily, a leading innovator in IoT, OT, and IoMT risk management, today announced the launch of its comprehensive IoT Patching solution, enabling customers to automate, standardize, and streamline firmware updates across their connected device ecosystems. The new capability significantly reduces security risks by simplifying the otherwise complex process of keeping heterogeneous IoT device fleets continually updated with the latest security patches.

    Asimily’s IoT Patching directly solves a critical and persistent challenge in IoT device management: the time-consuming and resource-intensive process of updating firmware across multiple device types and manufacturers. Cyberattacks are increasingly targeting IoT devices, with some of the world’s largest IoT botnets launching attacks measured in terabits per second. Asimily’s research shows that IoT devices receive firmware updates every five months on average, creating an extended window of vulnerability.

    “The exponential growth of IoT devices—which we’re seeing across industries—has put tremendous pressure on security and IT teams to keep pace,” said Shankar Somasundaram, CEO, Asimily. “They have to sort through myriad firmware versions, understand different mechanisms to update devices, and go through as many vendor portals as they have device models—all while racing against attackers who are looking to exploit vulnerabilities. We’ve seen organizations taking weeks or months to deploy critical patches (or, in fact, never deploy patches) across their IoT fleets. Our new IoT Patching solution changes the game. What once required multiple teams, many hours, and complex coordination can now be accomplished with a couple of clicks.”

    The solution’s automated capabilities enable customers to significantly reduce vulnerability windows and avoid complex technical hurdles. Through streamlined firmware updates, organizations can protect their IoT devices more efficiently without compromising operational continuity. This is particularly crucial for healthcare, manufacturing, and other industries where IoT devices and internet-connected equipment play mission-critical roles.

    Key features of Asimily’s IoT Patching solution include:

    • Patch deployment automation: Regularly checking manufacturer repositories for new firmware releases, with immediate notification to customers whenever new updates become available.
    • Status monitoring dashboard: Detailed tracking and real-time reporting is available through the dedicated IoT Patching audit interface.
    • Deployment flexibility: Support for on-demand updates of individual devices, bulk updates, and scheduled automated patching are designed to minimize or eliminate operational disruption.
    • Broad device coverage: Compatibility across a wide range of connected devices from major manufacturers including Axis Communications, Cisco, HP Enterprise, Zebra and others, covering IP cameras, printers, network applications, and more. Additional manufacturers and devices are being added regularly.

    The IoT Patching solution standardizes the update process across different manufacturers while handling complex requirements like cluster failover states. It fully integrates with Asimily’s risk management platform, which provides end-to-end IoT device security through inventory management, vulnerability detection, and threat response capabilities. Learn more about IoT Patching here: https://asimily.com/product/iot-patching/ 

    About Asimily

    Asimily has built an industry-leading risk management platform that secures IoT devices for organizations in healthcare, manufacturing, higher education, government, life sciences, retail, and finance. With the most extensive knowledge base of IoT and security protocols, Asimily inventories and classifies every device across organizations, both connected and standalone. Because risk assessment—and threats—are not a static target, Asimily monitors organizations’ devices, detects anomalous behavior, and alerts operators to remediate any identified anomalies. With secure IoT devices and equipment, Asimily customers know their business-critical devices and data are safe. For more information on Asimily, visit https://www.asimily.com

    Contact
    Kyle Peterson
    kyle@clementpeterson.com

    The MIL Network

  • MIL-OSI Economics: Advancing AI Standards to Support Innovation and Trade Gyeongju, Republic of Korea | 04 March 2025 Issued by the APEC Sub-Committee on Standards and Conformance Regulators and trade officials from APEC member economies are working to advance cooperation on artificial intelligence (AI) standards to support interoperability, regulatory alignment and responsible development across the region.

    Source: APEC – Asia Pacific Economic Cooperation

    Regulators and trade officials from APEC member economies are working to advance cooperation on artificial intelligence (AI) standards to support interoperability, regulatory alignment and responsible development across the region.

    As AI technologies continue to transform industries and societies, discussions at the APEC Sub-Committee on Standards and Conformance meeting in Gyeongju last week focused on promoting recognition of AI-related standards to facilitate trade and ensure transparency in the digital economy.

    Dr Byung Goo Kang, Chair of the APEC Sub-Committee on Standards and Conformance, emphasized the importance of international collaboration in AI standardization, noting that technical alignment can enhance trust in AI systems while reducing regulatory complexity for businesses.

    The meeting laid the groundwork for the APEC AI Standards Forum Conference, to be held in August this year, aimed at strengthening mutual cooperation among APEC economies to share information on international standardization, regulatory frameworks and certification systems in AI.

    “AI is revolutionizing industries around the world, and with the accelerating development of the technology, standards and conformance assessments to ensure reliability and interoperability are becoming increasingly important,” said Dr Kang.

    “At the APEC AI Standards Forum Conference, we will exchange knowledge and best practices on AI standardization, discuss ways to improve interoperability, and build a network of AI-related experts to promote the safe and responsible development of AI,” Dr Kang added.

    Members are also strengthening cooperation to develop the next generation of experts in standards and conformance, recognizing the critical role of technical expertise in facilitating trade and regulatory alignment.

    A panel discussion at the meeting explored strategies to enhance training programs, institutional support, and international collaboration on capacity-building initiatives. Member economies shared approaches to integrating standardization education into professional development programs.

    “As standardization is key to international trade, training and empowering the next generation of professionals is critical to the continued development of standards and conformity assessment. Therefore, enhanced cooperation among APEC economies is essential,” Dr Kang explained.

    With businesses and regulators facing evolving market demands, members discussed the importance of harmonizing digital conformity assessment procedures and expanding e-certification to reduce administrative burdens. Strengthening cooperation on digital standards certification among APEC economies will enhance interoperability, improve efficiency, and support trade facilitation.

    Discussions at the meeting also emphasized the need to expand Mutual Recognition Agreements (MRAs) and explore the impact of digital transformation on standards development. Efforts will focus on enhancing cross-border recognition of conformity assessment systems and aligning digital standards with global frameworks.

    Members reaffirmed the importance of ensuring that digital certification systems are consistent with WTO Technical Barriers to Trade (TBT) and Sanitary and Phytosanitary (SPS) Agreements to promote regulatory coherence.

    Members also intensified cooperation on sustainable energy standards to facilitate the transition to low-carbon technologies and renewable energy adoption. They explored ways to align renewable energy standards, expand carbon reduction initiatives, and enhance certification frameworks for clean energy technologies.

    Additionally, members highlighted opportunities for greater collaboration with international standardization organizations, such as ISO and IEC, to support the development of global best practices for energy efficiency and sustainability.

    “The APEC Sub-Committee on Standards and Conformance’s efforts have been instrumental in driving domestic regulatory development. It has played an important role in promoting economic growth and alignment with international standards,” Dr Kang said.

    “Now, we need to continue working together to advance AI standardization, digital certification, and sustainable energy standards so that we can build a more resilient and innovative APEC region that supports businesses, consumers, and economies alike,” Dr Kang concluded.

    For further details and media inquiries, please contact:  
    [email protected] 
    [email protected]

    MIL OSI Economics

  • MIL-OSI Africa: A New Dawn for African Sports: Unlocking Transformational Investment in Community Sports Infrastructure

    Source: Africa Press Organisation – English (2) – Report:

    LAGOS, Nigeria, March 4, 2025/APO Group/ —

    The Sports Africa Investment Summit 2025 has marked a pivotal moment in Africa’s journey toward sports industrialisation and economic transformation. Over two electrifying days in Lagos, the summit, hosted by Sport Nigeria Ltd/Gte (www.SportNigeria.ng) in partnership with the Office of the Presidency and the National Sports Commission, brought together a powerful coalition of stakeholders—government representatives, UNESCO, AFREXIM Bank, Development Finance Institutions (DFIs), investors, and sports industry leaders—all united by a shared vision: to unlock the immense potential of sports as a driver of economic growth, job creation, and community development across Africa. 

    At the heart of this historic gathering was the signing of a groundbreaking technical agreement between the Abia State Government and Sport Nigeria Ltd/Gte, paving the way for Africa’s first-ever Sports Special Economic Zone (SSEZ). This visionary initiative will transform Abia State into a global hub for sports goods manufacturing, leveraging Aba’s legendary craftsmanship, entrepreneurial spirit, and industrial excellence. Aligned with Nigeria’s Industrial Revolution Plan (NIRP) and the African Continental Free Trade Area (AfCFTA), the SSEZ is poised to become a beacon of innovation, trade, and industrialisation, creating thousands of jobs and empowering local businesses. 

    According to Hon. Nwaobilor Ananaba, Commissioner for Sports, Abia State, “The Special Sports Economic Zone is a game-changer for Abia State and Nigeria at large. Under the visionary leadership of His Excellency, Dr. Alex Otti, OFR we are committed to driving a collective agenda that will transform Abia into the premier hub for sports goods manufacturing and infrastructure development. This project is a bold step toward job creation, youth empowerment, and economic diversification, and we will work tirelessly to ensure its full realisation with our partners, Sports Nigeria.” 

    The summit’s robust discussions underscored the pressing need for innovative financing models, capacity-building initiatives, and diaspora engagement to sustain long-term development. According to Mr. Chinedum Chijioke, Chair of the Abia State Investment Office, “The signing of this agreement marks the beginning of a transformative journey to attract global investments and build an ecosystem where sports, commerce, and industry thrive together. We are dedicated to fostering strategic partnerships that will actualise this vision and create lasting economic impact.” 

    The summit also saw the formal launch of Spaces 4 Sports, Sport Nigeria’s flagship initiative designed to address Africa’s sports infrastructure deficit at the grassroots level. This cluster-based model will integrate community sports hubs across the continent, providing accessible facilities that encourage mass participation in sports, particularly within the education sector. By embedding sports into daily life, Spaces 4 Sports aims to achieve a 50% increase in mass sports participation, enhance youth engagement, and accelerate progress toward the Sustainable Development Goals (SDGs) and Africa Union Agenda 2063, using sports as a catalyst for education, health, and gender inclusivity. 

    The message from the summit was clear: Africa’s sports economy is ready to take off, but it will require bold investments, visionary leadership, and strategic partnerships to realise its full potential. This point was emphasised by Ms. Nkechi Obi, CEO of Sport Nigeria Ltd, “Sports is more than entertainment—it’s an industry, a business, and a force for economic transformation. Abia’s Sports Special Economic Zone is the first of its kind, but it won’t be the last. We are setting a precedent that others will follow.” 

    The private sector has a critical role to play in bridging the infrastructure gap and unlocking the industry’s potential. With sports serving as a multi-billion-dollar industry globally, Africa is uniquely positioned to harness its youthful population, raw talent, and market demand. Strategic investment in sports infrastructure will not only drive economic growth but also create employment, boost tourism, and elevate Africa’s global sporting competitiveness. 

    Mr. Yahaya Maikori, Vice Chairman of Sport Nigeria, notes that “We don’t need more talk—we need action. This SSEZ is our action plan. The world is watching, and investors are ready. Now is the time.” 

    The foundation has been laid. The partnerships are forming. Now is the time for investors, DFIs, and Africa-focused development organisations to step forward and seize this unprecedented opportunity. The future of African sports is not on the sidelines—it’s in the factories, the training centers, the research labs, and the boardrooms. 

    The call to action is clear: Invest in Africa’s sports future. Build the infrastructure. Empower the youth. Transform communities. Together, we can change the game. 

    MIL OSI Africa

  • MIL-OSI China: NPC spokesperson expresses ‘full confidence’ in China’s economic prospects

    Source: China State Council Information Office 2

    Lou Qinjian, spokesperson for the third session of the 14th National People’s Congress (NPC), attends a press conference at the Great Hall of the People in Beijing, capital of China, March 4, 2025. [Photo/Xinhua]
    China’s economy is underpinned by a stable foundation, multiple advantages, strong resilience and great potential, a spokesperson said Tuesday, voicing “full confidence” in the country’s economic prospects.
    Despite the adverse impacts brought about by the external environment and the continued challenges facing the economy, the supporting conditions and fundamental trends for long-term sound economic development have not changed, said Lou Qinjian, spokesperson for the third session of the 14th National People’s Congress (NPC), China’s national legislature, at a press conference.
    China has a supersized domestic market and a complete industrial system, with ample room for the upgrades of demand, structure and growth drivers, providing strong support for economic development and ensuring sufficient flexibility to navigate various risks and challenges, Lou said.
    Lou said the country is at a critical stage of growth driver transition amid the emergence of new drivers.

    MIL OSI China News

  • MIL-OSI Africa: Life after school for young South Africans: six insights into what lies ahead

    Source: The Conversation – Africa – By Gabrielle Wills, Senior researcher at Research on Socio-Economic Policy, Stellenbosch University

    At the dawn of democracy in 1994, South Africa faced a sobering reality. Fewer than a third of 25- to 34-year-olds had achieved at least a matric (12 years of schooling completed) or equivalent qualification.

    Thirty years on, the proportion of individuals in this age group that had completed their schooling had almost doubled to 57%. This figure will be further bolstered by the record-breaking results in the National Senior Certificate (matric) examinations in recent years. South Africa’s school completion rates are now high and comparable to other middle-income countries.

    But this good news is tempered by very high youth unemployment and a faltering economy. What are the prospects for young South Africans once they’ve matriculated?

    I have aimed to answer this question in my new study. By using the Quarterly Labour Force Survey – a nationally representative, household-based sample survey – and other data sources, I have developed six insights that tell us what the post-matric landscape is like today. For the purposes of the study I defined recent matriculants as 15-24-year-olds with 12 years of completed schooling.

    This study highlights how increasingly larger proportions of recent matriculants find they have limited opportunities. The rising number of youth leaving school with a matric, especially in recent years, is not being met with enough opportunities beyond school, whether in work or in post-school education and training.

    Conditions in South Africa’s labour market must improve and further expansion in quality post-school education and training is required for the country to realise the benefits of rising educational attainment and progress for national development.

    1. Less chance of employment

    The graph below illustrates a brutal truth: ten years ago finding a job was easier for matriculants than it will be for the matric class who finished school in 2024. Between 2014 and 2018 about 4 of every 10 recent matriculants who were economically active (including discouraged work seekers) were employed. By the start of 2024 this figure was closer to 3 of every 10.

    Percent of South African youth employed by qualification level. Dr Gabrielle Wills, CC BY-NC-ND

    The likelihood of youth with a matric having a job at the start of 2024 roughly resembled the chances of youth without a matric having a job eight to ten years ago.

    With more learners progressing to matric, especially due to more lenient progression policy during and just after the COVID-19 pandemic, changes in the composition of the matric group could be driving some of the declines in this group’s employment prospects. But there has been a deterioration in the labour market for all youth over the past decade. Employment prospects have even declined for youth with a post-school qualification.

    2. Not in employment, education or training

    Proportionally fewer recent matriculants are going on to work or further study.

    Before the COVID-19 pandemic (2014-2019), around 44%-45% of recent matriculants were classified as “not in employment, education or training” (NEET). The NEET rate among recent matriculants peaked at 55% in early 2022 and remained high at 49.8% at the start of 2024.

    Stated differently, one of every two recent matriculants was not engaged in work or studies in the first quarter of last year. That’s 1.78 million individuals. Coupled with the rising numbers of youth getting a matric, this implies that the number of recent matriculants who were not working or studying rose by half a million from the start of 2015 to the start of 2024.

    Among all 15-24-year-olds, the NEET rate rose from 32% in the first quarter of 2014 to 35% in the first quarter of 2024. Even larger increases in the NEET rate occurred among 25-34-year-olds, rising from 45% to 52% over the same period.

    This is a worry. But it doesn’t mean the matric qualification has no value.

    3. A matric still provides an advantage

    In early 2024, nearly half of matriculants aged 15-24 were classified as not in employment, education or training. Almost 8 out of 10 of their peers who had dropped out of school were NEET. In short, you’re still more likely to get a job or further your studies with a matric certificate than without one.

    4. A hard road

    The road to opportunity beyond school is harder than it was a decade ago.

    Among NEET matriculants aged 15-24 at the start of 2014, 27% searched for work for more than a year. By early 2024, this figure had risen to 32%.

    It’s even worse for 25-34-year-old NEETs who hold a matric qualification. The percentage searching for work for over a year rose from 37% at the start of 2014 to 50% in early 2024.

    The longer young people remain disconnected from employment, education or training, the greater the toll on their mental health. NEET status is associated with worse mental health, particularly among young men.

    5. Post-school education and training

    The government has made ambitious plans to expand opportunities for young people to study further. But enrolments in post-school education and training are not growing sufficiently to match the rising tide in school completion or to absorb youth who cannot find jobs. And, with projected declines in real per student spending on post-school education as South Africa tries to address escalating national debt servicing costs, this situation is unlikely to improve anytime soon.

    The country is not keeping pace with tertiary enrolment rates in other developing nations like Brazil, Indonesia or China. For instance, 2021 estimates from the World Bank identify South Africa’s tertiary enrolment rate at 25%, compared to 41% in Indonesia, 57% in Brazil and 67% in China.

    6. Location matters

    Where someone lives in South Africa influences their chances for upward mobility. These inequalities are reflected in varying youth NEET rates across provinces. For instance, a third of recent matriculants in the Western Cape were not in employment, education or training in 2023/2024. That figure more than doubles in the North West province to 67%.

    How to help

    Two things are needed: improving labour market conditions and expanding post-school education and training opportunities.

    This is unlikely without improved economic growth.

    All of this may sound hopeless. But there are things that ordinary South Africans can do, too:

    • keep encouraging young people in your orbit to complete their schooling

    • where possible, spur them on to obtain a post-school qualification

    • use your social networks to connect youth to work experience opportunities, and help with CVs, referral letters and references.

    Young people must also adopt a practical, pragmatic and entrepreneurial mindset. They need to seize every opportunity available to them, whether in the labour market or post-school education.

    – Life after school for young South Africans: six insights into what lies ahead
    – https://theconversation.com/life-after-school-for-young-south-africans-six-insights-into-what-lies-ahead-249031

    MIL OSI Africa

  • MIL-OSI Economics: CBB introduces new fit and proper requirements for board and management of licensed financial institutions

    Source: Central Bank of Bahrain

    CBB introduces new fit and proper requirements for board and management of licensed financial institutions

    Published on 4 March 2025

    Manama, Kingdom of Bahrain – 4 March 2025 – The Central Bank of Bahrain (“CBB”) has introduced new requirements for licensed financial institutions relating to the appointment of board members and senior management. The new rules are issued under one common Module of the CBB Rulebook, replacing the “fit and proper” requirements which were previously included in the “Licensing Requirements”, “Authorisation” and “Training and Competency” Modules found across all Volumes of the CBB Rulebook.

    The new Fit and Proper Module reduces the number of senior managers that require CBB prior approval, removes the prescriptive ‘one size fits all’ qualifications and core competency requirements for senior management positions, and requires the licensees to develop their own standards. By reducing the number of prior approvals, CBB will no longer co-manage senior management appointments holding the board and CEO accountable for suitability of senior managers, thus making the board and CEO accountable for ensuring suitability of persons holding senior management positions.

    Commenting on the new regulations, Mrs. Shireen Al Sayed, Director of Regulatory Policy Unit, said “The revised requirements, which were developed following extensive discussions with the industry and benchmarking the practices in reputable financial centres, reflect the CBB’s ongoing efforts to reduce compliance and administrative burden for our licensees while maintaining the highest standards of integrity and competence in the financial services sector. By streamlining the approval process, we aim to empower the industry to take greater ownership in selecting the right talent for senior management roles. This rationalization is essential to supporting our licensees’ growth in an increasingly competitive environment.”

    The new CBB prior approval requirements for board of directors and senior managers will take effect from 1 April 2025, whilst the remaining requirements are effective 1 October 2025. The Module applies to all CBB licensees and can be accessed under the Common Volume of the CBB Rulebook available on CBB’s website:

    https://cbben.thomsonreuters.com/rulebook/common-volume

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    MIL OSI Economics

  • MIL-OSI Economics: Pension wealth of Danes increased by more than kr. 300 billion in 2024

    Source: Danmarks Nationalbank

    Insurance and pension

    Statistics period: 4th Quarter 2024

    The pension wealth in Danish pension companies increased by kr. 317 billion in 2024 and now amounts to kr. 4,351 billion. Over the past two years, the pension wealth has increased by kr. 601 billion, mainly due to large capital gains on stocks and bonds. The pension wealth is now back to the level before the significant decline in 2022. Pension contributions have also contributed to the increase in wealth. In 2024 alone, net contributions were kr. 48 billion. Overall, Danes have increased their pension contributions in recent years, partly due to wage increases and higher employment.



    The pension wealth is kr. 4,351 billion in 4th quarter 2024

    Note:

    The pension wealth is defined as provisions for future pension obligations (for market rate and average interest rate products) in Danish pension companies. In addition to pension wealth in pension companies, Danish households also have individual pension schemes in financial institutions. Find chart data in the Statbank.

    MIL OSI Economics

  • MIL-OSI Global: Life after school for young South Africans: six insights into what lies ahead

    Source: The Conversation – Africa – By Gabrielle Wills, Senior researcher at Research on Socio-Economic Policy, Stellenbosch University

    Matric exams are a crucial moment in a young person’s educational journey. Fani Mahuntsi/Gallo Images via Getty Images

    At the dawn of democracy in 1994, South Africa faced a sobering reality. Fewer than a third of 25- to 34-year-olds had achieved at least a matric (12 years of schooling completed) or equivalent qualification.

    Thirty years on, the proportion of individuals in this age group that had completed their schooling had almost doubled to 57%. This figure will be further bolstered by the record-breaking results in the National Senior Certificate (matric) examinations in recent years. South Africa’s school completion rates are now high and comparable to other middle-income countries.

    But this good news is tempered by very high youth unemployment and a faltering economy. What are the prospects for young South Africans once they’ve matriculated?

    I have aimed to answer this question in my new study. By using the Quarterly Labour Force Survey – a nationally representative, household-based sample survey – and other data sources, I have developed six insights that tell us what the post-matric landscape is like today. For the purposes of the study I defined recent matriculants as 15-24-year-olds with 12 years of completed schooling.

    This study highlights how increasingly larger proportions of recent matriculants find they have limited opportunities. The rising number of youth leaving school with a matric, especially in recent years, is not being met with enough opportunities beyond school, whether in work or in post-school education and training.

    Conditions in South Africa’s labour market must improve and further expansion in quality post-school education and training is required for the country to realise the benefits of rising educational attainment and progress for national development.

    1. Less chance of employment

    The graph below illustrates a brutal truth: ten years ago finding a job was easier for matriculants than it will be for the matric class who finished school in 2024. Between 2014 and 2018 about 4 of every 10 recent matriculants who were economically active (including discouraged work seekers) were employed. By the start of 2024 this figure was closer to 3 of every 10.

    Percent of South African youth employed by qualification level.
    Dr Gabrielle Wills, CC BY-NC-ND

    The likelihood of youth with a matric having a job at the start of 2024 roughly resembled the chances of youth without a matric having a job eight to ten years ago.

    With more learners progressing to matric, especially due to more lenient progression policy during and just after the COVID-19 pandemic, changes in the composition of the matric group could be driving some of the declines in this group’s employment prospects. But there has been a deterioration in the labour market for all youth over the past decade. Employment prospects have even declined for youth with a post-school qualification.

    2. Not in employment, education or training

    Proportionally fewer recent matriculants are going on to work or further study.

    Before the COVID-19 pandemic (2014-2019), around 44%-45% of recent matriculants were classified as “not in employment, education or training” (NEET). The NEET rate among recent matriculants peaked at 55% in early 2022 and remained high at 49.8% at the start of 2024.

    Stated differently, one of every two recent matriculants was not engaged in work or studies in the first quarter of last year. That’s 1.78 million individuals. Coupled with the rising numbers of youth getting a matric, this implies that the number of recent matriculants who were not working or studying rose by half a million from the start of 2015 to the start of 2024.

    Among all 15-24-year-olds, the NEET rate rose from 32% in the first quarter of 2014 to 35% in the first quarter of 2024. Even larger increases in the NEET rate occurred among 25-34-year-olds, rising from 45% to 52% over the same period.

    This is a worry. But it doesn’t mean the matric qualification has no value.

    3. A matric still provides an advantage

    In early 2024, nearly half of matriculants aged 15-24 were classified as not in employment, education or training. Almost 8 out of 10 of their peers who had dropped out of school were NEET. In short, you’re still more likely to get a job or further your studies with a matric certificate than without one.

    4. A hard road

    The road to opportunity beyond school is harder than it was a decade ago.

    Among NEET matriculants aged 15-24 at the start of 2014, 27% searched for work for more than a year. By early 2024, this figure had risen to 32%.

    It’s even worse for 25-34-year-old NEETs who hold a matric qualification. The percentage searching for work for over a year rose from 37% at the start of 2014 to 50% in early 2024.

    The longer young people remain disconnected from employment, education or training, the greater the toll on their mental health. NEET status is associated with worse mental health, particularly among young men.

    5. Post-school education and training

    The government has made ambitious plans to expand opportunities for young people to study further. But enrolments in post-school education and training are not growing sufficiently to match the rising tide in school completion or to absorb youth who cannot find jobs. And, with projected declines in real per student spending on post-school education as South Africa tries to address escalating national debt servicing costs, this situation is unlikely to improve anytime soon.

    The country is not keeping pace with tertiary enrolment rates in other developing nations like Brazil, Indonesia or China. For instance, 2021 estimates from the World Bank identify South Africa’s tertiary enrolment rate at 25%, compared to 41% in Indonesia, 57% in Brazil and 67% in China.

    6. Location matters

    Where someone lives in South Africa influences their chances for upward mobility. These inequalities are reflected in varying youth NEET rates across provinces. For instance, a third of recent matriculants in the Western Cape were not in employment, education or training in 2023/2024. That figure more than doubles in the North West province to 67%.

    How to help

    Two things are needed: improving labour market conditions and expanding post-school education and training opportunities.

    This is unlikely without improved economic growth.

    All of this may sound hopeless. But there are things that ordinary South Africans can do, too:

    • keep encouraging young people in your orbit to complete their schooling

    • where possible, spur them on to obtain a post-school qualification

    • use your social networks to connect youth to work experience opportunities, and help with CVs, referral letters and references.

    Young people must also adopt a practical, pragmatic and entrepreneurial mindset. They need to seize every opportunity available to them, whether in the labour market or post-school education.

    Gabrielle Wills is a senior researcher with Research on Socio-Economic Policy at Stellenbosch University. This research for the COVID-Generation project was made possible by financial support from Allan and Gill Gray Philanthropies. The findings and conclusions contained within are those of the authors and do not necessarily reflect positions or policies of Allan & Gill Gray Philanthropies.

    ref. Life after school for young South Africans: six insights into what lies ahead – https://theconversation.com/life-after-school-for-young-south-africans-six-insights-into-what-lies-ahead-249031

    MIL OSI – Global Reports

  • MIL-OSI China: Taishan builds integrated housing system to attract young talent

    Source: China State Council Information Office 2

    Taishan, a city in southern China’s Guangdong province, has launched an integrated housing support system to attract and retain young professionals. 
    This “one-stop” initiative provides a seamless transition from short-term stays to long-term residence, addressing the evolving housing needs of young talent while easing financial pressures and fostering a sense of belonging.
    In Taishan, young professionals can choose from a range of options, including short-term accommodations at Talent Stations or long-term housing in Youth Apartments. These living spaces provide essential support for young talent looking to establish their careers in the city, helping them feel at home while driving innovation and productivity.
    The city is also expanding its investment in Talent Apartments and affordable rental housing. Talent Apartments cater to high-level professionals, offering premium living environments and services, while affordable rentals provide low-cost, well-equipped housing for a broader group of young workers.
    Moving forward, the city plans to further enhance its housing programs, improve service quality, and create an even more attractive environment for young professionals. 

    MIL OSI China News

  • MIL-OSI: Hotspot signs Memorandum with Clear Blue led Consortium to deploy 312 Telecom Site across Nigeria

    Source: GlobeNewswire (MIL-OSI)

    BARCELONA, Spain, March 04, 2025 (GLOBE NEWSWIRE) — Clear Blue Technologies International Inc. (TSXV: CBLU) the Smart Power Company, today announces that Hotspot (the leading telecommunications service provider in Nigeria) has signed a Memorandum of Understanding with a Clear Blue led consortium, including partners Empower New Energy and Netis, to deploy 312 solar powered telecom sites across Nigeria. The deal is subject to final contract negotiations and signatures and the rollout is targeted for the end of 2025.

    The consortium brings a group of expert skills and capabilities to quickly design, build and then operate the telecom network, solar power and tower sites:

    • Hotspot is a leader in building active telecom networks and services across Nigeria.
    • Clear Blue Technologies is the leader in providing highly reliable, low-cost Smart solar power for telecom infrastructure. With Clear Blue’s industry leading and patented Illumience Smart Power, and its ongoing service management, telecom services are delivered with maximum service levels and uptime, at the lowest Capex and Opex in the market.
    • Empower New Energy is a leading provider of clean energy project financing across Africa. With its entrepreneurial business and execution model, it is a perfect financing partner for the project.
    • Netis specializes in operating and managing telecom infrastructure and brings strong abilities to deliver the installation, operations, and maintenance services.

    “As everyone active in the telecom market in Africa is aware, it is a difficult operating environment with challenging Total Cost of Ownership (TCO) targets. And yet, it is probably the largest untapped telecom market in the world with significant growth potential”, said Morenikeji Aniye, CEO of Hotspot. “Clear Blue brings an innovative technology and service capability which, together with an innovative business model and structure, enables us to deploy and operate these sites while meeting stringent service and TCO targets.”

    “After having worked with Clear Blue on multiple projects, we are defining a speedy and unique model of partnership between the Smart Power provider and the financier. Together, we are able to deliver unparalleled value and flexibility in project structure and contracts to bring a financing model that will work for developers such as Hotspot,” said Terje Osmundsen, CEO of Empower New Energy.

    “We are thrilled to partner with Clear Blue and Empower and to support Hotspot in their aggressive growth plans,” said Hatim Zougary, Chief Business Development Officer of Netis.

    “The partners in this project bring together a very strong set of skills and an ability to execute that will ensure success for this project and hopefully many more phases to come,” said Miriam Tuerk, CEO of Clear Blue. “We are thrilled to have been chosen by Hotspot for this project which will bring connectivity to millions across Nigeria.”

    About Hotspot

    Hotspot Network Ltd, founded in 2008, obtained a co-location and Infrastructure Sharing License in 2012 and later an Internet Service Provider License from the NCC, enabling it to offer a wide range of telecommunications services, including managed services, wireless and mobile solutions, engineering support, and microwave solutions. Collaborating with a global network of partners, the company has grown rapidly to become a leading player in Africa’s digital transformation, renowned for innovative, award-winning solutions and exceptional client satisfaction. Its strategic alliances provide enterprise-level multi-sourcing opportunities, offering robust solutions and deep technical expertise. As a one-stop shop for connectivity and telecommunications, Hotspot Network Ltd.’s brand symbolizes evolving technology, guided by core values of Insight, Integrity, Innovation, Synergy, Safety, and Sustainability, reflected in its distinctive corporate identity.

    About Empower New Energy

    Established in 2017, Empower New Energy is a renewable energy financier and co-developer that finances, builds and owns clean power plants for commercial, industrial and agricultural energy users. https://www.empowernewenergy.com

    About Netis

    NETIS is a global leader in the telecommunications industry, with over 15 years of expertise in designing and developing high-performance network communication solutions. Netis specializes in the inception and construction of robust GSM, fiber optic, and energy networks, as well as the ongoing maintenance and optimization of existing infrastructures. Operating across 16 subsidiaries, NETIS actively delivers innovative telecom solutions throughout Africa.

    About Clear Blue Technologies International

    Clear Blue Technologies International, the Smart Off-Grid™ company, was founded on a vision of delivering clean, managed, “wireless power” to meet the global need for reliable, low-cost, solar and hybrid power for lighting, telecom, security, Internet of Things devices, and other mission-critical systems. Today, Clear Blue has thousands of systems under management across 37 countries, including the U.S. and Canada. (TSXV: CBLU) (FRA: 0YA) (OTCQB: CBUTF)

    Legal Disclaimer:

    Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    For more information, contact:

    Miriam Tuerk, Co-Founder and CEO
    +1 416 433 3952
    miriam@clearbluetechnologies.com
    www.clearbluetechnologies.com/en/investors

    The MIL Network

  • MIL-OSI: Proximus Global and Nokia partner to offer network APIs to help developers create enterprise applications #MWC25

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    Proximus Global and Nokia partner to offer network APIs to help developers create enterprise applications #MWC25

    • The parties will further develop APIs to enable developers to create new applications for enterprises, including financial services and healthcare.

    4 March 2025
    Espoo, Finland – Proximus Global, the leading global digital communications company combining the strengths of BICS, Telesign and Route Mobile, today announced that it will partner with Nokia to explore opportunities that utilize their respective strengths in network API solutions to support developers as they create new applications for enterprises. The collaboration aims to expose Proximus Global and Nokia APIs on each other’s marketplaces, bridging the gap between the various industry segments and the telecom ecosystem.

    Proximus Global’s network APIs will be exposed on Nokia’s Network as Code platform with developer portal, while Nokia will benefit from Proximus Global’s presence within the telco market to make its CAMARA and 5G APIs available globally. The collaboration will enable enterprises and operators to leverage rapidly expanding API capabilities within a range of areas, including network slicing, a key enabler in 5G private networks, as well as fraud protection and other services.

    Proximus Global will also seek to utilize Nokia’s Network Exposure Platform and its Enterprise API Hub to give developers easy access to Proximus Global’s network capabilities for creating software applications that work across its 5G and 4G networks. Nokia’s Network Exposure Platform is an implementation of the GSMA Operator Platform, a standard for a common platform exposing operator capabilities to developers.

    “Proximus Global has traditionally offered a rich set of communication API through our CPaaS offering. We aim now to complement these with network API to allow enterprise and developers to easily access network capabilities. Our collaboration with Nokia will strengthen our API capabilities, and the work we are doing with developers, all with the aim of providing Proximus Global enterprise and wholesale customers with new, value-added solutions,” said Christophe Van De Weyer, Chief Product Officer at Proximus Global, and CEO of Telesign.

    Proximus Global is targeting several applications, including a real-time fraud prevention API that uses location data to detect and prevent suspicious transactions, as well as network slicing capabilities, for example in mass gathering events, such as concerts. APIs provide access to deep functionality and data within networks, allowing developers to utilize those network capabilities to build new use cases for their customers.

    “We are very pleased to expand Nokia’s relationship with Proximus Global to the area of network APIs. Our collaboration will give greater access and organization to how Proximus Global’s network is integrated into developer ecosystems and platforms. This will ensure choice, flexibility, and security in creating new applications,” said Shkumbin Hamiti, Head of Network Monetization Platform, Cloud and Network Services at Nokia.

    Since launching the Network as Code platform in September 2023, Nokia’s ecosystem of Network as Code platform partners has grown to 55 currently and includes BT, Deutsche Telekom, Orange, StarHub, Telefonica, and Telecom Argentina. Nokia’s commitment to API monetization extends beyond network-side aggregation and includes hyperscalers like Google Cloud; Communications Platform as a Service (CPaaS) platform providers such as Infobip; vertical independent software vendors like Elmo; and the world’s largest public API hub through Nokia’s acquisition of Rapid.

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

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

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

    About Proximus Global
    Proximus Global, combining the strengths of Telesign, BICS, and Route Mobile, is transforming the future of communications and digital identity. Together, our solutions fuel innovation across the world’s largest companies and emerging brands. Our unrivaled global reach empowers businesses to create engaging experiences with built-in fraud protection across the entire customer lifecycle. Our comprehensive suite of solutions – from our super network for voice, messaging, and data, to 5G and IoT; and from verification and intelligence to CPaaS for personalized omnichannel engagement – enables businesses and communities to thrive. Reaching over 5 billion subscribers, securing more than 180 billion transactions annually, and connecting 1,000+ destinations, we honor our commitment to connect, protect and engage everyone, everywhere.

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

    Connect with Nokia on social media
    LinkedIn X Instagram Facebook YouTube 

    The MIL Network

  • MIL-Evening Report: Environment Minister Tanya Plibersek has been taken to court over 11 threatened species. Here’s why

    Source: The Conversation (Au and NZ) – By Euan Ritchie, Professor in Wildlife Ecology and Conservation, School of Life & Environmental Sciences, Deakin University

    Carnaby’s Black Cockatoo Imogen Warren/Shutterstock

    What do the Australian lungfish, ghost bat, sandhill dunnart and southern and central greater gliders have in common? They’re all threatened species that need a formal “recovery plan” – but do not have one.

    Today, environmental group the Wilderness Society launched a case in the Federal Court against Environment Minister Tanya Plibersek, arguing she and successive environment ministers have failed to meet their legal obligations to create threatened species recovery plans.

    Other species forming the basis of the case are Baudin’s cockatoo, the Australian grayling, Carnaby’s black cockatoo, red goshawk, forest red-tailed black cockatoo and the Tasmanian wedge-tailed eagle.

    Many other species and ecological communities also don’t have recovery plans. If successful, the case would set a precedent compelling future environment ministers to meet their legal obligations and improve Australia’s dire conservation record. This is a significant moment for conservation in Australia – testing how accountable environment ministers are in preventing species extinctions.

    Why do recovery plans matter?

    Threatened species recovery plans lay out very clearly why species or ecological communities are in trouble and the actions necessary to save them. Once a plan is in place, it can directly benefit the species by tackling threats and safeguarding habitat.

    Proposals such as a new farm, suburb or mining project can be assessed by the environment minister and rejected if they are inconsistent with recovery plans and place threatened species at increased risk of extinction. Recovery plans have helped dozens of species come back from the brink.

    Under Australia’s national environmental laws, the environment minister must decide whether a recovery plan is required for a species or ecological community listed as threatened.

    If a plan is ordered, it must typically be created within three years. But a 2022 Auditor-General’s report found just 2% of plans met this timeframe.

    Recovery is possible, but plans are vital

    Successive governments have failed to keep up with creating and implementing recovery plans in a timely manner. The perennial and chronic lack of funding for conservation means there’s little capacity to do the vital but time-consuming work of planning and recovery.

    As a result, the federal government has increasingly shifted to offering conservation advices in place of recovery plans. Conservation advices can be produced and updated faster than recovery plans. This is useful if, say, a new threat emerges and needs a rapid response.

    But there’s a key legal difference. When the environment minister is considering a project such as land clearing for new farmland or a mine, they need only consider any conservation advice in place. When a recovery plan is in place, the minister is legally obliged not to approve actions which are contrary to its objectives and would make the plight of a species or ecological community worse.

    A conservation advice can be thought of more like a fact sheet without the same legal weight or accountability that recovery plans have.

    In March 2022, the Morrison government scrapped recovery plans for 176 threatened species and habitats, despite thousands of submissions arguing against this.

    After the Albanese government took power in May 2022, it pledged to end “wilful neglect” of the environment and to introduce stronger environmental laws. Sadly, this commitment has not been honoured.

    The range of northern Australia’s ghost bats has shrunk significantly.
    Ken Griffiths/Shutterstock

    Why do we need recovery plans?

    Australia’s species protection record is unenviable. Since European colonisation, more than 100 species have been driven to extinction and more than 2,000 species and ecological communities are listed at risk of suffering the same fate.

    For a species to be considered threatened, its population has to have shrunk. The severity of the decline and hence its extinction risk will determine how it’s categorised, from vulnerable through to critically endangered. Recovery plans lay out the research required to actually recover these species, meaning helping their populations to grow out of the danger zone.

    A key role for these plans is to coordinate planning and action between relevant interest groups and agencies. This is especially important for species found across state and territory borders, such as the southern greater glider and the migratory swift parrot. The greater glider should have had a recovery plan in place since 2016, but does not.

    Are individual plans still worthwhile?

    Faced with so many species in need of protection and limited funding, prominent figures including former Environment Minister Peter Garrett have argued we should focus our efforts on protecting ecosystems rather than single species to make the best use of scarce funds.

    But there is a deeper issue. Australia is one of the wealthiest nations in the world. It has the capacity to greatly increase conservation spending without impoverishing humans, and should do so for the benefit of the economy, culture and our health and wellbeing.

    That’s not to say ecosystem protection isn’t worthwhile. After all, ecosystems are made up of species and their interactions with each other and their environment. You cannot have healthy species without healthy ecosystems and vice versa.

    But if we focus only on protecting large expanses of wetland, forest and grasslands, we risk overlooking a key issue. Two species in the same ecosystem can be very differently affected by a specific threat (predation by foxes, for instance). Some species can even have conflicting management needs. For some species, invasive species are the biggest threat, while climate change and intensified fire regimes threaten others the most.

    The sandhill dunnart is one of 11 species listed in the court case.
    Kristian Bell/Shutterstock

    Extinction is a choice

    As Australia’s natural world continues to deteriorate, climate change deepens and worsening wildlife woes abound, these issues will no doubt be front of mind for many in the upcoming federal election.

    It can be easy to see these trends as inevitable. But they are not – the collapse of nature is a choice. We have what we need for success, including traditional, ecological and conservation knowledge. What’s sorely needed is political will.

    There were once fewer than 50 northern hairy-nosed wombats alive. Today, that number exceeds 400. When supported, conservation can succeed.

    Almost all Australians want their government to do more to save our species. Let us hope whoever forms the next government takes up that challenge – even if it takes court cases to prompt action.

    Euan Ritchie receives funding from the Australian Research Council and the Department of Energy, Environment, and Climate Action. Euan is a Councillor within the Biodiversity Council, a member of the Ecological Society of Australia and the Australian Mammal Society, and President of the Australian Mammal Society.

    ref. Environment Minister Tanya Plibersek has been taken to court over 11 threatened species. Here’s why – https://theconversation.com/environment-minister-tanya-plibersek-has-been-taken-to-court-over-11-threatened-species-heres-why-219231

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI: LHV Group 2024 Audited Annual Report and Dividend Proposal

    Source: GlobeNewswire (MIL-OSI)

    The Supervisory Board of AS LHV Group (hereinafter: LHV Group) approved the 2024 audited annual report and will submit it to the Annual General Meeting for approval. Compared to the unaudited interim report published on 11 February, there are no differences in the audited financial results. The 2024 consolidated annual report of LHV Group is attached to this notice and will be made available on the LHV Group investor page at https://investor.lhv.ee/aruanded/#aastaaruanded.

    LHV Group generated consolidated revenue of 338.3 million euros (+11%) in 2024. Of the revenue, net interest income accounted for 273.3 million euros (+8%), and net fee and commission income 60.3 million euros (+24%). The expenses of the consolidation group in 2024 amounted to 146.9 million euros (+14%). The consolidated net profit of LHV Group in 2024 amounted to 150.3 million euros, i.e., 7% more than in 2023. LHV Group’s annual cost/income ratio was a good 43.4% and return on equity 24.5%. Ordinary earnings per share in 2024 amounted to 0.46 euros and diluted earnings per share to 0.45 euros.

    As at the end of 2024, the consolidated assets of LHV Group stood at 8.74 billion euros, growing by 23%, i.e., 1.64 billion euros over the year. The Group’s consolidated deposits grew by 21% over the year to 6.91 billion euros. The Group’s consolidated loan portfolio increased to 4.55 billion euros, i.e., 28% in 2024. The aggregate volume of funds managed by LHV increased by 3% over the year, to 1.56 billion euros. The number of payments processed in relation to clients who are financial intermediaries reached 74.8 million payments (+51%) in 2024.

    The number of LHV Pank clients increased to 455 thousand in 2024. Over the year, the number of bank clients increased by 38,000, i.e., more than 9%. As at the end of the year, the number of active II pillar pension clients at LHV stood at 114,000 (-8%), and 170,000 clients had taken out insurance with LHV Kindlustus (+6%).

    Among the subsidiaries, in 2024, AS LHV Pank earned a net profit of 140.5 million euros (141.4 million euros in 2023), UK Bank Limited 5.8 million euros (5.3 million euros in 2023), AS LHV Varahaldus 1.6 million euros (1.7 million euros in 2023), and AS LHV Kindlustus 1.2 million euros (0.3 million euros in 2023). LHV Group as a separate unit generated 81.7 million euros in profit in 2024.

    Dividend proposal

    The Management Board of LHV Group proposes that the Annual General Meeting distribute the profit for 2024 as follows:

    • to pay dividends of 0.09 euros per share, for a total amount of 29,177 thousand euros; the income tax payable on dividends would be 8,229 thousand euros;
    • to transfer the profit for the reporting period, amounting to 123,228 thousand euros, belonging to the parent company’s shareholders, to retained earnings.

    The list of shareholders entitled to dividends will be fixed as at the close of business of the Nasdaq CSD settlement system on 9 April 2025. Consequently, the day of change of the rights attaching to the shares (ex-date) is set to 8 April 2025. From this day onwards, a person acquiring the shares will not have the right to receive dividends for the financial year 2024. Dividends will be paid to shareholders on 10 April 2025.

    LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs over 1,200 people. As at the end of January, LHV’s banking services are being used by 460,000 clients, the pension funds managed by LHV have 112,000 active clients, and LHV Kindlustus protects a total of 172,000 clients. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the United Kingdom and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.

    Marthi Lepik
    Communication Specialist
    Phone: +372 5666 2944
    Email: marthi.lepik@lhv.ee 

    Attachments

    The MIL Network

  • MIL-OSI: BAWAG Group publishes FY 2024 results: Net profit € 760 million and RoTCE 26%; dividend per share of €5.50 for 2024

    Source: GlobeNewswire (MIL-OSI)

    • Q4 ’24 net profit of €240 million, EPS of € 3.03 and RoTCE of 31.6%
    • Pre-provision profit of €297 million (+12% vPQ) and CIR at 35.7%
    • FY ‘24 Net profit of €760 million (+11% vs. prior year), EPS of €9.60 and RoTCE of 26.0%
    • FY ‘24 Risk-cost ratio of 19 basis points … NPL ratio at 0.8%
    • Knab acquisition closed on November 1, 2024
    • Dividend per share of €5.50 to be proposed to the AGM
    • CET1 ratio of 15.2% post deduction of earmarked dividend of €432 million for FY 2024
    • Target for 2025: Net profit > €800 million, RoTCE >20%

    VIENNA, Austria – Today, BAWAG Group released its results for the full year 2024, reporting a net profit of € 760 million, earnings per share of €9.60, and a RoTCE of 26%. The operating performance of our business was strong with pre-provision profits of €1,083 million and a cost-income ratio of 33.5%. For the fourth quarter 2024, BAWAG Group reported a net profit of €240 million, earnings per share of €3.03, and RoTCE of 31.6%.

    Delivering strong results in FY 2024

    in € million Q4 ’24 Change vs prior
    year (in %)
    Change vs prior
    quarter (in %)
    FY ’24 Change vs prior year (in %)
    Core revenues 449.6 14 16 1,621.7 5
    Net interest income 368.4 14 19 1,311.8 5
    Net commission income 81.2 13 5 309.9 9
    Operating income 461.7 20 18 1,627.8 7
    Operating expenses (164.8) 34 30 (545.1) 12
    Pre-provision profit 296.9 13 12 1,082.7 4
    Regulatory charges (4.3) 43 (15.3) (61)
    Risk costs 1.4 (81.8) (12)
    Profit before tax 296.1 25 25 989.9 9
    Net profit 240.0 36 35 760.0 11
               
    RoTCE 31.6% 6.0pts 7.6pts 26.0% 1.0pts
    CIR 35.7% 3.7pts 3.4pts 33.5% 1.7pts
    Earnings per share (€) 3.03 41% 35% 9.60 16%
    Liquidity Coverage Ratio (LCR) 249% 34pts (11pts) 249% 34pts

    Following the acquisition of Knab on 1 November 2024, the profit & loss includes two months’ contribution.

    Core revenues increased by 5% to €1,621.7 million in 2024 versus the prior year. Net interest income was at € 1,311.8 million, up by 5% versus 2023. Net fee and commission income increased by 9% to € 309.9 million.

    Operating expenses increased by 12% to € 545.1 million in 2024 versus the prior year as result of the consolidation of Knab in the fourth quarter 2024. The cost-income ratio increased by 1.7 points to 33.5%. This resulted in a pre-provision profit of € 1,082.7 million for the year 2024, up by 4% versus prior year.

    Risk costs were € 81.8 million in 2024, down 12% compared to the previous year. The management overlay was utilized during the year to increase ECL reserves due to model updates and increase NPL coverage based on conservative Commercial Real Estate values, while the remainder was released. The NPL ratio was 0.8% at the end of 2024.

    At the end of 2024, the CET1 ratio was at 15.2%, an increase of 50 basis points compared to the prior year. The CET1 ratio considers the deduction of € 432 million dividend accrual for 2024 as well as the self-funded acquisition of Knab.

    Our goal is, and will always be, maintaining a strong balance sheet, solid capitalization levels, low balance sheet leverage and conservative underwriting, a cornerstone of how we run the Bank.

    Targets

    Our outlook and our targets for 2025 are as follows:
    Net profit > €800 million, RoTCE >20%

    Earnings presentation
    BAWAG Group will host the earnings call with our CEO Anas Abuzaakouk, CFO Enver Sirucic and CRO David O’Leary at 10 a.m. CET on 4 March 2025. The webcast details are available on our website under Financial Results | BAWAG Group.

    Investor Day
    We will hold an Investor Day on March 4, 2025 at 3 p.m. CET. The webcast is available under
    https://www.bawaggroup.com/en/investor-day-2025. The documents will be released around noon.

    About BAWAG Group
    BAWAG Group AG is a publicly listed holding company headquartered in Vienna, Austria, serving our >4 million retail, small business, corporate, real estate and public sector customers across Austria, Germany, Switzerland, Netherlands, Western Europe and the United States. The Group operates under various brands and across multiple channels offering comprehensive savings, payment, lending, leasing, investment, building society, factoring and insurance products and services. Our goal is to deliver simple, transparent, and affordable financial products and services that our customers need.

    BAWAG Group’s Investor Relations website https://www.bawaggroup.com/ir contains further information, including financial and other information for investors.

    Forward looking statement
    This release contains “forward-looking statements” regarding the financial condition, results of operations, business plans and future performance of BAWAG Group. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “projects,” “may,” “will,” “should,” “would,” “could” and other similar expressions are intended to identify these forward-looking statements. These forward-looking statements reflect management’s expectations as of the date hereof and are subject to risks and uncertainties that may cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, economic conditions, the regulatory environment, loan concentrations, vendors, employees, technology, competition, and interest rates. Readers are cautioned not to place undue reliance on the forward-looking statements as actual results may differ materially from the results predicted. Neither BAWAG Group nor any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this report or its content or otherwise arising in connection with this document. This report does not constitute an offer or invitation to purchase or subscribe for any securities and neither it nor any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. This statement is included for the express purpose of invoking “safe harbor provisions”.

    Financial Community:
    Jutta Wimmer (Head of Investor Relations)
    Tel: +43 (0) 5 99 05-22474

    IR Hotline: +43 (0) 5 99 05-34444
    E-mail: investor.relations@bawaggroup.com

    Media:
    Manfred Rapolter (Head of Corporate Communications & Social Engagement)
    Tel: +43 (0) 5 99 05-31210
    E-mail: communications@bawaggroup.com

    This text can also be downloaded from our website: https://www.bawaggroup.com

    The MIL Network

  • MIL-OSI: Tune Talk and Mavenir Partner to Revolutionize Malaysia’s Telco Landscape with Cloud-Native Digital OSS/BSS Platform

    Source: GlobeNewswire (MIL-OSI)

    BARCELONA, Spain, March 04, 2025 (GLOBE NEWSWIRE) — Tune Talk, Malaysia’s fastest-growing digital telco, has signed a Memorandum of Agreement (MOA) with Mavenir, the cloud-native network infrastructure provider, to provide a cutting-edge Cloud-Native Digital Operations Support System (OSS) and Business Support System (BSS) platform. The announcement was made at Mobile World Congress (MWC) 2025 in Barcelona, reinforcing Tune Talk’s commitment to technological innovation and enhanced customer experience.

    The cloud-native OSS/BSS platform is designed to enable Tune Talk to implement self-healing and automatic scaling capabilities, significantly improving operational efficiency. With zero-touch operations, the platform is designed to streamline network management, reduce downtime, and enhance service reliability. Additionally, AI-driven tools will revolutionize customer engagement, offering hyper-personalized services tailored to individual subscriber needs.

    “This partnership with Mavenir marks a significant step in our digital transformation journey. By leveraging cloud-native and AI-powered solutions, we are not only optimizing our operations but also enhancing our ability to deliver superior and highly personalized services to our customers,” said Gurtaj Singh Padda, Executive Director and CEO of Tune Talk. “This move aligns with our vision of making digital connectivity more seamless and intelligent for all Malaysians.”

    Echoing this sentiment, Jay Pandey, Chief Technology Officer of Tune Talk, highlighted the operational efficiencies that this collaboration will bring: “With Mavenir’s cloud-native solutions, we expect to increase our operational efficiency by 60 to 70%. Network performance will see fewer interruptions, ensuring low latency and a more seamless experience for our subscribers. This partnership represents a transformative step in our technology processes, making our network smarter and more resilient than ever before.”

    Pardeep Kohli, President and CEO at Mavenir, also expressed enthusiasm for the strategic partnership: “We fully support Tune Talk’s efforts in becoming a cloud mobile network operator. Our cloud-native OSS/BSS platform is designed to enable Tune Talk to operate with greater agility, efficiency, and automation, setting a new standard for digital-first telco services in Malaysia and beyond. We look forward to driving this transformation together.”

    The implementation of this next-generation platform is expected to set a new benchmark in Malaysia’s telecommunications industry. By automating network operations and leveraging AI for predictive analytics, Tune Talk aims to improve network performance and customer satisfaction while reducing operational costs. This initiative also strengthens Malaysia’s position in the global digital economy, fostering innovation in the telco sector and setting a precedent for cloud-native adoption in the region.

    As digital transformation accelerates, the collaboration between Tune Talk and Mavenir is poised to redefine telco service delivery, bringing cutting-edge advancements to Malaysian consumers and the broader industry.

    About Tune Talk

    Tune Talk is the fastest-growing fully cloud-enabled Mobile Network Operator in Asia. Since our launch in 2009, we have remained committed to offering affordable rates and exciting incentives. As a digital lifestyle telecommunications company, our services include unlimited calls, SMS, and high-speed internet packages, tailored to meet the demands for simple, value-driven products with easy accessibility and wide distribution. Our focus on innovation and digital disruption drives us to continuously provide cutting-edge telecommunication solutions, meeting the evolving needs of our customers and keeping us at the forefront of the industry.

    For more information, please visit www.tunetalk.com.

    About Mavenir:

    Mavenir is building the future of networks today with cloud-native, AI-enabled solutions which are green by design, empowering operators to realize the benefits of 5G and achieve intelligent, automated, programmable networks. As the pioneer of Open RAN and a proven industry disruptor, Mavenir’s award-winning solutions are delivering automation and monetization across mobile networks globally, accelerating software network transformation for 300+ Communications Service Providers in over 120 countries, which serve more than 50% of the world’s subscribers. For more information, please visit www.mavenir.com

    PR Contacts: Mavenir: Emmanuela Spiteri | PR@mavenir.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3ec6ad0e-db50-409f-be25-495db047d71c

    The MIL Network

  • MIL-OSI: NOTICE ON CALLING ANNUAL GENERAL MEETING OF SHAREHOLDERS

    Source: GlobeNewswire (MIL-OSI)

    The Management Board of AS LHV Group (hereinafter LHV Group) hereby calls the general meeting of the shareholders (hereinafter the General Meeting), to be held on 26 March 2025 starting at 13:00 (Estonian time) at Hilton Tallinn Park Hotel (Fr. R Kreutzwaldi 23, Tallinn).

    The list of shareholders entitled to participate in the General Meeting will be determined as of 7 (seven) days before the General Meeting, i.e., as at 19 March 2025 EOD of Nasdaq CSD settlement system.

    Pursuant to the resolution adopted by LHV Group’s Supervisory Board on 19 February 2025, the agenda of the General Meeting will be following, and the proposals of the Management Board and the Supervisory Board in regard to the agenda items are specified by each agenda item as follows, whereas the Supervisory Board has proposed to vote in favour of all draft resolutions specified under the agenda items.

    1. Annual Report 2024

    Approve the Annual Report of LHV Group for the financial year 2024 as submitted to the General Meeting.

    2. Profit Distribution for Financial Year 2024

    The consolidated net profit attributable to LHV Group as the parent company of the consolidation group in the financial year 2024 amounts to EUR 152,405 thousand. Transfer EUR 0 to the legal reserve. Approve the profit allocation proposal made by the Management Board and pay dividends in the net amount of 9 euro cents per share. The list of shareholders entitled to receive dividends will be established as at on 9 April 2025 EOD of Nasdaq CSD settlement system. Consequently, the day of change of the rights related to the shares (ex-dividend date) is set to 8 April 2025. From this day onwards, the person acquiring the shares will not have the right to receive dividends for the financial year 2024. Dividends shall be disbursed to the shareholders on 10 April 2025.

    3. Financial Results of First Two Months of 2025

    An overview of the economic results of LHV Group for the first two months of 2025.

    4. Five-Year Financial Forecast

    An overview of the five-year financial forecast of LHV Group.

    5. Amendments to 2020–2024 Share Option Program

    Approve the amendments of LHV Group’s 2020–2024 share option program as presented to the General Meeting and authorize LHV Group’s Supervisory Board to implement the 2020–2024 share option program in accordance with the program’s terms.

    6. 2025–2029 Share Option Program

    Approve LHV Group’s 2025–2029 share option program as presented to the General Meeting and authorize LHV Group’s Supervisory Board to implement the 2025–2029 share option program in accordance with the program’s terms.

    7. Conditions of Performance Pay

    As of 1 January 2026, to prospectively raise for the next five (5) years, i.e., for the period of the 2025–2029 share option program, the percentage of performance pay payable to the management members and equivalent staff of LHV Group and its group companies up to two hundred percent (200%) of their basic salary in accordance with the rationale presented to the General Meeting.

    8. Acquisition of Own Shares

    Approve the acquisition of LHV Group’s own shares under the following conditions:

    • The purpose of acquiring own shares is to create value for shareholders by using the acquired shares for the execution of applicable General Meeting’s approved share option programs.
    • The acquisition shall be executed within a period of up to five (5) years from the adoption of this resolution. The acquisitions may take place in one or multiple transactions within thirteen (13) months from each LHV Group’s Supervisory Board decision to execute the acquisition of own shares.
    • LHV Group is entitled to acquire a maximum of its own shares necessary for fulfilling the commitments arising from the General Meeting’s approved share option programs. The acquisition may take place in portions corresponding to the required volume for a single year, multiple years, or the full duration of the applicable share option programs. This resolution shall also apply if the shareholders approve amendments to the share option programs that affect the acquisition volume. In any case, the total nominal value of the shares owned by LHV Group does not exceed 1/10 of the share capital.
    • The price per share to be paid for own shares shall be no less than EUR 0.00 and must not exceed the closing price of the Nasdaq Tallinn Stock Exchange on the previous trading day, as determined before the execution date of each respective acquisition (or the date of announcement of the execution of the acquisition). The purchase price per share shall not exceed the average market price of the last 30 trading days by more than fifty percent (50%). The acquisition of shares shall be executed under market conditions in accordance with the rules of Nasdaq Tallinn Stock Exchange.
    • The acquisition of own shares must not cause the net assets to become less than the total of share capital and reserves which pursuant to law or the Articles of Association shall not be paid out to shareholders.

    Authorize LHV Group’s Supervisory Board, in accordance with this resolution, applicable legislation and the General Meeting’s approved share option programs, to decide and execute own shares acquisitions, determine the acquisition price, procedure, and other conditions, and to carry out all necessary actions related to the own shares acquisition. The Supervisory Board may delegate technical and procedural tasks related to the execution of the acquisition to the Management Board. The execution of the own shares acquisition shall be conditional upon the European Central Bank’s consent.

    9. Amendments to Articles of Association

    Approve the new redaction of the Articles of Association of LHV Group, thereby amending clauses 4.1.5 and 4.1.6. with the following wording:
    “4.1.5.    The Supervisory Board has set up the Audit Committee, the Risk and Capital Committee, the Nomination Committee and the Remuneration Committee and established the relevant terms of reference.”
    “4.1.6. The Supervisory Board shall be authorized, for a period of 3 (three) years from the entry into force of this version of the Articles of Association, to increase the share capital through contributions 1 (once) per year by up to 2% (two percent) of the share capital as valid at the time of the respective resolution. If the full 2% (two percent) limit has not been used in previous years, the unused portion may be carried forward within the authorization period. However, if the limit has been fully utilized, the increase in any following year shall not exceed 2% (two percent).”

    The registration of the participants of the General Meeting will take place on the day of the meeting, 26 March 2025, between 12:00 and 12:45. The organizers of the General Meeting have the right not to consider later requests for registration and participation in the General Meeting. Registration of participation ensures the exercise of shareholder’s rights during the General Meeting, including electronic voting for draft resolutions on the agenda of the General Meeting.

    Shareholders who cannot or do not wish to take part in the General Meeting can vote on the draft resolutions on the agenda of the General Meeting before the General Meeting (hereinafter pre-voting) in the period from the determination of the circle of shareholders entitled to participate in the General Meeting (i.e., as of the end of the business day of the Nasdaq CSD settlement system on 19 March 2025) until 24 March 2025 at 17:00, whereas the simplified pre-voting via the website vote.lhv.ee/ (hereinafter meeting website) will be opened at 10:00 on 21 March 2025. A shareholder who has pre-voted is considered to be participating in the General Meeting, and the votes represented by the shares that shareholder holds are accounted as part of the General Meeting quorum.

    Pre-voting under simplified procedure and registering participation and electronic voting during the General Meeting takes place through the meeting website. Shareholders who cannot or do not wish to participate in the pre-voting or register their presence electronically, will be allowed to register and vote at the meeting venue, as long as they arrive at the venue with sufficient time for registration. It is possible to pre-vote on the draft resolutions on the agenda of the General Meeting using the pre-voting ballots, which are available on LHV Group’s website investor.lhv.ee/en/ (hereinafter investor website).

    Shareholders whose rights are exercised by a representative at the General Meeting, must ensure that before the General Meeting takes place, the document(s) proving their right of representation are presented in writing to LHV Group’s e-mail address group@lhv.ee or on working days between 9 to 17 to LHV Group’s address Tartu mnt 2, Tallinn 10145, 1st floor no later than 17:00 on 25 March 2025. All documents submitted in a foreign language must be in English or translated into English by a sworn translator or an official equivalent to a sworn translator, certified and legalized or apostilled, unless otherwise provided by legal acts in force. LHV Group must also be informed of the withdrawal of the given authorization by the same deadline. LHV Group asks to take into account that shareholder’s rights can be exercised via the meeting website by a person who has the right of sole representation of the shareholder. Holders of nominee accounts who wish to vote on a draft resolution in a proportion other than the total number of votes belonging to the respective shareholder, i.e., to distribute the votes belonging to the respective shareholder on the draft resolution between several predetermined options, will have the opportunity to do so on the meeting website. Such proportional voting is also possible with the pre-voting ballots published on the investor website.

    In the counting the votes given by pre-voting and electronic voting during the General Meeting, only votes that followed the procedure for pre-voting and electronic participation will be counted. The procedure can be found on the investor website.

    Shareholders can remotely watch the General Meeting’s live stream and participate in discussions through the website investor.lhv.ee/uldkoosolek/. Access to the live stream does not require authentication or registration. Instructions for watching the broadcast and submitting questions can be found on the investor website. 

    Up to and including the day of the General Meeting, shareholders have the option of examining all documents submitted to General Meeting (including the notice on calling the General Meeting, draft resolutions, LHV Group’s annual report for 2024, including the independent auditor’s report, proposal for the profit distribution, the remuneration report, the Supervisory Board’s report on its activities and assessment of the 2024 annual report and proposals for approving of the terms of performance pay, LHV Group’s share option programs and LHV Group’s Articles of Association) on the investor webpage. The procedure for pre-voting and electronic participation, instructions for watching the video broadcast, pre-voting ballots, and authorizations for appointing a representative at the General Meeting can also be found on the same page.

    Before the General Meeting, shareholders can ask questions about the agenda items of the General Meeting by email group@lhv.ee, provided that the questions are received by LHV Group at least 1 (one) working day before the General Meeting, no later than 13:00 on 25 March 2025. 

    At the General Meeting, shareholders have the right to receive information from the Management Board, to request that additional items be included on the agenda, and to submit draft resolutions in regard to each agenda item. In regard to the procedure and term for exercising these rights, LHV Group proceeds from the provisions of section 287, subsections 293 (2) and 2931 (4) of the Commercial Code and requests that the corresponding applications be sent by e-mail to group@lhv.ee or to LHV Group’s location at Tartu mnt 2, Tallinn 10145.

    Within 7 (seven) days of the General Meeting, the minutes of the General Meeting will be made available to shareholders on the investor website.

    Sincerely,
    Madis Toomsalu
    Chairman of the Management Board of AS LHV Group

    Marthi Lepik
    Communication Specialist
    Phone: +372 5666 2944
    Email: marthi.lepik@lhv.ee 

    Attachments

    The MIL Network

  • MIL-OSI Australia: Bank Indonesia and Reserve Bank of Australia Renew the Bilateral Currency Swap Arrangement

    Source: Reserve Bank of Australia

    Bank Indonesia (BI) and Reserve Bank of Australia (RBA) have renewed and strengthened the Bilateral Currency Swap Arrangement (BCSA) on 4 March 2025, for a period of five years. This agreement was signed by Governor Perry Warjiyo and Governor Michele Bullock. This follows the initial agreement which was signed in December 2015 and has been renewed thereafter.

    The BCSA enables the exchange of local currencies between the two central banks with a value of up to AUD10 billion (equivalent to USD6,2 billion) and the corresponding IDR.

    The renewal reflects the long-standing financial cooperation between BI and RBA and indicates the strong commitment of both central banks to further promote bilateral trade and investment for the economic development of Australia and Indonesia, contribute to financial stability for both countries and for other mutually agreed purposes.

    MIL OSI News

  • MIL-OSI Economics: Bank Indonesia and Reserve Bank of Australia Renew the Bilateral Currency Swap Arrangement

    Source: Reserve Bank of Australia

    Bank Indonesia (BI) and Reserve Bank of Australia (RBA) have renewed and strengthened the Bilateral Currency Swap Arrangement (BCSA) on 4 March 2025, for a period of five years. This agreement was signed by Governor Perry Warjiyo and Governor Michele Bullock. This follows the initial agreement which was signed in December 2015 and has been renewed thereafter.

    The BCSA enables the exchange of local currencies between the two central banks with a value of up to AUD10 billion (equivalent to USD6,2 billion) and the corresponding IDR.

    The renewal reflects the long-standing financial cooperation between BI and RBA and indicates the strong commitment of both central banks to further promote bilateral trade and investment for the economic development of Australia and Indonesia, contribute to financial stability for both countries and for other mutually agreed purposes.

    MIL OSI Economics

  • MIL-OSI Asia-Pac: President Lai attends opening ceremony of GCTF Workshop on Whole-of-Society Resilience Building, Preparation, and Response

    Source: Republic of China Taiwan

    Details
    2025-02-24
    President Lai meets Japanese House of Representatives Member Tamaki Yuichiro
    On the afternoon of February 24, President Lai Ching-te met with Japanese House of Representatives Member Tamaki Yuichiro. In remarks, President Lai noted that Taiwan and Japan are important trading partners. The president expressed hope that, in addition to semiconductors, Taiwan and Japan can also bolster cooperation in the fields of hydrogen energy and drones and build non-red supply chains, thus creating economic win-win situations and maintaining peace and stability in the Indo-Pacific region and globally. A translation of President Lai’s remarks follows: I would like to start by warmly welcoming Representative Tamaki on his first trip to Taiwan. Now is a key moment for the cooperative ties between Taiwan and Japan, and the fact that Representative Tamaki has chosen to take time out of his busy schedule to make this trip demonstrates his especially meaningful support for Taiwan. For this I want to express my deepest gratitude. At the beginning of this month, Japan and the United States held a summit meeting. In the post-summit joint leaders’ statement the government of Japan reiterated the importance of maintaining peace and stability across the Taiwan Strait, opposed any attempts to unilaterally change the status quo by force or coercion, and expressed support for Taiwan’s meaningful participation in international organizations. I would like to thank the government of Japan for these statements. Taiwan and Japan are both responsible members of the international community. I welcome an even firmer friendship between Japan and the US and hope to see cooperation among Taiwan, Japan, and the US become a solid force in consolidating peace and stability in the Indo-Pacific region. In addition to complex international conditions, we now also face the threat of China’s red supply chain. More and more countries are becoming increasingly concerned about such issues as economic security and supply chain resilience. As authoritarianism consolidates, democratic nations must also come closer in solidarity. Taiwan and Japan are important trading partners. I hope that, in addition to semiconductors, Taiwan and Japan can also bolster cooperation in the fields of hydrogen energy and drones, and that we can build non-red supply chains, thus creating economic win-win situations and maintaining peace and stability in the Indo-Pacific region and globally. Lastly, I would like once again to welcome Representative Tamaki to Taiwan and wish him a successful visit. I hope he departs Taiwan with a deep impression and that he will visit again. Representative Tamaki then delivered remarks, noting that this was his first visit to Taiwan and thanking President Lai and officials of the Taiwan government for their warm welcome. Pointing out that Taiwan-Japan ties are closer than ever thanks to the major efforts made on this front by President Lai since taking office, Representative Tamaki expressed his admiration and gratitude. Representative Tamaki pointed out that in a changing global landscape, Taiwan, Japan, and the Indo-Pacific region all face major changes, but he firmly believes that Taiwan-Japan relations will develop even further. Recalling President Lai’s previous remarks, the representative said that Japan and the US recently held a summit meeting that yielded important results. In the joint leaders’ statement, he noted, the two sides made a clear commitment regarding peace and stability across the Taiwan Strait and firmly opposed any attempts to unilaterally change the status quo by force or coercion. Representative Tamaki said that the ruling Liberal Democratic Party and the Komeito did not win a majority in last year’s House of Representatives general elections, while the number of seats held by his own Democratic Party for the People quadrupled. This result, he said, has filled him with a feeling of great responsibility. Moving forward, he intends to continue promoting Taiwan-Japan cooperation and strengthening relations. Also in attendance at the meeting was Japan-Taiwan Exchange Association Taipei Office Chief Representative Katayama Kazuyuki.

    Details
    2025-02-21
    President Lai meets Abe Akie, wife of late Prime Minister Abe Shinzo of Japan
    On the morning of February 21, President Lai Ching-te met with Abe Akie, the wife of late Prime Minister Abe Shinzo of Japan. In remarks, President Lai thanked Mrs. Abe for carrying on the legacy of former Prime Minister Abe, being a benevolent and determined force for regional peace and prosperity, and calling on all parties to continue to place attention on peace in the Taiwan Strait. The president stated that Taiwan will carry on the legacy and spirit of former President Lee Teng-hui and former Prime Minister Abe, safeguard the values of freedom and democracy, and deepen the Taiwan-Japan friendship. A translation of President Lai’s remarks follows: Last May, Mrs. Abe came to Taiwan to attend the inauguration ceremony for myself and Vice President Bi-khim Hsiao, and we reminisced about the past here at the Presidential Office. I would like to warmly welcome her back today. I am also delighted to be meeting with all guests in attendance. Yesterday, Mrs. Abe and I attended the opening of the very first Halifax Taipei forum, for which Mrs. Abe also delivered a keynote speech earlier today. In her speech, she offered valuable input on global security and democratic development. I would like to thank Mrs. Abe for making this special trip to Taiwan to take part, showing her strong support for Taiwan. Former Prime Minister Abe pioneered the vision of a free and open Indo-Pacific, and called on the international community to pay attention to peace and stability in the Taiwan Strait and Indo-Pacific. These have become common strategic goals of democratic countries around the world and will have a far-reaching influence over international developments and Taiwan’s security. They were important contributions that former Prime Minister Abe made in regard to the Taiwan Strait and the Indo-Pacific region. Recently, current Prime Minister of Japan Ishiba Shigeru and United States President Donald Trump held a meeting and jointly reiterated the importance of peace and stability across the Taiwan Strait, as well as opposed unilateral changes to the status quo by force or coercion. They also expressed support for Taiwan’s participation in international organizations. This shows that Prime Minister Ishiba is furthering the legacy of former Prime Minister Abe. We are very grateful for the former prime minister’s friendship toward Taiwan, and to Mrs. Abe for carrying on his legacy. Mrs. Abe is a benevolent and determined force for regional peace and prosperity, and has called on all parties at numerous public venues to continue to place attention on peace in the Taiwan Strait. Last December, for instance, she traveled at the invitation of President Trump and his wife to the US, where she addressed cross-strait issues and spoke up for Taiwan. We were deeply moved by this. As authoritarian states continue to expand, Taiwan will keep working alongside like-minded nations such as Japan and the US, as well as the European Union, to jointly contribute to regional and global peace and prosperity. I look forward to continued advancement of regional peace and prosperity with the help of Mrs. Abe’s efforts. Mrs. Abe will also be meeting with daughter of former President Lee and Lee Teng-hui Foundation Chairperson Annie Lee (李安妮) tomorrow. Former President Lee and former Prime Minister Abe were both fully devoted to promoting Taiwan-Japan relations. We will carry on their legacy and spirit, safeguard the values of freedom and democracy, and deepen the Taiwan-Japan friendship. In closing, I wish you all a smooth and successful visit. Mrs. Abe then delivered remarks, first expressing her sincere thanks to President Lai for taking the time to meet. She said that former Prime Minister Abe hailed from Yamaguchi Prefecture, and that accompanying her that day were House of Councillors Member Kitamura Tsuneo, Yamaguchi Prefecture Governor Muraoka Tsugumasa, Yamaguchi Prefectural Assembly Deputy Speaker Shimata Noriaki, and many other important figures from Yamaguchi. If former Prime Minister Abe’s spirit could look upon this scene, she said, he would certainly be very pleased. Mrs. Abe recalled that when the former prime minister passed away, then-Vice President Lai traveled to their official residence to express his condolences and pay tribute. She said that she will never forget such a gesture of deep friendship, heartfelt condolences, and care. The year before last, she indicated, a memorial photo exhibition for former Prime Minister Abe was held in Taiwan, and many Taiwanese people from all walks of life came to view it. Last year, Mrs. Abe continued, she had the privilege of attending President Lai’s inauguration ceremony, where she met with many friends from Taiwan and personally felt the close and beautiful ties that Taiwan and Japan share. Mrs. Abe stated that she will carry out the wishes of former Prime Minister Abe and do her utmost to help raise Taiwan-Japan relations to new heights, saying that she looks forward to hearing the advice that President Lai and all those present have to offer. The delegation also included Japan-Taiwan Exchange Association Taipei Office Chief Representative Katayama Kazuyuki.

    Details
    2025-02-20
    President Lai attends opening of 2025 Halifax Taipei forum
    On the afternoon of February 20, President Lai Ching-te attended the opening of the 2025 Halifax Taipei forum. In remarks, President Lai thanked the Halifax International Security Forum for their strong support for Taiwan, and for having chosen Taiwan as the first location outside North America to hold a forum. Noting that we face a complex global landscape, the president called on the international community to take action. He said that as authoritarianism consolidates, democratic nations must also come closer in solidarity, and called on the international community to create non-red global supply chains, as well as unite to usher in peace. President Lai emphasized that Taiwan will work toward maintaining peace and stability in the Taiwan Strait, and collaborate with democratic partners to form a global alliance for the AI chip industry and together greet a bright, new era. A transcript of President Lai’s remarks follows: To begin, I want to give a warm welcome to all the distinguished guests here at the very first Halifax Taipei forum. The Halifax International Security Forum, held every year in Canada, has been an important gathering for freedom-loving nations worldwide. I would like to thank Halifax and President [Peter] Van Praagh for their strong support for Taiwan. Every year since 2018, Taiwan has been invited to participate in the forum. Last year, former President Tsai Ing-wen was invited to speak, and this year, Halifax has chosen Taiwan as the first location outside North America to hold a forum. As President Van Praagh has said, “While the security challenges ahead are too big for any single country to solve alone, there is no challenge that can’t be met when the world’s democracies work together.” Today, we have world leaders and experts who traveled from afar to be here, showing that they value and support Taiwan. It demonstrates solidarity among democracies and the determination to take on challenges as one. I would like to express my gratitude and admiration to all of you for serving as defenders of freedom. At this very moment, Russia’s invasion of Ukraine is still ongoing. Authoritarian regimes including China, Russia, North Korea, and Iran continue to consolidate. China is hurting economies around the world through its dumping practices. We face grave challenges to global economic order, democracy, freedom, peace, and stability. Taiwan holds a key position on the first island chain, directly facing an authoritarian threat. But we will not be intimidated. We will stand firm and safeguard our national sovereignty, maintain our free and democratic way of life, and uphold peace and stability across the Taiwan Strait. Taiwan cherishes peace, but we also have no delusions about peace. We will uphold the spirit of peace through strength, using concrete actions to build a stronger Taiwan and bolster the free and democratic community. I sincerely thank the international community for continuing to attach importance to the situation in the Taiwan Strait. Recently, US President Donald Trump and Japan’s Prime Minister Ishiba Shigeru issued a joint leaders’ statement expressing their firm support for peace and stability across the Taiwan Strait, and for Taiwan’s participation in international affairs. As we face a complex global landscape, I call on the international community to take the following actions: First, as authoritarianism consolidates, democratic nations must also come closer in solidarity. Just a few days ago, the top diplomats of the US, Japan, and South Korea held talks, underlining the importance of maintaining peace and stability across the Taiwan Strait. They also conveyed their stance against “any effort to destabilize democratic institutions, economic independence, and global security.” On these issues, Taiwan will also continue to contribute its utmost. I recently announced that we will prioritize special budget allocations to ensure that our defense budget exceeds 3 percent of GDP.  Soon after I assumed office last year, I formed the Whole-of-Society Defense Resilience Committee at the Presidential Office. This committee aims to combine the strengths of government and civil society to enhance our resilience in national defense, economic livelihoods, disaster prevention, and democracy. We will also deepen our strategic partnerships in the democratic community to mutually increase defense resilience, demonstrate deterrence, and achieve our goal of peace throughout the world. Second, let’s create non-red global supply chains.  For the democratic community to deter the expansion of authoritarianism, it must have strong technological capabilities. These can serve as the backbone of national defense, promote industrial development, and enhance economic resilience. So, in addressing China’s red supply chain and the impact of its dumping, Taiwan is willing and able to work with global democracies to maintain the technological strengths among our partners and build resilient non-red supply chains. As a major semiconductor manufacturing nation, Taiwan will introduce an initiative on semiconductor supply chain partnerships for global democracies. We will collaborate with our democratic partners to form a global alliance for the AI chip industry and establish democratic supply chains for industries connected to high-end chips. The achievements of today’s semiconductor industry in Taiwan can be attributed to our collective efforts. Government, industry, academia, and research institutions had to overcome various challenges over the last 50 years for us to secure this position.  We hope Taiwan can serve as a base for linking the capabilities of our democratic partners so that each can play a suitable role in the semiconductor industry chain and develop its own strengths, deepening our mutually beneficial cooperation in technology. This benefits all of us. Moreover, it allows us to further enhance deterrence and maintain global security. Third, let’s unite to usher in peace. China has not stopped intimidating Taiwan politically and militarily. Last year, China launched several large-scale military exercises in the Taiwan Strait. Its escalation of gray-zone aggression now poses a grave threat to the peace and stability of the Indo-Pacific region. As a responsible member of the international community, Taiwan will maintain the status quo. We will not seek conflict. Rather, we are willing to engage in dialogue with China, under the principles of parity and dignity, and work toward maintaining peace and stability in the Taiwan Strait. As the agenda of this forum suggests, democracy and freedom create more than just opportunities; they also bring resilience, justice, partnerships, and security. Taiwan will continue working alongside its democratic partners to greet a bright, new era. Once again, a warm welcome to all of you. I wish this forum every success. Thank you. Also in attendance at the event were Mrs. Abe Akie, wife of the late former Prime Minister Abe Shinzo of Japan, and Halifax International Security Forum President Van Praagh.

    Details
    2025-02-18
    President Lai meets British-Taiwanese All-Party Parliamentary Group delegation
    On the morning of February 18, President Lai Ching-te met with a delegation from the British-Taiwanese All-Party Parliamentary Group (APPG). In remarks, President Lai thanked the delegation members, the Parliament of the United Kingdom, and the UK government for continuing to demonstrate support for Taiwan through a variety of means. He also stated that Taiwan-UK relations have advanced significantly in recent years, noting that the Taiwan-UK Enhanced Trade Partnership (ETP) is the first institutionalized economic and trade framework signed between Taiwan and any European country. The president said he looks forward to continuing to deepen Taiwan-UK relations and jointly maintaining regional and global peace and stability, and indicated that together, we can create win-win developments for both Taiwan and the UK and Taiwan and European nations. A translation of President Lai’s remarks follows: This is the first UK parliamentary delegation of the current session to visit Taiwan. On behalf of the people of Taiwan, I extend my sincerest welcome to you all. APPG Chair Sarah Champion visited Taiwan last May to attend the inauguration ceremony of myself and Vice President Bi-khim Hsiao. In July, she also attended the annual summit of the Inter-Parliamentary Alliance on China (IPAC), which was held in Taipei. I am delighted that we are meeting once again. Taiwan-UK relations have advanced significantly in recent years. I would especially like to thank our distinguished guests, as well as the UK Parliament and government, for continuing to demonstrate support for Taiwan through a variety of means. For example, the House of Commons held a debate on Taiwan’s international status last November. After the debate, a motion was unanimously passed affirming that United Nations General Assembly (UNGA) Resolution 2758 does not mention Taiwan. Responding to the motion, Parliamentary Under-Secretary of State Catherine West stated that the UK opposes any attempt to broaden the interpretation of the resolution to rewrite history. This highlighted concrete progress in Taiwan-UK bilateral relations. I would also like to thank the UK Parliament and government for openly opposing on multiple occasions any unilateral change to the status quo across the Taiwan Strait, and for emphasizing that the security of the Indo-Pacific and transatlantic regions is closely intertwined. We look forward to continuing to deepen Taiwan-UK relations and jointly maintaining regional and global peace and stability. Together, we can create win-win developments for both Taiwan and the UK and Taiwan and European nations. For example, the Taiwan-UK ETP is the first institutionalized economic and trade framework signed between Taiwan and any European country. We hope to swiftly conclude negotiations on signing sub-arrangements on investment, digital trade, and energy and net-zero transition. This will facilitate even more exchanges and cooperation between Taiwan and the UK. We also hope that the UK will continue to support Taiwan’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. Together, we can build even more resilient global supply chains and further contribute to global prosperity and development. I believe that this visit adds to a strong and solid foundation for future Taiwan-UK cooperation. Thank you once again for backing Taiwan. I wish you a fruitful and successful visit. Chair Champion then delivered remarks, thanking President Lai for his warm welcome and for the hospitality he has shown to her and the delegation, and thanking Taiwan’s excellent team of officials for their care and attention. Chair Champion expressed that she thinks the IPAC conference held in Taiwan at the end of July last year was very significant, with legislators from 23 countries coming to show support for Taiwan, adding that that is something they have built on since the conference. She stated that she is also very proud that the UK Parliament supported the motion which made very clear that UNGA Resolution 2758 is specific to China and only to China, expressing that it was important and powerful that they recognize that. The chair went on to say that after the UK’s general election, more than half of the members of parliament are now new. She said she is very proud that there are new MPs as part of the delegation, and that she hopes it gives President Lai reassurance that their commitment to Taiwan is still there.  Chair Champion emphasized that the all-party group is important because it is indeed all-party, and that they work together for their common interests, stating that the common interest for the UK and for the world is to maintain Taiwan’s sovereignty. She also noted that the United States has now come out very much in support of Taiwan, which she said she hopes encourages other countries around the world to do the same. Chair Champion said that the UK will be going into the 27th trade negotiation with Taiwan, and that they hope the partnership that develops is very fruitful. The chair closed by saying that it is wonderful for the delegation to be meeting President Lai, as well as legislators and ministers, and to be understanding more about the culture of Taiwan so that they can build a deeper, longer-lasting friendship. The delegation also included Lord Purvis of Tweed of the House of Lords and Members of Parliament Ben Spencer, Helena Dollimore, Noah Law, and David Reed. The delegation was accompanied to the Presidential Office by Political and Communications Director at the British Office in Taipei Natasha Harrington.  

    Details
    2025-02-17
    President Lai meets former United States Deputy National Security Advisor Matthew Pottinger
    On the morning of February 17, President Lai Ching-te met with a delegation led by former United States Deputy National Security Advisor Matthew Pottinger. In remarks, President Lai thanked the delegation for demonstrating staunch support for Taiwan through their visit. The president pointed out that increased cooperation between authoritarian regimes is posing risks and challenges to the geopolitical landscape and regional security. He emphasized that only by bolstering our defense capabilities can we demonstrate effective deterrence and maintain peace and stability across the Taiwan Strait and around the world. The president stated that moving forward, Taiwan will continue to enhance its self-defense capabilities. He also expressed hope of strengthening the Taiwan-US partnership and jointly building secure and resilient non-red supply chains so as to ensure that Taiwan, the US, and democratic partners around the world maintain a technological lead. A translation of President Lai’s remarks follows: I am delighted to welcome our good friends Mr. Pottinger and retired US Rear Admiral Mr. Mark Montgomery to Taiwan once again. Last June, Mr. Pottinger and Mr. Ivan Kanapathy came to Taiwan to launch their new book The Boiling Moat. During that visit, they also visited the Presidential Office. We held an extensive exchange of views on Taiwan-US relations and regional affairs right here in the Taiwan Heritage Room. Now, as we meet again eight months later, I am pleased to learn that Mr. Kanapathy is now serving on the White House National Security Council. The Mandarin translation of The Boiling Moat is also due to be released in Taiwan very soon. This book offers insightful observations from US experts regarding US-China-Taiwan relations and valuable advice for the strengthening of Taiwan’s national defense, security, and overall resilience. I am sure that Taiwanese readers will benefit greatly from it. I understand that this is Mr. Montgomery’s fourth visit to Taiwan and that he has long paid close attention to Taiwan-related issues. I look forward to an in-depth discussion with our two friends on the future direction of Taiwan-US relations and cooperation. Increased cooperation between authoritarian regimes is posing risks and challenges to the geopolitical landscape and regional security. One notion we all share is peace through strength. That is, only by bolstering our defense capabilities and fortifying our defenses can we demonstrate effective deterrence and maintain peace and stability across the Taiwan Strait and around the world. Moving forward, Taiwan will continue to enhance its self-defense capabilities. We also hope to strengthen the Taiwan-US partnership in such fields as security, trade and the economy, and energy. In addition, we will advance cooperation in critical and innovative technologies and jointly build secure and resilient non-red supply chains. This will ensure that Taiwan, the US, and democratic partners around the world maintain a technological lead. We believe that closer Taiwan-US exchanges and cooperation not only benefit national security and development but also align with the common economic interests of Taiwan and the US. I want to thank Mr. Pottinger and Mr. Montgomery once again for visiting and for continuing to advance Taiwan-US exchanges, demonstrating staunch support for Taiwan. Let us continue to work together to deepen Taiwan-US relations. I wish you a smooth and fruitful visit.  Mr. Pottinger then delivered remarks, first congratulating President Lai on his one-year election anniversary and on the state of the economy, which, he added, is doing quite well. Mentioning President Lai’s recent statement pledging to increase Taiwan’s defense budget to above 3 percent of GDP, Mr. Pottinger said he thinks that the benchmark is equal to what the US spends on its defense and that it is a good starting point for both countries to build deterrence. Echoing the president’s earlier remarks, Mr. Pottinger said that peace through strength is the right path for the US and for Taiwan right now at a moment when autocratic, aggressive governments are on the march. He then paraphrased the words of former US President George Washington in his first inaugural address, saying that the best way to keep the peace is to be prepared at all times for war, which captures the meaning of peace through strength. In closing, he said he looks forward to exchanging views with President Lai.

    Details
    2025-02-14
    President Lai holds press conference following high-level national security meeting
    On the morning of February 14, President Lai Ching-te convened the first high-level national security meeting of the year, following which he held a press conference. In remarks, President Lai announced that in this new year, the government will prioritize special budget allocations to ensure that Taiwan’s defense budget exceeds 3 percent of GDP. He stated that the government will also continue to reform national defense, reform our legal framework for national security, and advance our economic and trade strategy of being rooted in Taiwan while expanding globally. The president also proposed clear-cut national strategies for Taiwan-US relations, semiconductor industry development, and cross-strait relations. President Lai indicated that he instructed the national security and administrative teams to take swift action and deliver results, working within a stable strategic framework and according to the various policies and approaches outlined. He also instructed them to keep a close watch on changes in the international situation, seize opportunities whenever they arise, and address the concerns and hope of the citizens with concrete actions. He expressed hope that as long as citizens remain steadfast in their convictions, are willing to work hand in hand, stand firm amidst uncertainty, and look for ways to win within changing circumstances, Taiwan is certain to prevail in the test of time yet again. A translation of President Lai’s remarks follows: First, I would like to convey my condolences for the tragic incident which occurred at the Shin Kong Mitsukoshi department store in Taichung, which resulted in numerous casualties. I have instructed Premier Cho Jung-tai (卓榮泰) to lead the relevant central government agencies in assisting Taichung’s municipal government with actively resolving various issues regarding the incident. It is my hope that these issues can be resolved efficiently. Earlier today, I convened this year’s first high-level national security meeting. I will now report on the discussions from the meeting to all citizens. 2025 is a year full of challenges, but also a year full of hope. In today’s global landscape, the democratic world faces common threats posed by the convergence of authoritarian regimes, while dumping and unfair competition from China undermine the global economic order. A new United States administration was formed at the beginning of the year, adopting all-new strategies and policies to address challenges both domestic and from overseas. Every nation worldwide, including ours, is facing a new phase of changes and challenges. In face of such changes, ensuring national security, ensuring Taiwan’s indispensability in global supply chains, and ensuring that our nation continues to make progress amidst challenges are our top priorities this year. They are also why we convened a high-level national security meeting today. At the meeting, the national security team, the administrative team led by Premier Cho, and I held an in-depth discussion based on the overall state of affairs at home and abroad and the strategies the teams had prepared in response. We summed up the following points as an overall strategy for the next stage of advancing national security and development. First, for overall national security, so that we can ensure the freedom, democracy, and human rights of the Taiwanese people, as well as the progress and development of the nation as we face various threats from authoritarian regimes, Taiwan must resolutely safeguard national sovereignty, strengthen self-sufficiency in national defense, and consolidate national defense. Taiwan must enhance economic resilience, maintain economic autonomy, and stand firm with other democracies as we deepen our strategic partnerships with like-minded countries. As I have said, “As authoritarianism consolidates, democratic nations must come closer in solidarity!” And so, in this new year, we will focus on the following three priorities: First, to demonstrate our resolve for national defense, we will continue to reform national defense, implement whole-of-society defense resilience, and prioritize special budget allocations to ensure that our defense budget exceeds 3 percent of GDP. Second, to counter the threats to our national security from China’s united front tactics, attempts at infiltration, and cognitive warfare, we will continue with the reform of our legal framework for national security and expand the national security framework to boost societal resilience and foster unity within. Third, to seize opportunities in the restructuring of global supply chains and realignment of the economic order, we will continue advancing our economic and trade strategy of being rooted in Taiwan while expanding globally, strengthening protections for high-tech, and collaborating with our friends and allies to build supply chains for global democracies. Everyone shares concern regarding Taiwan-US relations, semiconductor industry development, and cross-strait relations. For these issues, I am proposing clear-cut national strategies. First, I will touch on Taiwan-US relations. Taiwan and the US have shared ideals and values, and are staunch partners within the democratic, free community. We are very grateful to President Donald Trump’s administration for their continued support for Taiwan after taking office. We are especially grateful for the US and Japan’s joint leaders’ statement reiterating “the importance of maintaining peace and stability across the Taiwan Strait as an indispensable element of security and prosperity for the international community,” as well as their high level of concern regarding China’s threat to regional security. In fact, the Democratic Progressive Party government has worked very closely with President Trump ever since his first term in office, and has remained an international partner. The procurement of numerous key advanced arms, freedom of navigation critical for security and stability in the Taiwan Strait, and many assisted breakthroughs in international diplomacy were made possible during this time. Positioned in the first island chain and on the democratic world’s frontline countering authoritarianism, Taiwan is willing and will continue to work with the US at all levels as we pursue regional stability and prosperity, helping realize our vision of a free and open Indo-Pacific. Although changes in policy may occur these next few years, the mutual trust and close cooperation between Taiwan and Washington will steadfastly endure. On that, our citizens can rest assured. In accordance with the Taiwan Relations Act and the Six Assurances, the US announced a total of 48 military sales to Taiwan over the past eight years amounting to US$26.265 billion. During President Trump’s first term, 22 sales were announced totaling US$18.763 billion. This greatly supported Taiwan’s defensive capabilities. On the foundation of our close cooperation with the past eight years’ two US administrations, Taiwan will continue to demonstrate our determination for self-defense, accelerate the bolstering of our national defense, and keep enhancing the depth and breadth of Taiwan-US security cooperation, along with all manner of institutional cooperation. In terms of bilateral economic cooperation, Taiwan has always been one of the US’s most reliable trade partners, as well as one of the most important cooperative partners of US companies in the global semiconductor industry. In the past few years, Taiwan has greatly increased both direct and indirect investment in the US. By 2024, investment surpassed US$100 billion, creating nearly 400,000 job opportunities. In 2023 and 2024, investment in the US accounted for over 40 percent of Taiwan’s overall foreign investment, far surpassing our investment in China. In fact, in 2023 and 2024, Taiwanese investment in China fell to 11 percent and 8 percent, respectively. The US is now Taiwan’s biggest investment target. Our government is now launching relevant plans in accordance with national development needs and the need to establish secure supply systems, and the Executive Yuan is taking comprehensive inventory of opportunities for Taiwan-US economic and trade cooperation. Moving forward, close bilateral cooperation will allow us to expand US investment and procurement, facilitating balanced trade. Our government will also strengthen guidance and support for Taiwanese enterprises on increasing US investment, and promote the global expansion and growth of Taiwan’s industries. We will also boost Taiwan-US cooperation in tech development and manufacturing for AI and advanced semiconductors, and work together to maintain order in the semiconductor market, shaping a new era for our strategic economic partnership. Second, the development of our semiconductor industry. I want to emphasize that Taiwan, as one of the world’s most capable semiconductor manufacturing nations, is both willing and able to address new situations. With respect to President Trump’s concerns about our semiconductor industry, the government will act prudently, strengthen communications between Taiwan and the US, and promote greater mutual understanding. We will pay attention to the challenges arising from the situation and assist businesses in navigating them. In addition, we will introduce an initiative on semiconductor supply chain partnerships for global democracies. We are willing to collaborate with the US and our other democratic partners to develop more resilient and diversified semiconductor supply chains. Leveraging our strengths in cutting-edge semiconductors, we will form a global alliance for the AI chip industry and establish democratic supply chains for industries connected to high-end chips. Through international cooperation, we will open up an entirely new era of growth in the semiconductor industry. As we face the various new policies of the Trump administration, we will continue to uphold a spirit of mutual benefit, and we will continue to communicate and negotiate closely with the US government. This will help the new administration’s team to better understand how Taiwan is an indispensable partner in the process of rebuilding American manufacturing and consolidating its leadership in high-tech, and that Taiwan-US cooperation will benefit us both. Third, cross-strait relations. Regarding the regional and cross-strait situation, Taiwan-US relations, US-China relations, and interactions among Taiwan, the US, and China are a focus of global attention. As a member of the international democratic community and a responsible member of the region, Taiwan hopes to see Taiwan-US relations continue to strengthen and, alongside US-China relations, form a virtuous cycle rather than a zero-sum game where one side’s gain is another side’s loss. In facing China, Taiwan will always be a responsible actor. We will neither yield nor provoke. We will remain resilient and composed, maintaining our consistent position on cross-strait relations: Our determination to safeguard our national sovereignty and protect our free and democratic way of life remains unchanged. Our efforts to maintain peace and stability in the Taiwan Strait, as well as our willingness to work alongside China in the pursuit of peace and mutual prosperity across the strait, remain unchanged. Our commitment to promoting healthy and orderly exchanges across the strait, choosing dialogue over confrontation, and advancing well-being for the peoples on both sides of the strait, under the principles of parity and dignity, remains unchanged. Regarding the matters I reported to the public today, I have instructed our national security and administrative teams to take swift action and deliver results, working within a stable strategic framework and according to the various policies and approaches I just outlined. I have also instructed them to keep a close watch on changes in the international situation, seize opportunities whenever they arise, and address the concerns and hope of the citizens with concrete actions. My fellow citizens, over the past several years, Taiwan has weathered a global pandemic and faced global challenges, both political and economic, arising from the US-China trade war and Russia’s invasion of Ukraine. Through it all, Taiwan has persevered; we have continued to develop our economy, bolster our national strength, and raise our international profile while garnering more support – all unprecedented achievements. This is all because Taiwan’s fate has never been decided by the external environment, but by the unity of the Taiwanese people and the resolve to never give up. A one-of-a-kind global situation is creating new strategic opportunities for our one-of-a-kind Taiwanese people, bringing new hope. Taiwan’s foundation is solid; its strength is great. So as long as everyone remains steadfast in their convictions, is willing to work hand in hand, stands firm amidst uncertainty, and looks for ways to win within changing circumstances, Taiwan is certain to prevail in the test of our time yet again, for I am confident that there are no difficulties that Taiwan cannot overcome. Thank you.

    MIL OSI Asia Pacific News

  • MIL-OSI Australia: Albanese Government backs maritime skills and training

    Source: Australian Ministers 1

    The Albanese Labor Government is investing $16.9 million to support skills and training in the maritime industry. 

    A new maritime skills and training initiative will give up to 20 trainee seafarers each year, for four years, access to berths to complete sea time required for international certification.

    This will support the Government’s maritime Strategic Fleet and the broader industry.

    $2.5 million will also flow to the Transport and Logistics Jobs and Skills Council (JSC) to address training barriers, and ultimately Australia’s maritime skills shortage.

    The JSC’s 2024 Maritime Workforce Plan confirmed that access to training berths is a major issue, with lacking coordination across industry and training providers resulting in sea time not being effectively accessed and utilised.

    Today’s announcement directly responds to recommendations identified by both the Maritime Workforce Plan and Strategic Fleet Taskforce Final Report, and will also support the implementation and long-term sustainability of a maritime Strategic Fleet.

    The Government released the Strategic Fleet Taskforce Final Report in November 2023, before undertaking targeted consultation with vessel operators and unions.

    We are now moving ahead with delivering on the report’s recommendations. 

    Late last year, the Strategic Fleet Pilot tender closed and proposals are now being evaluated as part of a competitive, open and transparent procurement process.

    The Government also appointed Ms Lynelle Briggs and Prof Nicholas Gaskell to co-chair reviews of the Shipping Registration Act 1981 and Coastal Trading (Revitalising Australian Shipping) Act 2012 to support the long-term sustainability of Australia’s maritime industry and Strategic Fleet, which are now underway.

    Meanwhile, the Australian Maritime Safety Authority is collaborating with the Fair Work Ombudsman to address wage theft issues aboard foreign-flagged vessels operating under the Coastal Trading Act, signing an updated Memorandum of Understanding earlier this year.

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

    “Our investment in a new skills and training program will give trainee seafarers vital access to berths onboard vessels – including those under contract to the Australian Government – needed to meet their international certification. 

    “Not only will this be welcome news for vocational and tertiary level qualified seafarers in need of sea time, it will also support the vessels offering the training berths.

    “This is yet another demonstration of our Government’s commitment to investing in a sustainable maritime industry, one with the skills needed to thrive into the future.”

    Quotes attributable to Skills and Training Minister Andrew Giles:

    “The maritime industry is so important to the Australian economy, so it is critical that we have the skilled seafarers to keep it afloat.

    “We’ve recently established a Maritime Skills Network, bringing together government, industry and unions, to come up with solutions to challenges in the sector and this announcement will go a long way towards workforce shortage concerns.

    “This program will ensure a pipeline of trained Australian seafarers over the coming years that can fill critical functions such as harbour masters, marine pilots and regulatory roles protecting our environment and the safety of vessels operating in our waters.”

    MIL OSI News

  • MIL-OSI Australia: Emerging business risks in 2025

    Source: Allens Insights

    Navigating the challenges in a complex environment 7 min read

    We are in the midst of rapid technological advancements, shifting regulatory and political landscapes, evolving social expectations and visible impacts of climate change. In this context, Australian companies and their directors and officers are navigating an increasingly complex, inter-connected and unpredictable risk environment.

    Key takeaways

    As part of our ongoing CPD Series, Allens hosted a discussion with Christine Holman, a senior non-executive director with over 30 years of experience, on the emerging risks boards and management are facing in 2025. The session highlighted several key issues that are expected to shape the year ahead.

    • Geopolitical uncertainty is an increasingly prominent feature of the international landscape, threatening global supply chains and operational stability.
    • Inflation will continue to trouble economies around the world, spilling across borders and putting a strain on business financial performance.
    • Cyber incidents have escalated in frequency, scale, sophistication and severity.
    • Climate change is having increasingly tangible impacts on the natural environment in which Australian businesses operate.
    • Reputational issues tie directly to company value as they are scrutinised under a media spotlight of higher political, regulatory and social expectations.
    • Technological advancements are occurring faster than ever, requiring businesses to adapt quickly to respond to new opportunities whilst managing the risks they present.

    The discussion also touched on the practical steps companies can take to navigate these risks, not only to avoid exposure to downside scenarios, but to capitalise on the opportunities that lie ahead.

    Geopolitical uncertainty

    In recent years—and indeed just these last few days—there have been growing challenges to the post-World War II, rules-based world order, which has given way to increasing geopolitical instability around the world.

    Prolonged military conflicts have significantly impacted civilian populations through displacement, loss of life and heightened instability, whilst more broadly resulting in actions such as sanctions and supply disruptions. In addition, the rise of protectionist and nationalistic ideologies is now seeing the return of tariffs and pullback from previously settled global trade relationships. In this evolving environment, Australian businesses will need to remain vigilant given the importance of our trade relationship with China and our close security ties with the United States.

    In addition, as we move towards a federal election this year, there is the potential for these forces to manifest in domestic regulatory and economic policy settings as our politicians react to these global trends.

    Our experience has been that good governance, regular risk assessments and scenario planning, and appropriate management structures, assist to navigate these geopolitical challenges.

    Prolonged inflation

    At the same time, many economies including Australia have been experiencing pronounced and persistent inflation following global events such as the COVID-19 pandemic and the conflicts in Ukraine and the Middle East. These conditions have caused significant cost-of-living pressure at the individual household level, which is projected across the broader economy in the form of reduced demand and heightened uncertainty for businesses.

    In an environment like this, we see best practice involving companies seeking to plan for all scenarios. This often involves stress testing financial models and, if possible, looking to diversify supply chains to reduce exposure to economic fluctuations.

    Cybersecurity

    In 2024, the Australian Signals Directorate saw a cybercrime being recorded every six minutes. The growing frequency of major incidents in recent years has put a spotlight on the cyber vulnerabilities of Australian businesses and the huge consequences they can have for customers and shareholders.

    Cybersecurity has become a critical business continuity issue, though not all those in senior positions in Australian companies have experience in responding to cyber incidents. To bridge this gap, boards and senior management should be kept abreast of the relevant issues in this area both within and outside the company. Cyber strategies should not just be in place but be understood, and boards should challenge and validate the information they are given by management to test and assess these strategies where they see fit. This includes seeking out opportunities to learn from prominent examples in the market and undertaking live simulation exercises to test preparedness.

    Climate change

    Although climate change has been on the agenda for quite some time, it is an area that continues to evolve. Recent legislative reforms mean that certain Australian companies will soon publish their first mandatory sustainability reports. At the same time, we are seeing some stakeholders around the world signal a retreat from environmental initiatives and commitments, even as the physical effects of climate change continue to manifest in communities globally.

    Companies will need to be ready to comply with regulations in this space as they are introduced and, as part of good business planning, take steps to identify and mitigate their exposure to climate-related risks. From a risk mitigation perspective, this is particularly pertinent in Australia given it is the second-most popular jurisdiction globally for climate change litigation.

    Reputational matters

    Although a company’s reputation has always had intrinsic value, that value has become more tangible and apparent through the significant disruption and real financial consequences that some companies have felt when their reputation has come under the spotlight.

    Through this lens, there is an increasing sensitivity amongst customers and stakeholders to incidents or behaviour within companies that—whilst not necessarily illegal—falls below public expectations. Perceived shortcomings, whether justified or not, have seen some companies suffer significant loss in shareholder value, even if the financial performance of the company was otherwise sound.

    This focus has placed a spotlight on the role of the board in embedding and enforcing cultural expectations within the workplace.

    Artificial intelligence

    The continued development and adoption of artificial intelligence tools in the workplace has the potential to be one of the most important developments in the way we work in our lifetime. Companies that do not adapt quickly enough risk a competitive disadvantage, whilst those overly keen to embrace it need to ensure they understand the inherent risks in the technology and are attuned to the regulatory requirements and ethical considerations that flow from it.

    Understanding AI’s capabilities and limitations in the context of a specific business is critical, and key in informing the scale and pace at which the company should move. Companies are well placed to navigate these considerations where they foster a culture of lightweight R&D amongst their own people, including by investing in AI literacy at all levels of the organisation right up to the board.

    Responding to emerging risks

    Given the potential for emerging risks to evolve quickly and unpredictably, including those outlined above, managing these issues presents a formidable challenge, especially when directors and management are already grappling with significant responsibilities.

    With this in mind, we have seen companies position themselves to succeed when they do the following:

    Prioritise the information flowing to directors and streamline the issues they are being asked to consider and the decisions they are required to make. Information should be presented clearly and succinctly, so that directors can be confident they are getting the right information to make decisions and allocating their time appropriately across different issues.

    A management structure with clear allocation of responsibilities provides confidence that risks—including new ones—will be identified at the appropriate level and that they will be escalated and addressed as necessary. A good management structure is one which is explicit and transparent in its decision-making processes. It avoids relying on a leap of faith in the sufficiency of general policies and routine processes to adequately address more nuanced issues.

    Emerging risks can be highly complex and, by their very nature, involve new frontiers in dealing with issues that may be non-core or unfamiliar to the business. This underscores the importance of ongoing training programs and educational sessions for the board geared towards emerging risks and refreshing newer skills like digital and technology literacy. At the management level, it is necessary to consider the appropriateness of organisational structures and reporting lines to ensure they account for emerging risks. This could involve investing in personnel with expertise in particular areas of increasing prominence, such as cybersecurity and geopolitical strategy, who are equipped to execute strategy in practice, day to day.

    What’s next?

    Managing risk well can create opportunities as strategies and decisions play out in the global corporate landscape. We can expect all stakeholders—including regulators—to continue to keep a close eye on how Australian companies fare in 2025.

    The significance and complexity of a company’s emerging risk profile may be a daunting prospect to think about in abstract, but being informed and proactive are important early steps in identifying and managing these issues. When focusing on risks, it is instinctive to focus on possible downsides—however, the other side of the coin is the enormous opportunities that can be realised when strategies and decisions allow the company to effectively navigate these challenges.

    MIL OSI News

  • MIL-OSI Canada: Government of Yukon announces $4.96 million increase to the Comprehensive Municipal Grant

    Government of Yukon announces $4.96 million increase to the Comprehensive Municipal Grant
    jlutz

    The Government of Yukon knows that municipalities need sustainable, predictable funding to deliver services to their residents. Following a review by the joint Government of Yukon and Association of Yukon Communities (AYC) Comprehensive Municipal Grant (CMG) Enhancement Task Force, the Government of Yukon will be increasing the Comprehensive Municipal Grant by $4.96 million through Budget 2025–26, subject to legislative approval.

    The update will take effect on April 1, 2025, with a total of $29.5 million being transferred to municipalities. This is the largest single increase in municipal funding since the CMG was created in 1991. Updates to the CMG in 2025 also ensure that funding to individual municipalities will not decrease from 2024 funding levels.

    The CMG is the Government of Yukon’s primary mechanism for directly funding municipal governments. This essential funding supports core municipal services, including clean drinking water, solid waste and recycling collection, recreation programming and other services required under the Municipal Act and related legislation. With no conditions attached, the grant provides municipalities with the flexibility to balance budgets and eases the financial burden on local taxpayers.

    In addition to municipal revenues such as property taxes, user fees and other municipal revenue sources, municipalities have access to additional funds through federal and Government of Yukon funding programs.

    In addition to the increased CMG, the Government of Yukon is also providing the AYC with up to $88,000 in annual funding – also subject to legislative approval – for the Community Training Trust Society. This program was established in 1993 and helps to build staff capacity within municipal and Yukon First Nations governments by paying for staff to pursue professional development and training opportunities.

    MIL OSI Canada News

  • MIL-OSI Canada: Government of Yukon releases second progress update on Auditor General of Canada’s 2022 housing recommendations

    Government of Yukon releases second progress update on Auditor General of Canada’s 2022 housing recommendations
    zaburke

    The Government of Yukon has released its latest progress update on efforts to address the recommendations from the 2022 Auditor General’s report on housing needs for the Yukon’s most vulnerable residents.

    Since December 2022, the Government of Yukon has worked with partners to advance the actions outlined in the work plan. This plan focuses on creating sustainable, community-focused housing solutions guided by data and strengthened through partnerships. 

    Key advancements in 2024 include:

    • implementing standardized housing needs assessments;
    • improving coordination of housing access;
    • enhancing data sharing; and
    • aligning funding resources with community priorities.

    As of December 2024, the work plan includes 33 actions, 16 have been completed and 17 are underway. These actions are part of the Government of Yukon’s long-term strategy to drive meaningful change and align with broader strategies, such as the recommendations and the strategic plan. The Government of Yukon is committed to providing Yukoners with stable, affordable, quality housing and helping ensure the right supports are in place so all Yukoners can have a safe and accessible place to call home.

    Backgrounder

    Since the launch of the 36-action work plan in December 2022 the following actions have been updated.

    • Removed Action 31.3 because five-year evaluations of the social housing program are no longer required by Canada Mortgage and Housing Corporation.
    • Combined actions 90.1 and 90.2 to create a new action to focus on measuring and evaluating program performance, including social housing.
    • Combined Actions 40.1 and 40.5 to clarify how data integration, community needs assessments and financial and capital considerations will be utilized. These actions are also reflected in the Creating Home strategy through enhancing operational performance, comprehensive management of Yukon Housing Corporation’s housing portfolio and collectively addressing housing challenges. 
    • Revised action 87.4 to enhance clarity and better align with ongoing work required to address the findings from the Auditor General’s 2022 report on Yukon housing. 
       

    Related information:

    Get updates on the response to the Auditor General’s 2022 report on Yukon housi…

    Memorandum of Understanding: Yukon Housing Corporation and Department of Health…

    Government of Yukon in partnership with Safe at Home Society will open a new su…

    New housing funding supports Yukoners facing gender-based violence

    MIL OSI Canada News

  • MIL-OSI Australia: Support for Central Coast Families

    Source: New South Wales Government 2

    Headline: Support for Central Coast Families

    Published: 4 March 2025

    Released by: Minister for the Central Coast, Minister for Regional Health


    More women on the Central Coast will be able to access public maternity services locally with Gosford and Wyong to expand and improve ante and post-natal services.

    This funding will improve both capacity and capability of the local hospitals to provide such services.

    The Albanese Government’s investment of $10 million will support the Minns Labor Government to manage the anticipated significant increase in demand for maternity services in the region following the closure of private maternity services at Gosford Private Hospital.  

    This $10 million investment from the Albanese Government will support an increase in staff training, development and support incentives to attract and retain high demand maternity professionals to the region.

    This investment means more support for families, during one of the most important times of in their lives and it builds on the NSW Government’s work on a new Women’s Children and Families Services Plan focused on maternity and population growth expectations.

    The Central Coast community will have an opportunity to provide input into the plan.

    The Government is building an engaged, capable and supported workforce on the Central Coast, and have recently recruited doctors to vacant obstetrics and gynaecology positions, including individual Heads of Department for Obstetrics, and for Gynaecology.

    Quotes attributable to Regional Health Minister, Ryan Park:

    “The Minns Labor Government welcomes this contribution to maternity services up and down the central coast.

    “We know the closure of private maternity services will add pressure on our public system, and these additional funds will support our efforts to ensure women, and their families have access to safe, high quality maternity care.”

    Quotes attributable to Minister for the Central Coast, David Harris:

    “I welcome this funding to support maternity services for our Central Coast community.

    “This support will build on existing services in place on the Coast that are ensuring all expectant mothers wishing to have their birth in our growing region are able to do so.”

    Quotes attributable to Member for Swansea, Yasmin Catley:

    “Labor is committed to delivering the public healthcare that people deserve, and this $10 million investment in maternity services will greatly benefit our area, improving in-hospital care.

    “Having a child is one of the most significant milestones in any family’s life, and this funding should reassure locals that they will be well looked after when they need it most.”

    Quotes attributable to Member for The Entrance, David Mehan:

    “Any investment in maternity services here on the central coast is welcome.

    “I remain determined, along with my Labor colleagues, to improve public maternity services here on the coast after years of financial neglect by the former government.”

    Quotes attributable to Member for the Gosford, Liesl Tesch:

    “Above all else, women deserve choice, control and access to high-quality care during their maternity journey. This fantastic announcement by the Albanese Government is a clear and powerful commitment to women’s healthcare on the Central Coast, now and into the future.

    “In a growing region like the Central Coast, investment in our maternity services is critical to building and strengthening the services our community rely on most. The NSW Minns Labor Government and the Federal Labor Government are committed to working together to continue to build a stronger healthcare system for everyone.”

    Quotes attributable to Government Spokesperson for Terrigal, Mark Buttigieg MLC:

    “The $10 million investment by the Albanese Government addresses community concerns over the looming closure of Gosford Private Hospital’s maternity services.

    “This government cares about people – what could be more important than making sure families can have safe and easy access to having a baby. It’s great news for the Coast!”

    MIL OSI News

  • MIL-OSI Economics: Money Market Operations as on March 03, 2025

    Source: Reserve Bank of India


    (Amount in ₹ crore, Rate in Per cent)

      Volume
    (One Leg)
    Weighted
    Average Rate
    Range
    A. Overnight Segment (I+II+III+IV) 5,77,489.16 6.11 5.15-6.75
         I. Call Money 12,742.85 6.32 5.15-6.45
         II. Triparty Repo 3,90,173.80 6.04 5.25-6.28
         III. Market Repo 1,72,735.61 6.23 5.70-6.75
         IV. Repo in Corporate Bond 1,836.90 6.42 6.35-6.50
    B. Term Segment      
         I. Notice Money** 128.00 6.14 5.80-6.30
         II. Term Money@@ 1,107.00 6.45-7.25
         III. Triparty Repo 350.00 6.24 6.10-6.35
         IV. Market Repo 801.04 6.62 6.60-6.62
         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 Mon, 03/03/2025 1 Tue, 04/03/2025 16,557.00 6.26
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Mon, 03/03/2025 1 Tue, 04/03/2025 8,802.00 6.50
    4. SDFΔ# Mon, 03/03/2025 1 Tue, 04/03/2025 1,48,673.00 6.00
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -1,23,314.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo Fri, 21/02/2025 14 Fri, 07/03/2025 41,046.00 6.26
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo Fri, 21/02/2025 45 Mon, 07/04/2025 57,951.00 6.26
      Fri, 14/02/2025 49 Fri, 04/04/2025 75,003.00 6.28
      Fri, 07/02/2025 56 Fri, 04/04/2025 50,010.00 6.31
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       9,095.71  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     2,33,105.71  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     1,09,791.71  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on March 03, 2025 9,04,036.65  
         (ii) Average daily cash reserve requirement for the fortnight ending March 07, 2025 9,22,740.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ March 03, 2025 16,557.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on February 07, 2025 -1,973.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    ^ As per the Press Release No. 2024-2025/2013 dated January 27, 2025, Press Release No. 2024-2025/2138 dated February 12, 2025, and Press Release No. 2024-2025/2209 dated February 20, 2025.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/2293

    MIL OSI Economics

  • MIL-OSI China: New low-altitude economy research institute established in SW China

    Source: China State Council Information Office

    A new low-altitude economy research institute has been launched in Mianyang in southwest China’s Sichuan Province, marking a strategic move to drive the development of low-altitude industries in the country’s vast western region, according to China Low Altitude Economic Alliance.

    The China (Mianyang) Science and Technology City Low-Altitude Economy Research Institute was inaugurated on Sunday. It is jointly established by 14 entities, including Sichuan Jiuzhou Investment Holding Group Co., Ltd., Southwest University of Science and Technology, and leading commercial unmanned aerial vehicle (UAV) company JOUAV. The institute aims to foster technological innovation and industry integration in this rapidly emerging sector.

    It brings together the strengths of government, industry, academia, research and application in Mianyang, a city known for its strong scientific and technological foundation.

    With its solid technological base, comprehensive industrial support and diverse application scenarios, Mianyang is poised to become a leading “city of low altitude” in western China, noted Luo Jun, executive director of the alliance.

    Speaking at the institute’s launch ceremony, Luo said that Mianyang will join the national low-altitude transportation network pilot program, which aims to integrate drones and air mobility systems into a unified traffic management framework.

    The institute’s establishment aligns with China’s broader strategy to advance the low-altitude economy, encompassing UAVs, urban air mobility, and other emerging sectors.

    In his keynote speech, Xiang Jinwu, an academician of the Chinese Academy of Engineering, described the low-altitude economy as an important engine for economic transformation and upgrading in the new era.

    Mianyang should leverage the institute as a platform to drive innovation, foster industrial clustering, and serve as a demonstration site for low-altitude economy applications.

    Moving forward, the institute will focus on key technological breakthroughs and the transformation of research outcomes while striving to become a leading hub for low-altitude economy innovation in western China and beyond. 

    MIL OSI China News

  • MIL-Evening Report: Billionaire entrepreneurs can make for bold businesses but often with fewer checks and balances

    Source: The Conversation (Au and NZ) – By Claire Wright, Lecturer, University of Technology Sydney, University of Technology Sydney

    Richard White, head of WiseTech Global, is the latest of a small number of charismatic business founders to have captured the public and corporate imagination.

    The businessman is synonymous with one of Australia’s most successful technology companies, worth more than A$32 billion. He has a public image of being a prodigy entrepreneur, committed to innovative software for the logistics industry.

    Mixing pleasure with business

    Last October, White stepped down as chief executive amid a series of allegations about his personal and professional life.

    While WiseTech’s board held an independent investigation, White was retained as a full-time consultant. The review later cleared him of wrongdoing.

    But last week, further allegations threw the board into disarray. Trading was halted and four independent directors – including the chair – resigned citing “intractable differences” and “differing views around the ongoing role of … Richard White”.

    Allegations against White included financially supporting two women in return for sexual favours. He was also accused of selling millions of dollars worth of shares during a blackout period. White has strongly denied any wrongdoing.

    Claims like this would normally end a corporate leader’s career. But by Wednesday, White had been promoted. He currently holds 37% of WiseTech stock, and is the executive chair.

    Although the market is divided, most industry experts are relieved the founder will retain control. Many believe White to be the only person who can successfully run the company.

    WiseTech’s challenge now lies with ensuring appropriate governance, given White’s ownership and management of the company and his role on the board.

    Normally, company directors protect shareholders by independently overseeing management. While executive directors like White are common, they are usually in the minority. Close ties between the board and management can present a conflict of interest for shareholders.

    Charismatic business moguls

    Charismatic entrepreneurs like Richard White are unusual. They are often found in family companies, such as those headed by Rupert Murdoch (News Corp), the late Kerry Packer (Consolidated Press) and Gina Rinehart (Hancock Prospecting).

    Although such entrepreneurs help maintain a long-term, intergenerational vision for a company, their unrestricted power has presented some unique challenges.

    There has often been opaque succession planning, with the family head remaining at the helm long after a standard retirement age.

    This has fostered bitter rivalries among descendants. The current Murdoch succession feud is such an example.

    Corporate raiders and the 1980s

    The 1980s corporate environment reminds us of the risks WiseTech faces by integrating its ownership, management and governance functions. The decade was typified by high-profile “corporate raiders”, who created businesses by acquiring minority but controlling interest (more than 15%, less than 50%) in an array of unrelated companies.

    Acquiring companies with dated management, underperforming assets and undervalued stock, raiders argued shareholders would benefit through transferable management skills and unrelated diversification.

    For example, in January 1986, Ron Brierley’s Industrial Equity bid for a minority holding of North Broken Hill. It argued that demerging the income streams of silver, lead and zinc mining would eliminate superfluous costs and deliver a more flexible risk profile.

    Following a takeover, corporate raiders appointed insiders to the board of the target company, potentially removing a level of accountability. They replaced genuinely independent directors with executives from elsewhere in the business. The ownership structure meant existing directors could do little to prevent this.

    Raising the risk levels

    Once they were appointed, raiders reportedly “harangued” remaining independent board members to support risky activities that redirected resources to the dominant company.

    With their critical mass of board votes, most raiders ignored promised operational improvements. Instead, profit was increasingly derived from share trades and cross-dividends.

    For example, after AdSteam, the logistics and industrial conglomerate, took over David Jones Ltd, half the dividend paid by the retailer in a given year went to AdSteam, as investment income. This income then allowed AdSteam to pay a higher dividend to their major shareholder, David Jones.

    Although the market rewarded this in the short term, it increased the companies’ debt load, and diminished their capacity to operate their core businesses.

    Lack of accountability

    The public image of corporate raiders in the 80s encouraged passivity from shareholders, financial media and auditors.

    Journalists actively supported corporate raiding. Business Review Weekly argued the Elders-IXL merger was “a victory for the smart, fast-moving, MBA-style business breed over the entrenched traditionalist”.

    The public mythology of corporate raiders continued, even after the group structures began to falter in the late 80s.

    When Bond Corp was questioned about its expansionary operations following the October 1987 crash, reporters were satisfied with vague statements about the company’s “solid cash flow” to see it through difficult times.

    However, AdSteam was ultimately described as a “humiliation” for the accounting profession, with the untangling of records beyond virtually everyone.

    As late as 1989 the media acknowledged the “complexity” of Adsteam’s intersecting shareholding, yet believed the leadership team’s accounting was sound.

    Conflicts of interest were catastrophic for diversified business groups. The October 1987 global stock market crash prompted foreign banks to withdraw from Australia, local banks to tighten credit and higher interest rates.

    This triggered a collapse in stock prices. Investment income, once the source of extraordinary profits, was soon responsible for the downward spiral of balance sheets. Bond announced a $1 billion loss in October 1989, the largest in Australia’s history. Elders-IXL was restructured as the Foster’s Group in 1990. Bell Group and AdSteam collapsed in 1991.

    What now for WiseTech?

    WiseTech appears to have returned to business as usual. White’s image as the only person capable of running the business remains strong. However, this case highlights the potential risks associated with a person’s position as major shareholder and executive chair.

    Claire Wright 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. Billionaire entrepreneurs can make for bold businesses but often with fewer checks and balances – https://theconversation.com/billionaire-entrepreneurs-can-make-for-bold-businesses-but-often-with-fewer-checks-and-balances-250927

    MIL OSI AnalysisEveningReport.nz