NewzIntel.com

Category: Economy

  • MIL-OSI: Establishment of a subsidiary and purchase of the property at Hiiu 42 in Tallinn for the construction of the Südamekodu nursing home

    Source: GlobeNewswire (MIL-OSI)

    Establishment of a subsidiary and purchase of the property at Hiiu 42 in Tallinn for the construction of the Südamekodu nursing home.
    A 100% subsidiary of EfTEN Real Estate Fund AS has entered into a contract under the law of obligations, with the aim of establishing a nursing home there together with Südamekodud AS. 
    The fund’s 100% subsidiary EfTEN Hiiu OÜ has entered into a contract under the law of obligations with Südamekodud AS for the acquisition of the property located at Hiiu 42 in the Nõmme district of Tallinn. The fund plans to partially rebuild the property into a general nursing home “Nõmme Südamekodu”, which could accommodate up to 170 Südamekodu clients in the future.
    The sale price of the property is four million euros, which will be paid upon conclusion of the real rights agreement, and the buyer will additionally invest up to two point five million euros in the reconstruction of the building. Currently, the design of the building’s reconstruction has begun. The expected return of the investment excluding bank leverage is 8%.
    The North Estonia Medical Centre will continue to use the property under a valid lease agreement. After the conclusion of the real rights agreement, the property will also be rented under a long-term lease agreement to Südamekodud AS, whose vision is to be the best local care service provider in Estonia. Südamekodud AS offers its services in nursing homes located across Estonia, including the Valkla Südamekodu, Tartu Südamekodu and Pirita Südamekodu properties owned by other subsidiaries of the fund. The purchase of the property and investments will be financed from the fund’s equity capital raised from the SPO and a bank loan. The prerequisite for completing the transaction is the consent of the Estonian Competition Authority, after which a real rights agreement will be concluded for the transfer of ownership of the property.
    EfTEN Hiiu OÜ is a 100% subsidiary of the fund established in the Republic of Estonia, with a share capital of 2,500 euros. The members of the management board of the limited liability company are Viljar Arakas and Tõnu Uustalu. The limited liability company does not have a supervisory board. The establishment of a subsidiary is not considered an acquisition of a qualifying holding within the meaning of the rules and regulations of the Tallinn Stock Exchange. The members of the Fund’s supervisory board and management board have no other personal interest in the transaction.

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

    The MIL Network –

  • MIL-OSI: Aegon reports second half year 2024 results

    Source: GlobeNewswire (MIL-OSI)

    The Hague – February 20, 2025. Please click here to access all 2H 2024 results related documents. 

    2H 2024 IFRS results

    • Net profit of EUR 741 million as operating result and benefit from the a.s.r. stake are partly offset by restructuring charges and net impairments in the US
    • Operating result of EUR 776 million, up 14% compared with the second half of 2023, reflecting improved experience variance in the US and business growth in the US and asset management
    • Shareholders’ equity per share of EUR 4.53, increases by 13% compared with June 30, 2024, while contractual service margin per share after estimated tax adjustment increases by 5% to EUR 4.38. Valuation equity per share – the sum of these components – grew by 9% to EUR 8.91

    2H 2024 capital generation, cash and capital management

    • Operating capital generation before holding funding and operating expenses remained broadly stable at EUR 658 million compared with the second half of 2023. Aegon meets its increased guidance of EUR 1.2 billion for 2024
    • Capital ratios of Aegon’s main units remain above their respective operating levels and Cash Capital at Holding at EUR 1.7 billion per year-end 2024. EUR 200 million share buyback completed in December
    • Free cash flow of EUR 385 million, which includes capital distributions from a.s.r. Full-year free cash flow of EUR 759 million meets guidance of more than EUR 700 million
    • 2024 final dividend of EUR 0.19 per common share proposed, an increase of 19% compared with 2023 final dividend

    Lard Friese, Aegon CEO, commented:  
    In 2024, we continued to make good progress with our transformation and are on track to meet the 2025 targets we laid out at our 2023 Capital Markets Day (CMD). We will provide an update on our strategy and new group targets at our next CMD on December 10, 2025, in London. Looking back on the year, I am proud of what the teams achieved, and I am grateful for their hard work.

    We have delivered on both our increased guidance for operating capital generation (OCG) of EUR 1.2 billion, and on our free cash flow guidance of more than EUR 700 million for 2024. Our main business units remained well capitalized, and we have generated a full year IFRS operating result of EUR 1.5 billion. Our valuation equity per share, which is a measure of shareholder value, increased by 12% to EUR 8.91.

    We continued to execute our strategy to grow our businesses and improve the service we offer to customers. This included the roll-out of a new brand identity across our fully owned units that facilitates improved digital customer experiences. Taking a closer look at our commercial performance in 2024: in the Americas, we strengthened our distribution capabilities as World Financial Group (WFG) grew its number of licensed agents to over 86,000, up 17% compared with the prior year. This contributed to the 22% increase in the operating result of Transamerica’s distribution segment, which reached USD 191 million. Transamerica generated Individual Life sales of USD 473 million, slightly down compared with 2023. The Retirement Plans business experienced outflows but the mid-sized Retirement Plans business continued to grow with strong written plan sales and USD 557 million of net deposits. Throughout the year, we also continued to implement management actions to reduce our exposure to Financial Assets. This included achieving the goals of our program to purchase universal life policies from institutional owners earlier than anticipated.

    In the United Kingdom, we are executing the strategy we presented at our June 2024 Teach-In. Our UK Workplace platform performed strongly, with net deposits amounting to GBP 3.7 billion in 2024, due to the onboarding of new schemes and higher regular contributions from existing schemes. While outflows continued in our UK Adviser platform, we are executing our strategy to return the platform to growth by 2028 that includes targeting the top 500 financial adviser firms.

    2024 saw our Asset Management business return to growth, with third-party net deposits in Global Platforms and net deposits in Strategic Partnerships combined totaling around EUR 14 billion. This was driven by consecutive net deposits at both businesses during each quarter of 2024.

    Our International business saw 15% lower new life sales, mainly driven by pricing actions in China to reflect lower interest rates. At the same time, its value of new business grew by 18%, driven by Brazil and Spain & Portugal, underscoring our focus on profitable growth.

    Over the year, we remained disciplined in our management of capital. During the first half of 2024, we completed the EUR 1.535 billion share buyback program. In the second half, we completed a EUR 200 million share buyback program and announced a new EUR 150 million share buyback program, which began in January 2025.

    On the basis of our 2024 performance, we today propose a final dividend of 19 eurocents per share. This will result in a total dividend paid for the full-year 2024 of 35 eurocents, up 17% compared with 2023, and means we are on our way to achieve our target of around 40 eurocents per share over 2025.

    Additional information 
    Presentation
    The conference call presentation is available on aegon.com.

    Supplements
    Aegon’s second half 2024 Financial Supplement and other supplementary documents are available on aegon.com.

    Webcast and conference call including Q&A
    The webcast and conference call starts at 9:00 am CET. The audio webcast can be followed on aegon.com. To join the conference call and/or participate in the Q&A, you will need to register via the following registration link. Directly after registration you will see your personal pin on the confirmation screen, and you will also receive an email with the call details and your personal pin to enter the conference call. The link becomes active 15 minutes prior to the scheduled start time. To avoid any unforeseen connection issues, it is recommended to make use of the “Call me” option. Approximately two hours after the conference call, a replay will be available on aegon.com. 

    Click to join
    With “Call me”, there’s no need to dial-in. Simply click the following registration link and select the option “Call me”.
    Enter your information and you will be called back to directly join the conference. The link becomes active 15 minutes prior to the scheduled start time. Should you wish not to use the “Click to join” function, dial-in numbers are also available. For passcode: you will receive a personal pin upon registration.

    Dial-in numbers for conference call:
    United States: +1 864 991 4103 (local)
    United Kingdom: +44 808 175 1536 (toll-free)
    The Netherlands: +31 800 745 8377 (toll-free); or +31 970 102 86838 (toll)

    Financial calendar 2025
    First quarter 2025 trading update – May 16, 2025
    Annual General Meeting – June 12, 2025
    Second half 2025 results – August 21, 2025
    Third quarter 2025 trading update – November 13, 2025
    Capital Markets Day – December 10, 2025

    About Aegon
    Aegon is an international financial services holding company. Aegon’s ambition is to build leading businesses that offer their customers investment, protection, and retirement solutions. Aegon’s portfolio of businesses includes fully owned businesses in the United States and United Kingdom, and a global asset manager. Aegon also creates value by combining its international expertise with strong local partners via insurance joint ventures in Spain & Portugal, China, and Brazil, and via asset management partnerships in France and China. In addition, Aegon owns a Bermuda-based life insurer and generates value via a strategic shareholding in a market leading Dutch insurance and pensions company.

    Aegon’s purpose of helping people live their best lives runs through all its activities. As a leading global investor and employer, Aegon seeks to have a positive impact by addressing critical environmental and societal issues, with a focus on climate change and inclusion & diversity. Aegon is headquartered in The Hague, the Netherlands, domiciled in Bermuda, and listed on Euronext Amsterdam and the New York Stock Exchange. More information can be found at aegon.com. More information can be found at aegon.com.

    Contacts

    Media relations Investor relations
    Richard Mackillican Yves Cormier
    +31(0) 6 27411546 +31(0) 70 344 8028
    richard.mackillican@aegon.com yves.cormier@aegon.com
       

    Local currencies and constant currency exchange rates
    This document contains certain information about Aegon’s results, financial condition and revenue generating investments presented in USD for the Americas and in GBP for the United Kingdom, because those businesses operate and are managed primarily in those currencies. Certain comparative information presented on a constant currency basis eliminates the effects of changes in currency exchange rates. None of this information is a substitute for or superior to financial information about Aegon presented in EUR, which is the currency of Aegon’s primary financial statements.

    Forward-looking statements
    The statements contained in this document that are not historical facts are forward-looking statements as defined in the US Private Securities Litigation Reform Act of 1995. The following are words that identify such forward-looking statements: aim, believe, estimate, target, intend, may, expect, anticipate, predict, project, counting on, plan, continue, want, forecast, goal, should, would, could, is confident, will, and similar expressions as they relate to Aegon. These statements may contain information about financial prospects, economic conditions and trends and involve risks and uncertainties. In addition, any statements that refer to sustainability, environmental and social targets, commitments, goals, efforts and expectations and other events or circumstances that are partially dependent on future events are forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Aegon undertakes no obligation, and expressly disclaims any duty, to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which merely reflect company expectations at the time of writing. Actual results may differ materially and adversely from expectations conveyed in forward-looking statements due to changes caused by various risks and uncertainties. Such risks and uncertainties include but are not limited to the following:

    • Unexpected delays, difficulties, and expenses in executing against Aegon’s environmental, climate, diversity and inclusion or other “ESG” targets, goals and commitments, and changes in laws or regulations affecting us, such as changes in data privacy, environmental, health and safety laws;
    • Changes in general economic and/or governmental conditions, particularly in Bermuda, the United States, the Netherlands and the United Kingdom;
    • Civil unrest, (geo-) political tensions, military action or other instability in a country or geographic region;
    • Changes in the performance of financial markets, including emerging markets, such as with regard to:         
      • The frequency and severity of defaults by issuers in Aegon’s fixed income investment portfolios;
      • The effects of corporate bankruptcies and/or accounting restatements on the financial markets and the resulting decline in the value of equity and debt securities Aegon holds;
      • The effects of declining creditworthiness of certain public sector securities and the resulting decline in the value of government exposure that Aegon holds;
      • The impact from volatility in credit, equity, and interest rates;
    • Changes in the performance of Aegon’s investment portfolio and decline in ratings of Aegon’s counterparties;
    • Lowering of one or more of Aegon’s debt ratings issued by recognized rating organizations and the adverse impact such action may have on Aegon’s ability to raise capital and on its liquidity and financial condition;
    • Lowering of one or more of insurer financial strength ratings of Aegon’s insurance subsidiaries and the adverse impact such action may have on the written premium, policy retention, profitability and liquidity of its insurance subsidiaries;
    • The effect of applicable Bermuda solvency requirements, the European Union’s Solvency II requirements, and applicable equivalent solvency requirements and other regulations in other jurisdictions affecting the capital Aegon is required to maintain;
    • Changes in the European Commissions’ or European regulator’s position on the equivalence of the supervisory regime for insurance and reinsurance undertakings in force in Bermuda;
    • Changes affecting interest rate levels and low or rapidly changing interest rate levels;
    • Changes affecting currency exchange rates, in particular the EUR/USD and EUR/GBP exchange rates;
    • Changes affecting inflation levels, particularly in the United States, the Netherlands and the United Kingdom;
    • Changes in the availability of, and costs associated with, liquidity sources such as bank and capital markets funding, as well as conditions in the credit markets in general such as changes in borrower and counterparty creditworthiness;
    • Increasing levels of competition, particularly in the United States, the Netherlands, the United Kingdom and emerging markets;
    • Catastrophic events, either manmade or by nature, including by way of example acts of God, acts of terrorism, acts of war and pandemics, could result in material losses and significantly interrupt Aegon’s business;
    • The frequency and severity of insured loss events;
    • Changes affecting longevity, mortality, morbidity, persistence and other factors that may impact the profitability of Aegon’s insurance products and management of derivatives;
    • Aegon’s projected results are highly sensitive to complex mathematical models of financial markets, mortality, longevity, and other dynamic systems subject to shocks and unpredictable volatility. Should assumptions to these models later prove incorrect, or should errors in those models escape the controls in place to detect them, future performance will vary from projected results;
    • Reinsurers to whom Aegon has ceded significant underwriting risks may fail to meet their obligations;
    • Changes in customer behavior and public opinion in general related to, among other things, the type of products Aegon sells, including legal, regulatory or commercial necessity to meet changing customer expectations;
    • Customer responsiveness to both new products and distribution channels;
    • Third-party information used by us may prove to be inaccurate and change over time as methodologies and data availability and quality continue to evolve impacting our results and disclosures;
    • As Aegon’s operations support complex transactions and are highly dependent on the proper functioning of information technology, operational risks such as system disruptions or failures, security or data privacy breaches, cyberattacks, human error, failure to safeguard personally identifiable information, changes in operational practices or inadequate controls including with respect to third parties with which Aegon does business, may disrupt Aegon’s business, damage its reputation and adversely affect its results of operations, financial condition and cash flows, and Aegon may be unable to adopt to and apply new technologies;
    • The impact of acquisitions and divestitures, restructurings, product withdrawals and other unusual items, including Aegon’s ability to complete, or obtain regulatory approval for, acquisitions and divestitures, integrate acquisitions, and realize anticipated results, and its ability to separate businesses as part of divestitures;
    • Aegon’s failure to achieve anticipated levels of earnings or operational efficiencies, as well as other management initiatives related to cost savings, Cash Capital at Holding, gross financial leverage and free cash flow;
    • Changes in the policies of central banks and/or governments;
    • Litigation or regulatory action that could require Aegon to pay significant damages or change the way Aegon does business;
    • Competitive, legal, regulatory, or tax changes that affect profitability, the distribution cost of or demand for Aegon’s products;
    • Consequences of an actual or potential break-up of the European Monetary Union in whole or in part, or further consequences of the exit of the United Kingdom from the European Union and potential consequences if other European Union countries leave the European Union;
    • Changes in laws and regulations, or the interpretation thereof by regulators and courts, including as a result of comprehensive reform or shifts away from multilateral approaches to regulation of global or national operations, particularly regarding those laws and regulations related to ESG matters, those affecting Aegon’s operations’ ability to hire and retain key personnel, taxation of Aegon companies, the products Aegon sells, the attractiveness of certain products to its consumers and Aegon’s intellectual property;
    • Regulatory changes relating to the pensions, investment, insurance industries and enforcing adjustments in the jurisdictions in which Aegon operates;
    • Standard setting initiatives of supranational standard setting bodies such as the Financial Stability Board and the International Association of Insurance Supervisors or changes to such standards that may have an impact on regional (such as EU), national or US federal or state level financial regulation or the application thereof to Aegon, including the designation of Aegon by the Financial Stability Board as a Global Systemically Important Insurer (G-SII);
    • Changes in accounting regulations and policies or a change by Aegon in applying such regulations and policies, voluntarily or otherwise, which may affect Aegon’s reported results, shareholders’ equity or regulatory capital adequacy levels;
    • Changes in ESG standards and requirements, including assumptions, methodology and materiality, or a change by Aegon in applying such standards and requirements, voluntarily or otherwise, may affect Aegon’s ability to meet evolving standards and requirements, or Aegon’s ability to meet its sustainability and ESG-related goals, or related public expectations, which may also negatively affect Aegon’s reputation or the reputation of its board of directors or its management; and
    • Other risks and uncertainties identified in the Form 20-F and in other documents filed or to be filed by Aegon with the SEC.
    • Reliance on third-party information in certain of Aegon’s disclosures, which may change over time as methodologies and data availability and quality continue to evolve. These factors, as well as any inaccuracies in third-party information used by Aegon, including in estimates or assumptions, may cause results to differ materially and adversely from statements, estimates, and beliefs made by Aegon or third-parties. Moreover, Aegon’s disclosures based on any standards may change due to revisions in framework requirements, availability of information, changes in its business or applicable governmental policies, or other factors, some of which may be beyond Aegon’s control. Additionally, Aegon’s discussion of various ESG and other sustainability issues in this document or in other locations, including on our corporate website, may be informed by the interests of various stakeholders, as well as various ESG standards, frameworks, and regulations (including for the measurement and assessment of underlying data). As such, our disclosures on such issues, including climate-related disclosures, may include information that is not necessarily “material” under US securities laws for SEC reporting purposes, even if we use words such as “material” or “materiality” in relation to those statements. ESG expectations continue to evolve, often quickly, including for matters outside of our control; our disclosures are inherently dependent on the methodology (including any related assumptions or estimates) and data used, and there can be no guarantee that such disclosures will necessarily reflect or be consistent with the preferred practices or interpretations of particular stakeholders, either currently or in future. 

    This document contains information that qualifies, or may qualify, as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation (596/2014). Further details of potential risks and uncertainties affecting Aegon are described in its filings with the Netherlands Authority for the Financial Markets and the US Securities and Exchange Commission, including the 2023 Integrated Annual Report. These forward-looking statements speak only as of the date of this document. Except as required by any applicable law or regulation, Aegon expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Aegon’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

    WORLD FINANCIAL GROUP (WFG):
    WFG CONSISTS OF:
    IN THE UNITED STATES, WORLD FINANCIAL GROUP INSURANCE AGENCY, LLC (IN CALIFORNIA, DOING BUSINESS AS WORLD FINANCIAL INSURANCE AGENCY, LLC), WORLD FINANCIAL GROUP INSURANCE AGENCY OF HAWAII, INC., WORLD FINANCIAL GROUP INSURANCE AGENCY OF MASSACHUSETTS, INC., AND / OR WFG INSURANCE AGENCY OF PUERTO RICO, INC. (COLLECTIVELY WFGIA), WHICH OFFER INSURANCE AND ANNUITY PRODUCTS.
    IN THE UNITED STATES, TRANSAMERICA FINANCIAL ADVISORS, INC. IS A FULL-SERVICE, FULLY LICENSED, INDEPENDENT BROKER-DEALER AND REGISTERED INVESTMENT ADVISOR. TRANSAMERICA FINANCIAL ADVISORS, INC. (TFA), MEMBER  FINRA, MSRB, SIPC , AND REGISTERED INVESTMENT ADVISOR, OFFERS SECURITIES AND INVESTMENT ADVISORY SERVICES.
    IN CANADA, WORLD FINANCIAL GROUP INSURANCE AGENCY OF CANADA INC. (WFGIAC), WHICH OFFERS LIFE INSURANCE AND SEGREGATED FUNDS. WFG SECURITIES INC. (WFGS), WHICH OFFERS MUTUAL FUNDS.
    WFGIAC AND WFGS ARE AFFILIATED COMPANIES.

    Attachment

    The MIL Network –

  • MIL-OSI Video: Three experts on how to understand the USA

    Source: World Economic Forum (video statements)

    The Annual Meeting in Davos this year coincided with the inauguration of Donald Trump for his second term, and many of the conversations there were about what the world should expect from a newly emboldened Trump 2.0.

    In interviews conducted at the World Economic Forum’s Annual Meeting in Davos in January, three experts help us understand America in 2025.

    Guests:

    Andrew Edgecliffe-Johnson, CEO Editor, Semafor

    David Rubenstein, co-chairman, The Carlyle Group

    Walter Mead, Ravenel B. Curry III Distinguished Fellow in Strategy and Statesmanship, Hudson Institute

    Catch up on all the action from the Annual Meeting 2025 at wef.ch/wef25 (http://wef.ch/wef25) and across social media using the hashtag #WEF25. Related reports:

    Global Risks Report 2025: https://www.weforum.org/publications/global-risks-report-2025/

    Related podcasts:

    Tariffs, globalization, and democracy, with Harvard economist Dani Rodrik (https://www.weforum.org/podcasts/radio-davos/episodes/dani-rodrik-economics-globalization-tariffs/) : https://www.weforum.org/podcasts/radio-davos/episodes/dani-rodrik-economics-globalization-tariffs/

    What just happened in Davos, and how is the world different now? (https://www.weforum.org/podcasts/radio-davos/episodes/davos-2025-what-just-happened/) : https://www.weforum.org/podcasts/radio-davos/episodes/davos-2025-what-just-happened/

    The global economy ‘at a crossroads’ ahead of Davos: Chief Economists Outlook (https://www.weforum.org/podcasts/radio-davos/episodes/chief-economists-outlook-ralph-ossa-wto/) : https://www.weforum.org/podcasts/radio-davos/episodes/chief-economists-outlook-ralph-ossa-wto/

    Global Risks Report: the big issues facing the world at Davos 2025 (https://www.weforum.org/podcasts/radio-davos/episodes/global-risks-report-2025/) : https://www.weforum.org/podcasts/radio-davos/episodes/global-risks-report-2025/

    Check out all our podcasts on wef.ch/podcasts (http://wef.ch/podcasts) : 

    YouTube: (https://www.youtube.com/@wef/podcasts) – https://www.youtube.com/@wef/podcasts

    Radio Davos (https://www.weforum.org/podcasts/radio-davos) – subscribe (https://pod.link/1504682164) : https://pod.link/1504682164

    Meet the Leader (https://www.weforum.org/podcasts/meet-the-leader) – subscribe (https://pod.link/1534915560) : https://pod.link/1534915560

    Agenda Dialogues (https://www.weforum.org/podcasts/agenda-dialogues) – subscribe (https://pod.link/1574956552) : https://pod.link/1574956552

    Join the World Economic Forum Podcast Club (https://www.facebook.com/groups/wefpodcastclub) : https://www.facebook.com/groups/wefpodcastclub

     

    https://www.youtube.com/watch?v=ZqTc93YIHD4

    MIL OSI Video –

  • MIL-OSI NGOs: ‘No going back’: Greenpeace applauds Albanese gov’s investment in green industry and jobs

    Source: Greenpeace Statement –

    SYDNEY, Thursday 20 February 2025 – Greenpeace Australia Pacific has welcomed the Albanese government’s announcement of a new Green Iron Fund in Whyalla today, a move it says will support workers as well as national efforts to tackle climate pollution.

    Prime Minister Anthony Albanese announced a $1 billion Green Iron Fund in Whyalla, SA today to, “boost green iron manufacturing and supply chains by supporting early mover green iron projects and unlocking private investment at scale.”

    Geoff Bice, WA Campaign Lead at Greenpeace Australia Pacific said: “Greenpeace applauds the Albanese government’s significant investment into a green iron industry in Australia. 

    “Green iron presents enormous economic opportunities for Australia, and in particular states like Western Australia with its skilled industrial workforce, export infrastructure, and abundant clean wind and solar energy. 

    “As our export partners move to rapidly decarbonise their supply chains, now is the time for the government to invest in the future of local workers and businesses by supporting green industry and technology. Today’s announcement sends a strong signal globally that Australia is serious about future-proofing our industries and economy, and serious in its commitments to reduce climate pollution.

    “The clean energy transition is well underway and there’s no going back — by investing in green jobs and industry now, and ramping up the rollout of renewable energy backed by storage, we can build a world-leading green economy, protect our precious nature, and support global efforts to address the climate crisis.

    “This is just the beginning — we urge state governments, particularly the WA Government, to follow suit and lay the foundations for the green economy of the future, to ensure our workers and industries don’t get left behind, and to support a safe, liveable planet for all.”

    —ENDS—

    For more information or to arrange an interview please contact Kate O’Callaghan on [email protected] on 0406 231 892

    MIL OSI NGO –

  • MIL-OSI USA: Senator Reverend Warnock’s Issues Statement for the Official Record on Nomination of Jamieson Greer to be USTR

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    Senator Reverend Warnock’s Issues Statement for the Official Record on Nomination of Jamieson Greer to be USTR

    Today, U.S. Senator Reverend Raphael Warnock (D-GA), issued the following statement on consideration of the Nomination of Jamieson Greer, of Maryland, to be United States Trade Representative, with the rank of Ambassador Extraordinary and Plenipotentiary.
    “I will vote against the nomination of Mr. Jamieson Greer to serve as the United States Trade Representative. Despite Mr. Greer’s qualifications, he would be responsible for implementing President Trump’s haphazard and reckless trade policies, which I believe are harmful to Georgia businesses, farmers, and families. I am particularly concerned that, instead of advising the President on trade, Mr. Greer would be forced to appease President Trump’s chaotic tariff impulses.”
    “President Trump has used the threat of tariffs on America’s closest allies and trading partners—including Mexico, Canada, and even the European Union—merely to advance partisan or political goals that have little to do with our economy. These actions risk increasing costs for Georgia families and threatening good-paying American jobs.”  
    “Should Mr. Greer be confirmed, as Ranking Member of the Senate Subcommittee on International Trade, Customs, and Global Competitiveness, I will work with him, holding him accountable when necessary, to fight for domestic manufacturing in critical sectors like clean energy and electric vehicles, which are leading Georgia’s economic growth and reducing our dependence on China; to identify new international market access opportunities for Georgia’s farmers and small businesses, while protecting them from harmful trade wars; and to lower costs for hard-working families.”

    MIL OSI USA News –

  • MIL-OSI New Zealand: Changes to enable investment in build-to-rent housing passed into law

    Source: New Zealand Government

    The coalition Government has passed legislation to support overseas investment in the Build-to-Rent housing sector, Associate Minister of Finance Chris Bishop says.  

    “The Overseas Investment (Facilitating Build-to-Rent Developments) Amendment Bill has completed its third reading in Parliament, fulfilling another step in the Government’s plan to support an increase in New Zealand’s housing supply and get Kiwis into warm and dry homes. 

    “The changes provide a streamlined consent pathway for foreign investors looking to invest in existing Build to Rent developments.

    “This Bill addresses a key concern of BTR developers – that they need certainty they will be able to on-sell their developments. Given the size and complexity of these assets, this can be challenging when limited to the domestic market.  

    “The Build to Rent sector has real potential for growth in New Zealand. 

    “Build to Rent developments are medium-to-large scale rental properties, typically well located and often within walking distance to key transport links. The developments tend to be professionally managed, with good amenities. Often offering longer leases to tenants, they can be a popular choice for renters. 

    “They are a relatively new form of rental housing in New Zealand but are well established overseas. 

    “BTR developments are often financed and operated by institutional investors and developers (such as pension funds), as they offer long-term, stable returns. 

    “However, to date Overseas Investment Act settings have been holding back growth in the sector and made investment challenging. 

    “Under the Act, it is difficult for overseas investors to invest in existing Build to Rent assets. There are a limited number of domestic investors with the capital and expertise to run these developments, and as a result developers in New Zealand have been uncertain as to whether they would be able to sell their assets when they choose to exit their investment.

    “Under the new pathway, overseas investors will be able to apply to purchase existing Build to Rent developments with at least 20 dwellings, provided they intend to continue to lease these.   

    “These changes mean BTR developers will have confidence in their ability to eventually exit their investment, meaning they’re more likely to build in the first place.   

    “Build to Rent developments offer an opportunity to increase the supply of secure, affordable and quality rental developments, placing downward pressure on rents.” 

    MIL OSI New Zealand News –

  • MIL-OSI Economics: Money Market Operations as on February 18, 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) 5,78,950.11 6.26 5.25-6.60
         I. Call Money 14,414.61 6.35 5.25-6.50
         II. Triparty Repo 4,01,857.25 6.25 6.15-6.60
         III. Market Repo 1,60,689.05 6.28 5.75-6.45
         IV. Repo in Corporate Bond 1,989.20 6.47 6.42-6.55
    B. Term Segment      
         I. Notice Money** 276.00 6.36 5.80-6.40
         II. Term Money@@ 216.00 – 6.45-6.70
         III. Triparty Repo 705.00 6.30 6.25-6.40
         IV. Market Repo 1,045.78 5.88 5.75-6.70
         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 Tue, 18/02/2025 2 Thu, 20/02/2025 71,773.00 6.26
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Tue, 18/02/2025 1 Wed, 19/02/2025 1,359.00 6.50
      Tue, 18/02/2025 2 Thu, 20/02/2025 0.00 6.50
    4. SDFΔ# Tue, 18/02/2025 1 Wed, 19/02/2025 89,800.00 6.00
      Tue, 18/02/2025 2 Thu, 20/02/2025 7,559.00 6.00
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -24,227.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Mon, 17/02/2025 4 Fri, 21/02/2025 57,413.00 6.26
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo 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 (-)]*     1,91,521.71  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     1,67,294.71  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on February 18, 2025 8,97,439.46  
         (ii) Average daily cash reserve requirement for the fortnight ending February 21, 2025 9,12,240.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ February 18, 2025 71,773.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on January 24, 2025 -34,103.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    ^ As per the Press Release No. 2024-2025/2138 dated February 12, 2025 and Press Release No. 2024-2025/2013 dated January 27, 2025.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/2195

    MIL OSI Economics –

  • MIL-OSI USA News: Fact Sheet: President Donald J. Trump Ends Taxpayer Subsidization of Open Borders

    Source: The White House

    PRESERVING FEDERAL BENEFITS FOR AMERICAN CITIZENS: Today, President Donald J. Trump signed an Executive Order to ensure taxpayer resources are not used to incentivize or support illegal immigration.

    • The Order directs Federal departments and agencies to identify all federally funded programs currently providing financial benefits to illegal aliens and take corrective action.
    • It ensures that Federal funds to states and localities will not be used to support “sanctuary” policies or assist illegal immigration.
    • It mandates improvements in eligibility verification to prevent benefits from going to individuals unlawfully present in the United States.
    • President Trump is committed to safeguarding Federal public benefits for American citizens who are truly in need, including individuals with disabilities and veterans.

    TAXPAYERS ARE FOOTING THE BILL FOR ILLEGAL IMMIGRATION: With this Executive Order, President Trump is ensuring taxpayer resources are used to protect the interests of American citizens, not illegal aliens.

    • The surge in illegal immigration, enabled by the previous Administration, is siphoning dollars and essential services from American citizens while state and local budgets grow increasingly strained.
    • Under current welfare laws, specifically the Personal Responsibility and Work Opportunity Reconciliation Act of 1996 (PRWORA), illegal aliens are generally barred from welfare programs. But if they’re granted parole, they are classified as “qualified aliens” and become eligible for various welfare programs on a sliding scale, with full eligibility granted within five years.
    • According to the Center for Immigration Studies (CIS), providing welfare to one million illegal aliens could cost American taxpayers an additional $3 billion annually.
    • The U.S. House Homeland Security Committee estimated that taxpayers could pay as much as $451 billion to care for illegal aliens and gotaways that have entered the United States unlawfully since January 2021.
    • The Federation for American Immigration Reform (FAIR) calculated that American taxpayers spend at least $182 billion annually to cover the costs incurred by the presence of 20 million illegal aliens and their children, which includes $66.5 billion in Federal expenses plus an additional $115.6 billion in state and local expenses.
    • The Congressional Budget Office (CBO) estimated that the Biden Administration’s open borders agenda, which sought to provide Medicaid-funded emergency services to illegal aliens, has cost Federal and state taxpayers more than $16.2 billion.
    • The Biden Administration gave billions in taxpayer dollars to left-wing groups that facilitated mass illegal migration and provided legal services to challenge deportation orders.
    • In addition, since 2021, more than $1 billion has been allocated through the Federal Emergency Management Agency (FEMA) to illegal aliens.

    SECURING THE BORDER AND PUTTING AMERICANS FIRST: President Trump has delivered on his promise to secure the border and prioritize the needs of American citizens, taking immediate action to put an end to the previous Administration’s border crisis. Since taking office, President Trump has:

    • Declared a national emergency at the southern border.
    • Deployed additional personnel to the border, including members of the Armed Forces and the National Guard.
    • Restarted border wall construction.
    • Designated international cartels and other criminal organizations – such as MS-13 and Tren de Aragua – as Foreign Terrorist Organizations and Specially Designated Global Terrorists.
    • Suspended the entry of aliens into the U.S.
    • Called for enhanced vetting and screening of aliens.
    • Required the identification of countries that warrant a partial or full suspension on the admission of nationals.
    • Restarted the detention and removal of aliens who are in violation of Federal law.
    • Directed the Administration to resume the Migrant Protection Protocols – also known as “Remain in Mexico” – as soon as practicable.
    • Ended the use of the CBP One app.
    • Terminated all categorical parole programs, such as the “Processes for Cubans, Haitians, Nicaraguans, and Venezuelans,” that are contrary to President Trump’s immigration agenda.
    • Ended automatic citizenship for children of illegal aliens.
    • Paused the operation of the U.S. Refugee Admissions Program (USRAP).
    • Ended catch-and-release policies.
    • Revoked Biden’s disastrous executive actions that essentially opened our southern border.
    • Detained the most dangerous illegal criminal aliens in Guantanamo Bay.  

    MIL OSI USA News –

  • MIL-OSI Australia: Building climate resilience into food systems in the Eastern Gangetic Plains

    Source: Australian Centre for International Agricultural Research

    The world’s highest concentration of rural poverty occurs in the Eastern Gangetic Plains of Bangladesh, India and Nepal – a region that is home to 450 million people.

    Livelihoods in this part of the world rely greatly on agriculture. Opportunities to work with smallholder farmers can lay the foundations for a more productive, sustainable and diversified agricultural economy. 

    Among the research-for-development professionals on the ground is a team working on the Rupantar project, an ACIAR-supported initiative led by Dr Tamara Jackson of the University of Adelaide.

    The Rupantar project operates at a whole-of-system level. It spans both social and farming practices and extends all the way through to policy settings, market opportunities and other agrifood system barriers holding smallholders back. It also builds on prior investments by ACIAR and the Australian Department of Foreign Affairs and Trade (DFAT).

    Included in this integrated approach are considerations for climate impacts.

    This concern saw 15 team members from the Rupantar project visit the University of Adelaide and regional South Australia and Victoria in October 2024. Funded as part of a DFAT Australia Awards Fellowship program, the study tour focused on climate resilience and adaptation.

    The Rupantar project

    ‘Rupantar’ has a common meaning in Bangla, Hindi and Nepali. It means change on a level so profound that it is transformative. Launched in 2021, the Rupantar project is identifying opportunities for inclusive and diversified food production innovation. 

    Given the partnership model typical of ACIAR projects, these opportunities need to be priorities for local communities. They also need to be sustainable and to fit with longer-term climate, nutrition and available water resource projections. 

    Achieving this level of integration requires working on multiple levels at the same time. There is ground-up innovation – from personal to organisational. Then there are high-level policies that work down and can make important change on the ground.

    Our hypothesis is that an integrated approach to livelihood change – coupled with inclusive and collaborative approaches – will result in more effective and sustainable development pathways.

    Dr Tamara Jackson, 
    University of Adelaide

    ‘So, our goal is to understand the processes and practices needed to diversify food production in ways that improve farm livelihoods and reduce inequity, production risk and unsustainable resource use.’

    The on-the-ground work with smallholders is implemented at sites in West Bengal (India), Rangpur (Bangladesh) and Koshi Province (Nepal). Implementation involves actioning ‘diversification pathways’ that were co-developed collaboratively with local partners. 

    Diversification pathways

    The aim of these pathways is twofold. The first is to test diversification options and select the most appropriate crop and livestock options that are priorities for local communities. These are then implemented within existing networks and are aligned with institutional settings.

    The second aim is to monitor the changes associated with the pathways, including long-term sustainability. 

    The project is also mindful that diversification can look very different to different members within households and can include off-farm income from seasonal male migration and greater reliance on women household members.

    In all, three types of diversified systems are being explored:

      •  plant-based production, including crops and horticulture
      •  livestock-based, including chickens, goats and dairy that are especially important to women’s income
      •  irrigation-constrained systems.

    ‘The project is working on strengthening what already works about a farming system in the Eastern Gangetic Plain and building on innovations from prior projects, such as ACIAR’s introduction of conservation agriculture cropping practices,’ said Dr Jackson.

    Long-running ACIAR initiatives in the Eastern Gangetic Plains worked with smallholder farmers across Bangladesh, India, and Nepal to introduce sustainable practices and innovations to intensify production.

    The project team has spent the first 2 years on the ground running baseline surveys and mapping villages to better understand the system. 

    Implementation started in 2023 once it became clear what would work best in different settings. The visit to Australia in 2024 provided project partners with opportunities to observe what diversified and climate-resilient Australian farms look like.

    Participants included Rupantar project partners from provincial government, cooperatives, farmer producer companies, NGOs, local university partners and the International Maize and Wheat Improvement Center. 

    Climate-smart innovation

    Dr Jay Cummins from International Agriculture for Development hosted the study tour group and developed the course that focused on addressing the climate realities in collaboration with the Rupantar project.

    The 20-day study tour was entitled ‘Supporting climate-smart, resilient food production networks in the Indo-Gangetic Plains’. 

    Key experts shared their experiences responding to climate change and on-farm visits examined how Australian agriculture builds climate resilience into its practices in different environmental and socioeconomic settings. 

    ‘Included were visits to more rainfed, dryland cropping systems in the Mallee and, in addition, to irrigated production systems in the Murray–Darling Basin,’ said Dr Cummins. 

    The Australia Awards program provided a valuable mechanism to connect the participants with a whole range of Australian organisations and professionals, which in turn will help build international networks and collaboration.

    Dr Jay Cummins 
    International Agriculture for Development 

    In the Eastern Gangetic Plain, food production can be heavily focused on wet season rice crops. In Australia, the visitors were able to explore dry season opportunities for diversified production of crops and livestock, including in mixed farming systems. They saw how Australian farmers manage risks around water scarcity and drought. At South Australian Riverland sites, discussions included irrigation and water management that present different diversification options.

    Participant perspectives

    Loxton farmer Brycen Rudiger (left)discusses the challenges of growing wheat in the Mallee region with Nepali participant Gautam Bhupal (right).

    Among the participants were Dr Deepa Roy from India, Ms Bimala Pokhrel from Nepal and Dr Mamunur Rashid from Bangladesh. 

    Dr Roy is an agricultural extension expert based at Uttar Banga Krishi Viswavidyalaya, India. She told ACIAR that smallholder farmers in the Eastern Gangetic Plains face numerous challenges that can lock them into poverty.

    These range from small and fragmented landholdings that make mechanisation difficult, to a lack of agronomic knowledge, limited agricultural support services, limited market access, financial constraints and climatic hazards.

    ‘Through the course several key insights and learnings emerged that may help our farmers in understanding and adopting climate resilient technologies,’ said Dr Roy.

    Key insights for participants included:

      •  assessing the carbon footprint of farming and taking action to reduce it
      •  introducing efficient soil moisture management strategies such as mulching
      •  adopting agronomic practices such as crop rotations and climate-resilient crops 
      •  building soil fertility
      •  advocating for improved climate forecasting
      •  adopting grower-led research and extension
      •  developing digital tools to monitor the adoption of innovation
      •  providing financial management training to smallholder farmers
      •  using podcasts and radio to provide farm advisory services. 

    Overall, Dr Roy said that the course equipped attendees with a holistic understanding of climate-smart practices. ‘It helped us not only to strengthen technical knowledge but also to develop critical soft skill and a deeper understanding of sustainable climate resilient farming.’

    It’s a point of view shared by Ms Pokhrel, who works with the Ministry of Industry Agriculture and Cooperatives in Koshi Province, Nepal. She said the course enriched efforts to both help farmers and policymakers with future planning. And it worked by enhancing both her professional and personal capacity.

    ‘What stood out was the extent that Australian farmers have already adopted technology to mitigate against climate change,’ said Ms Pokhrel. ‘This was particularly stark when it came to soil health and sustainable soil management practices. One of the key learnings is that we can tailor these practices for our context in the Koshi Province and, in that way, improve crop productivity by improving soil health.’

    Mr Rashid agreed. He is a research fellow at Hajee Mohammad Danesh Science and Technology University in Dinajpur, Bangladesh. He noted that while ACIAR is helping to introduce conservation agriculture to Bangladesh, South Australian farmers have already adopted these soil and soil-moisture conserving practices. 

    They are also growing more legume crops for soil health and fertiliser benefits, adopting risk-aversion strategies amid climate variability, and introducing carbon farming to adapt to climate change.

    Improved water management

    Both Ms Pokhrel and Mr Rashid were especially impressed by Australian water management systems in drought-prone landscapes. They think these kinds of Australian practices have a role to play at the project sites.

    While the cost and expertise required to adopt and maintain technologies such as drip irrigation systems used in Australia may be beyond the capacity of many smallholder farmers, the study tour has already inspired a new water conservation pilot project.

    The Bangladesh team will launch ‘Conserving soil moisture through mulching technique in chili farming’ in the Rupantar project areas, focusing on farmers in northern Bangladesh, who experience frequent floods and droughts.

    The Rupantar project delegation on tour in the northern Mallee of South Australia.

    ‘This initiative aims to use soil moisture and reduce irrigation in chilli farming, aided by Chameleon soil water sensors that can support decision-making for the farmers of the Rupantar project,’ said Mr Rashid.

    Ms Pokhrel was greatly impressed by the grower-centric research, development and extension infrastructure built around farmers’ needs in Australia. For her, this was typified by organisations such as the Grains Research and Development Corporation and the Almond Board.

    She thinks there are opportunities to ‘sensitise’ the different boards in Nepal to this approach. 

    Surprises for the project partners included the large size of farms given the small number of people working in agriculture. 

    What also surprised us is the rate of technology adoption by farmers, along with their dedication and the satisfaction they receive from the agricultural profession.

    Ms Bimala Pokhrel
    Nepal 

    ‘Mallee Sustainable Farming System was impressive and working with farmers groups and developing the communication material in local languages are the things that we can develop for our smallholder farmers too.’

    Finally, they praised the networking opportunities provided by the course, including with farmers, and opportunities to understand the people, country and culture. 

    ACIAR Project WAC/2020/148: ‘Transforming smallholder food systems in the Eastern Gangetic Plain’

    MIL OSI News –

  • MIL-OSI Australia: Retail pricing, merger reform implementation and competition issues among ACCC’s 2025-26 priorities

    Source: Australian Competition and Consumer Commission

    ACCC Chair Gina Cass-Gottlieb has stressed the positive impacts of a competitive economy for consumers as she outlined the agency’s priorities for the 2025-26 financial year.

    Speaking at a Committee for Economic Development of Australia event in Sydney today, Ms Cass-Gottlieb outlined the agency’s annual compliance and enforcement priorities which include working decisively on consumer protection, promoting competitive markets, and clear and accurate pricing information for products and essential services.

    “The ACCC‘s complementary mandates support the community to participate with trust and confidence in commercial life and promote the proper functioning of Australian markets. We will continue to pursue our priorities through strong enforcement action, education to foster compliance, and advocacy for reform,” Ms Cass-Gottlieb said.

    “Consumers are still doing it tough, and the cost of groceries and essential services have contributed to significant cost of living stress.”

    “We will continue to work hard to protect consumers by using the full range of our tools and powers to enhance competition and fair trading, through tough and rigorous enforcement as well as targeted compliance and education initiatives.”

    Cost of living and competition issues in groceries, retail and essential services

    Ms Cass-Gottlieb said the ACCC would conduct dedicated investigations and enforcement activities to address competition and consumer concerns in the supermarket and retail sector in the year ahead.

    One priority will be to address consumer and fair trading concerns, with a focus on misleading pricing practices including around surcharging.

    Another priority to address competition concerns in the supermarket and retail sector will focus on firms with market power and conduct that impacts small business or contributes to higher prices for consumers.

    “Our work will also address the potential imbalance of power more broadly between larger businesses that impose standard form contracts on one hand, and small businesses and consumers on the other as reflected in our priority on unfair contract terms in consumer and small business contracts,” Ms Cass-Gottlieb said.

    Market concentration is a growing challenge across the Australian economy, not just in supermarkets and retail, but also in aviation, digital platforms, and many of our essential services.

    Australian consumers and small businesses are likely to feel the impact of any anti-competitive conduct in essential services on price, choice and quality of services. Therefore, in 2025 to 2026, the ACCC will continue to prioritise promoting competition in essential services with a focus on telecommunications, electricity, and gas.

    In addition to these cost of living measures, the ACCC will add a new priority, to address misleading surcharging practices and other add-on costs.

    “We have previously taken enforcement action against merchant surcharging that exceeds the cost of card acceptance. In the year ahead, our work will focus on increasing business compliance with the excessive card payment surcharging prohibition, and improving pricing practices to ensure all add on costs are appropriately disclosed,” Ms Cass-Gottlieb said.

    Competition and merger reform contribute to a dynamic economy and lower prices

    “Greater competition in markets fuels economic dynamism and growth. This is the key principle on which Australia’s competition policy, and the ACCC’s role in enforcing it, rests.”

    “That’s why we use our tools in competition policy and consumer fair trading to achieve the best outcomes,” Ms Cass-Gottlieb said.

    “When markets are not workably competitive, Australian customers, whether consumers or businesses, pay the price. When businesses compete with each other to meet consumer needs, they are incentivised to innovate and improve, to offer greater choice, lower prices and better quality products and services that deliver value for the money consumers choose to spend.”

    “Competition promotes higher growth rates, higher household incomes and a strong Australian economy. And competition contributes to a better standard of living and a better way of life.”

    Therefore, one of the enduring ACCC priorities is to address anti-competitive agreements and practices, misuse of market power and cartel conduct so that competition may be fostered at all levels of the supply chain.

    After the passing of new merger legislation, voluntary notification of mergers will begin from 1 July 2025, ahead of the new regime coming into effect from 1 January 2026.

    “We acknowledge the challenges navigating this period and are committed to working with the community during the transition,” Ms Cass-Gottlieb said.

    “Successfully and efficiently implementing the reform to the merger regime, promoting compliance with the new regime, and taking enforcement action, where necessary, will be a significant focus for us in the coming year.”

    In addition to these key priorities, the ACCC will continue its work on product safety, consumer and fair trading issues in the digital economy, with a focus on misleading or deceptive advertising within influencer marketing, online reviews, in-app purchases and unsafe consumer products.

    Promoting choice, compliant sales practices and removing unfair contract terms such as subscription traps in online sales, is a key focus for the ACCC.

    The focus on consumer, fair trading and competition concerns in relation to environmental claims and sustainability will also continue, with a new emphasis on greenwashing, as will a range of other priorities.

    “In the year ahead, as we progress the priorities I have outlined today, we will continue to use our full range of tools and powers available under Australia’s Competition and Consumer Act and the Australian Consumer Law, and to exercise our enforcement powers independently, in the public interest, and with integrity and professionalism,” Ms Cass-Gottlieb said.

    “We will also continue, as always, to remain clear eyed in our purpose to enhance competition across our economy, to promote the welfare of consumers and small businesses and to make markets work for all Australians.”

    More information including the full list of the ACCC’s 2025-26 enforcement priorities is available at Compliance and enforcement policy and priorities.

    A summary is also available at 2025-26 Compliance and Enforcement Priorities.

    A transcript of the speech is available online.

    MIL OSI News –

  • MIL-OSI China: China reveals cases on military facilities’ protection

    Source: China State Council Information Office 3

    China’s top court disclosed five influential cases involving the protection of military facilities to further enhance the public awareness of national defense and the rule of law.

    “Military facilities are an important component of national defense construction, serving as the foundation of the military to fulfill its missions, and providing crucial support for national strategic capabilities and military operations,” the Supreme People’s Court said on Wednesday.

    “The disclosure of the cases not only emphasizes the significance of protecting military facilities, but also demonstrates the steadfast determination and relentless efforts of Chinese courts in safeguarding national defense interests,” it added.

    It revealed that crimes involving the destruction of military facilities, such as military optical cables, have occurred from time to time in recent years. “Such actions endanger military security and affecting the military ability to carry out its missions, so they must be severely punished,” it noted.

    One disclosed case showed that a defendant surnamed Xu was sentenced to 18 months in prison for the crime of sabotage of military communications.

    Xu, who worked for an information technology company, was responsible for the daily inspection and maintenance of optical cable lines. He used metal pliers to cut a military optical cable during one inspection with the intention of selling it, causing the interruption of critical business systems for over two hours and disrupting military communications for three units that were conducting exercises.

    Xu’s actions resulted in economic losses of more than 40,000 yuan ($5,490), and the loss of the involved optical cable amounted to over 9,000 yuan.

    “Military communication is the method by which the armed forces use communication tools or other means to transmit information for command purposes,” the top court said, stressing that military optical cables are vital military communication facilities.

    “In the information age, the damage to military optical cables can have significant adverse effects on military communications and activities, not only causing financial losses but also severely influencing the readiness and training of troops, thereby endangering national defense interests and national security,” it added.

    It praised the conviction and sentence given to Xu, noting that the ruling has shown the judicial high-pressure on those who harm national defense interests and military combat effectiveness.

    While requiring courts nationwide to continue the fight against such crime, it has also called on more people from all walks of life to strengthen the protection of military facilities.

    MIL OSI China News –

  • MIL-OSI Economics: Secretary-General of ASEAN delivers pre-recorded remarks at the ASEAN-UK Symposium on the Development of the ASEAN Creative Economy Sustainability Framework

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today delivered pre-recorded remarks at the launching of the ASEAN-UK Symposium on the Development of the ASEAN Creative Economy (ACE) Sustainability Framework, being held in Kuala Lumpur, Malaysia. In his remarks, Dr. Kao emphasised the vital role of cultural and creative industries in driving economic growth and job creation. He welcomed ASEAN’s creative potential and underscored the symposium’s importance in supporting the development of the ACE Sustainability Framework as a roadmap to guide cross-sectoral collaboration towards achieving meaningful social, cultural, economic, and environmental outcomes in fostering the creative economy.

    The post Secretary-General of ASEAN delivers pre-recorded remarks at the ASEAN-UK Symposium on the Development of the ASEAN Creative Economy Sustainability Framework appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-Evening Report: With Whyalla steelworks forced into administration, Australia has crucial decisions to make on the future of its steel industry

    Source: The Conversation (Au and NZ) – By Geoffrey Brooks, Professor of Engineering, Swinburne University of Technology

    Alex Cimbal/Shutterstock

    Whyalla is a proud steel town. The steelworks physically dominates the townscape, and most jobs in the town are either directly at the steelworks or heavily reliant on it.

    In recent months, however, the steelworks have lurched from one setback to another, from serious technical problems that forced shutdowns to rising debts owed to suppliers and the state government.

    On Wednesday, the South Australian government forced Whyalla steelworks into administration. To do so, it quickly passed amendments to the Whyalla Steelworks Act. Current owner GFG Alliance will no longer operate the site.

    For me, someone intimately involved in the steel industry, the news that the steelworks has been put into administration is not a shock. This has been coming for some time.

    On Thursday, Prime Minister Anthony Albanese unveiled a A$2.4 billion rescue package.

    A portion of this money will be used to address immediate debt issues and keep the plant afloat. But $1.9 billion has been earmarked for major, long-term infrastructure upgrades under a new owner.

    The next steps will be crucial if this vital component of Australia’s manufacturing infrastructure – and heart of the town of Whyalla – is to survive.

    How we got here

    Whyalla’s steelworks was founded by BHP and opened in 1941, originally concentrating on ship building. It later transitioned to producing structural and rail products during the 1970s and ‘80s.

    After the steel division was spun out of BHP in 2000, the steelworks operated under the OneSteel banner, which was renamed Arrium in 2012.

    The plant has been in decline for a couple of decades. Its products have had difficulty competing against overseas imports and there have been issues with the scale of production and costs.

    GFG Alliance took over Whyalla’s struggling steelworks in 2017, to great fanfare and optimism.

    GFG is led by Indian-born British billionaire Sanjeev Gupta, who owns steel plants across the world. Until recently, he was a relatively unknown figure in the steel industry, but rapidly built up a steel empire after buying his first major steel plant in the UK in 2013.

    Gupta’s business practices have recently drawn close scrutiny from regulators in the UK, particularly the financing arrangements for several of his businesses. GFG’s largest lender, Greensill Capital, collapsed in 2021.

    A failure to turn things around

    Upon purchasing the plant in 2017, GFG promised to invest in upgrading the equipment and move the steelworks towards “green” steel production.

    But these investments never materialised, and the operations have continued to lose money. There have also been significant operational issues over the past year, resulting in months of no production.

    These challenges have been compounded by what appears to be poor management of key equipment in the plant, particularly the blast furnace.

    The steelworks has been beset by technical issues over the past year.
    Adwo/Shutterstock

    Keeping blast furnaces running smoothly is one most important technical issues facing any steelmaker.

    A string of recent breakdowns, resulting in major production shutdowns in 2024, does not reflect well on GFG.

    On Wednesday, SA Premier Peter Malinauskas said the state government had been forced to step in, given debts of more than $300 million owed by GFG and reports workers weren’t being paid.

    Still a valuable asset

    The town of Whyalla will be watching the outcome of the state and federal governments’ rescue plan with bated breath. If it’s not to be GFG, who should be trusted with taking over and running the steelworks?

    In such times, it is worth pointing out some of the key advantages of the plant that could make it an attractive asset to prospective owners.

    Whyalla has good port facilities, a major iron ore deposit (Middleback Range) nearby, and abundant renewable energy.

    It also has an experienced and trained workforce, with established product lines that are in demand (particularly rail steel).

    Bluescope has been touted as one potential new owner. But there is also likely to be foreign interest, given the potential for linking steel production to renewable energy in Whyalla.

    Taking Whyalla into the future

    The current scale of the Whyalla steelworks, about 1.2 million tonnes of raw steel per year, is simply too small to be competitive. It is operating in a market where plants producing more than 3 million tonnes per year are common.

    The plant’s product range could be broadened and raised in value by investing in key steelmaking equipment.

    The general shift towards green production routes also presents opportunities for Whyalla. The local abundance of solar energy is likely to be a significant advantage for the plant’s future.

    However, converting from the plant from its current coal-based technology to non-coal based technology (such as hydrogen ironmaking) will take significant investment and technical skill.

    Whyalla is close to iron ore deposits in the Middleback Range.
    Adwo/Shutterstock

    Opportunities for Australia

    Could Australia simply let the steelworks shut down and import its rail steel instead?

    That would draw parallels with Australia’s car manufacturing sector, which the government ultimately allowed to collapse. But I believe this position is unlikely to attract much support.

    For one, there would be an enormous human cost to the people of Whyalla. The town of 20,000 people would be economically devastated by the plant’s closure.

    There’s also a fear such a move would further weaken Australia’s ability to generate long-term wealth. Historically, the steel industry has been an important generator of long-term jobs and national wealth.

    And it would certainly be demoralising for our manufacturing sector. Australia has plentiful ore, energy and a huge railway network. We should be able to run a sustainable steel plant specialising in rail and structural steel.

    All these challenges need investment and strong technical leadership. The decisions taken by the state and federal government in the next few months will be vital for Whyalla’s future.

    Geoffrey Brooks receives funding from the HILT CRC, ARC Steel Innovation Hub and Victorian Hydrogen Hub for fundamental research into steelmaking. The Liberty GFG company and other steel companies financially invest into these research bodies and directly support some of his steelmaking research. He is also the Chairman of the Association of Iron and Steel Technology Australian and New Zealand Chapter. This organisation organises conferences and seminars on steelmaking topics. His activity in this Chapter is on a voluntary basis.

    – ref. With Whyalla steelworks forced into administration, Australia has crucial decisions to make on the future of its steel industry – https://theconversation.com/with-whyalla-steelworks-forced-into-administration-australia-has-crucial-decisions-to-make-on-the-future-of-its-steel-industry-250317

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Two in five scientists in our survey reported harassment and intimidation. Often, the perpetrators are inside the institution

    Source: The Conversation (Au and NZ) – By Robert Hales, Director, Centre for Sustainable Enterprise, Griffith University

    Roman Samborskyi/Shutterstock

    The goal of science is to uncover truths and create new knowledge. But this is not always welcome. Increasingly, scientific findings are being attacked or downplayed. And scientists themselves face intimidation or harassment.

    In our global study of more than 2,000 scientists across six areas of science, two-fifths (41%) of respondents had, as a result of their work, been harassed or intimidated at least once over a five-year period.

    Intimidation efforts included online abuse, physical threats, and threats to budgets or employment. Harassment, while personal, could be meted out by superiors, colleagues or outsiders. Some scientists felt their leaders had thrown them under the bus to protect the institution’s reputation.

    Who’s doing the intimidation? Strikingly, a majority of cases of intimidation and harassment actually came from inside the institution for most fields. That is, it was perpetrated by senior colleagues or managers. But for climate scientists, most intimidation efforts came from outside.

    Intimidation of scientists doesn’t happen in a vacuum. In recent years, there has been a rise in populist leaders who pour scorn on “elites” and evidence. Scientific issues are increasingly politicised. Disinformation is rampant. This atmosphere adds to the pressure faced by scientists, especially those working in politically sensitive areas such as climate science or COVID.

    Harassment and intimidation can silence or isolate scientists.
    Hayk_Shalunts/Shutterstock

    What did we find?

    We used an online database of scientists to find and contact experts publishing in six fields: climate science, medical health, humanities and social science, food and plant science, astronomy, and other STEM areas.

    More than 2,000 responded to our survey on whether they had experienced various types of intimidation or harassment. We asked respondents for more detail on the perpetrators, what triggered the incident, and what effect it had on them.

    Many respondents had a clear view as to what the intimidation or harassment was meant to do. The motivations of perpetrators varied greatly. But the most common reasons were to damage their reputation, to stop them from publishing certain types of research, or to “put me in my place”.

    Specific fields of science were more prone to harassment and intimidation – in particular climate science, and humanities and social science.

    Among those scientists who had been intimidated, climate scientists reported online abuse three times more often than astronomers. Climate science is politically charged, because climate change is clearly linked to pollution from some of the world’s largest industries – oil, gas and coal. Astronomy is not. Half of the climate scientist respondents experiencing intimidation saw the bad behaviour as a way to discourage them from undertaking specific research and speaking about it.

    Researchers from humanities and social sciences faced similar levels of online abuse to climate scientists.

    When it came to personal harassment, there was a clear gender dimension. Among those who reported experiencing harassment, female scientists were more than four times more likely to report “unwelcome or inappropriate behaviour of a sexual nature” than their male counterparts. Women were affected almost twice as much as men by non-sexual forms of personal harassment.

    Our findings follow earlier research finding similar rates of intimidation. For instance, a 2021 survey of 321 scientists working on COVID-19 found 15% had received death threats and 22% received threats of sexual violence.

    Intimidation and harassment are damaging

    The consequences of intimidation are profound and far-reaching. Many scientists told us the experience had caused lasting damage, whether to wellbeing, career prospects or research activities.

    More than 40% of those affected said their career prospects had worsened following incidents of harassment. Just over a third (34%) reported a decline in their desire to work in science. Scientists who experienced intimidation often cut back their collaboration with colleagues (35%), leaving them more isolated.

    Many of our respondents described flow-on effects such as decreased access to funding (35% of respondents) and less public communication from their institution about their work (23%).

    Scientists targeted with multiple types of harassment reported very damaging effects, from difficulty finding their next job to poor mental health.

    Intimidation slows progress

    Intimidation and harassment have a chilling effect on science. This, in turn, could hinder progress on crucial issues such as climate change, public health and technological advancements.

    The disproportionate impact on women and researchers in politically sensitive fields threatens to undermine diversity and inclusivity in science.

    Without targeted interventions, women in science may continue to suffer disproportionate levels of harassment and intimidation. This will have long-term implications for gender diversity in scientific leadership and the direction of research in various fields.

    In the United States, the Trump administration’s withdrawals from the Paris climate agreement and the World Health Organization are likely to further embolden anti-science movements. Many American scientific institutions are engaged in anticipatory obedience of the Trump administration’s demands that diversity and anti-discrimination programs be abolished, or climate change stop being mentioned. Many even go beyond what is explicitly sought.

    Female scientists are targeted in different ways.
    PeopleImages.com – Yuri A/Shutterstock

    What can be done?

    Science and academia is often seen as a bastion of free inquiry and open discussion. One of our most surprising findings was how common intimidation was within scientific institutions.

    The key to beating intimidation is organisational support and clear strategies, not obedience. These include:

    • genuine commitment to institutional policies protecting scientists from both internal and external intimidation

    • formal, well-resourced support systems for researchers facing harassment or pressure (not the HR office)

    • programs to increase public understanding of the scientific process to build trust and resilience to misinformation

    • boosting international collaboration between scientists and policymakers to ensure resilience against country-specific efforts to undermine science

    • educating the public on the importance of scientific independence and of fostering respectful dialogue around contentious topics.

    As populist movements gain traction in many countries, scientists working on controversial issues will face heightened scrutiny – and potentially more intimidation.

    Climate science is likely to remain a particularly contested field. As the damage wrought by climate change becomes more and more apparent, it will get even more contentious.

    Over the last few centuries, science has produced breakthroughs in many areas. But the integrity of science is not guaranteed. Harassment and intimidation from both inside and outside institutions has a very real effect on scientists.

    The future of evidence-based decision-making and ability to tackle global challenges depends on fostering an environment where scientists can work free from fear and undue pressure.

    Robert Hale receives funding from the Australian Research Council.

    David Peetz undertook research over many years with occasional financial support from governments from both sides of politics, employers and unions. He has been and is involved in several Australian Research Council-funded projects, including this one.

    Ian Lowe was president of the Australian Conservation Foundation from 2004 to 2014.

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

    – ref. Two in five scientists in our survey reported harassment and intimidation. Often, the perpetrators are inside the institution – https://theconversation.com/two-in-five-scientists-in-our-survey-reported-harassment-and-intimidation-often-the-perpetrators-are-inside-the-institution-248013

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Security: St. Louis Area Doctor Sentenced for Health Care Fraud

    Source: Office of United States Attorneys

    ST. LOUIS – U.S. District Judge Stephen R. Clark on Wednesday sentenced a doctor who ran two urgent care centers in the St. Louis area to 35 months in prison for defrauding Medicare and Missouri Medicaid and ordered him to repay $742,528.

    Dr. Sonny Saggar, 57, will also be on supervised release for three years after he leaves prison.

    Saggar pleaded guilty in U.S. District Court in St. Louis in August to one count of conspiracy. He admitted that while operating St. Louis General Hospital (SLGH) locations in downtown St. Louis and near Creve Coeur, he and his office manager hired assistant physicians (APs) to see patients but billed Medicare and Missouri Medicaid as if Dr. Saggar had seen them, even when he was out of town. APs are medical school graduates who have not completed a residency program. To legally practice medicine in Missouri, they are required to be closely supervised by a licensed physician under written collaborative practice arrangements (CPAs) that restrict the AP’s ability to provide medical services and limit their practice areas to medically underserved rural or urban areas.

    Dr. Saggar admitted hiring “numerous” APs from July 2018 to July 2023 to work at the SLGH locations, which he and office manager Renita Barringer advertised as both urgent and primary care facilities and as a “residency prep” program and a “stepping stone” for the APs. Dr. Saggar admitted that APs were not properly trained or supervised and that he and Barringer advised them to consult each other on their medical questions. One physician can legally supervise no more than six APs, so Dr. Saggar offered stipends of up to $480 per month to various physicians to induce them to sign up to be collaborating physicians, and then submitted CPA forms to the Missouri Board of Registration for the Healing Arts to falsely make it appear as if the APs were being properly supervised. He admitted that the Creve Coeur location is not medical underserved and thus APs are not permitted to work there.

    Finally, Dr. Saggar admitted that in January of 2022, he hired a doctor who had been indicted in another case to be the sole collaborating physician at the Creve Coeur location but did not disclose to Medicaid that the co-conspirator was performing services there. That physician’s billing privileges with Medicaid had been suspended.

    The conduct of Dr. Saggar and Barringer caused a loss to Medicare and Missouri Medicaid of $742,528.

    “Today’s sentencing underscores our commitment to ensuring that providers are held accountable for submitting fraudulent claims for financial gain and for deliberately concealing critical information about healthcare professionals,” said Special Agent in Charge Linda T. Hanley of the U.S. Department of Health and Human Services Office of Inspector General (HHS-OIG).  “HHS-OIG, in partnership with the U.S. Attorney’s Office and other law enforcement agencies, will continue working together to safeguard the integrity of the Medicare and Medicaid programs.”

    “This crime went beyond bilking taxpayer funded healthcare programs. Dr. Sonny Saggar risked the well-being of patients with urgent medical needs. He knew his assistant physicians were not qualified to see patients without supervision,” said Special Agent in Charge Ashley Johnson of the FBI St. Louis Division. “To add further insult to injury, Dr. Saggar falsely claimed he was the one who saw the patients so he could bill Medicare and Medicaid.”

    “Doctors are expected to follow a certain code of conduct and obey the laws and regulations put in place to protect their clients,” DEA St. Louis Division Special Agent in Charge Michael Davis said. “Our investigation shows that Dr. Saggar broke with protocol and endangered lives with his negligence. As a result of his misconduct, he was arrested, surrendered his DEA Certificate of Registration, can no longer prescribe controlled substances and faces nearly three years in federal prison.”

    Barringer, 51, pleaded guilty in December to one count of conspiracy. She is scheduled to be sentenced on April 22.

    The U.S. Department of Health and Human Services Office of Inspector General, the FBI, the Drug Enforcement Administration and the Missouri Attorney General’s Medicaid Fraud Control Unit investigated this case. Assistant U.S. Attorney Amy Sestric is prosecuting the case.

    MIL Security OSI –

  • MIL-OSI China: China to expand postal and courier services in rural regions

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

    To improve the quality of life in rural areas, China has announced plans to expand the construction of comprehensive logistics stations this year. This initiative is part of a broader effort to enhance the quality of postal and courier services in rural regions, ensuring that even the most remote villages benefit from efficient and reliable delivery services, according to the State Post Bureau of China on Wednesday.

    Hou Yanbo, the spokesman for the bureau, said one of the major focuses in 2025 is on strengthening the construction of village-level logistics service stations, which will significantly improve the service quality in rural areas, such as delivering to the accurate address. He made the remarks at a news conference on Wednesday in Beijing.

    China has been focused on improving rural logistics in the past decade, and has already established 346,000 village-level comprehensive logistics service stations nationwide. These stations have significantly upgraded the quality of services provided at village-level postal sites. Xinjiang, Xizang, and Inner Mongolia autonomous regions have seen a notable increase in the volume of parcel deliveries, with growth rates significantly surpassing the national average. These areas, often characterized by challenging terrains and lower population densities, have historically faced logistical hurdles that are now being greatly improved.

    In addition to infrastructure development, the bureau is encouraging enterprises to invest more in rural areas. This includes upgrading the informatization and automation of county-level parcel processing equipment and enhancing the overall postal infrastructure in rural settings. Companies are also being urged to adhere strictly to their service commitments, ensuring that rural customers receive the same level of service as their urban counterparts, Hou said.

    The postal and courier industry in China has shown robust growth in the past 15 years. Last year, China’s parcel delivery industry shattered all previous records, handling a staggering 174.5 billion packages — equivalent to more than 124 per person in the country. The rapid expansion of the sector underscores not only the growing dependence of Chinese consumers on e-commerce, but also the increasing role express delivery plays as a barometer of the economy.

    The industry is showing no signs of slowing down. In 2025, express delivery volume is projected to reach 190 billion.

    MIL OSI China News –

  • MIL-Evening Report: NZ has long suffered from low productivity. A simple fix is keeping workers happy

    Source: The Conversation (Au and NZ) – By Dougal Sutherland, Clinical Psychologist, Te Herenga Waka — Victoria University of Wellington

    bbernard/Shutterstock

    The low-productivity bogeyman has long haunted New Zealand, with people working longer hours for lower output than other comparable countries. The country is now one of the least productive in the OECD.

    At its most basic level, productivity measures how much output can be produced with a set of inputs. The inputs can be the work of staff, as well as technical innovation, research and development and automation to encourage more efficient processes.

    Prime Minister Christopher Luxon has committed to resolving this persistent productivity crisis with science sector reforms and overseas investment.

    But after decades of lagging behind the rest of the world, a growing body of research shows the answer could lie in greater support for workers’ mental health.

    Linking productivity and mental health

    For many, increasing productivity equates to people working “harder” for longer hours – the implication being that if only we “pulled finger” and “knuckled down” the country’s productivity would magically increase.

    Instead, could the answer to our productivity crisis be in improving the psychological functioning and mental health of our workforce?

    There is a substantial body of evidence showing poor mental health is related to poor productivity. Recent New Zealand data show workers with the poorest mental health lost more than three times the number of productive workdays annually (71 days) than those with the highest mental health (19 days).

    Poor mental health can take a toll in the form of time away from work (absenteeism), loss of focus, and emotional exhaustion (presenteeism).

    Conversely, measures taken by employers to improve the mental health of workers show a strong positive relationship with increased productivity.

    Data from more than 1,600 publicly listed companies in the United States found employee wellbeing predicts higher company valuations, return on assets, gross profits and stock market performance.

    Of those interventions used to improve mental health and productivity at work, the most promising appear to target leadership capability, health screening and psycho-socially healthy working environments.

    One of the more notable initiatives happened in our own backyard. Andrew Barnes from Perpetual Guardian has been a vocal proponent of four-day work week.

    This doesn’t mean packing a 40-hour week into four days instead of five. Rather, its central tenet is reducing the working week (usually to 32 hours), keeping workers’ salaries at 100%, and continuing productivity at 100% (at least) of its existing level.

    Results from a pilot with 61 companies in the United Kingdom show an average increase of 36% per annum in revenue for participating businesses, with over 90% of UK businesses that have trialled the programme choosing to continue with it.

    Similarly positive results came from a widespread trial of a shorter working week (at full pay) in Iceland, involving 1% of the working population, including office workers, teachers, and healthcare workers.

    The four-day work week trial in Iceland has been heralded as a success.
    Canadastock/Shutterstock

    More than a ‘nice-to-have’

    But despite the need to improve productivity and the growing business case for improving employee wellbeing, demand for organisational mental health services has dipped.

    Anecdotally, organisations involved in supporting the mental health of New Zealand workplaces have reported a decrease in demand, with many businesses and government agencies citing budget constraints as a major barrier to investing in this area.

    This is likely a sign of the economic times, with more than three-quarters of New Zealand business leaders citing economic uncertainty as a key threat to their organisation in 2025.

    To some, providing psychological support to workplaces may appear frivolous at worst, and a “nice-to-have” at best. Understanding the mechanisms by which these interventions can boost productivity may help dispel these doubts.

    If we consider some of the core symptoms of poor mental health at work – namely exhaustion, reduced focus and greater sickness absence – it’s easy to see how improving workers’ mental health can improve the productivity of a business.

    Maintaining workers

    The idea of sustainable labour practices isn’t new or radical, nor is it just another attempt to load businesses with extra responsibility for worker mental health.

    It is a way to enable people to work more efficiently in the time they have, and to keep them in their jobs for longer. In turn, this improves overall company performance and, crucially, improves population health.

    For many businesses, people are their biggest asset. Ensuring your biggest asset is functioning well is as essential to enhancing productivity as regular maintenance and capital expenditure on physical machinery and buildings.

    Like any business strategy worth its while, it’s not always easy. But there is too much at stake not to get it right.

    Dougal Sutherland is an Honorary Teaching Fellow at Te Herenga Waka. He is also Principal Psychologist at Umbrella Wellbeing.

    Dr Amanda Wallis from Umbrella Wellbeing contributed to this article

    – ref. NZ has long suffered from low productivity. A simple fix is keeping workers happy – https://theconversation.com/nz-has-long-suffered-from-low-productivity-a-simple-fix-is-keeping-workers-happy-248752

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Russia: Five best articles in Russian for 19.02.2025

    MIL Analysis: Here are the top five Russian language articles published today. The analysis includes five key articles currently prioritized.

    The economy is productive. The Moscow Exchange is providing its new records of profitability and opportunities for investors and traders to expand.

    Education is evolving, with an increasing trend toward humanitarization. Peter the Great University in St. Petersburg strengthens the psychological health of students, staff and parents.

    At Novosibirsk University you can see the exhibition “Life as a Vocation” dedicated to the work of Varlen Lvovich Soskin on February 26 at 11:50.

    You can read one of the articles below.

    1. Financial news: Moscow Exchange launched a full-featured version of the Algopack analytical service.

    Moscow Exchange has expanded opportunities for investors and traders by launching a full-featured version of the analytical service “Algopack”. All users of the service now have access to a graphical interface for presenting data on all stocks and futures traded on the Moscow Exchange.

    2. Financial news: The Moscow Exchange Full Yield Index updated its historical maximum.

    The Moscow Exchange Total Return Index set a historical record, at the close of trading on February 17, 2025, its value was 8,199.68 points. This is the maximum index value since the start of calculation in January 2004. The previous maximum was recorded on October 20, 2021 at 8,125.76 points.

    3. Do you want to talk about it? Polytechnic’s psychologists help you cope with stress.

    Peter the Great St. Petersburg Polytechnic University –

    “All diseases come from nerves,” people say, and for good reason. Constant stress is not harmless at all, and sometimes we do not even realize what serious consequences can result from worrying about personal troubles or events in the world, anxiety and worry, fear of failure and hyper-responsibility, and other similar things. In order to preserve mental health and performance, it is better to seek help from a specialist in a timely manner.

    4. Dmitry Chernyshenko, Sergey Kravtsov, Valery Falkov and Grigory Gurov, Head of Rosmolodezh, commented on the results of the stratsession on the development of education.

    Dmitry Chernyshenko took part in the stratsession on education development.

    Deputy Prime Minister Dmitry Chernyshenko, Minister of Education Sergey Kravtsov, Minister of Science and Higher Education Valery Falkov, Head of Rosmolodezh Grigory Gurov and Head of Rosobrnadzor Anzor Muzayev took part in the strategic session chaired by Prime Minister Mikhail Mishustin.

    5. The exhibition “Life as a Vocation” will open at NSU.

    Novosibirsk State University -.

    On February 26 at 11:50 a.m., the NSU History Museum will open the exhibition “Life as a Vocation” dedicated to the activities of Varlen Lvovich Soskin. The exhibition is part of a series of events timed to the 100th anniversary of the birth of Varlen Lvovich Soskin, Doctor of Historical Sciences, Professor, Honorary Professor of NSU, Honored Scientist of the Russian Federation, founder of the scientific school of modern Siberian science and cultural studies, veteran of the Great Patriotic War.

    Learn more about MIL’s content and data services by visiting milnz.co.nz.

    Regards MIL!

    MIL OSI Russia News –

  • MIL-OSI USA: National Energy Dominance Council Paves Way for Unleashing American Energy

    US Senate News:

    Source: The White House
    Last week, President Donald J. Trump established the National Energy Dominance Council — a cornerstone in the Trump Administration’s pursuit of unleashing American energy. Led by Secretary of the Interior Doug Burgum and Secretary of Energy Chris Wright, the Council will play a key role in the Trump Administration’s work to lower energy prices, meet the rising demand for affordable energy, strengthen economic security, and ensure the American energy industry is best positioned as a global leader over the next century.
    The move was hailed by lawmakers, workers, and industry:
    House Committee on Energy and Commerce Chair Brett Guthrie (R-KY): “Energy security is national security. By utilizing our domestic energy resources to create baseload power, we can lower prices, secure our grid, and provide the energy needed to grow manufacturing, heat our homes, and fill our gas tanks. The creation of this council under the leadership of Secretary Wright and Secretary Burgum is a strong step toward securing our energy future, and ensuring we have the resources necessary to meet the demands that AI will place on our grid. President Trump is continuing to fulfill his promise to the American people to return our nation to energy dominance, and I look forward to working together to achieve that goal.”
    American Exploration and Production Council: “Our nation is stronger, more secure, and more prosperous when America is the world leader in energy production, and AXPC applauds the Trump administration’s recognition that a whole of government approach is necessary to address the challenges related to American energy dominance. Sound energy policy across agencies will support our ability to meet rising national and global demand for affordable, reliable energy. We will continue to work with Congress and the Trump administration and the new National Energy Dominance Council on sensible, durable policies that allow American energy companies to continue to innovate and produce the energy America needs.”
    North America’s Building Trades Unions: “North America’s Building Trades Unions look forward to engaging with the National Energy Dominance Council recently established by the White House. This effort, chaired by Secretary of the Interior Doug Burgum and vice-chaired by Secretary of Energy Chris Wright, comes at a critical moment for our nation. As our country’s energy demands continue to rise and we work to meet the needs of artificial intelligence, confront rising adversarial powers, and provide our citizenry with stable and affordable energy, we at NABTU are ready to meet the moment. The men and women of the Building Trades have built the existing energy infrastructure of this nation and are eager to partner with this Council to provide the highly skilled workforce necessary to advance America’s all-of-the-above energy strategy and bring about the next generation of expanded, domestic and affordable power supply.”
    National Rural Electric Cooperative Association CEO Jim Matheson: “We are thrilled that President Trump has established the National Energy Dominance Council to tackle some of the biggest energy policy challenges facing our nation. Electricity demand is skyrocketing, yet due to bad policy decisions, always-available baseload power is being forced to retire before it can be reliably replaced. As a result, much of the country faces an increased risk of energy shortfalls over the next decade. Under the leadership of Chairman Doug Burgum and Vice Chairman Chris Wright, the Council is perfectly positioned to address the growing threats to reliable and affordable power. We believe the Executive Order’s focus on improving key processes, including those for permitting, producing and distributing American energy, is exactly the right place to start.”
    United Association of Union Plumbers and Pipefitters General President Mark McManus: “The men and women of the United Association are the best trained and most highly skilled craftspeople in the energy industry, and for generations we have built the critical infrastructure that delivers affordable domestic energy to our homes and businesses across the nation. We are now poised to deliver the next generation of energy production at this critical point in our nation’s history, but all too often government red tape and environmental activist groups stand in the way of these good paying and family-sustaining jobs. We look forward to working with President Trump and the new National Energy Dominance Council to cut government red tape and modernize our permitting processes to boost domestic production of critical energy like oil, gas, hydrogen, carbon capture, and nuclear, and to reduce our dependence on foreign sources of energy.”
    Power The Future Executive Director Daniel Turner: “The National Energy Dominance Council is a long-overdue course correction that prioritizes American energy workers, revitalizes domestic production, and ensures affordability for families. The NEDC has the opportunity to right the many wrongs of the Biden administration’s failures by working alongside the private sector to create policies that increase production, drive down costs, and protect the environment. By cutting through burdensome regulations and anti-energy mandates, the NEDC will unleash America’s full energy potential and pave the way for an era of prosperity, affordability, and innovation.”
    National Association of Manufacturers President Jay Timmons: “President Trump is moving quickly to unleash America’s full energy potential by establishing the National Energy Dominance Council, setting America up to lead on energy and secure our energy independence. This action demonstrates President Trump and his administration’s commitment to ensuring manufacturers have the energy they need to drive economic growth. […] The National Energy Dominance Council, under the leadership of Interior Secretary Burgum and Energy Secretary Wright, will help power the future of manufacturing in America because when manufacturing wins, America wins.”
    Competitive Enterprise Institute Senior Fellow Marlo Lewis: “This is welcome news. Unlike the previous administration, which increased US reliance on oil imports from OPEC and critical minerals from China by rigging domestic markets against reliable energy from fossil fuels, President Trump seeks to emancipate all sources of reliable American energy to compete in domestic and overseas markets. The president also seeks to accelerate the permitting of new energy infrastructure, including the power plants needed to support hundreds of new data centers and US leadership in artificial intelligence. President Trump is correct that clearing away impediments to America’s global leadership in energy production and exports will lower energy prices, enhance US economic security, create millions of new well-paying jobs, and strengthen US competitiveness in advanced technologies such as AI.”
    Growth Energy: “#ICYMI last week @POTUS established the National Energy Dominance Council, noting that #biofuels ‘reduce our dependency on foreign imports, and grow our economy’ – #ethanol producers are ready to deliver for American consumers and the president’s priorities!”
    Small Business and Entrepreneurship Council: “The National Energy Dominance Council is greatly needed to promptly reduce onerous barriers and rules that work against an abundant energy supply. Rather than federal government agencies finding ways to expand their regulatory turf and stymie the energy sector, the Council is tasked with reducing outdated red tape and moving with speed on recommendations and action, which will facilitate the significant investment needed for big projects. A modern regulatory system and commitment to U.S. energy supremacy will generate quality jobs, economic vibrancy and growth, and innovations that will yield efficiencies and cleaner energy. As both energy consumers and as significant players in the U.S. energy sector, small businesses will greatly benefit. SBE Council thanks President Trump for prioritizing this critical sector and for his commitment to more affordable, reliable and abundant energy for America.”
    Americans for Prosperity: “Coupled with earlier Executive Orders signed by President Trump, with this Order, the current administration is well on its way in laying the groundwork for a future where energy abundance can become a reality.  Americans for Prosperity applauds President Trump’s actions in this Executive Order and anticipates a bright future for energy production in this country.”

    MIL OSI USA News –

  • MIL-OSI China: Top court reveals cases involving military facilities’ protection

    Source: China State Council Information Office 2

    China’s top court disclosed five influential cases involving the protection of military facilities to further enhance the public awareness of national defense and the rule of law.
    “Military facilities are an important component of national defense construction, serving as the foundation of the military to fulfill its missions, and providing crucial support for national strategic capabilities and military operations,” the Supreme People’s Court said on Wednesday.
    “The disclosure of the cases not only emphasizes the significance of protecting military facilities, but also demonstrates the steadfast determination and relentless efforts of Chinese courts in safeguarding national defense interests,” it added.
    It revealed that crimes involving the destruction of military facilities, such as military optical cables, have occurred from time to time in recent years. “Such actions endanger military security and affecting the military ability to carry out its missions, so they must be severely punished,” it noted.
    One disclosed case showed that a defendant surnamed Xu was sentenced to 18 months in prison for the crime of sabotage of military communications.
    Xu, who worked for an information technology company, was responsible for the daily inspection and maintenance of optical cable lines. He used metal pliers to cut a military optical cable during one inspection with the intention of selling it, causing the interruption of critical business systems for over two hours and disrupting military communications for three units that were conducting exercises.
    Xu’s actions resulted in economic losses of more than 40,000 yuan ($5,490), and the loss of the involved optical cable amounted to over 9,000 yuan.
    “Military communication is the method by which the armed forces use communication tools or other means to transmit information for command purposes,” the top court said, stressing that military optical cables are vital military communication facilities.
    “In the information age, the damage to military optical cables can have significant adverse effects on military communications and activities, not only causing financial losses but also severely influencing the readiness and training of troops, thereby endangering national defense interests and national security,” it added.
    It praised the conviction and sentence given to Xu, noting that the ruling has shown the judicial high-pressure on those who harm national defense interests and military combat effectiveness.
    While requiring courts nationwide to continue the fight against such crime, it has also called on more people from all walks of life to strengthen the protection of military facilities.

    MIL OSI China News –

  • MIL-OSI China: Abu Dhabi to enhance trade, investment with China

    Source: China State Council Information Office

    The Abu Dhabi Department of Economic Development (ADDED) is currently leading a high-level delegation of 140 government and business leaders on an official visit to China. The visit, which commenced on Feb. 17, aims to further strengthen partnership with a leading economy and cement Abu Dhabi’s stature as a global magnet for talent, businesses and investment.

    The delegation is meeting with senior government officials, key businesses and investors in Beijing, Shanghai, Shenzhen and Hong Kong to explore business opportunities and foster strategic relations with their Chinese counterparts.

    During the visit, the Abu Dhabi Investment Office and the Abu Dhabi Global Market hosted the Abu Dhabi Investment Forum (ADIF) in Beijing on Feb. 18 under the theme “Invest with Abu Dhabi.” Meanwhile, an additional session of the forum will be held in Shanghai on Feb. 20.

    The ADIF features a comprehensive agenda, including keynote addresses, panel discussions and bilateral meetings with delegates representing various sectors of Abu Dhabi’s economy. Industry experts, including executives from institutions such as Abu Dhabi National Oil Company, Mubadala, HSBC and Gulf Capital, provided in-depth insights into the emirate’s investment landscape, showcasing opportunities in technology, financial services, health care and trade.

    Additionally, the Abu Dhabi Chamber of Commerce and Industry, in collaboration with the Shanghai Federation of Industry and Commerce, held the Business Connect-Abu Dhabi-Shanghai in Shanghai on Feb. 19. The event focused on strengthening economic relations and partnerships between the business communities in Abu Dhabi and China.

    Ahmed Jasim Al Zaabi, chairman of ADDED, said: “Our longstanding relations with China are going from strength to strength, as reflected by the growth of bilateral trade and mutual investments over the past few years, and we are doubling down our efforts to take it to the next level by deepening cooperation and exploring new opportunities in various sectors to create more partnerships.”

    He added: “We are eager to enable investors and businesses to benefit from ample opportunities provided by our soaring ‘Falcon Economy,’ which is harmonizing between advanced technologies, sustainability, human development and economic diversification as we accelerate the transition towards the next phase of Abu Dhabi’s development.”

    According to the data from ADDED, bilateral trade between China and the United Arab Emirates is projected to reach $200 billion by 2030. Abu Dhabi is already home to many of the over 6,000 Chinese companies operating in UAE’s key sectors including technology, financial services and energy. As such, the emirate continues to reinforce its position as the main gateway for Chinese investment in the Middle East and beyond.

    MIL OSI China News –

  • MIL-OSI China: US’ new tariffs worsen global prospects

    Source: China State Council Information Office

    U.S. President Donald Trump attends a press conference at the White House in Washington D.C., the United States, Feb. 13, 2025. [Photo/Xinhua]

    After US President Donald Trump’s first punitive tariffs targeted the United States’ major trade partners — Mexico, Canada and China — tariff threats are shifting to the European Union, even the rest of the world. The tariff threats are also shifting from steel and aluminum to computer chips and pharmaceuticals.

    In the latest move, Trump said on Tuesday he intends to impose auto tariffs “in the neighborhood of 25 percent” and similar duties on semiconductors and pharmaceutical imports.

    The US has a major trade deficit with many other trading economies, including Germany, Japan, the Republic of Korea and Vietnam, which are likely to be in the firing line later, if not soon.

    A tariff is a tax levied on imported goods and services. In its haste to target the three countries, the Trump administration has ignored concerns about these tariffs fostering inflation or snarling global supply chains. This is a serious mistake on the part of the administration. In the US, wholesale prices are already rising on higher food and energy costs, adding to the growing pile of bad inflation news ahead of more US tariffs. Globally, these risks are real, costly and damaging.

    As the new US administration has been launching another tariff war, China’s economy has been showing progressive signs of stabilization — especially since the fourth quarter of 2024, as the impact of the November stimulus measures has kicked in. During this period, growth accelerated from 4.6 percent to 5.4 percent to reach 5.0 percent year-on-year in 2024, which prompted the International Monetary Fund to recently upgrade China’s GDP growth.

    But what’s fueling these gains?

    China’s industrial production has proved resilient on the back of both domestic and international demand, particularly in electric vehicles and solar panels. The most prominent part of the growth story is the strong expansion of China’s advanced technology, electronics and automobile sectors. The pace of development in industrial robotics is almost as strong, while consumption is being fueled by equipment and durable goods upgrade.

    Yet two main challenges remain. At home, the nearly 11 percent decline in real estate investment suggests the property market is still ailing. But in about 300 Chinese cities, the decline of residential inventory is slowing.

    The external challenges China faces include the impending trade and tech wars, which the first Trump administration launched in 2017, the Biden administration expanded and the new Trump administration is broadening worldwide.

    On Feb 1, Trump imposed 25 percent tariffs and 10 percent duties on energy products imported from Canada and Mexico, and 10 percent tariffs on Chinese goods. The three countries are the US’ biggest trade partners and the US has a trade deficit with each one of them. These tariffs alone would cost an average US household more than $1,200 a year.

    After separate talks between Trump and the Canadian and Mexican presidents, the US agreed to delay levying the extra tariffs for 30 days. But the threatened tariffs on Canadian and Mexican goods, if they are imposed, could reduce long-run GDP by 0.3 percent.

    Moreover, a trade war between the US and its two largest trading partners would hit incomes in the US, impact employment and accelerate inflation. As Trump’s tariffs went into effect against China, Beijing announced a broad package of economic measures against Washington on Feb 10. And more countermeasures are likely to follow.

    Half a decade ago, the US’ punitive tariffs on Chinese goods covered goods worth $396 billion, or more than 90 percent of the total trade. But the first round of Trump’s tariffs against Canadian, Mexican and Chinese goods alone will cover far more traded goods in dollar terms.

    Trump’s four tranches of tariffs on Chinese goods in 2018-19 covered imports worth $360 billion. Today, Canada and Mexico and China account for more than two-fifths of all US imports. New tariffs on the goods imported from the two countries plus additional tariffs on Chinese goods would likely cover imports valued at more than $1.3 trillion. That’s more than 3.5 times the value than half a decade ago.

    This might be just the opening salvo in a series of tariffs the Trump administration is likely to announce in the coming weeks. Factor in the potential/likely retaliatory tariffs and duties by the affected countries and the Trump administration’s “reciprocal tariff” plan, and the final toll could be much higher.

    Ironically, US tariffs are legitimized by a flawed victimization narrative in which Washington is portrayed as a target of wrongful economic and geopolitical measures. In reality, the US’ imposed tariff levels are about geopolitical coercion, not economic factors.

    The threatened wave of tariffs could further heighten trade tensions, reduce investments, hit market pricing, distort trade flows, disrupt supply chains and undermine consumer confidence. In fact, much worse could happen.

    Due to the new US tariffs, we are in for a far costlier, global déjà vu all over again.

    MIL OSI China News –

  • MIL-OSI Africa: Secretary-General’s remarks at the Opening Ceremony of CARICOM 48th Regular Meeting of Heads of Government [as delivered]

    Source: United Nations – English

    our Excellencies, Distinguished Guests, Ladies and Gentlemen, all protocol observed.
     
    It is a joy to be with you in Barbados and an honour to be back in the Caribbean. 
     
    I am delighted to meet Prime Minister Mottley again so soon after the African Union Summit in Ethiopia, where you delivered such a powerful message on the legacies of slavery and colonialism, and reparatory justice. 
     
    Excellencies, 
     
    The exquisite beauty of the Caribbean is famed the world over. 
     
    But there is trouble in paradise. 
     
    Wave after wave of crisis is pounding your people and your islands – with no time to catch your breath before the next disaster strikes: 
     
    Geopolitical tensions fuelling uncertainty…
     
    The scarring effects of COVID-19 leaving a trail of socio-economic crisis… 
     
    Soaring debt and interest rates, on top of a surge in the cost of living…  
     
    All amidst a deadly swell of climate disasters – ripping development gains to shreds, and blowing holes through your national budgets… 
     
    And all as you remain locked-out of many international institutions – one of the many legacies of colonialism today.
     
    Excellencies, Dear Friends,
     
    The cure for these ills is global. 
     
    International solutions are essential to create a better today and a brighter tomorrow for this wonderful region, and for the world. 
     
    We have progress on which to build – hard-won global commitments to address the immense challenges we face. 
     
    But we need the world to deliver. 
     
    The irrepressible strength of a unified Caribbean, and commitment to multilateralism – which have done so much to advance global progress – is vital to achieving that aim. 
     
    And your theme for this year – Strength in Unity – is truly a theme for our times. 
     
    I see three key areas where, together, we must drive progress. 
     
    First, unity for peace and security…
     
    Particularly to address the appalling situation in Haiti – where gangs are inflicting intolerable suffering on a desperate and frightened people. 
     
    CARICOM, and the Eminent Persons Group, have provided invaluable support.  
     
    We must keep working for a political process – owned and led by the Haitians – that restores democratic institutions through elections.
     
    And I will soon report to the United Nations Security Council on the situation in Haiti, including proposals on the role the UN can play to support stability and security and address the root causes of the crisis.
     
    It is my intention to present to the Security Council a proposal that is very similar to the one that we have presented for Somalia, in which the UN assumes the responsibility of the structural and logistical expenditures that are necessary to put the force in place. And the salaries of the force are paid through the trust fund that already exists.
     
    And if the Security Council will accept this proposal, we will have the conditions to finally have an effective force to defeat the gangs in Haiti and create the conditions for democracy to thrive.
     
    And I urge you to continue your work and advocacy to tackle the weapons and drug trafficking that is fuelling violence across the region, including through prevention.
     
    But let’s be clear: to fight drug trafficking or to fight weapons trafficking, we also need to address the countries of origin and the countries of destination.  Without their cooperation, we will never be able to win this battle, and the people of the Caribbean are paying a heavy price for the lack of cooperation that unfortunately, we still face.
     
    Second, unity on the climate crisis. 
     
    You face a deplorable injustice: 
     
    A crisis you have done next to nothing to create is wrecking economies, ruining lives, and threatening your very existence.  
     
    Together, you have fought tooth and nail for the global commitment to limit global temperature rise to 1.5 degrees. 
     
    This year, countries must deliver new national climate action plans, ahead of COP30, that align with that goal, with the G20 – the big polluters – leading the way. 
     
    This is a chance for the world to get a grip on emissions. 
     
    And it is also a chance for the Caribbean to seize the benefits of clean power… 
     
    To tap your vast renewables potential… 
     
    And to turn your back on costly fossil fuel imports.  
     
    But this requires finance. 
     
    We need confidence that the $1.3 trillion agreed at COP29 will be mobilized.  
     
    And we need the world to get serious in responding to the disasters that we know will keep coming.  
     
    Adaptation is critical for this region. To save lives. And to make economies resilient. 
     
    And we need developed countries to honour their promises on adaptation finance – and more. 
     
    And we need meaningful contributions to the new Loss and Damage Fund. 
     
    When the fund was created, the pledges made are equivalent to the new contract for just one baseball player in New York City. Let’s be clear: the Loss and Damage Fund must be a serious thing.  
     
    And we must be able to find new, innovative sources of financing and namely, to finally put seriously a price on carbon – and there are different ways to achieve this goal.
     
    Excellencies, 
     
    This must be part of broader efforts:
     
    Because, third, we need unity for sustainable development. 
     
    Globally, the Sustainable Development Goals are starved of adequate finance, as debt servicing soaks-up funds, and international financial institutions remain underpowered.  
     
    Caribbean countries have been at the forefront of the fight for change – pioneering bold and creative solutions. 
     
    And the Pact for the Future agreed last year, together with the Bridgetown Initiative, now 3.0, marks significant progress – and I thank you all for your support. 
     
    The Pact commits to advancing an SDG Stimulus of $500 billion a year;
     
    And it asks Multilateral Development Banks to consider structural vulnerabilities in access to concessional funds, including through using the Multidimensional Vulnerability Index. 
     
    With this, or any other instrument, it is absolutely essential that middle-income countries that have dramatic vulnerabilities, especially because of climate change, have access to concessional funding.  Without it, it is impossible to recover and to build the resilience that is so much highlighted in this congress.
     
    It also calls for representation in international financial institutions to correct for the world’s vast inequalities and injustices…
     
    And for effective action on debt… 
     
    Without debt relief, and without new debt strategies, it will be impossible to fully recover your economies.
     
    At the same time, we need bigger and bolder Multilateral Development Banks, with more capital, more lending capacity and more capacity to also leverage private funding for the kind of investments that are essential to build resilience and to promote sustainable development in countries like the countries of the Caribbean.
     
    We must push the world to deliver on those commitments. 
     
    And we must ensure all countries can reap the benefits of technologies for sustainable development – by delivering on the Global Digital Compact. 
     
    Excellencies, Dear Friends,
     
    A unified Caribbean is an unstoppable force. 
     
    I urge you to keep using that power to push the world to deliver on its promise.
     
    And I can guarantee that the United Nations and myself are with you, and will remain with you, every step of the way. 
     
    Thank you very much.
     
     

    MIL OSI Africa –

  • MIL-OSI China: China taps box office success to boost tourism

    Source: China State Council Information Office 3

    China’s film authorities launched a movie-themed tourism campaign at the China National Film Museum in Beijing on Feb. 17, riding the momentum of the country’s recent box office success to attract foreign tourists.

    The “China Travel with Chinese Films” campaign is launched at the China National Film Museum in Beijing, Feb. 17, 2025. [Photo courtesy of China Movie Channel]

    The “China Travel with Chinese Films” campaign aims to leverage growing international interest in Chinese cinema following a record-breaking Spring Festival movie season. Supported by the country’s expanded transit visa-free policy, the initiative promotes filming locations and cultural sites featured in popular Chinese movies, officials said at the launch event.

    The campaign, sponsored by the China Film Administration and China Media Group and organized by CGTN and the China Movie Channel Program Center, will promote a “film plus tourism” concept, encouraging international audiences to discover China through cinema while boosting tourism spending.

    The initiative will also nurture collaboration between the film and tourism industries by creating themed travel routes connecting filming locations with cultural heritage sites.

    During the 2025 Spring Festival season, six blockbusters generated 9.51 billion yuan ($1.32 billion) in ticket sales and drew 187 million viewers in seven days, according to box office tracker Maoyan Pro. The booming film market has sparked a growing interest in movie-related tourism centered on filming locations and cultural elements among domestic and international visitors.

    Ne Zha and Ao Bing performers dance during the “China Travel with Chinese Films” campaign launch at the China National Film Museum in Beijing, Feb. 17, 2025. [Photo courtesy of China Movie Channel]

    Among the blockbusters, the animated sensation “Ne Zha 2” has led the race and has continued its record-breaking run beyond the holiday season. So far, the film has grossed over 12.4 billion yuan, making it the highest-grossing Chinese film and animated feature of all time, surpassing both domestic and global box office records.

    Thus, “Ne Zha” has become the campaign’s promotional ambassador. A performer dressed as the animated character received a certificate onstage before joining another character, Ao Bing, for a dance performance inviting global audiences to explore China. The film’s influence has spread beyond theaters, sparking nationwide interest. Regions are competing to claim Ne Zha’s “hometown” status to boost local tourism, while related merchandise has sold out quickly.

    “‘Ne Zha 2’ is a visually spectacular comedy that tells a Chinese story, innovates traditional Chinese culture and continues the legacy of Eastern aesthetics,” said Wang Jing, the film’s executive producer. “With strong support from Chinese audiences, it aims to deliver a powerful voice of Chinese culture in the new era to global viewers.”

    Another Chinese New Year release making international inroads is “Detective Chinatown 1900,” which has grossed more than 3.2 billion yuan ($446 million) in China and opened in nearly 20 overseas territories, including North America, the United Kingdom and Malaysia.

    “Chinatowns have long served as windows for Chinese cultural exchange,” said producer Fan Xia, noting how the film showcases historic landmarks across these communities. “The ‘Detective Chinatown’ series, which tells their stories, has also demonstrated remarkable vitality in the field of cultural exchanges.”

    Representatives of Spring Festival films present their films’ achievements and tourist destinations during the “China Travel with Chinese Films” campaign launch at the China National Film Museum in Beijing, Feb. 17, 2025. [Photo courtesy of China Movie Channel]

    During the event, actor Anastasia Shestakova also invited international visitors to tour the film’s shooting locations in China, including a Native American village constructed in Xingtai, Hebei province, and a full-scale replica of various locations in 1900s San Francisco in Laoling, Shandong province. The 200,000-square-meter San Francisco set, built in just seven months at Laoling Film Studio, opened to the public during the Spring Festival, allowing moviegoers to explore the landmarks they saw on screen.

    Actor Nashi, who plays the female general Deng Chanyu in “Creation of the Gods II: Demon Force,” a film set in ancient China’s Shang dynasty, passionately shared insights about period artifacts preserved in museums across Henan and Shaanxi provinces.

    Besides the cities and attractions featured in the films, film studios and shooting locations have become popular cultural tourism spots. Representatives from China Movie Metropolis, Wuxi Studios, Western Film Group and Hengdian World Studios presented their production facilities advantages, industry policies and tourism offerings.

    Representatives of film studios present their production resources, facilities and tourism offerings during the “China Travel with Chinese Films” campaign launch at the China National Film Museum in Beijing, Feb. 17, 2025. [Photo courtesy of China Movie Channel]

    Several foreign cultural ambassadors and travel bloggers shared their China travel plans inspired by Spring Festival films at the event. Tourism and financial sector representatives offered promotional deals, while China Media Group announced its international bureaus would partner with Chinese filmmakers to expand the “China Travel with Chinese Films” campaign, attracting more overseas audiences.

    This Chinese New Year, the first since the Spring Festival was added to UNESCO’s Representative List of Intangible Cultural Heritage, has triggered increased overseas interest in traveling to China.

    Ma Yiliang, chief statistician at the China Tourism Academy, said the successful holiday films drove both domestic and international tourists to cities like Xiangyang and Yibin. Local products, including Hubei’s lotus root starch, saw sharp sales increases.

    “This wave of cultural tourism has not only enhanced brand recognition for local destinations but also generated significant economic benefits,” he said.

    MIL OSI China News –

  • MIL-OSI United Nations: Readout of the Secretary-General’s meeting with H.E. Ms. Mia Amor Mottley, Prime Minister of Barbados

    Source: United Nations secretary general

    The Secretary-General met with H.E. Ms. Mia Amor Mottley, Prime Minister of Barbados, during the 38th Regular Meeting of the Conference of Heads of Government of the Caribbean Community (CARICOM).

    The Secretary-General expressed his appreciation for Barbados’ active role as Chair of CARICOM and underscored the strong CARICOM-UN partnership. He commended Barbados for spearheading efforts to advance reforms to the international financial architecture through the Bridgetown Initiative 3.0.

    The Secretary-General and the Prime Minister exchanged views on regional and global issues, particularly the situation in Haiti, climate change and the global agenda for antimicrobial resistance.

    MIL OSI United Nations News –

  • MIL-OSI United Nations: Guterres urges Caribbean leaders to keep pushing for peace, climate action and sustainable development

    Source: United Nations 2

    Peace and Security

    In an address on Wednesday to Caribbean leaders meeting in Barbados, UN Secretary-General António Guterres announced a potential plan to support an “effective force” in Haiti as armed gangs continue to terrorize the population. 

    Mr. Guterres was speaking during the opening of the Caribbean Community (CARICOM) Heads of Government Meeting in the capital Bridgetown, where he called for unity to achieve progress in peace and security, climate and sustainable development.

    “A unified Caribbean is an unstoppable force,” he said. “I urge you to keep using that power to push the world to deliver on its promises.”

    ‘Trouble in paradise’

    The Secretary-General noted that the region’s “exquisite beauty is famed the world over, but there is trouble in paradise.”

    He told leaders that “wave after wave of crisis is pounding your people and your islands – with no time to catch your breath before the next disaster strikes.”

    Caribbean countries are experiencing uncertainty fuelled by geopolitical tensions, the socio-economic impact of the COVID-19 pandemic, soaring debt and interest rates, and a surge in the cost of living. 

    Global solutions exist

    These are all happening “amidst a deadly swell of climate disasters – ripping development gains to shreds, and blowing holes through your national budgets,” and as countries “remain locked-out of many international institutions – one of the many legacies of colonialism today.”

    The UN chief insisted that “the cure for these ills is global,” and the world needs to deliver on hard-won global commitments to address the immense challenges the international community is facing.

    He listed three key areas “where, together, we must drive progress.” 

    Peace in Haiti

    Mr. Guterres called for unity for peace and security, “particularly to address the appalling situation in Haiti – where gangs are inflicting intolerable suffering on a desperate and frightened people.”

    He said CARICOM and its Eminent Persons Group have provided invaluable support in this regard. 

    “We must keep working for a political process – owned and led by the Haitians – that restores democratic institutions through elections,” he said.

    Security and stability

    A UN-backed Multinational Security Support Mission is currently on the ground to back up the Haitian National Police.

    The Secretary-General said he will soon report to the Security Council on the situation in the country, including proposals on the role the UN can play to both support stability and security, and address the root causes of the crisis.

    He intends to present a proposal similar to the one for Somalia, in which the UN assumes responsibility for the structural and logistical expenditures necessary to put the force in place. Salaries are paid through a trust fund that already exists.

    “If the Security Council will accept this proposal, we will have the conditions to finally have an effective force to defeat the gangs in Haiti and create the conditions for democracy to thrive,” he said, drawing applause.

    © WFP/Fedel Mansour

    Hurricane Beryl last July caused devastation on Union Island in Saint Vincent and the Grenadines.

    Climate crisis opportunity

    His second point – unity on the climate crisis – underlined “a deplorable injustice” as Caribbean countries “have done next to nothing” to create it. Moreover, they have “fought tooth and nail for the global commitment to limit global temperature rise to 1.5 degrees.”

    Mr. Guterres said countries must deliver new national climate plans ahead of the COP30 UN climate conference later this year.  The plans must align with the 1.5 goal, with the G20 group of industrial nations leading the way.

    “This is a chance for the world to get a grip on emissions,” he said. “And it’s a chance for the Caribbean to seize the benefits of clean power, to tap your vast renewables potential, and to turn your back on costly fossil fuel imports.”

    As finance is required, he underscored the need for confidence that the $1.3 trillion agreed at the previous COP will be mobilized. Developed countries also must honour their promises on adaptation finance and make meaningful contributions to the new Loss and Damage Fund.

    “When the Fund was created, the pledges made were equivalent to the new contract for just one baseball player in New York City,” he remarked.

    Finance for sustainable development

    Meanwhile, the Sustainable Development Goals (SDGs) “are starved of adequate finance, as debt servicing soaks-up funds, and international financial institutions remain underpowered.”

    The Secretary-General said Caribbean countries have been at the forefront of the fight for change, pioneering bold and creative solutions.  He said the Pact for the Future, together with the Bridgetown Initiative, marks significant progress.

    Mr. Guterres thanked Caribbean leaders for supporting the Pact, which UN Member States adopted last year. 

    Key deliverables include support for an SDG Stimulus of $500 billion annually and commitment to reform international financial institutions to allow greater participation by developing countries. 

    MIL OSI United Nations News –

  • MIL-OSI United Nations: Secretary-General’s remarks at the Opening Ceremony of CARICOM 48th Regular Meeting of Heads of Government [as delivered]

    Source: United Nations secretary general

    Your Excellencies, Distinguished Guests, Ladies and Gentlemen, all protocol observed.
     
    It is a joy to be with you in Barbados and an honour to be back in the Caribbean. 
     
    I am delighted to meet Prime Minister Mottley again so soon after the African Union Summit in Ethiopia, where you delivered such a powerful message on the legacies of slavery and colonialism, and reparatory justice. 
     
    Excellencies, 
     
    The exquisite beauty of the Caribbean is famed the world over. 
     
    But there is trouble in paradise. 
     
    Wave after wave of crisis is pounding your people and your islands – with no time to catch your breath before the next disaster strikes: 
     
    Geopolitical tensions fuelling uncertainty…
     
    The scarring effects of COVID-19 leaving a trail of socio-economic crisis… 
     
    Soaring debt and interest rates, on top of a surge in the cost of living…  
     
    All amidst a deadly swell of climate disasters – ripping development gains to shreds, and blowing holes through your national budgets… 
     
    And all as you remain locked-out of many international institutions – one of the many legacies of colonialism today.
     
    Excellencies, Dear Friends,
     
    The cure for these ills is global. 
     
    International solutions are essential to create a better today and a brighter tomorrow for this wonderful region, and for the world. 
     
    We have progress on which to build – hard-won global commitments to address the immense challenges we face. 
     
    But we need the world to deliver. 
     
    The irrepressible strength of a unified Caribbean, and commitment to multilateralism – which have done so much to advance global progress – is vital to achieving that aim. 
     
    And your theme for this year – Strength in Unity – is truly a theme for our times. 
     
    I see three key areas where, together, we must drive progress. 
     
    First, unity for peace and security…
     
    Particularly to address the appalling situation in Haiti – where gangs are inflicting intolerable suffering on a desperate and frightened people. 
     
    CARICOM, and the Eminent Persons Group, have provided invaluable support.  
     
    We must keep working for a political process – owned and led by the Haitians – that restores democratic institutions through elections.
     
    And I will soon report to the United Nations Security Council on the situation in Haiti, including proposals on the role the UN can play to support stability and security and address the root causes of the crisis.
     
    It is my intention to present to the Security Council a proposal that is very similar to the one that we have presented for Somalia, in which the UN assumes the responsibility of the structural and logistical expenditures that are necessary to put the force in place. And the salaries of the force are paid through the trust fund that already exists.
     
    And if the Security Council will accept this proposal, we will have the conditions to finally have an effective force to defeat the gangs in Haiti and create the conditions for democracy to thrive.
     
    And I urge you to continue your work and advocacy to tackle the weapons and drug trafficking that is fuelling violence across the region, including through prevention.
     
    But let’s be clear: to fight drug trafficking or to fight weapons trafficking, we also need to address the countries of origin and the countries of destination.  Without their cooperation, we will never be able to win this battle, and the people of the Caribbean are paying a heavy price for the lack of cooperation that unfortunately, we still face.
     
    Second, unity on the climate crisis. 
     
    You face a deplorable injustice: 
     
    A crisis you have done next to nothing to create is wrecking economies, ruining lives, and threatening your very existence.  
     
    Together, you have fought tooth and nail for the global commitment to limit global temperature rise to 1.5 degrees. 
     
    This year, countries must deliver new national climate action plans, ahead of COP30, that align with that goal, with the G20 – the big polluters – leading the way. 
     
    This is a chance for the world to get a grip on emissions. 
     
    And it is also a chance for the Caribbean to seize the benefits of clean power… 
     
    To tap your vast renewables potential… 
     
    And to turn your back on costly fossil fuel imports.  
     
    But this requires finance. 
     
    We need confidence that the $1.3 trillion agreed at COP29 will be mobilized.  
     
    And we need the world to get serious in responding to the disasters that we know will keep coming.  
     
    Adaptation is critical for this region. To save lives. And to make economies resilient. 
     
    And we need developed countries to honour their promises on adaptation finance – and more. 
     
    And we need meaningful contributions to the new Loss and Damage Fund. 
     
    When the fund was created, the pledges made are equivalent to the new contract for just one baseball player in New York City. Let’s be clear: the Loss and Damage Fund must be a serious thing.  
     
    And we must be able to find new, innovative sources of financing and namely, to finally put seriously a price on carbon – and there are different ways to achieve this goal.
     
    Excellencies, 
     
    This must be part of broader efforts:
     
    Because, third, we need unity for sustainable development. 
     
    Globally, the Sustainable Development Goals are starved of adequate finance, as debt servicing soaks-up funds, and international financial institutions remain underpowered.  
     
    Caribbean countries have been at the forefront of the fight for change – pioneering bold and creative solutions. 
     
    And the Pact for the Future agreed last year, together with the Bridgetown Initiative, now 3.0, marks significant progress – and I thank you all for your support. 
     
    The Pact commits to advancing an SDG Stimulus of $500 billion a year;
     
    And it asks Multilateral Development Banks to consider structural vulnerabilities in access to concessional funds, including through using the Multidimensional Vulnerability Index. 
     
    With this, or any other instrument, it is absolutely essential that middle-income countries that have dramatic vulnerabilities, especially because of climate change, have access to concessional funding.  Without it, it is impossible to recover and to build the resilience that is so much highlighted in this congress.
     
    It also calls for representation in international financial institutions to correct for the world’s vast inequalities and injustices…
     
    And for effective action on debt… 
     
    Without debt relief, and without new debt strategies, it will be impossible to fully recover your economies.
     
    At the same time, we need bigger and bolder Multilateral Development Banks, with more capital, more lending capacity and more capacity to also leverage private funding for the kind of investments that are essential to build resilience and to promote sustainable development in countries like the countries of the Caribbean.
     
    We must push the world to deliver on those commitments. 
     
    And we must ensure all countries can reap the benefits of technologies for sustainable development – by delivering on the Global Digital Compact. 
     
    Excellencies, Dear Friends,
     
    A unified Caribbean is an unstoppable force. 
     
    I urge you to keep using that power to push the world to deliver on its promise.
     
    And I can guarantee that the United Nations and myself are with you, and will remain with you, every step of the way. 
     
    Thank you very much.
     
     

    MIL OSI United Nations News –

  • MIL-OSI China: China issues action plan for stabilizing foreign investment in 2025

    Source: China State Council Information Office 2

    China on Wednesday issued an action plan to stabilize foreign investment in 2025, which was approved by a recent State Council executive meeting.
    The action plan was devised by the Ministry of Commerce and the National Development and Reform Commission, according to a notice issued by the General Office of the State Council.
    Foreign investment is a key aspect of promoting high-standard opening-up, and plays a significant role in fostering new quality productive forces and advancing Chinese modernization, according to the action plan, which was formulated to ensure stable foreign investment in 2025.
    Per the plan, China will support pilot regions in effectively implementing opening-up policies related to such areas as value-added telecommunication, biotechnology and wholly foreign-owned hospitals, providing whole-journey services for foreign-invested projects in these sectors.
    The country will continue expanding its pilot programs to open up fields such as telecommunication and medical services in a timely manner.
    According to the plan, China will seize the initiative by opening its education and cultural sectors further, publish implementation plans, and push those plans forward steadily.
    The plan calls for efforts to expand the national pilot program to open the services industry further and promote the orderly opening-up of the biomedical sector.
    Additionally, it emphasizes encouraging foreign equity investment in China to attract more high-quality foreign direct investment in the country’s listed companies.
    China will lift restrictions on domestic loans for foreign-invested enterprises, allowing these firms to use domestic financing for equity investments, according to the plan.
    It highlights key sectors to attract foreign investment. According to the plan, foreign businesses are encouraged to invest in animal husbandry-related fields such as breeding, feeding equipment production and production of feed and veterinary medicine, and enjoy national treatment.
    It also supports foreign enterprises to participate in China’s new industrialization, with a focus on high-tech fields. Foreign investment is also welcomed in services sectors such as elderly care, culture and tourism, sports, health care, vocational education, and finance.
    It calls for clarifying standards for the government procurement of domestic products, and for measures to ensure products produced by enterprises of different ownership within China participate equally in government procurement activities.
    The plan was approved at a State Council executive meeting held earlier this month. The meeting highlighted the important role of foreign-invested enterprises in employment, export stability and industrial upgrading, and urged more practical and effective measures to maintain existing investments and attract new ones.
    In 2024, 59,080 new foreign-invested enterprises were established in China, up 9.9 percent year on year. China attracted an annual overseas investment of over 1 trillion yuan (about 139.5 billion U.S. dollars) for three consecutive years from 2021 to 2023. 

    MIL OSI China News –

  • MIL-OSI USA: Governor Polis Visits Next Gallery Highlighting Artists and Casa Bonita, and Celebrates Black History Month

    Source: US State of Colorado

    LAKEWOOD – Today, Governor Polis visited Next Gallery’s 8th Annual Casa Bonita Art Show, which brought together over 60 artists to imagine and create a piece of what Casa Bonita could look like in 2074 on its 100th birthday.

    “I love viewing the work of Colorado’s artists and seeing one of our state’s landmark attractions reimagined through the creativity of artists. I hope this art show inspires Coloradans and tourists alike to visit Casa Bonita, and explore all that our state has to offer,” said Governor Polis.

    Next Gallery is owned and operated by 28 working artists with a mission to support local artists and promote art appreciation and education through community outreach.

    The Governor will also visit African Grill and Bar to celebrate Black History Month, and highlight small businesses in Colorado. African Grill and Bar gives back to its community by supporting school cultural programs, charity organizations, and helping feed community members in need.

    “Colorado is home to many vibrant cultures, cuisines, and businesses. I am excited to be visiting African Grill and Bar to enjoy authentic African food, celebrate Black History Month, and highlight one of the many black-owned businesses that contribute to our growing economy, and make Colorado the best state to live, work, and start a business,” said Governor Polis.

    ###
     

    MIL OSI USA News –

  • MIL-OSI: First National Bank Alaska announces unaudited results for fourth quarter and full year 2024

    Source: GlobeNewswire (MIL-OSI)

    ANCHORAGE, Alaska, Feb. 19, 2025 (GLOBE NEWSWIRE) — First National Bank Alaska’s (OTCQX:FBAK) net income for the fourth quarter of 2024 was $19.9 million, or $6.29 per share. This compares to a net income of $16.6 million, or $5.24 per share, for the same period in 2023.

    “Fourth quarter results concluded another year of strong financial performance in 2024,” said First National Board Chair and CEO/President Betsy Lawer. “Growth in both loans and customer deposits along with repositioning efforts in the securities portfolio enhanced the balance sheet. Growth in noninterest income along with outstanding expense management resulted in record-high net income. As we build on the momentum generated in 2024, I’m excited about where our recently expanded leadership team will take us to further help Alaskans shape a brighter tomorrow.”

    Loans totaled $2.5 billion as of Dec. 31, 2024, an increase of $24.3 million during fourth quarter 2024, and an increase of $196.6 million compared to the same period in 2023. Fourth quarter loan quality was strong with nonperforming loans of $4.3 million, 0.17% of outstanding loans compared to $4.7 million and 0.20% as of Dec. 31, 2023. The provision for credit losses totaled $0.7 million for the year ended Dec. 31, 2024, compared to a $0.9 million benefit for year ended Dec. 31, 2023. The allowance for credit losses as of Dec. 31, 2024 totaled $18.0 million, or 0.73% of total loans.

    Fourth quarter total interest and loan fee income was $63.4 million, a 6.2% increase from $59.8 million for the quarter ended Dec. 31, 2023. The yield on loans increased to 6.67% compared to 6.25% on Dec. 31, 2023. Interest and fees on loans and interest and dividends on investment securities increased in the fourth quarter on rate and volume improvements.

    Assets totaled $5.0 billion as of Dec. 31, 2024, decreasing by $559.5 million due to the repayments during the fourth quarter of the December 2023 advance under the Federal Reserve Bank Term Funding Program and the July 2024 Federal Home Loan Bank borrowing. Return on assets on Dec. 31, 2024, was 1.22%, fifteen basis points higher compared to 2023.

    Deposits and repurchase agreements totaled $4.4 billion as of Dec. 31, 2024, an increase of $47.1 million during the fourth quarter, and an increase of $13.1 million since Dec. 31, 2023. Seasonal outflow was offset by new customer deposits during the fourth quarter of 2024.

    Interest expense for the quarter decreased by $0.2 million compared to the quarter ended Dec. 31, 2023, due to repayments of borrowed funds offset by mix changes in interest-bearing deposits. Net interest margin through Dec. 31, 2024, was 3.12% compared to 2.82% for the year ended Dec. 31, 2023.

    Noninterest income for fourth quarter 2024 was $7.0 million, an increase of 7.5% compared to fourth quarter 2023. Quarterly income improvement occurred within fiduciary activities and mortgage loan servicing. Noninterest expenses for the fourth quarter of 2024 increased 12.4% compared to the same period in 2023, primarily due to an increase in salaries and benefits driven by the competitive labor market and health care costs. The efficiency ratio for Dec. 31, 2024, was 53.51% and remains better than First National’s peer groups, both in Alaska and across the nation.

    Provision for income taxes was reduced $2.2 million in the fourth quarter of 2024 as compared to the fourth quarter of 2023, reflecting certain state income tax benefits achieved in the securities portfolio.

    Shareholders’ equity was $516.6 million as of Dec. 31, 2024, compared to $464.8 million as of Dec. 31, 2023. This $51.8 million increase resulted from a decrease in the net unrealized loss position of the securities portfolio and net income retained in excess of dividends paid. Return on equity as of Dec. 31, 2024, was 13.60% compared to 13.97% as of Dec. 31, 2023. Book value per share as increased to $163.11, compared to $146.77 as of Dec. 31, 2023. The bank’s Dec. 31, 2024, Tier 1 leverage capital ratio of 10.54% remains above well-capitalized standards.

    ABOUT FIRST NATIONAL BANK ALASKA

    First National Bank Alaska files a quarterly financial report with the Federal Financial Institution Examination Council. The bank’s latest Consolidated Report of Condition and Income (Call Report) is filed by the 30th of the month following quarter-end and is subsequently posted at FNBAlaska.com and OTCMarkets.com.

    Alaska’s community bank since 1922, First National proudly meets the financial needs of Alaskans with ATMs and 28 locations in 19 communities throughout the state, and by providing banking services to meet their needs across the nation and around the world.

    In 2025, Forbes selected First National as the sixth bank in the country on their America’s Best Banks list. In 2024, Alaska Business readers voted First National “Best of Alaska Business” in the Best Place to Work category for the ninth year in a row, Best Bank/Credit Union for the fourth time running, and Best Customer Service. The bank was also voted “Best of Alaska” in 2024 in the Anchorage Daily News awards, ranking as one of the top three in the Bank/Financial category for the sixth year in a row. American Banker again recognized First National as a “Best Bank to Work For” in 2024, for the seventh consecutive year.

    For more than a century, the bank has been committed to supporting the communities it serves. In 2024, for the eighth consecutive reporting period, over a span of twenty-four years, First National Bank Alaska received an Outstanding Community Reinvestment Act performance rating from the Office of the Comptroller of the Currency Our dedicated team strives to provide exceptional customer service to meet the banking needs of our neighbors and fellow Alaskans across the state to help shape a brighter tomorrow.

    First National Bank Alaska is a Member FDIC, Equal Housing Lender, and recognized as a Minority Depository Institution by the Office of the Comptroller of the Currency, as it is majority-owned by women.

    CONTACT: Corporate Communications, 907-777-3409

               
    Financial Overview (Unaudited)  
    ($ in thousands, except per common share amounts)        
      Three months ended
    		   Year ended
      Dec. 31,
    		   Sep. 30,
    		   Dec. 31,
    		   December 31,
      2024
    		   2024
    		   2023
    		   2024
    		   2023
    Income Statement          
    Total Interest And Loan Fee Income $ 63,439     $ 64,615     $ 56,773     $ 59,493     $ 59,761  
    Total Interest Expense $ 18,591     $ 21,319     $ 16,521     $ 21,168     $ 18,803  
    Provision for Credit Losses $ (118 )   $ (432 )   $ (344 )   $ 721     $ (930 )
    Total Noninterest Income $ 7,011     $ 7,293     $ 6,522     $ 28,233     $ 25,426  
    Total Noninterest Expense $ 27,696     $ 25,928     $ 24,651     $ 104,346     $ 98,168  
    Provision for Income Taxes $ 4,350     $ 7,099     $ 6,593     $ 22,839     $ 22,657  
    Net Income $ 19,931     $ 17,994     $ 16,580     $ 67,048     $ 60,010  
    Earnings per common share $ 6.29     $ 5.68     $ 5.24     $ 21.17     $ 18.96  
    Dividend per common share $ 6.40     $ 3.20     $ 6.40     $ 16.00     $ 16.00  
               
    Financial Overview (Unaudited) Quarter Ended
      12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023
    Balance Sheet          
    Total Assets $ 4,997,767     $ 5,557,306     $ 5,116,066     $ 5,212,976     $ 5,730,835  
    Total Securities $ 1,928,625     $ 2,602,519     $ 2,197,788     $ 2,404,078     $ 2,384,951  
    Total Loans $ 2,469,935     $ 2,445,596     $ 2,391,593     $ 2,369,282     $ 2,273,311  
    Total Deposits $ 3,679,155     $ 3,728,181     $ 3,698,631     $ 3,665,066     $ 3,780,018  
    Repurchase Agreements $ 743,193     $ 647,043     $ 615,096     $ 571,463     $ 629,280  
    Total Deposits and Repurchase Agreements $ 4,422,348     $ 4,375,224     $ 4,313,727     $ 4,236,529     $ 4,409,298  
    Total Borrowing under the Federal Reserve Bank Term Funding Program $ –     $ 249,868     $ 249,868     $ 430,000     $ 780,000  
    Unrealized loss on marketable securities, net of tax $ (62,985 )   $ (52,020 )   $ (86,857 )   $ (95,809 )   $ (98,378 )
    Total Shareholders’ Equity $ 516,562     $ 527,864     $ 485,167     $ 470,702     $ 464,791  
               
    Financial Measures          
    Return on Assets   1.22 %     1.15 %     1.08 %     0.95 %     1.07 %
    Return on Equity   13.60 %     12.90 %     12.30 %     11.52 %     13.97 %
    Net Interest Margin   3.12 %     3.04 %     2.98 %     2.76 %     2.82 %
    Yield on Loans   6.67 %     6.65 %     6.55 %     6.40 %     6.25 %
    Yield on Securities   2.55 %     2.49 %     2.33 %     2.36 %     1.66 %
    Cost of Interest Bearing Deposits   1.57 %     1.62 %     1.60 %     1.55 %     1.02 %
    Efficiency Ratio   53.51 %     53.59 %     54.94 %     56.00 %     54.28 %
               
    Capital          
    Shareholders’ Equity/Total Assets   10.34 %     9.50 %     9.48 %     9.03 %     8.11 %
    Tier 1 Leverage Ratio   10.54 %     10.39 %     11.12 %     9.96 %     9.85 %
    Regulatory Well Capitalized Minimum Ratio – Tier 1 Leverage Ratio   5.00 %     5.00 %     5.00 %     5.00 %     5.00 %
    Tier 1 (Core) Capital $ 579,547     $ 579,884     $ 572,024     $ 566,511     $ 563,169  
               
    Credit Quality          
    Nonperforming Loans and OREO $ 4,313     $ 4,186     $ 4,731     $ 28,634     $ 4,659  
    Nonperforming Loans and OREO/Total Loans   0.17 %     0.17 %     0.20 %     1.21 %     0.20 %
    Nonperforming Loans and OREO/Tier 1 Capital   0.74 %     0.72 %     0.83 %     5.05 %     0.83 %
    Allowance for Credit Losses $ 18,025     $ 18,550     $ 19,000     $ 18,800     $ 17,750  
    Allowance for Credit Losses/Total Loans   0.73 %     0.76 %     0.79 %     0.79 %     0.78 %
               
    Net interest margin, yields, and efficiency ratios are tax effected.      
    Financial measures are year-to-date.          
               

    The MIL Network –