Category: Economy

MIL-OSI: Equinor fourth quarter and full year 2024 results
Source: GlobeNewswire (MIL-OSI)

Equinor (OSE:EQNR, NYSE:EQNR) delivered adjusted operating income* of USD 7.90 billion and USD 2.29 billion after tax in the fourth quarter of 2024. Net operating income was USD 8.74 billion and net income was USD 2.00 billion, leading to adjusted earnings per share* of USD 0.63.

The fourth quarter and full year results were characterised by:
- Solid financial performance and 21% return on average capital employed* in 2024
- Strong operational performance with stable oil and gas production
- Continued industrial progress and value driven transactions
Capital distribution
- Proposed fourth quarter cash dividend of USD 0.37 per share
- Announced share buy-back of up to USD 5 billion for 2025
- Expected total capital distribution for 2025 of up to USD 9 billion
- Stronger expected free cash flow*, supporting sustained competitive capital distribution
Equinor is well positioned for stronger cash flow and growth:
- Strategy to deliver competitive shareholder returns. Consistent value driven execution – expecting above 15% return on average capital employed* towards 2030
- Strengthening free cash flow*, expecting USD 23 billion for 2025-2027 by reducing capex and addressing costs
- Increasing oil and gas production, expecting more than 10% growth from 2024-2027
- Reducing investments to renewables and low carbon solutions to around USD 5 billion in total after project financing for 2025-2027
- Lowering expected capacity in renewables to 10-12 gigawatt by 2030
Anders Opedal, President and CEO of Equinor ASA:

“Equinor is well positioned for further growth and competitive shareholder returns. We expect to deliver industry-leading return on average capital employed, above 15% all the way to 2030. Our oil and gas production outlook is increased to more than 10% growth from 2024 to 2027. We strengthen our expected free cash flow significantly compared to last year’s outlook. We do this by high-grading the portfolio, reducing the investment outlook for renewables and low carbon solutions and improving cost across our organisation.”

“Today we announce total capital distribution of up to USD 9 billion for 2025. Supported by stronger free cash flow, we expect to continue to grow the quarterly cash dividend and use share buy backs to ensure a competitive capital distribution also going forward.”

“We have a consistent growth strategy and our strategic direction remains the same. We continue to reduce emissions from our production and build profitable business in renewables and low carbon solutions towards our net zero ambition in 2050. By adapting to market situation and opportunities, we are set to create shareholder value for decades to come.”

“In 2024 we delivered solid financial results and high production through strong operational performance. We now expect the 2025 Johan Sverdrup production to be close to the level of the last two years. This shows how we work systematically to improve our producing assets to remain a safe and reliable provider of energy.”

Strong operational performance

Equinor had strong operational performance and stable production levels in the fourth quarter. The total equity production was 2,072 mboe per day, down from 2,197 mboe in the same quarter last year.

On the Norwegian continental shelf (NCS), production levels were sustained by the ramp-up of Breidablikk and the addition of new gas wells. However, the production levels are lower compared to the same period last year, due to natural decline, outage at Sleipner B and planned maintenance. For the full year, Equinor sustained high production level at the NCS, with record high production from the Troll and Johan Sverdrup fields.

The production at the Johan Sverdrup field is expected to continue to be close to 2023 and 2024 levels in 2025. The recovery rate ambition has been increased from 65% in the plan for development and operations to 75% now, including Johan Sverdrup phase 3. Effective turnarounds and lower unplanned losses contributed to the slight increase in production from the NCS in 2024 compared to 2023.

Internationally, the upstream business delivered lower production for the fourth quarter compared to the same period in 2023. The divestments in Azerbaijan and Nigeria, natural decline, higher turnaround activities and curtailments in the US contributed to the decline also for the full year. The decline was partially offset by the ramp up of new wells on stream and volumes from the Buzzard field in the UK.

In the quarter, Equinor completed 10 offshore exploration wells with 4 commercial discoveries. The Himalia and Cappahayden wells were expensed during the quarter.

The addition of onshore power plants in Brazil and Poland during 2023, along with the start-up of the Mendubim solar projects in 2024, contributed to a 19% increase in renewables power generation in the quarter and a 51% increase for the full year compared to the same periods in 2023.

Solid financial results in the fourth quarter

Equinor delivered adjusted operating income* of USD 7.90 billion. and USD 2.29 billion after tax* in the fourth quarter of 2024.

In the quarter, Equinor recognised net impairments of USD 280 million, primarily related to acquired early phase project rights within onshore markets in renewables.

Equinor realised a European gas price of USD 13.5 per mmbtu and realised liquids prices were USD 68.5 per bbl in the fourth quarter.

The Marketing, Midstream and Processing segment delivered solid results through equity and third-party LNG trading. These results were further supported by physical and financial trading of LPG.

A strong operational performance generated a cash flow from operating activities, before taxes paid and working capital items, of USD 9.81 billion for the fourth quarter. Cash flow from operations after taxes paid* ended at USD 3.91 billion for the fourth quarter, bringing the cash flow from operations after taxes paid* to USD 17.9 billion for the year.

Equinor paid two NCS tax instalments of a total of USD 5.78 billion in the quarter.

Organic capital expenditure* was USD 3.37 billion for the quarter, and USD 12.1 billion for the full year. Total capital expenditure was USD 5.41 billion for the fourth quarter and USD 16.7 billion for 2024.

After taxes, capital distribution to shareholders and investments, net cash flow* ended at negative USD 4.57 billion for the fourth quarter and at negative USD 12.2 billion for the full year. Equinor retains a strong financial position with net debt to capital employed adjusted ratio* at 11.9% by the end of the fourth quarter, compared to negative 2.0% at the end of the third quarter of 2024. The ratio is impacted by the Ørsted acquisitions and working capital effects over year-end to take advantage of commodity market situations.

Strategic progress

Equinor continues to develop the portfolio and deliver on its strategy in the quarter.

On the NCS, Equinor increased ownership to 69.5% in the Halten East Unit in The Norwegian Sea, an important project in a core area with strong profitability and low emissions. A discovery was made near the Fram field in the North Sea. The activity level on the NCS is high with 19 ongoing projects towards 2027.

The international portfolio will be strengthened by the agreement to establish UK’s largest independent oil and gas company with Shell. The new company is expected to produce over 140,000 barrels of oil equivalent per day in 2025 and play a crucial role in securing UK’s energy supply. Equinor increased its stake in the Northern Marcellus asset in the US and exited the upstream businesses in Azerbaijan and Nigeria.

A major milestone in the carbon capture and storage portfolio was realised with the final investment decision and financial close on two of UK’s first carbon capture and storage infrastructure projects.

The acquisition of a 10% stake in Ørsted was completed in the quarter giving Equinor exposure to premium offshore wind assets in operation and a solid project pipeline.

In 2024 Equinor added proved reserves mainly through estimate revisions, transactions and improved recovery projects. The reserve replacement ratio (RRR) in 2024 was 151%.

Absolute scope 1+2 GHG emissions for Equinor’s operated production, on a 100% basis, were 11.0 million tonnes CO2e in 2024. This represents a decrease of 0.60 million tonnes CO2e compared to last year.

The twelve-month average serious incident frequency (SIF) for the period was 0.3, a decrease from 2023. The 2024 result represents the lowest frequency on record.

Competitive capital distribution

The board of directors proposes to the annual general meeting an ordinary cash dividend of USD 0.37 per share for the fourth quarter 2024, an increase of USD 0.02 per share from the third quarter of 2024, in line with previously announced ambition. The Equinor share will trade ex-dividend on Oslo Børs from and including 15 May and New York Stock Exchange from and including 16 May 2025.

The interim cash dividends for the first, second and third quarter of 2025, are to be decided by the board of directors on a quarterly basis and in line with the company’s dividend policy, subject to existing and renewed authorisation from the annual general meeting, and are expected to be at the same level as for the fourth quarter of 2024.

The fourth tranche of the share buy-back programme for 2024 was completed on 14 January 2025 with a total value of USD 1.6 billion. Following this, the total share buy-backs under the share buy-back programme for 2024 amounts to USD 6 billion.

The board of directors has decided to announce share buy-back for 2025 of up to USD 5 billion in total to conclude the two-year programme for 2024–2025. The 2025 share buy-back programme will be subject to market outlook and balance sheet strength. The first tranche of up to USD 1.2 billion of the 2025 share buy-back programme will commence on 6 February and end no later than 2 April 2025. Commencement of new share buy-back tranches after the first tranche will be decided by the board of directors on a quarterly basis in line with the company’s dividend policy and will be subject to existing and new board authorisations for share buy-back from the company’s annual general meeting and agreement with the Norwegian State regarding share buy-back.

All share buy-back amounts include shares to be redeemed by the Norwegian state.

Capital markets update: Firm strategic direction – stronger free cash flow* and growth

Equinor maintains a firm strategic direction and has taken action to strengthen free cash flow* and returns(1). With a profitable project portfolio and strict capital discipline, Equinor expects to deliver high-value production growth in selected markets creating value for shareholders.

Key messages:
- Firm strategy – high returns: Remaining value driven in the execution. Expecting return on average capital employed* above 15% to 2030
- Strengthening free cash flow*: Expecting strengthened free cash flow* to USD 23 billion for 2025 – 2027 by reducing capex and addressing costs
- Increasing production growth: Expecting above 10% oil and gas production growth driven by developing an attractive project portfolio and value adding transactions, increasing expected 2030 production from 2 to 2.2 million boe per day
- Building resilient business for the future: Lowering investment outlook for renewables and low-carbon solutions to adapt to market conditions and further strengthen value creation for shareholders. Lowering 2030 renewable capacity ambition to 10-12 gigawatt including financial investments, and introducing range for ambition for net carbon intensity reduction. Maintaining strategic direction towards net zero
Growth in free cash flow*

Equinor has significantly increased the free cash flow* outlook by reducing investments and addressing costs. Expected organic capital expenditure* of USD 13 billion for 2025 and on average for the period 2025–2027. After project financing of Empire Wind I, organic capital expenditure* is expected at USD 11 billion for 2025 and on average USD 12.5 billion for 2026–2027.

Stronger free cash flow provides capacity for Equinor to continue to deliver competitive capital distribution.

Equinor also strengthens its resilience and can be cash flow neutral after all investments at an oil price around 50 dollars per barrel.

Oil and gas – delivering long term value

Equinor expects an oil and gas production growth of above 10% from 2024 to 2027. In 2030 expected production is around 2.2 million boe per day, up from previous expectation of around 2 million. For the NCS, production is expected to maintain at a high level of around 1.2 million boe per day all the way to 2035.

Equinor will continue to develop existing fields and an attractive project portfolio both on the NCS and internationally. Driving increased recovery and exploration near infrastructure is expected to bring high value volumes with short lead time, low cost and low emissions.

From the international upstream portfolio, Equinor expects the annual free cash flow* to grow to more than USD 5 billion in 2030.

A CO2 intensity* around 6 kg per boe is expected by 2030 and the company is on track to deliver on the 2030 ambition of net 50 percent reduction in operated scope 1 and 2 CO2 emissions.

Renewables and low carbon – adjusting ambitions to realities

Equinor has high-graded the project portfolios in renewables and low carbon solutions, and reduced cost and early phase spend to improve the value creation for shareholders.The portfolio is expected to deliver more than 10% life-cycle equity returns. For renewables, the ambition for installed capacity is reduced to 10-12 gigawatt by 2030, including the Ørsted and Scatec ownership positions.

Equinor demonstrates a leading position in carbon capture and storage and has projects with a storage capacity of 2.3 million tonnes CO2 installed or under development. The ambition to store 30-50 million tonnes of CO2 per annum by 2035 is maintained, and Equinor has secured licenses with capacity to store more than 60 million tonnes annually.

To underline that value creation is at the core of decision making, the ambition to allocate 50% of gross capital expenditures to renewables and low carbon solutions by 2030 is retired.

Updated Energy transition plan

The Energy transition plan describes how Equinor creates value, cuts emissions and develops new energy solutions to reach net zero by 2050. The ambition for cutting scope 1 and 2 emissions by 50% within 2030 is upheld.

The pace of transition depends on frame conditions and market opportunities to create value. Adjusting to the market situation and opportunity set, the range for the net carbon intensity (NCI) ambition will be 15-20% in 2030 and 30-40% in 2035.

Updated outlook for 2025:
- Organic capex expenditures* are estimated at USD 13 billion for 2025 (2).
- Oil & gas production for 2025 is estimated to grow 4% compared to 2024 level.
This press release contains Forward Looking Statements. Please see the Forward Looking Statement disclaimer published on Equinor.com/investors/cmu-2025-forward-looking-statements.

– – –

* For items marked with an asterisk throughout this report, see Use and reconciliation of non-GAAP financial measures in the Supplementary disclosures.

(1) All forward looking financial numbers are based on Brent blend 70 USD/bbl, Henry Hub 3.5 USD/MMBtu and European gas price 2025: 13 USD/MMBtu, 2026: 11 USD/MMBtu and thereafter: 9 USD/MMBtu

(2) USD/NOK exchange rate assumption of 11

– – –

Further information from:

Investor relations
Bård Glad Pedersen, Senior vice president Investor relations,
+47 918 01 791 (mobile)

Press
Sissel Rinde, Vice president Media relations,
+47 412 60 584 (mobile)

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act

Attachments
- Equinor 4Q 2024 Financial Statements and Review
- CEO and CFO presentation Equinor Q4 2024 – CMU 2025
The MIL Network –
February 5, 2025
MIL-Evening Report: Returning home after a flood? Prioritise your health and take it one step at a time

Source: The Conversation (Au and NZ) – By Kazi Mizanur Rahman, Associate Professor of Healthcare Innovations, Faculty of Health Sciences and Medicine, Bond University

Parts of North Queensland have received almost two metres of rain since the weekend, causing flash and riverine flooding that claimed the lives of two women around Ingham.

While some North Queensland residents are on alert for more flooding, others are returning home to assess the damage.

This can be very confronting. You may have left in a rush when the evacuation order was issued, taking only a few valuables and necessary items, and maybe your pet. You may have been scared and unsure of what would happen.

Coming back and seeing the damage to the place you lived in and loved can be painful. You might also be worried about the financial consequences.

First, focus on safety

Make sure it’s safe to return home. Check with your energy provider whether power has been restored in your area and, if so, whether it’s safe to turn the main switch back on. Do not use appliances that got wet, as electrical hazards can be deadly.

Look for any structural damages to your property and any hazards such as asbestos exposure. Watch out for sharp objects, broken glass, or slippery areas.

The hardest part is cleaning up. You will need to be patient, and prioritise your health and safety.

What risks are involved with flood clean ups?

Floodwater carries mud and bugs. It can also be contaminated with sewage.

Contaminated flood water can cause gastroenteritis, skin infections, conjunctivitis, or ear, nose and throat infections.

Mud can make you sick by transmitting germs through broken skin, causing nasty diseases such as the bacterial infection melioidosis.

Your house may also have rodents, snakes, or insects that can bite. Rats can also carry diseases that contaminate water and enter your body through broken skin.

Be careful about mould, as it can affect the air quality in your home and make asthma and allergies worse.

Stagnant water in and around your home can become a place where mosquitoes breed and spread disease.

How can you reduce these risks?

When you first enter your flood-damaged home, open windows to let fresh air in. If you have breathing problems, wear a face mask to protect yourself from any possible air pollution resulting from the damage, and any mould due to your home being closed up.

Cleaning your home is a long, frustrating and exhausting process. In this hot and humid weather, drink plenty of water and take frequent breaks. Identify any covered part of your home with sufficient ventilation which is high and dry, and where flood water did not enter. Use that as your resting space.

While assessing and cleaning, wear protective clothing, boots and gloves. Covering your skin will reduce the chance of bites and infection.

Wash your hands with soap and water as often as possible. And don’t forget to apply sunscreen and mosquito repellent.

Throw away items that were soaked in floodwater. These could have germs that can make you ill.

Empty your fridge and freezer because the food inside is no longer safe.

If there is standing water, avoid touching it.

When you can, empty outdoor containers with stagnant water to prevent mosquitoes breeding.

Don’t overlook your mental health

When cleaning up after a flood, you may feel sad, anxious, or stressed. It’s hard to see your home in this condition.

But know you are not alone. Stay connected with others, talk to your friends and families, and accept support. If you feel too overwhelmed, seek help from mental health support services in your area or contact Lifeline on 13 11 14.

On top of everything, be mindful about those who are vulnerable, such as older people and those with disabilities, as they may be more affected and find the clean up process harder.

Recovering from a flood takes time. Focus on what needs to be fixed first and take it step by step.

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

– ref. Returning home after a flood? Prioritise your health and take it one step at a time – https://theconversation.com/returning-home-after-a-flood-prioritise-your-health-and-take-it-one-step-at-a-time-248902

MIL OSI Analysis – EveningReport.nz –

February 5, 2025
MIL-Evening Report: In freezing foreign aid, the US leaves people to die – and allows China to come to the rescue

Source: The Conversation (Au and NZ) – By Melissa Conley Tyler, Honorary Fellow, Asia Institute, The University of Melbourne

One of the executive orders US President Donald Trump signed the day he was inaugurated was a 90-day pause in US foreign development assistance.

The US Agency for International Development, USAID, was ordered to halt funding. Programs worldwide were issued with stop-work orders.

All of a sudden, more than US$60 billion (around A$95 billion) of programs for the world’s most vulnerable people just stopped.

So what happened? The world became less fair, and US soft power fizzled.

What’s happened so far?

We know this decision will cause deaths.

Stop-work orders were delivered to programs that provide AIDS medication to patients. If you stop this, people die.

Charities, many of which work on a shoestring, had no choice but immediately to lay off staff.

Food and vaccines already in warehouses couldn’t be distributed.

Programs providing landmine clearing and counterterrorism training ceased.

Belatedly, the US walked this back to some extent by saying life-saving humanitarian programs would be exempted.

But it doesn’t appear to have slowed the pace of layoffs, partly because of confusion.

With USAID staff now either sacked, placed on forced leave or told to stay home – and the agency’s website taken down – USAID is essentially no longer operational.

Agents from Elon Musk’s Department of Government Efficiency have raided the offices of USAID and assumed control, with Musk posting on his X social network that “USAID is a criminal organization” and “it’s time for it to die”.

Some of the people affected have gone public, including Australian organisations on behalf of their partners.

But most in the sector can’t speak up if they hope for funding in the future. So the true extent of the impacts, including their knock-on effects, is likely much larger than has been publicly reported so far.

A more unequal and unstable world

With the halt in aid for the poorest, the world just became more unequal.

Before this week, the US was the world’s largest aid donor.

USAID was established by then-US president John F. Kennedy in 1961. Its programs focused on improving global health, alleviating poverty and providing emergency relief in response to natural disasters or conflict, as well as enhancing education and strengthening democratic institutions abroad.

The countries that were receiving the most USAID assistance in 2023 were Ukraine, Ethiopia, Jordan, Afghanistan and Somalia.

In the Indo-Pacific, the Lowy Institute’s aid maps show that the Pacific received US$249 million (about A$470 million) and SouthEast Asia received US$1 billion (almost A$1.6 billion) in US overseas development assistance annually in the most recent data.

This funded 2,352 projects, including peacebuilding in Papua New Guinea, malaria control in Myanmar, early childhood development in Laos, and programs to improve the education, food security and health of school-age children across the region.

All of these programs are now being reviewed to ensure they are “fully aligned with the foreign policy of the President of the United States”.

Based on the first Trump administration, there seems no chance that programs on climate, gender equality, abortion and equity inclusion will be reinstated after the 90-day assessment period. Losing funds for climate adaptation and mitigation is a huge issue for the Pacific Islands.

Assistance for survivors of gender-based violence, employment for people with disabilities and support for LGBTQIA+ youth will likely lose funding.

In communities that received significant USAID funding, the sudden cut in programs and loss of community organisations will damage the fabric of society.

An unequal world is a less stable one. Australia’s peak body for the non-government aid sector, the Australian Council for International Development, says the suspension of USAID programs “will work against efforts to build peace, safety, and economic stability for the world”.

A power that’s no longer super

Thinking of the impact on the US interests, there has been an enormous hit to US soft power from an entire pillar of US foreign policy suddenly disappearing.

This is underlined by the fact the cuts apply equally to ally, partner and adversary nations alike.

In the Pacific, the Biden Administration made a real effort to increase US presence, opening embassies and announcing USAID programs.

All of this has now been squandered by withdrawing from this space. I am aware of a project for which China has come in to provide funding where US funding has gone. It is a spectacular setback for the US.

What is most extraordinary is that this is self-inflicted damage. There were alternatives, such as continuing business as usual during a 90-day period of review, then giving notice to some programs that they would be discontinued.

The performative and haphazard way in which the policy has been implemented suggests an administration that doesn’t care much about the world outside its borders and is more concerned about ideological battles within.

Researcher Cameron Hill describes Trump as linking foreign aid “to the symbols and slogans of his domestic political coalition”. This is likely to continue beyond the demise of USAID to other agencies involved in foreign assistance, such as development finance.

Australia needs to help fill the gap

What does this mean for Australia? As a middle power, it has an opportunity to step up – and work with other development partners such as Japan, Korea, India, Indonesia, Canada and European donors in the face of a genuine emergency.

For the Australian government this might mean an emergency increase in development funding or freeing up existing funding to keep the lights on.

Australia will undoubtedly now need to step up on climate programs in the Pacific if US funding doesn’t return. Australia could seek to convene an urgent meeting through the Pacific Islands Forum to discuss.

The first fortnight of the Trump administration has had global impact well beyond US politics. On the most important issue for the majority of the world – development – the US decided to withdraw, destroying in a few days what have taken decades to build.

Melissa Conley Tyler is Executive Director at the Asia-Pacific Development, Diplomacy & Defence Dialogue (AP4D), an initiative funded by the foreign affairs and defence portfolios and hosted by the Australian Council for International Development.

– ref. In freezing foreign aid, the US leaves people to die – and allows China to come to the rescue – https://theconversation.com/in-freezing-foreign-aid-the-us-leaves-people-to-die-and-allows-china-to-come-to-the-rescue-249024

MIL OSI Analysis – EveningReport.nz –

February 5, 2025
MIL-OSI United Kingdom: New UK support for Ukraine drives forward 100 Year Partnership
Source: United Kingdom – Executive Government & Departments

The UK will boost Ukrainian grain supplies to Syria as the Foreign Secretary drives forward the 100 Year Partnership on visit to Kyiv.
The UK’s immediate support for Ukraine and the longer-term partnership between our two countries both top of the agenda in Foreign Secretary’s visit to Kyiv.

New UK support totalling £55m will boost resilience and growth in the UK and Ukraine.

Visiting Kyiv today, David Lammy will see first-hand how UK support is putting Ukraine in the strongest possible position as it enters its fourth year of Russia’s full-scale invasion.

Delivering on commitments made to President Zelenskyy by Prime Minister Keir Starmer two weeks ago, the UK is providing £3 million for deliveries of Ukrainian grain and other food produce to Syria.

Working with the World Food Programme, this planned support will provide a lifeline to the most vulnerable in Syria unlike Russian grain supplies to the brutal Assad regime which attempted to buy favour, loading costly debt on the Syrian state.

These malign efforts from Russia often likely used produce from illegally occupied Ukrainian land. Russia is estimated to be taking 4.3 million tonnes of grain each year from temporarily occupied territories. It comes after the Prime Minister announced a new Grain Verification Scheme to track stolen grain from occupied Ukrainian territories last month. The UK developed the new scheme following an ask from Ukraine to the G7 to help trace snatched grain from Ukraine fields under Russian control, which is then relabelled and sold on.

Russia has repeatedly attacked Ukrainian port infrastructure and ships in the Black Sea, delaying vital food and aid from reaching the global south. These attacks hinder food supplies from reaching the most in need and help drive up food and fuel prices around the world.

However, Ukraine’s navy continues to fight back, having destroyed or damaged roughly one quarter of the Black Sea Fleet’s major combatant vessels, denying Russia control of the western Black Sea.

As part of the Foreign Secretary’s visit, he will meet with President Zelenskyy, Foreign Minister Sybiha, Prime Minister Shmyhal, and Deputy Prime Minister Stefanishyna, to reiterate the UK’s ongoing support and discuss first-hand how the UK and international partners can put Ukraine into the strongest position possible.

In his second official visit to Kyiv, Mr Lammy will announce £17 million for innovative energy projects to support the recovery and sustainability of Ukraine’s energy system. The InnovateUkraine competition will spur collaborations between British, Ukrainian and international businesses and research institutions to find the resilient, scalable and sustainable energy solutions of the future.

Despite relentless Russian attacks on their energy system, Ukrainians have shown that with the right support and international collaboration, they can use ingenuity and innovation to keep the lights on and defend themselves against Russia’s illegal invasion. Producing clean, reliable and affordable energy is a vital part of the struggle for Ukraine’s freedom and its defense against Russian attempts to use energy as a weapon.

Shoring up Ukraine’s private sector and the resilience of small and medium businesses, the new economic recovery programme, announced by the Prime Minister as part of the 100 Year Partnership, will receive a £10 million boost to help renew, rebuild and reform Ukraine’s economy for the future.

Foreign Secretary, David Lammy said:

Our support for Ukraine remains unbreakable. We are determined to put Ukraine in the strongest possible position, both in its fight against Russia and beyond, with our long-term relationship cemented by the 100 Year Partnership.

We believe in building for the future between our two countries, as well as supporting Ukraine in the present, as Russia’s barbaric and relentless attacks on vital infrastructure, communities, and businesses continue. That is why we are announcing more support for innovation in Ukraine, to rebuild a more resilient and sustainable society for years to come.

Delivering change at home, against the backdrop of an increasingly volatile world, means we must bolster the resilience of our partners.

A further £25 million of UK funding will support Ukraine to strengthen more inclusive, effective and efficient social systems and services. We will work with Ukraine to revitalise family and community-based services that meet the needs of women, children, people with disabilities and marginalised groups and ensure a safe and loving family for every child.

The UK’s SPIRIT programme will bolster Ukraine’s resilience against Russian aggression by helping Ukraine build a more resilient, prosperous and barrier-free future for all.

Announcements made today will open up opportunities for British business, by harnessing UK expertise, creating trade and investment opportunities, and building links between the UK and Ukraine for years to come.

Support announced today builds on the UK’s strong record as a leading bilateral donor, having committed £977 million in support, including £477 million in humanitarian assistance to Ukraine and the region since the start of the full-scale invasion. We will provide £282 million in support for 2024-25, in addition to the Prime Minister’s commitment to provide £3billion of military support to Ukraine, this year and for as long as it takes.

Background

More information on the UK’s support to Ukraine can be found here

More information on the 100 Year Partnership can be found here

The UK provided £35 million in emergency support for energy and most vulnerable in Ukraine in December

Share this page

The following links open in a new tab

Share on Facebook (opens in new tab)

Share on Twitter (opens in new tab)

Updates to this page

Published 5 February 2025
MIL OSI United Kingdom –
February 5, 2025
MIL-OSI Russia: Over 30 Large Companies Will Offer Vacancies for Job Seekers with Disabilities

Translartion. Region: Russians Fedetion –

Source: Moscow Government – Government of Moscow –

February 12 at a specialized employment center “My career” A meeting for job seekers with disabilities, “I Want to Work,” will be held. Employers from the industrial sector, information technology, transport and logistics, restaurant business, and charitable organizations will conduct interviews for dozens of open positions.

“Currently, more and more companies are ready to hire job seekers with special needs for in-demand vacancies. The services and events of the Moscow employment service, including the “I Want to Work” meeting, help find candidates with unique skills and abilities. It will give you the opportunity to consult with career experts, communicate directly with an employer, go through several interviews at once and find a job in one day. More than 30 large companies will offer about 100 jobs for candidates with special needs. The vacancies include a CNC machine operator, an arts and crafts master, a business analyst, and an international supply department manager,” said Roman Nikitin, First Deputy Director of the Moscow Employment Service and the “Professions of the Future” center.

The “I Want to Work” meeting will be held from 11:00 to 13:00 at the address: Sergius of Radonezh Street, Building 1, Building 1. Participation is free, but registration is required. pre-registration.

Leading Moscow enterprises and organizations are among the participating employers. For example, a radio engineering enterprise will present vacancies for a mechanic for mechanical assembly work, an assembler, a soldering worker, a painter, and an adjuster of electronic equipment and devices. A chain of children’s goods stores offers office positions for job seekers with disabilities. Among them, for example, a manager for work with key partners, as well as the head of the department for accounting of income and expenses.Department of Information Technology of the City of Moscow There are positions for business analysts, systems analysts, data analysts, technical writers and testers. One of the charitable foundations is looking for people willing to work as a psychologist, copywriter, content manager, illustrator, web designer. There are also positions for seamstresses, woodworkers and craftsmen in art workshops.

In addition, at the meeting, career mentors will tell you how to prepare for an interview and help you write a sales resume. Participants will be able to consult with lawyers, specialists in job quotas and starting your own business.

The Moscow Employment Service pays special attention to the professional development and employment of candidates with disabilities. Specialists work with each of them individually, taking into account their needs and health characteristics. Career mentors support applicants at all stages – from writing a resume to passing a probationary period, help people believe in themselves and develop in the direction that suits them, be it hired work or entrepreneurship. Career festivals and open selections with the participation of leading Moscow employers are held for applicants with health disabilities.

The Moscow City Employment Service is the largest state personnel operator that helps people find work. Its structure includes employment offices, many of which are located in the My Documents government service centers. The flagship centers are open at the following addresses: Kuusinen Street, Building 2, Block 1, and Shabolovka Street, Building 48. The specialized My Career employment center is located on Sergiya Radonezhskogo Street (Building 1, Bldg. 1).

In the center “Professions of the Future” (Shchepkina Street, Building 38, Building 1) in a maximum of 3.5 months you can master one of 75 in-demand professions in various sectors of the economy. Career mentors will help you find a job after completing your training. The center’s partners include more than three thousand employers.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

https: //vv.mos.ru/nevs/ite/149649073/

MIL OSI Russia News –

February 5, 2025
MIL-OSI Russia: To reconcile financial and personal accounts, Moscow entrepreneurs are increasingly turning to the service on mos.ru

Translartion. Region: Russians Fedetion –

Source: Moscow Government – Government of Moscow –

Last year, Moscow entrepreneurs used the financial and personal account reconciliation service (FPA) more than 1.2 million times. This was reported by the Minister of the Moscow Government, Head of the Department of City Property Maxim Gaman.

“The service for reconciling financial and personal accounts under lease or purchase and sale agreements for non-residential premises and land plots has appeared

on the mos.ru portal in 2015 and has been constantly improving since then. Now, with its help, you can find out basic information about the status of your personal account, make a payment, set up an automatic payment. All transactions are available online, which significantly saves time and makes it easier for entrepreneurs to do business. On the mos.ru portal, this is the most popular digital product among Moscow businesses, and the number of its users is only growing every year. If in 2021 the service was accessed more than 946 thousand times, then in 2024 – already over 1.2 million times,” said Maxim Gaman.

The growing popularity of the service is due to its constant improvement and the emergence of new features. For example, starting in December 2021, tenants and buyers of city real estate can order an extract through the financial and personal account reconciliation service. It is prepared in a few minutes, while containing all the current information on the state of the FLS. During the first year after the introduction of this option, an account statement was ordered more than 32 thousand times. By the end of 2024, this figure had more than tripled to 101 thousand times.

In December 2023, a new printed form of the payment schedule became available to users. It is generated within 5-10 minutes and sent to your personal account on the mos.ru portal, where entrepreneurs can check their debts on financial and personal accounts. Last year, tenants of city land plots, buildings and premises, as well as buyers of capital real estate, requested a payment schedule almost six thousand times. The user of the account reconciliation service can pay off the debt, as well as future transactions on the financial and personal account, right here by clicking the appropriate button.

As reported by the capital Department of Information TechnologyTo use the service, you need to go to the business services catalog on the portal (section “Land and Real Estate”) and find the service for reconciling financial and personal accounts.

Earlier Sergei Sobyanin reported, that the mos.ru portal has more than 200 tools for entrepreneurs. The service for reconciling financial and personal accounts under lease or sale and purchase agreements for non-residential premises and land is among the most popular of them.

The creation, development and operation of the e-government infrastructure, including the provision of mass socially significant services, as well as other services in electronic form, corresponds to the objectives of the national project “Data Economy and Digital Transformation of the State” and the regional project of the city of Moscow “Digital Public Administration”.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

https: //vv.mos.ru/nevs/ite/149712073/

MIL OSI Russia News –

February 5, 2025
MIL-OSI USA: February 4th, 2025 Senator Martin Heinrich on CNN: “My Constituents Did Not Vote for This Chaos”

US Senate News:

Source: United States Senator for New Mexico Martin Heinrich

Watch the full video here

WASHINGTON — In an interview with Jim Sciutto on CNN’s The Situation Room, U.S. Senator Martin Heinrich (D-N.M.) slammed Elon Musk and Donald Trump’s actions that are wreaking havoc on New Mexicans and throwing the government into chaos.

During the interview, Heinrich vocalized the concerns of his constituents who continue to write-in and call his office, opposing Trump’s harmful actions and raising the impacts of those actions on their livelihoods and financial security.

“No one voted to have Elon Musk in charge of their personal data. No one voted to have him ransacking federal agencies that many of my constituents rely on for various things. That is where I think we need to really draw a contrast that, at least for my constituents, they voted for lower gas prices, they voted for cheaper eggs. They did not vote for this chaos,” Heinrich said.

VIDEO: U.S. Senator Martin Heinrich (D-N.M.) on CNN’s The Situation Room, February 4, 2025.

On Tulsi Gabbard’s Nomination:

Sciutto asked, “You voted against her, calling her ‘a national security risk.’ Why?”

Heinrich said, “One, there’s the issue of whether she’s qualified, but much more weighing on my mind than that is the issue of judgment. And if you look at some of her actions, especially her travel in the Middle East — with her background — when we travel to places like that, as members of Congress, we go with the State Department. Every meeting is carefully vetted. That is not what this was.”

Heinrich continued, “She met with the Grand Mufti of Syria who had threatened suicide bombers against the United States. She met with Bashar al-Assad. My goodness, I can’t imagine a more off script foreign policy trip. And if that’s how you roll, and you’re going to be in charge of coordinating all of these intelligence agencies, and you don’t accept the information that comes from those agencies on a regular basis, it just makes no sense.”

On Robert F. Kennedy Jr.’s Nomination:

Heinrich stated, “I’m actually kind of a health food person and some of the things that RFK Jr. has said in the past, on the front of high-quality food, I can relate to. But the science of this vaccination denial is not only unscientific and irresponsible, it makes every mother who’s got an autistic kid question everything she ever did. It’s deeply irresponsible.”

On the Israel-Gaza Conflict:

Sciutto asked, “Earlier today, Trump said that he would like to see the Palestinian people leave Gaza and go to Jordan or Egypt. We should note, the leaders of Jordan and Egypt said they have no interest in doing so. What would that mean to you? Does that sound to you like the forced migration of people away from their home? Is that something that American presidents should be advocating for?”

Heinrich said, “I don’t think it’s our role to take people from land that they’ve inhabited and tell them what their future should be. I think our role should be trying to encourage a future for the Israelis that creates security for them, for the Palestinians that create some sovereignty and reconstruction and a life that’s not under a terrorist organization. You know, this is a President who says outrageous things because he thinks it always will result in the deal. I’m not sure that works as well in the Middle East.”

On President Trump Breaking Constitutional Norms and the Law:

Heinrich said, “I think the thing that bothers me the most is that when you are willing to break the fundamentals of the Constitution, the fundamentals of law, like the Impoundment Act of 1974 and say that Congress doesn’t matter, and go into USAID or Treasury and start turning off the switches to individual programs, then you can do that to American citizens. If you can get away with that, if you can say, I’m going to turn off this USAID program. You can say this person is not going to get their Social Security.”

On Republican Colleagues Failing to Stand Up to President Trump and Elon Musk:

Heinrich said, “They’re not willing. They’re scared. The amount of pressure that this administration has been able to put on members of Congress, and up till now, we’re just not seeing a lot of profiles in courage.”

Heinrich continued, “Our constitutional principles are being tested. There’s going to be a role for the courts in that battle. There’s going to be a role for Congress in that battle, and there’s going to be a role for the American people.”

“No one voted to have Elon Musk in charge of their personal data. No one voted to have him ransacking federal agencies that many of my constituents rely on for various things. That is where I think we need to really draw a contrast that, at least for my constituents, they voted for lower gas prices, they voted for cheaper eggs. They did not vote for this chaos,” Heinrich concluded.

MIL OSI USA News –

February 5, 2025
MIL-OSI USA: Tuberville Promotes Access to High-Quality Job Training through Pell Grants
US Senate News:
Source: United States Senator Tommy Tuberville (Alabama)

WASHINGTON – U.S. Senator Tommy Tuberville (R-AL) joined his colleagues in introducing the Jumpstarting Our Businesses by Supporting Students (JOBS) Act, legislation to help more Americans get good-paying jobs by allowing students to use federal Pell Grants—needs-based education grants for lower-income individuals—to pay for shorter-term job training programs for the first time. Currently, students can only use Pell Grants for two- and four-year colleges and universities. By expanding Pell Grant eligibility, the JOBS Act would help close the skill gap by allowing people to access job training they might otherwise be unable to afford but need for careers in high-demand fields.

“A college degree isn’t the one-size-fits-all solution to achieving the American dream,” said Sen. Tuberville. “Since I got to Congress, I’ve been focused on expanding workforce training and skills-based learning programs. Students should not be discouraged from entering the labor industry because they cannot afford the mandatory training. Alabama relies on these skilled workers, and Congress should be making it easier for them to pursue necessary training, not harder. This bill will open up more career opportunities for students in an evolving job market. I’m proud to join my colleagues in cosponsoring the JOBS Act.”

Joining U.S. Senator Tuberville in cosponsoring the legislation are U.S. Senators Tammy Baldwin (D-WI), Richard Blumenthal (D-CT), Lisa Blunt Rochester (D-DE), Cory Booker (D-NJ), John Boozman (R-AR), Shelley Moore Capito (R-WV), Chris Coons (D-DE), Catherine Cortez Masto (D-NV), Kevin Cramer (R-ND), Steve Daines (R-MT), Tammy Duckworth (D-IL), Kirsten Gillibrand (D-NY), Maggie Hassan (D-NH), Martin Heinrich (D-NM), John Hickenlooper (D-CO), John Hoeven (R-ND), Cindy Hyde-Smith (R-MS), Mark Kelly (D-AZ), Angus King (I-ME), Amy Klobuchar (D-MN), Jeff Merkley (D-OR), Jon Ossoff (D-GA), Gary Peters (D-MI), Jacky Rosen (D-NV), Jeanne Shaheen (D-NH), Dan Sullivan (R-AK), Thom Tillis (R-NC), Chris Van Hollen (D-MD), Mark Warner (D-VA), Roger Wicker (R-MS), and Ron Wyden (D-OR).

The JOBS Actis supported by Advance CTE, the American Association of Community Colleges (AACC), the Association for Career and Technical Education (ACTE), the Association of Community College Trustees (ACCT), the Association of Equipment Manufacturers (AEM), Business Roundtable, the Center for Law and Social Policy (CLASP), the Exhibitions and Conferences Alliance (ECA), Higher Learning Advocates (HLA), HP Inc., the Information Technology Industry Council (ITI), Jobs for the Future (JFF), the Joint Center for Political and Economic Studies, NAF, the National Association of Workforce Boards (NAWB), the National Association of Workforce Development Professionals (NAWDP), the National Skills Coalition (NSC), the Progressive Policy Institute (PPI), Rebuilding America’s Middle Class (RAMC), and the Virginia Community College System.

Read full text of the legislation here.

BACKGROUND:

The JOBS Act would allow Pell Grants to be used for high-quality job training programs that are at least eight weeks in length and lead to industry-recognized credentials or certificates. Under current law, Pell Grants can only be applied toward programs that are over 600 clock hours or at least 15 weeks in length, rendering students in shorter-term high-quality job training programs ineligible for crucial assistance.

Specifically, the JOBS Act would amend the Higher Education Act by:
- Expanding Pell Grant eligibility to students enrolled in rigorous and high-quality, short-term skills and job training programs that lead to industry-recognized credentials and certificates and ultimately employment in high-wage, high-skill industry sectors or careers.
- Ensuring students who receive Pell Grants are earning high-quality postsecondary credentials by requiring that the credentials:
  
  Meet the standards under the Workforce Innovation and Opportunity Act (WIOA), such as meaningful career counseling and aligning programs to in-demand career pathways or registered apprenticeship programs,
  
  Are recognized by employers, industry, or sector partnerships,
  
  Align with the skill needs of industries in the state or local economy,
  
  Are approved by the state workforce board in addition to the U.S. Department of Education.
- Defining eligible job training programs as those providing career and technical education instruction at an institution of higher education, such as a community or technical college that provides:
  
  At least 150 clock hours of instruction time over a period of at least eight weeks,
  
  Training that meets the needs of the local or regional workforce and industry partnerships,
  
  Streamlined ability to transfer credits so students can continue to pursue further education in their careers,
  
  Students with licenses, certifications, or credentials that meet the hiring requirements of multiple employers in the field for which the job training is offered.
Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP, and Aging Committees.
MIL OSI USA News –
February 5, 2025
MIL-OSI China: More tweaks ahead for property policy

Source: China State Council Information Office

Policy fine-tuning in real estate may be necessary in 2025 for China to more effectively address debt risks facing developers, a crucial link in ensuring a steady economic recovery and preventing systemic financial risks, economists and analysts said.

Possible measures include launching a systematic policy plan that details the roadmap for risk disposal, supports debt restructuring of qualified real estate enterprises and optimizes housing delivery efforts, they said.

“To resolve real estate market risks, it is necessary to gradually shift from simply safeguarding housing project deliveries to fully supporting qualified enterprises,” said Zhang Ming, deputy director of the Institute of Finance and Banking at the Chinese Academy of Social Sciences.

Zhang said a “one company, one policy” risk resolution approach is necessary as some real estate enterprises have faced difficulties in getting finance and transferring funds across projects and regions, hampering the sustainable development of the property market.

For responsible, law-abiding developers, Zhang suggested taking a combination of measures to extend their debt maturities, reduce repayment obligations and enhance their capital via debt-to-equity swaps or new investments.

For the tiny proportion of smaller developers involved in illegal operations, bankruptcy liquidation in line with legal regulations is needed, said Zhang.

The Central Economic Work Conference in December decided to take the real estate sector as a crucial link in effectively preventing and defusing risks, calling for reversing the downturn of and stabilizing the property market.

China Real Estate Information Corp (CRIC) said capital market debt maturities of Chinese property developers are projected to reach 525.7 billion yuan ($72.5 billion) in 2025, 8.9 percent up from 2024. CRIC predicts that the third quarter will be a peak of debt repayments with maturities worth about 157.4 billion yuan.

Echoing Zhang’s views, a China Index Academy report suggested a systematic risk resolution plan for property developers, with efforts so far having primarily focused on safeguarding real estate projects.

“A comprehensive plan aimed at addressing risks facing developers should be established, detailing methods, principles, supportive policy measures and coordination mechanisms for risk disposal.”

To ensure that presold real estate projects have access to necessary funding, China introduced a real estate financing coordination mechanism last year.

Via the mechanism, Chinese banks had approved 5.6 trillion yuan worth of loans to property projects as of Jan 22, financing the delivery of 14 million homes, the National Financial Regulatory Administration said.

However, the total financing of 65 typical Chinese real estate enterprises in 2024 was 462.9 billion yuan, down 31 percent from 2023, according to CRIC.

Shi Lulu, director of Asia-Pacific corporate ratings at Fitch Ratings, said higher debt maturities, weakening sales, declining margins and reduced cash generation may continue in 2025 for many Chinese homebuilders.

The risk of sales failing to stabilize remains a key factor behind the negative ratings outlook or watch of some of Fitch’s rated Chinese homebuilder issuers, Shi said, though it is expected that the magnitude of negative rating actions will abate as State-owned developers have maintained access to the onshore bond market.

“The most critical debt chain in the real estate sector lies between developers and homebuyers, rather than developers and banks or developers and foreign bond investors,” said Lu Ting, chief China economist at Nomura.

Stressing the importance of rebuilding homebuyer confidence by ensuring that they will receive the homes they paid for, Lu said this does not always mean completing every building and requires active efforts by government departments.

MIL OSI China News –

February 5, 2025
MIL-OSI China: Mobile payments enhance tourism

Source: China State Council Information Office

A consumer scans an Alipay QR code to pay for the order at a self-service restaurant in Hangzhou, Zhejiang province. [Photo/Xinhua]

China’s convenient mobile payment services have bolstered tourism-related consumption and injected fresh momentum into the country’s economic recovery during the Spring Festival holiday, experts and industry insiders said.

They added that an increasing number of overseas travelers have come to experience Chinese culture and opted for online payment tools following the implementation of expanded visa-free entry and transit policies, and the country’s enhanced efforts to facilitate payments for foreigners.

Data from Alipay, the digital payment arm of Chinese financial technology company Ant Group, showed that spending made by inbound tourists on the platform surged 1.5 times from Jan 28 to Saturday, compared with the first five days of last year’s Spring Festival holiday.

The number of Chinese merchants using Alipay for foreign visitors witnessed a 100 percent increase during the period, while the expenditure from some overseas tourists, who can enjoy visa-free policies when visiting China, nearly tripled via Alipay over the previous Spring Festival.

Chinese cities with abundant intangible cultural heritage have been favored by foreign tourists. The top five cities that saw the highest expenditure from inbound travelers using Alipay for in-depth travel and consumption were Suzhou in Jiangsu province, Zhongshan, Foshan and Jiangmen in Guangdong province, and Xi’an in Shaanxi province.

Hong Yong, an associate research fellow at the Chinese Academy of International Trade and Economic Cooperation, said, “China’s mobile payment options, such as Alipay and WeChat Pay, have greatly simplified the payment process, improved transaction efficiency and provided consumers with a more convenient payment experience.”

Hong said the widespread use of digital payment methods and expanded visa-free policies have attracted a large number of inbound tourists, thus further propelling the development of the tourism industry, stimulating consumption demand — including catering, accommodation and transportation as well as injecting more vitality into the country’s economic growth.

China has been working to make mobile payment processes more accessible to foreigners. The State Council, China’s Cabinet, published a guideline in March aimed at improving payment services and enhancing payment convenience, so as to better meet the diversified payment needs of the elderly and foreign visitors.

Foreign travelers can now link their international bank cards such as Visa and Mastercard to mobile payment platforms like Alipay and WeChat Pay, greatly streamlining the payment processes. Alipay has also allowed foreigners to use their familiar e-wallets from their home country by scanning Alipay QR codes.

Chinese financial services provider UnionPay International in December introduced enhanced payment services for foreign visitors to the Chinese mainland in collaboration with WeChat Pay.

Travelers using any of eight overseas e-wallets, such as Bangkok Bank Mobile Banking and Naver Pay, which is frequently used in South Korea, can make payments on the Chinese mainland by scanning WeChat QR codes.

Pan Helin, a member of the Expert Committee for Information and Communication Economy, which operates under the Ministry of Industry and Information Technology, said innovative mobile payment tools have not only helped tackle payment difficulties faced by international travelers, but also boosted inbound tourism and the recovery of domestic consumption.

A slew of convenient measures optimizing mobile payments for foreigners have demonstrated the country’s resolve to expand high-standard opening-up, said Wang Pengbo, a senior analyst at market consultancy Botong Analysys.

MIL OSI China News –

February 5, 2025
MIL-OSI New Zealand: Govt’s lack of a plan shows in soaring unemployment stats

Source: Green Party

The latest labour market figures confirm unemployment has risen to levels not seen since the height of the Covid-19 pandemic.

“This Government lacks a plan for creating jobs, its only plan is entrenching poverty for our poorest communities,” says the Green Party’s Social Development spokesperson Ricardo Menéndez March.

“Our country has the means to build an economy that works for everyone and leaves nobody behind. We can invest in the public services and infrastructure which support our communities into meaningful jobs and livelihoods.

“The latest stats lay bare the poverty trap this Government is setting for our communities. Cutting thousands of jobs and undermining support for people doing it tough is setting our communities up to fail.

“There are not enough jobs – this is by design. We can’t use austerity to condemn people into deeper poverty due to hard times

“The Government has introduced new benefit sanctions while they push more people into unemployment, knowing full well there aren’t enough jobs for every single person on the benefit, and will never be while it’s in power.

“Where is the workforce planning desperately needed for our country, with its many challenges including the huge infrastructure deficit and meeting the needs of an ageing population? Nowhere to be seen under this coalition for the rich.

“We have a plan for a Future Workforce Agency to strategically upskill New Zealanders and coordinate industrial planning.

“The Greens would end poverty with a Guaranteed Minimum Income, more training opportunities, and restarting public investment in healthcare, schools, and building housing that creates good jobs. Our jobs for nature plan will also be a central plank for providing people with meaningful and stable work.

“The Government needs to boost benefits and abolish sanctions, so that the increasing number of unemployed New Zealanders aren’t left to languish in poverty, and aren’t punished for struggling to find work in National’s barren economy,” says Ricardo Menéndez March.

MIL OSI New Zealand News –

February 5, 2025

MIL-OSI Economics: Money Market Operations as on February 04, 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)	5,70,710.87	6.32	0.01-6.80
I. Call Money	17,135.14	6.50	5.10-6.65
II. Triparty Repo	3,90,143.40	6.27	6.10-6.48
III. Market Repo	1,61,386.03	6.42	0.01-6.70
IV. Repo in Corporate Bond	2,046.30	6.73	6.70-6.80
B. Term Segment
I. Notice Money**	234.45	6.28	6.05-6.61
II. Term Money^@@	101.00	–	6.50-6.80
III. Triparty Repo	1,530.65	6.39	6.25-6.40
IV. Market Repo	485.07	6.70	6.55-6.75
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, 04/02/2025	1	Wed, 05/02/2025	25,001.00	6.51
(b) Reverse Repo
3. MSF^#	Tue, 04/02/2025	1	Wed, 05/02/2025	378.00	6.75
4. SDF^Δ#	Tue, 04/02/2025	1	Wed, 05/02/2025	1,58,816.00	6.25
5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*				-1,33,437.00
II. Outstanding Operations
1. Fixed Rate
2. Variable Rate^&
(I) Main Operation
(a) Repo	Fri, 24/01/2025	14	Fri, 07/02/2025	1,62,096.00	6.51
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo
3. MSF^#
4. SDF^Δ#
D. Standing Liquidity Facility (SLF) Availed from RBI^$				9,556.71
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*				1,71,652.71
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*				38,215.71
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on		February 04, 2025		8,84,724.53
(ii) Average daily cash reserve requirement for the fortnight ending		February 07, 2025		9,12,544.00
H. Government of India Surplus Cash Balance Reckoned for Auction as on^¥		February 04, 2025		25,001.00
I. Net durable liquidity [surplus (+)/deficit (-)] as on		January 10, 2025		-40,102.00
^@ 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.
Ajit Prasad Deputy General Manager (Communications)
Press Release: 2024-2025/2076

MIL OSI Economics –

February 5, 2025

MIL-OSI USA News: National Security Presidential Memorandum/NSPM-2

Source: The White House

MEMORANDUM FOR THE SECRETARY OF STATE
              THE SECRETARY OF THE TREASURY
              THE SECRETARY OF DEFENSE
              THE ATTORNEY GENERAL
              THE SECRETARY OF ENERGY
              THE SECRETARY OF THE INTERIOR
              THE SECRETARY OF HOMELAND SECURITY
              THE ASSISTANT TO THE PRESIDENT AND CHIEF OF STAFF
              THE UNITED STATES TRADE REPRESENTATIVE
              THE UNITED STATES PERMANENT REPRESENTATIVE TO THE
                 UNITED NATIONS
              THE DIRECTOR OF NATIONAL INTELLIGENCE
              THE DIRECTOR OF THE CENTRAL INTELLIGENCE
                 AGENCY
              THE DIRECTOR OF THE OFFICE OF MANAGEMENT AND
                 BUDGET
              THE ASSISTANT TO THE PRESIDENT FOR NATIONAL
                 SECURITY AFFAIRS
              THE COUNSEL TO THE PRESIDENT
              THE ASSISTANT TO THE PRESIDENT FOR ECONOMIC
                 POLICY
              THE CHAIRMAN OF THE JOINT CHIEFS OF STAFF
              THE DIRECTOR OF THE FEDERAL BUREAU OF
                 INVESTIGATION

SUBJECT: Imposing Maximum Pressure on the Government of
       the Islamic Republic of Iran, Denying Iran All
       Paths to a Nuclear Weapon, and Countering Iran’s
       Malign Influence

As President, my highest priority is to ensure the safety and security of the United States and the American people. Since its inception in 1979 as a revolutionary theocracy, the Government of the Islamic Republic of Iran has declared its hostility to the United States and its allies and partners. Iran remains the world’s leading state sponsor of terror and has aided Hezbollah, Hamas, the Houthis, the Taliban, al-Qa’ida, and other terrorist networks. The Islamic Revolutionary Guard Corps (IRGC) is itself a designated Foreign Terrorist Organization.

The Iranian Government, including the IRGC, is using agents and cyber-enabled means to target United States nationals living in the United States and other countries around the world for attacks, including assault, kidnapping, and murder. Iran has also directed its proxy groups, including Hezbollah’s Islamic Jihad Organization, to embed sleeper cells in the Homeland to be activated in support of this terrorist activity.

Iran bears responsibility for the horrific Hamas massacres committed on October 7, 2023, and bears responsibility for continued Houthi attacks against the United States Navy, allied navies, and international commercial shipping in the Red Sea. Since April 2024, the regime has twice demonstrated its willingness to launch ballistic and cruise missile attacks against the State of Israel.

Iran commits grievous human rights abuses and arbitrarily detains foreigners, including United States citizens, on spurious charges without due process of law, subjecting them to abuse. The United States stands with the women of Iran who face daily abuse by the regime.

Iran’s nuclear program, including its enrichment- and reprocessing-related capabilities and nuclear-capable missiles, poses an existential danger to the United States and the entire civilized world. A radical regime like this can never be allowed to acquire or develop nuclear weapons, or to extort the United States or its allies through the threat of nuclear weapons acquisition, development, or use. Iran today stands in breach of its Nuclear Non-Proliferation Treaty obligations by concealing undeclared nuclear sites and material as required by its Comprehensive Safeguards Agreement with the International Atomic Energy Agency (IAEA). Iran has obstructed IAEA access to its military sites or sites tied to the Organization of Defensive Innovation and Research, also known as SPND, and to interview nuclear weapons scientists still employed by SPND. Public reports indicating that Iran may now be engaged in computer modeling related to nuclear weapons development raise immediate alarm. We must deny Iran all paths to a nuclear weapon and end the regime’s nuclear extortion racket.

Iran’s behavior threatens the national interest of the United States. It is therefore in the national interest to impose maximum pressure on the Iranian regime to end its nuclear threat, curtail its ballistic missile program, and stop its support for terrorist groups.

Section 1. Policy. It is the policy of the United States that Iran be denied a nuclear weapon and intercontinental ballistic missiles; that Iran’s network and campaign of regional aggression be neutralized; that the IRGC and its surrogates be disrupted, degraded, or denied access to the resources that sustain their destabilizing activities; and to counter Iran’s aggressive development of missiles and other asymmetric and conventional weapons capabilities.

Sec. 2. Enacting Maximum Pressure on the Islamic Republic of Iran. (a) The Secretary of the Treasury shall:

(i)    immediately impose sanctions or appropriate enforcement remedies on all persons for which the Department has evidence of activity in violation of one or more Iran-related sanctions;

(ii)   implement a robust and continual sanctions enforcement campaign with respect to Iran that denies the regime and its terror proxies access to revenue;

(iii) review for modification or rescission any general license, frequently asked question, or other guidance that provides Iran or any of its terror proxies any degree of economic or financial relief;

(iv)   issue updated guidance to all relevant business sectors including shipping, insurance, and port operators, about the risks to any person that knowingly violates United States sanctions with respect to Iran or an Iranian terror proxy; and

(v)    maintain countermeasures against Iran at the Financial Action Task Force, evaluate beneficial ownership thresholds to ensure sanctions deny Iran all possible illicit revenue, and evaluate whether financial institutions should adopt a “Know Your Customer’s Customer” standard for Iran-related transactions to further prevent sanctions evasion.

(b) The Secretary of State shall:

(i)    modify or rescind sanctions waivers, particularly those that provide Iran any degree of economic or financial relief, including those related to Iran’s Chabahar port project;

(ii)   implement a robust and continual campaign, in coordination with the Secretary of the Treasury and other relevant executive departments or agencies (agencies), to drive Iran’s export of oil to zero, including exports of Iranian crude to the People’s Republic of China;

(iii) lead a diplomatic campaign to isolate Iran throughout the world, including within international organizations, including the denial of freedom of movement or safe haven to the IRGC or any terror proxy of Iran wherever such may operate outside Iran’s borders; and

(iv)   take immediate steps, in coordination with the Secretary of the Treasury and other relevant agencies, to ensure that the Iraqi financial system is not utilized by Iran for sanctions evasion or circumvention, and that Gulf countries are not used as sanctions evasion transshipment points.

(c) The United States Permanent Representative to the United Nations shall:

(i)    work with key allies to complete the snapback of international sanctions and restrictions on Iran;

(ii)   hold Iran accountable for its breach of the Nuclear Non-Proliferation Treaty; and

(iii) regularly convene the United Nations Security Council to highlight the myriad threats posed by Iran to international peace and security.

(d) The Secretary of Commerce shall conduct a robust and continuous export control enforcement campaign to restrict the flow of technology and components used by the regime for military purposes.

(e) The Attorney General shall:

(i)    pursue all available legal steps to investigate, disrupt, and prosecute financial and logistical networks, operatives, or front groups inside the United States that are sponsored by Iran or an Iranian terror proxy;

(ii)   pursue all available legal steps to impound illicit Iranian oil cargoes;

(iii) pursue all available legal steps to identify Iranian governmental assets in the United States and overseas, and help American victims of terrorism, including Gold Star Families, collect on Federal judgments against Iran;

(iv)   pursue all available legal steps to indict and prosecute the leaders and members of Iranian-funded terrorist groups and proxies that have captured, harmed, or killed American citizens and, where possible and in coordination with the Secretary of State, seek their arrest and extradition to the United States; and

(v)   use all criminal, regulatory, and cyber authorities and tools to vigorously investigate, prosecute, and disrupt efforts by the Iranian government to conduct espionage or obtain military, intelligence, government, or other sensitive information, compromise the Homeland and our critical infrastructure, evade sanctions and export controls, obtain material support for terrorism, exert foreign malign influence, and threaten harm and infringe on First Amendment-protected speech, including efforts designed to sow anti-Semitism.

Sec. 3. General Provisions. (a) Nothing in this memorandum shall be construed to impair or otherwise affect:

(i)   the authority granted by law to an executive department or agency, or the head thereof; or

(ii) the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.

     (b) This memorandum shall be implemented consistent with applicable law and subject to the availability of appropriations.

     (c) This memorandum is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

MIL OSI USA News –

February 5, 2025
MIL-OSI USA News: Fact Sheet: President Donald J. Trump Restores Maximum Pressure on Iran
Source: The White House
RESTORING MAXIMUM PRESSURE ON IRAN: Today, President Donald J. Trump signed a National Security Presidential Memorandum (NSPM) restoring maximum pressure on the government of the Islamic Republic of Iran, denying Iran all paths to a nuclear weapon, and countering Iran’s malign influence abroad.
- The NSPM establishes that:
  
  Iran should be denied a nuclear weapon and intercontinental ballistic missiles;
  
  Iran’s terrorist network should be neutralized; and
  
  Iran’s aggressive development of missiles, as well as other asymmetric and conventional weapons capabilities, should be countered.
- The NSPM directs the Secretary of the Treasury to impose maximum economic pressure on the Government of Iran, including by sanctioning or imposing enforcement mechanisms on those acting in violation of existing sanctions.
  
  The Treasury Secretary will also issue guidance for all relevant business sectors – including shipping, insurance, and port operators – about the risks to any person that knowingly violates U.S. sanctions with respect to Iran or an Iranian terror proxy.
  
  The Secretary of State will also modify or rescind existing sanctions waivers and cooperate with the Secretary of Treasury to implement a campaign aimed at driving Iran’s oil exports to zero.
  
  The United States Permanent Representative to the United Nations will work with key allies to complete the snapback of international sanctions and restrictions on Iran.
PROTECTING THE HOMELAND FROM IRAN: The previous Administration’s tolerance of Iran’s threats to American citizens and companies ends now.
- The Attorney General will pursue all available legal steps to investigate, disrupt, and prosecute financial and logistical networks, operatives, or front groups inside the United States that are sponsored by Iran or an Iranian terror proxy.
  
  The Attorney General will prosecute leaders and members of Iranian-funded terrorist groups that have captured, harmed, or killed American citizens and seek their arrest and extradition to the United States.
TAKING IRAN’S NUCLEAR PROGRAM OFF THE TABLE: President Trump will not tolerate Iran possessing a nuclear weapons capability, nor will he stand for their sustained sponsorship of terrorism, especially against U.S. interests.
- In 2020, President Trump declared that “as long as [he is] President of the United States, Iran will never be allowed to have a nuclear weapon.”
- Today’s NSPM fulfills the President’s 2020 vow to contend with Iran’s pernicious influence across the globe:
  
  “For far too long — all the way back to 1979, to be exact — nations have tolerated Iran’s destructive and destabilizing behavior in the Middle East and beyond. Those days are over. Iran has been the leading sponsor of terrorism, and their pursuit of nuclear weapons threatens the civilized world. We will never let that happen.”
MIL OSI USA News –
February 5, 2025
MIL-OSI USA: Hawley, Sanders Introduce Bill to Curb Exploitative Credit Card Interest Rates, Provide Relief to Working Americans

US Senate News:

Source: United States Senator Josh Hawley (R-Mo)

Tuesday, February 04, 2025

Today, U.S. Senator Josh Hawley (R-Mo.) and Senator Bernie Sanders (I-Vt.) introduced bipartisan legislation to immediately cap credit card interest rates at ten percent for five years. The legislation follows President Trump’s campaign promise of a ten percent interest rate cap.

“Working Americans are drowning in record credit card debt while the biggest credit card issuers get richer and richer by hiking their interest rates to the moon. It’s not just wrong, it’s exploitative. And it needs to end,” Senator Hawley said. “Capping credit card interest rates at 10%, just like President Trump campaigned on, is a simple way to provide meaningful relief to working people. Let’s do it.”

“During the campaign, President Trump pledged to cap credit card interest rates at ten percent,” Senator Sanders said. “Today, I am proud to be introducing bipartisan legislation with Senator Hawley to do just that. When large financial institutions charge over 25 percent interest on credit cards, they are not engaged in the business of making credit available. They are engaged in extortion and loan sharking. We cannot continue to allow big banks to make huge profits ripping off the American people. This legislation will provide working families struggling to pay their bills with desperately needed financial relief.”

The Sanders-Hawley bill comes after a recent Forbes report found that the average credit card interest rate is 28.6%, despite banks’ ability to borrow money from the Federal Reserve at less than 4.5%. Exorbitant interest rates and sky-high fees have allowed credit card companies to make enormous profits, supplying their executives with generous compensation at the expense of hard-working Americans.

MIL OSI USA News –

February 5, 2025
MIL-OSI USA: Lummis, Hagerty, Gillibrand, Scott Introduce Bipartisan Stablecoin Regulatory Framework
US Senate News:
Source: United States Senator for Wyoming Cynthia Lummis

Washington, D.C.— Senate Banking Subcommittee on Digital Assets Chair Cynthia Lummis (R-WY) joined U.S. Senator Bill Hagerty (R-TN), Sen. Kirsten Gillibrand (D-NY) and Senate Banking Committee Chair Sen. Tim Scott (R-SC) in introducing the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act to establish a clear regulatory framework for payment stablecoins.

“Creating a bipartisan regulatory framework for stablecoins is critical to maintaining the U.S.’s dollar dominance and promoting responsible financial innovation,” said Lummis. “I’m proud to support Sen. Hagerty’s important legislation, which goes a long way towards protecting Wyoming’s regulatory framework for digital assets, and ensures stablecoin issuers have a real choice when it comes to a state or national charter.”

“From enhancing transaction efficiency to driving demand for U.S. Treasuries, the potential benefits of strong stablecoin innovation are immense,” said Hagerty. “My legislation establishes a safe and pro-growth regulatory framework that will unleash innovation and advance the President’s mission to make America the world capital of crypto.”

“Stablecoins enable faster, cheaper, and competitive transactions in our digital world and facilitate seamless cross-border payments,” said Scott. “This legislation will expand financial inclusion and provide much-needed clarity to ensure the industry can innovate and grow here in the United States, while protecting consumers and promoting the U.S. dollar’s global position. I look forward to working with our colleagues – including House Financial Services Chairman French Hill – to advance this legislation to President Trump’s desk.”

“Passing clear and sensible regulations for stablecoins is critical to maintaining U.S. dollar dominance, promoting responsible innovation, and protecting consumers,” said Gillibrand. “The bipartisan Guiding and Establishing National Innovation for U.S. Stablecoins Act protects consumers by requiring stablecoin issuers to maintain one-to-one reserves; prohibiting algorithmic stablecoins; and requiring issuers to comply with U.S. anti-money-laundering and sanctions rules. Importantly, it will empower responsible innovation, maintain U.S. leadership in digital assets and blockchain technology, and keep crypto companies and jobs onshore. The future of stablecoins and cryptocurrency has strong bipartisan support—I’m proud to introduce this bill with Senators Hagerty, Lummis and Scott, and look forward to working together to pass this important legislation.”

The GENIUS Act:
- Defines a payment stablecoin as a digital asset used for payment or settlement that is pegged to a fixed monetary value;
- Establishes clear procedures for institutions seeking charters or licenses to issue stablecoins;
- Implements reserve requirements and tailored regulatory standards for stablecoin issuers;
- For State issuers of more than $10 billion in stablecoins, establishes the Federal Reserve Board as the joint supervisor of depository institutions and the Office of the Comptroller of the Currency (OCC) as the joint supervisor of State nonbank issuers above $10 billion;
- Establishes supervisory, examination, and enforcement regimes with clear limitations.
Full text of the bill can be found here.
MIL OSI USA News –
February 5, 2025
MIL-OSI USA: Hagerty Leads Legislation to Establish a Stablecoin Regulatory Framework
US Senate News:
Source: United States Senator for Tennessee Bill Hagerty

WASHINGTON—United States Senators Bill Hagerty (R-TN), a member of the Senate Banking Committee, Tim Scott (R-SC), Chairman of the Senate Banking Committee, Kirsten Gillibrand (D-NY), and Cynthia Lummis (R-WY) today introduced the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, legislation to establish a clear regulatory framework for payment stablecoins.

Based on a public discussion draft released by Hagerty in October 2024, the legislation has benefited from extensive consultation with industry participants, academic experts, and federal government stakeholders.

“From enhancing transaction efficiency to driving demand for U.S. Treasuries, the potential benefits of strong stablecoin innovation are immense,” said Senator Hagerty. “My legislation establishes a safe and pro-growth regulatory framework that will unleash innovation and advance the President’s mission to make America the world capital of crypto. I look forward to working with Chairman French Hill and the House Financial Services Committee to get it to the President’s desk and signed into law.”

“Stablecoins enable faster, cheaper, and competitive transactions in our digital world and facilitate seamless cross-border payments,” said Chairman Scott. “This legislation will expand financial inclusion and provide much-needed clarity to ensure the industry can innovate and grow here in the United States, while protecting consumers and promoting the U.S. dollar’s global position. I look forward to working with our colleagues – including House Financial Services Chairman French Hill – to advance this legislation to President Trump’s desk.”

“Passing clear and sensible regulations for stablecoins is critical to maintaining U.S. dollar dominance, promoting responsible innovation, and protecting consumers,” said U.S. Senator Kirsten Gillibrand. “The bipartisan Guiding and Establishing National Innovation for U.S. Stablecoins Act protects consumers by requiring stablecoin issuers to maintain one-to-one reserves; prohibiting algorithmic stablecoins; and requiring issuers to comply with U.S. anti-money-laundering and sanctions rules. Importantly, it will empower responsible innovation, maintain U.S. leadership in digital assets and blockchain technology, and keep crypto companies and jobs onshore. The future of stablecoins and cryptocurrency has strong bipartisan support—I’m proud to introduce this bill with Senators Hagerty, Lummis and Scott, and look forward to working together to pass this important legislation.”

“Creating a bipartisan regulatory framework for stablecoins is critical to maintaining the U.S.’s dollar dominance and promoting responsible financial innovation,” said Senator Lummis. “I’m proud to support Sen. Hagerty’s important legislation, which goes a long way towards protecting Wyoming’s regulatory framework for digital assets, and ensures stablecoin issuers have a real choice when it comes to a state or national charter.”

Background:

Dollar-denominated payment stablecoins are digital assets pegged to the U.S. dollar. They can improve transaction efficiency, expand financial inclusion, and strengthen the dollar’s supremacy as the world reserve currency by driving demand for U.S. Treasuries. The previous Administration’s hostility toward crypto and refusal to provide clear regulatory guidelines has severely stifled stablecoin innovation. This legislation turns a new page.

The GENIUS Act:
- Defines a payment stablecoin as a digital asset used for payment or settlement that is pegged to a fixed monetary value;
- Establishes clear procedures for institutions seeking licenses to issue stablecoins;
- Implements reserve requirements and light-touch, tailored regulatory standards for stablecoin issuers;
- For issuers of more than $10 billion of stablecoins, applies the Federal Reserve’s regulatory framework to depository institutions and the Office of the Comptroller of the Currency’s framework for nonbank issuers;
- Allows for state regulation of issuers under $10 billion in market capitalization and provides a waiver process for issuers exceeding the threshold to remain state-regulated; and
- Establishes supervisory, examination, and enforcement regimes with clear limitations.
Full text of the GENIUS Act can be found here.

A one-page overview of the legislation can be found here.
MIL OSI USA News –
February 5, 2025
MIL-OSI USA: On Senate Floor, Shaheen Condemns Proposed Trump Tariffs that Would Increase Costs on Granite Staters
US Senate News:
Source: United States Senator for New Hampshire Jeanne Shaheen

(Washington, DC) – U.S. Senator Jeanne Shaheen (D-NH) delivered remarks on the Senate floor condemning President Trump’s proposed tariffs on Mexico and Canada, New Hampshire’s largest trading partner, that could cause prices on everything from gas to cars to groceries to skyrocket, hurting Granite Staters and Granite State businesses. Click here to watch the full speech.

Key Quotes from Senator Shaheen:
- “Even though many of these tariff taxes were delayed, they’re still scheduled to go into effect next month, and they’ve created unnecessary panic and uncertainty among businesses and families across the country and in New Hampshire.”
- “President Trump campaigned on a promise to lower prices for everything. The tariffs that he’s talking about would have the exact opposite effect.”
- “For Elon Musk and his billionaire friends, and the billionaire friends of the President, $150 to $250 may not sound like a lot in the winter, but there are a lot of people in New Hampshire for whom $150 to $250 is the difference between staying warm and being cold.”
- “I’m glad for the delay. I don’t want people to misunderstand that. But how is a business or a family supposed to plan when they don’t know if important costs like gas or heating or groceries are going to spike any day?”
Remarks as delivered can be found below:

We’re here today to talk about a very serious issue, and that is the tariffs that President Trump is talking about imposing on goods from Canada and Mexico, and the impact that will have on Americans.

On Saturday, President Trump announced a 25% tariff, which would be a tax on imported goods from Canada and Mexico, and a 10% tariff, which would amount to a tax on imported energy from Canada, and on all goods from China.

So, 10% on all goods from China and then 10% on energy from Canada.

He’s also threatened universal tariffs on all countries.

Now, thankfully, the tariffs that he announced on Canada and Mexico appear to have been delayed for a month, but the tariff taxes on China are now in effect.

And even though many of these tariff taxes were delayed, they’re still scheduled to go into effect next month, and they’ve created unnecessary panic and uncertainty among businesses and families across the country and in New Hampshire.

Now, I want to point out in the beginning very clearly that it’s not foreign countries who pay these taxes, these tariff taxes, it’s Americans who pay these tariff taxes.

These are tariff taxes on imported goods, meaning that the person or company who is importing the good will be footing the bill – and these costs will be passed on to American consumers and businesses.

And you don’t have to take my word for it: Best Buy’s CEO said, and I quote, “the vast majority of that tariff will probably be passed on to the consumer as a price increase.”

And Walmart’s CFO said, “there will probably be cases where prices will go up for consumers.”

Columbia Sportswear’s CEO said about tariffs “we’re set to raise prices” and “it’s going to be very, very difficult to keep products affordable.”

Now, if we look at the cost of just the tariff taxes that were originally announced on Saturday, those would raise costs for the average American household by more than $1,200 a year.

And if we get into a trade war with increasingly high tariffs on both sides—and that’s what it appears could be happening with China—those costs would go up even more.

Now, President Trump campaigned on a promise to lower prices for everything. The tariffs that he’s talking about would have the exact opposite effect.

I’m glad the administration and the President listened to reason.

He delayed the start of these tariffs, but I hope we don’t have to be back here in a few weeks making this case again.

And I want to make sure that people understand what these tariff taxes would do and highlight some of the areas where Americans would be directly affected.

First is energy.

America imports more oil and gas from Canada than any other product.

In New Hampshire, more than half of the gas in people’s cars comes from Canada.

These tariff taxes would make gas prices go up, and they could even lead to supply shortages because refinery and delivery infrastructure just doesn’t turn on a dime.

President Trump’s new 10% tariff tax on energy from Canada would also directly raise the cost of keeping warm for Granite Staters during the coldest months of this year.

In New Hampshire, our number one import from Canada is heating oil, and nearly a quarter of a million households in New Hampshire—that’s about 40% of our households—more than Vermont, I think
Senator Welch, rely on fuel oil to heat their homes.

We’re the second highest state in the nation, next to Maine who relies on number two heating oil, to heat our homes.

Another hundred thousand Granite Staters rely on propane and about 30,000 homes use wood.

So that’s about 60% of New Hampshire that relies on delivered fuel to stay warm. Much of that is coming from Canada.

The average home in New Hampshire on heating oil, uses about 600 gallons in the winter and for older, draftier homes, and sadly we have a lot of those in New Hampshire, or those who are further up north, families may be using upwards of a thousand gallons a winter.

And with temperatures dipping as low as 20 below zero in the state in recent weeks, heating oil is a real necessity.

And my constituents are already getting notices, and I don’t know, Senator Welch, if the same is true of your constituents, but I bet it is. But they’re saying that those notices tell them their costs are going to go up if these tariffs go into effect.

On Sunday, I heard from Derek in Sandwich, New Hampshire, who received a letter from his heating supplier, Irving Oil, that informed him that his bill for heating oil would be going up.

The letter stated, “As you may be aware, the U.S. government has announced a new tariff on imports from Canada, including the heating oil or propane that Irving Energy delivers to you.”

And the letter went on to describe that the tariff costs will be added to the price that he pays, even though he already has a contract.

As Derek wrote to me, “I will now have less to spend locally. My local businesses will suffer through lost business and increased costs. And then their suppliers and employees will suffer. It’s a real hardship.”

On inauguration day, this year, heating oil cost an average of $3.93 a gallon in New Hampshire.

Tacking an ill-advised 10% tariff tax on heating oil from Canada could mean about $150 to $250 more for many in New Hampshire just to keep warm through the winter.

And while for Elon Musk and his billionaire friends, and the billionaire friends of the president, $150 to $250 may not sound like a lot in the winter, but there are a lot of people in New Hampshire for whom $150 to $250 is the difference between staying warm and being cold in the winter.

So let me also be clear: We don’t use gas and heating oil from Canada because we don’t produce it here in the United States. We do it because it makes logistical and economic sense because in New England, we are at the end of the pipelines that are coming from Texas and the south.

Now, the United States produces more oil than any other country in the history of the world.

That was true during the last three years of the first Trump Administration. It was true for the last four years of the Biden Administration.

But for New Hampshire, the Saint John Refinery in Canada simply provides us the closest, lowest-cost supply.

And by the way, that refinery sources as much as half of its crude oil from the United States.

So, it’s helping oil producers in the United States send their oil the refinery, and we get it back in New Hampshire and New England.

President Trump campaigned on cutting energy prices in half. Reckless tariffs on Canada and Mexico will make those prices higher, not lower.

New Hampshire families shouldn’t be punished for what The Wall Street journal has just called, “The Dumbest Trade War in History”.

And that’s not all. These tariff taxes will affect groceries because the U.S. imports 38% of our fresh vegetables, 60% of our fresh fruit and more than 99% of the coffee that we drink.

If we take all these together, Americans could be seeing an extra $200 a year on their grocery bills because of the trump tariff taxes.

That doesn’t include the longer term impact of taxes on farm equipment or fertilizer. America imports about 85% of the potash fertilizer we use and much of that comes from Canada.

Now, we already have record-high prices on coffee and eggs, if you can find eggs, some grocery stores are sold out. And one of the things that just happened in the last week is that because of the stop-work order that President Trump put on our services that we provide overseas to track bird flu, we’re no longer tracking the bird flu that has helped to drive up the cost of eggs.

So, it could get worse and we’re not even going to know about it until we see those prices reflected at the grocery store.

Any new 25% tariff tax on these imports would make our food more expensive when families are already stretching and straining their household budgets.

Tariffs sometimes get talked about as a way to support American manufacturers, but that also misses the mark.

Half of the products the U.S. imports are either raw materials or intermediate components, and that means the parts we make into cars or electronics.

All of these inputs would get more expensive for American manufacturers, which is only going to make it harder for them to compete internationally.

One of the messages I hear regularly from businesses is that uncertainty is one of the hardest things for them to deal with.

One example of this is a call I got two weeks ago from a small business owner in New Hampshire who sells specialized agricultural equipment both in the U.S. and overseas.

This is a family business with five employees. His father founded it 50 years ago, and he reached out specifically because he’s worried about what tariffs on the components he buys from Canada could do to his business.

For the specialized equipment that he needs, there aren’t a lot of manufacturers out there.

So, he reached out to my office asking if he was going to have to pay $5,000 more in costs for each of the machines he sells.

He took over this business just a couple of years ago and he’s been working to invest to modernize it and expand.

Now he has to worry about whether he can try to grow the business, whether he might face new foreign competition or even if he can pay out bonuses or give raises to his employees.

He can’t even be certain what kind of pricing schedule he should send out for the year because his costs could go up $5,000 next month.

And last week, I heard from another small business, Granite State Packing. It’s a start-up meat-processing company that’s only two years old.

They started just two years ago, and they already have ten employees.

Last year, they actually got $1.6 million in a grant from USDA to expand their operations. That’s going to allow them to double their workforce.

In order to expand, they placed an order for $500,000 in new equipment because the specialized equipment that they use isn’t made in the United States.

Now, depending on how and when these tariffs go into effect, and when their equipment might get delivered, they could be looking at an increased bill for $125,000.

That’s going to affect whether they can follow through on the expansion, whether they can actually add the staff they want to add, and they don’t have any way of knowing if they’re going to face an unexpected $125,000 bill because President Trump and this administration hasn’t made up their mind about what they’re going do with these tariffs.

Over the weekend, I had another business owner from C&J bus lines, they run a great bus line from the seacoast of New Hampshire to Boston.

The owner told me that they’ve ordered seven new buses from Quebec—new buses because they’re made in Quebec—these tariffs would add $150,000 to the cost of each bus.

Now, between that and the higher fuel costs that they would pay, they could be looking at $1.3 million more in added costs this year because of the Trump tariff tax.

No small business can easily just absorb a 25% price increase, nor can they plan on how to grow their business and keep providing good-paying jobs with this kind of uncertainty.

Make no mistake, I’m glad the administration delayed these tariffs. I hope they understand how this action could affect America’s small businesses and the impact this would have on the economy.

And let me finally just talk about housing impacts, because New Hampshire has an affordable housing crisis.

These tariffs would make that worse.

Lumber makes up about 15% of building a house, and a lot of building materials, in addition to lumber, are imported.

The National Association of Homebuilders wrote in part, and I quote, “imposing additional tariffs on these imports will ultimately be passed on to home buyers in the form of increased housing prices.”

That means that this 25% tariff tax would directly add to the cost of building a home at a time when too many Granite Staters and too many Americans across the country already can’t afford housing.

And we shouldn’t pretend that American tariffs are going to go unanswered. Other countries are going to retaliate, and getting into a tit for tat trade war is not going to help working Americans pay their bills.

Families across New Hampshire and America are worried about the high cost of housing, about the cost of groceries, about what it costs to heat their homes.

Business owners are similarly worried about costs or unexpected expenses. I’m hearing regularly from them about the impact of the uncertainty on their ability to grow their businesses because of these tariffs.

President Trump promised during his campaign, and I’m quoting here, “to lower the price of everything,” but instead of doing something to lower costs, what he’s doing now, what his administration is doing, is planning to add a 25% tariff tax to countless imports from Canada and Mexico.

And they’ve already added a 10% tariff tax on goods coming in from China.

And again, while this was delayed at the last minute, this would raise costs for everything from groceries to housing to energy.

It would proportionately hit lower-income families.

I’m glad for the delay. I don’t want people to misunderstand that, but how is a business or a family supposed to plan when they don’t know if important costs like gas or heating or groceries are going to spike any day?

I want to finish by reading a quote here.

The quote says, “Tariffs are inflationary, and would strengthen the dollar—hardly a good starting point for U.S. Industrial renaissance.”

That’s a quote from Scott Bessent, the new Treasury Secretary who just got confirmed, when he wrote to his investors just a year ago.

I happen to agree with what he said then, but unfortunately the administration he just joined seems to be willing to risk more inflation.

These sweeping tariff tax increases would hurt American families, businesses and workers.

I’m glad the taxes on goods from Canada and Mexico were delayed.

I hope this administration can provide everyone with certainty that they won’t go into effect next month.

Thank you, Mr. President. I yield to my colleague from Vermont.

Last week, Shaheen led the New Hampshire Congressional Delegation in sending a letter to the White House urging him not to impose tariffs on Canada which are expected to cost the average Granite Stater $1,100 per year.

Earlier this year, Shaheen introduced new legislation with U.S. Senators Ron Wyden (D-OR) and Tim Kaine (D-VA) to shield American businesses and consumers from rising prices imposed by tariffs on imported goods into the United States. The Senators’ legislation would keep costs down for imported goods by limiting the authority of the International Emergency Economic Powers Act (IEEPA)—which allows a President to immediately place unlimited tariffs after declaring a national emergency—while preserving IEEPA’s use for sanctions and other tools.

After the November election, a multitude of business leaders verified that, if the President placed sweeping tariffs as promised, they’d be forced to raise prices on consumers. The CEO of Best Buy said, “the vast majority of that tariff will probably be passed on to the consumer as a price increase.” The CFO of Walmart said, “there will probably be cases where prices will go up for consumers.” The CEO of Columbia Sportswear said, “we’re set to raise prices” and “it’s going to be very, very difficult to keep products affordable.” The CEO of AutoZone said, “if we get tariffs, we will pass those tariff costs back to the consumer.” The President of a Texas-based Lipow Oil Associates said, “The prices at the pump are going to go up.”
MIL OSI USA News –
February 5, 2025
MIL-OSI USA: Merkley, Wyden Join Effort Raising Alarm Over Trump Administration Chaos at Critical National Security Agencies
US Senate News:
Source: United States Senator Ron Wyden (D-Ore)

February 04, 2025

Washington, D.C. – Today, Oregon’s U.S. Senators Jeff Merkley — a member of the Senate Foreign Relations Committee – and Ron Wyden joined an effort led by Senator Tim Kaine (D-VA) that raises the alarm of the growing chaos and dysfunction at the U.S. Department of State and the Trump Administration’s illegal attempt to destroy the U.S. Agency for International Development (USAID). USAID is a critical pillar of U.S. national security strategy, providing lifesaving aid and development support around the world to help advance America’s interests. On Monday, personnel at USAID were not permitted to enter the agency’s headquarters, and Elon Musk announced that President Donald Trump agreed to close the agency and move it under the State Department – which Trump has no legal authority to do. The Trump Administration, led by Musk, has also furloughed thousands of government employees, including two top security officials who denied the Department of Government Efficiency access to classified documents and systems.

“…We are deeply concerned by reports of not only growing chaos and dysfunction at the Department of State, but the Administration’s brazen and illegal attempts to destroy the U.S. Agency for International Development (USAID). Mass personnel furloughs of dubious legality and abrupt, blanket stop-work orders without regard to relevant appropriations laws are causing immediate harm to U.S. national security, placing U.S. citizens at risk, disrupting life-saving work and breaking the U.S. government’s contractual obligations to private sector partners,” wrote the senators.

The senators continued, “The Administration’s failure to consult with Congress prior to taking these steps violates the law and impedes Congress’s constitutional duty to conduct oversight of funding, personnel and the nation’s foreign policy. The Administration’s failure to expend funds appropriated on a bipartisan basis by Congress would violate the Impoundment Control Act.”

“Foreign assistance is critical to supporting U.S. strategic interests around the world. Foreign assistance protects U.S. national security, advances U.S. values, and ensures the U.S. is the partner of choice for everything from defense procurement to cutting edge scientific research. China, Russia and Iran are already moving rapidly to exploit the vacuum and instability left by the U.S.’s sudden global retreat,” wrote the senators.

They continued, “Every Administration has the right to review and adjust ongoing assistance programming. However, attempting to arbitrarily turn off core functions of a critical U.S. national security agency, without Congressional consideration or any metric-based review and absent legal authority to do so, is unprecedented and deeply disturbing.”

The letter to Secretary of State Marco Rubio is led by Kaine, and signed by Merkley, Wyden, U.S. Senators Cory Booker (D-NJ), Dick Durbin (D-IL), Ruben Gallego (D-AZ), Lisa Blunt Rochester (D-DE), Michael Bennet (D-CO), Elizabeth Warren (D-MA), Peter Welch (D-VT), Edward J. Markey (D-MA), Kirsten Gillibrand (D-NY), Bernie Sanders (I-VT), Gary Peters (D-MI), Tammy Baldwin (D-WI), Richard Blumenthal (D-CT), Martin Heinrich (D-NM), Amy Klobuchar (D-MN), Tammy Duckworth (D-IL), Andy Kim (D-NJ), Adam Schiff (D-CA), Angus S. King (I-ME), Sheldon Whitehouse (D-RI), John Hickenlooper (D-CO), Mazie K. Hirono (D-HI), Alex Padilla (D-CA), Tina Smith (D-MN), Catherine Cortez Masto (D-NV), Jack Reed (D-RI), Chris Murphy (D-CT), Jacky Rosen (D-NV), Mark Kelly (D-AZ), Brian Schatz (D-HI), Mark R. Warner (D-VA), Chris Van Hollen (D-MD), Chris Coons (D-DE), and Elissa Slotkin (D-MI).

The full text of the letter is available here and below.

Dear Secretary Rubio:

The effective administration of U.S. foreign assistance is critical to advancing core U.S. national security priorities, including countering the influence of China, Russia and Iran. As you acknowledged at your confirmation hearing, pushing back on China in particular is a top bipartisan priority.

As such, we are deeply concerned by reports of not only growing chaos and dysfunction at the Department of State, but the Administration’s brazen and illegal attempts to destroy the U.S. Agency for International Development (USAID). Mass personnel furloughs of dubious legality and abrupt, blanket stop-work orders without regard to relevant appropriations laws are causing immediate harm to U.S. national security, placing U.S. citizens at risk, disrupting life-saving work and breaking the U.S. government’s contractual obligations to private sector partners.

The Administration’s failure to consult with Congress prior to taking these steps violates the law and impedes Congress’s constitutional duty to conduct oversight of funding, personnel and the nation’s foreign policy. The Administration’s failure to expend funds appropriated on a bipartisan basis by Congress would violate the Impoundment Control Act.

Foreign assistance is critical to supporting U.S. strategic interests around the world. Foreign assistance protects U.S. national security, advances U.S. values, and ensures the U.S. is the partner of choice for everything from defense procurement to cutting edge scientific research. China, Russia and Iran are already moving rapidly to exploit the vacuum and instability left by the U.S.’s sudden global retreat.

Every Administration has the right to review and adjust ongoing assistance programming. However, attempting to arbitrarily turn off core functions of a critical U.S. national security agency, without Congressional consideration or any metric-based review and absent legal authority to do so, is unprecedented and deeply disturbing.

We request immediate clarification on the following:

Status of USAID:
1. Confirmation of your understanding that any effort to abolish USAID or merge USAID into the Department of State absent Congressional consultation and approval is illegal.
2. Confirmation of your understanding that adversaries such as China, Russia and Iran are quickly moving into the vacuum left by suspended USAID programs.
3. The Department of State’s assessment of Mr. Elon Musk’s financial ties to China and the impact of these ties to the decision-making process of Mr. Musk and his employees.
4. Confirmation that neither you nor any member of your leadership team are taking direction from Mr. Musk with regards to the work of the Department of State or USAID, personnel or financial decisions for either agency, or any other matters relevant to U.S. national security.
5. Confirmation of the names and employment status of individuals directed by Mr. Musk to engage with USAID staff, the qualifications of these individuals, and the level of their security clearances – if any.
Personnel:
1. Confirmation of your understanding that any unauthorized access by or disclosure of classified information to individuals without appropriate security clearance could be considered a criminal offense.
2. The legal authority and rationale under which, on January 28, more than 50 senior career civil and foreign service USAID officials were placed on administrative leave. This move was not only unprecedented, but also inconsistent with the Office of Personnel Management’s own guidelines for the use of administrative leave.
3. The legal authority under which, on January 28, approximately 390 USAID Institutional Support Contractors (ISCs) were given stop-work orders, and clarification of which Administration official directed the implementation of this termination.
4. Whether any Department of State career civil and foreign service or contractors have been placed on administrative leave or removed from their roles as a result of or relating to the assistance freeze or any directives from the Office of Foreign Assistance.
5. Clarification of which Administration official directed the implementation of this mass furlough.
6. Clarification of whether these individuals were directed to be terminated without cause.
7. Confirmation that personnel will not face retaliation or retribution for performing their duties under the previous Administration’s policy direction.
8. Under what authorities and by which official’s directive career civil service, foreign service, and Personal Services Contractors (PSC), and those under other hiring authorities have been removed from their roles or limited in their ability to execute their work.
9. Confirmation that further career civil service, foreign service and USAID contractors will not be removed from their roles without cause or receive stop work orders.
10. Whether, upon full resumption of legally mandated foreign assistance activities, the Administration intends to re-hire contractors who have been removed from their roles.
11. Any additional guidance provided to State and USAID staff regarding the foreign assistance freeze, including confirmation of whether direct hires, contractors, or implementing organizations have been directed not to speak publicly about the foreign assistance freeze.
12. Public identification of the individual currently serving as the Director or Acting Director of the State Department’s Office of Foreign Assistance and as Acting Deputy Administrator of USAID, and the dates upon which this individual was appointed to each position.
13. Confirmation of your understanding that the State Department’s Director of Foreign Assistance has no authority to issue personnel directives for USAID.
Resumption of Foreign Assistance:
1. The specific process and anticipated timeframe for activities to receive exemptions or waivers, as referenced in your January 28, 2025 directive to State and USAID staff.
2. The mechanisms and metrics established for this waiver process.
3. The timeline for full resumption of legally mandated foreign assistance activities.
4. Clarification of what risk assessment or analysis of potential risk to U.S. national security interests were conducted prior to the decision to freeze foreign assistance activities.
5. Confirmation of the Department of State’s obligation to comply with U.S. contract law and your responsibility as Secretary of State ensure the Department honors its commitments to contracting partners.
We welcome your urgent attention to these questions. We and our staff stand ready to work with you to ensure U.S. foreign assistance funding continues to be deployed effectively to protect American citizens, at home and abroad.

Respectfully,
MIL OSI USA News –
February 5, 2025
MIL-OSI USA: Cornyn, Hassan, Strickland, Self, Colleagues Introduce Bill to Help Adjust Military Life Insurance for Inflation

US Senate News:

Source: United States Senator for Texas John Cornyn

WASHINGTON – U.S. Senators John Cornyn (R-TX), Maggie Hassan (D-NH), Ted Cruz (R-TX), and Angus King (I-ME) and Representatives Marilyn Strickland (WA-10) and Keith Self (TX-03) today introduced the Fairness for Servicemembers and their Families Act, which would help ensure life insurance packages for service members and veterans account for increases in cost of living and inflation:

“As the nation continues to feel the effects of inflation, we need to make sure service members, veterans, and their families have the financial support they need and deserve,” said Sen. Cornyn. “Our bill would help ensure the Veterans Affairs Department can offer competitive life insurance packages that keep pace with the current cost of living.”

“While we can never fully repay the debt that we owe to those who serve our country, we should work each and every day to get them the benefits that they deserve,” said Sen. Hassan. “This bipartisan legislation will help ensure that the life insurance offered for our veterans and servicemembers is keeping pace with real-world costs to help protect the financial security of the families of those who serve.”

“Our nation’s service members and veterans put their lives on the line to protect America and defend our freedom,” said Sen. Cruz. “I am proud to partner with my colleagues to honor and provide for those who bravely sacrificed to serve the United States of America. Adjusting the value of the life insurance policies of servicemembers and veterans in line with inflation will ensure that America rightly honors their memory and cares for their loved ones after they are gone.”

“Our servicemembers, veterans and their families make countless sacrifices every day to protect our nation, and we are indebted to their selfless service,” said Sen. King. “With the bipartisan Fairness for Servicemembers and their Families Act, we can ensure life insurance packages for military members adjust with the rising cost of living — giving more peace of mind to military families when they face difficult times. I’m grateful to my colleagues on both sides of the aisle for coming together to honor our commitment to the brave men and women who have given so much to our country.”

“When we ask servicemembers to put their lives on the line for our country, we promise to have their backs. We must take care of their families and loved ones in the event of tragedy,” said Rep. Strickland. “This bill makes it clear that Congress stands by our military families.”

“We must ensure our veterans receive the benefits they’ve rightfully earned,” said Rep. Self. “This bill requires the Department of Veterans Affairs to review and adjust the maximum coverage for servicemembers’ and Veterans’ Group Life Insurance programs to keep pace with inflation, ensuring these benefits keep pace with rising costs.”

Background:

The Fairness for Servicemembers and their Families Act would help ensure the maximum group insurance available to service members and veterans account for increases in cost of living. From 2006 to 2023, the maximum insurance value available for service members and veterans remained static, lagging far behind inflation rates. This bill would strengthen the financial safety net for veterans, service members, and their families by requiring a report to the U.S. Veterans Affairs Department, the Senate Committee on Veterans’ Affairs, and the House Committee on Veterans’ Affairs regarding cost of living increases and inflation rates every five years to ensure they don’t go years without assessing inflation rates.

MIL OSI USA News –

February 5, 2025
MIL-OSI Australia: Dumaresq Overflow Channel Bridge back in business

Source: New South Wales Government 2

Headline: Dumaresq Overflow Channel Bridge back in business

Published: 5 February 2025

Released by: Minister for Emergency Services, Minister for Regional Transport and Roads

Motorists west of Tenterfield will soon have improved access on Bruxner Way with the completion of work to rebuild the Dumaresq Overflow Channel Bridge following serious damage in the March 2021 flooding event.

Bruxner Way is a regional road linking Tenterfield to Boggabilla and Goondiwindi, and services a largely agricultural region, with vehicles forced to use a single lane side road under traffic control since the bridge was washed away.

Work started in May 2023 and included the demolition of the damaged bridge and approach embankments, reconstruction and rehabilitation of the channel and surrounding riverbanks, and installation of steel guardrail.

This project was jointly funded by the Commonwealth Government, with Tenterfield Shire Council, Transport for NSW and the NSW Reconstruction Authority, contributing through a NSW Government Tripartite funding initiative. This type of agreement reduces the financial pressure on councils, providing advanced funding and ensuring faster repairs for communities.

Work to build the new bridge was carried out for Tenterfield Shire Council by Transport for NSW and was jointly funded through the federal-state Disaster Recovery Funding Arrangements.

The new three-span concrete bridge opened in an event yesterday attended by Parliamentary Secretary for Disaster Recovery Janelle Saffin, Tenterfield Mayor Bronwyn Petrie, and representatives from Transport for NSW.

More information about Council projects is available at https://www.tenterfield.nsw.gov.au/

Quotes attributable to Federal Minister for Emergency Management, Jenny McAllister:

“We know that the consecutive flooding events across 2021 and 2022 had a significant impact on communities across northern NSW.

“The Albanese and Minns Governments are working together to not just rebuild assets damaged across these flooding events, but where possible to build back in a way that makes infrastructure more resilient, reducing the impact of future disasters.

“The completed Dumaresq Overflow Channel Bridge means that residents and local agribusiness have an easier and quicker regional access.”

Quotes attributable to NSW Minister for Emergency Services, Jihad Dib:

“Northern NSW continues to build back its essential infrastructure following the devasting flood events that caused billions of dollars in damage across the region.

“It’s vital we restore infrastructure damaged by natural disasters.

“This is a great example of three levels of government working together to ensure residents, businesses, and visitors are all able to drive safely on these roads once more.”

Quotes attributable to NSW Minister for Regional Transport and Roads, Jenny Aitchison:

“The NSW Government is pleased to be working with our Federal and local government colleagues to help restore access via the Dumaresq Overflow Channel Bridge.

“Residents in northern NSW have proven how resilient they can be in the face of the destruction they experienced in these significant flood events.

“It’s great that this project will once again allow vehicles to access Bruxner Way.”

Quotes attributable to NSW Parliamentary Secretary for Disaster Recovery and Member for Lismore, Janelle Saffin:

“I’m glad to be here today to be able to attend the official bridge reopening.

“Locals and visitors who use this road will be delighted that work on this bridge has been completed, providing access for residents, agriculture, business and tourism in this part of the world.

“As recovery and rebuilding continues, this project is another example of the hard work being done by all levels of government to aid those who rely on the local road network every day.

“I’d like to thank Tenterfield Council and Transport for NSW for getting this finished to such a high standard.”

Quotes attributable to Tenterfield Shire Mayor Bronwyn Petrie:

“We are pleased to see the reopening of the bridge on the Bruxner Way, west of Tenterfield, which is a significant regional and interstate road.

“It has been nearly four years since the embankments were washed away in a devastating flood in March 2021, requiring road users to use a detour subject to closure during flood events, disrupting local traffic and heavy freight transport.

“Tenterfield Shire Council greatly appreciates the disaster funding from the State and Federal governments to enable the rebuild and expresses our thanks to Transport for NSW and contractors for their work on the reconstruction.”

MIL OSI News –

February 5, 2025
MIL-OSI Australia: Additional support for healthcare students and graduates from Rural, Regional and Remote locations
Source: New South Wales Government 2

Headline: Additional support for healthcare students and graduates from Rural, Regional and Remote locations

Published: 5 February 2025

Released by: Minister for Regional Health, Minister for Regional NSW

Healthcare students and graduates living or seeking employment in rural, regional and remote NSW can now apply for 9 types of scholarships designed to support their studies and boost the state’s regional health workforce.
Minister for Regional Health Ryan Park today opened the first round of the NSW Government’s $5 million Rural and Regional Health Career Scholarships Program for 2025, which support Students of Nursing, Midwifery, Medicine, Dentistry and Allied Health.

Applications are now open for the Diploma of Nursing Rural Travel Support Incentive, which provides financial travel assistance for Diploma of Nursing students from a rural area (Modified Monash Model locations 3 or above) and live more than 100km (one way) from the Registered Training Organisation. Eligible students can apply for a travel incentive of $5,000 to go towards the cost of travel and accommodation related to their Diploma of Nursing studies.

Applications are also open for the New Graduate Nursing and Midwifery Rural Support Incentive, which provides a one-off payment of $1,000 to support relocation costs for non-local graduate registered nurses and midwives seeking employment in identified rural or remote LHD locations.

These scholarships are expected to support more than 1,100 healthcare workers.

The full list of scholarships include:
- Diploma of Nursing Rural Travel Support Incentive
- New Graduate Nursing and Midwifery Rural Support Incentive
- Allied Health Rural Generalist Program (Level 1) Scholarship
- Allied Health Rural Generalist Diploma Rural Practice (Level 2) Scholarship
- Rural Allied Health Assistant Scholarship
- Aboriginal Rural Allied Health University Student Scholarship
- Supporting Entry into University Medicine or Dentistry Scholarship (GAMSAT)
- Supporting Entry into University Medicine or Dentistry Scholarship (UCAT)
- Getting Started in Medicine Scholarship for First Year Students
For more information on the $5 million Rural and Regional Health Career Scholarships Program, including eligibility criteria and opening dates, visit the NSW Health website.

These scholarships build on a series of measures The Minns Labor Government has introduced to strengthen the state’s health workforce including:
- Implementing the Safe Staffing Levels initiative in our emergency departments
- Providing permanent funding for 1,112 FTE nurses and midwives on an ongoing basis
- Abolishing the wages cap and delivering the highest pay increase in more than a decade for nurses and other health workers
- Investing an additional $200.1 million in key worker accommodation
- Beginning to roll out 500 additional paramedics in regional, rural and remote communities
- Boosting subsidies for regional health workers.
Quotes attributable to Minister for Regional Health Ryan Park:

“Staffing our regional, rural and remote healthcare facilities is a major challenge.

“This year the program is expected to support 150 nursing and midwifery students, 100 medical and dentistry and 35 allied health students from regional, rural and remote locations while they undertake their healthcare studies.

“This Program is helping to strengthen our regional, rural and remote health workforce in NSW, which will result in improved experiences for patients living in these locations.”

Quotes attributable to Minister for Regional NSW Tara Moriarty:

“Ensuring rural and regional communities have access to the best healthcare is a key priority for the Minns Government and also a significant challenge.

“These scholarships are not just a great opportunity for regional and rural students looking for a career in healthcare, but they will also play a part in helping recruit and retain healthcare workers in our regional communities.”
MIL OSI News –
February 5, 2025
MIL-OSI New Zealand: Government Cuts – Govt must re-employ science staff about to be axed from Callaghan Innovation – PSA

Source: PSA

Some 75 highly skilled science staff at Callaghan Innovation are being left high and dry and without a job by the Government’s decision to axe funding for Callaghan Innovation in June it has been revealed today.

The NZ Herald has reported that new Science Minister Shane Reti wrote to Callaghan Innovation last month saying funding will end in June and detailing the transfer of functions to other existing agencies following the recent science system restructure.

Callaghan Innovation is being scrapped under plans to merge other agencies into three new Public Research Organisations (PRO) over the next 12 – 18 months, alongside the establishment of a fourth, new PRO looking at Advanced Technology. But at least 75 science and research staff at Callaghan risk being lost to the science system.

“The Minister should order MBIE to immediately set up a process to retain these specialist scientists until the fourth PRO focused on their skills is set up or they will be lost to countries overseas which value science,” said Fleur Fitzsimons Acting National Secretary for the Public Service Association for Te Pūkenga Here Tikanga Mahi.

“There are people working in medical technology, artificial intelligence, biotechnology, and other areas of technology which are of great value to New Zealand.”

The Government announced last month it will set up a new Advanced Technology Public Research Organisation, focused on the same areas of science, but this will not be established until next year.

“The Government risks no-one being able to do this job and be forced to recruit offshore,” said Fitzsimons. “So much for science growing the economy that it talks about. It’s astonishing that the Government is pressing ahead with closure without a plan for these dedicated science staff.

PSA delegate and Callaghan Innovation scientist Ben Wyle van Eerd said; “We’re not even being given the chance to apply for a position – it’s so upsetting given all we have done for science. It just feels like the Government is saying there’s no future here in New Zealand for me or my colleagues.”

Fleur Fitzsimons said the new Ministers appeared not to have read the advice of the Science System Advisory Group which recommended that ‘actions will be needed at multiple levels to develop and retain a high calibre workforce of researchers, scientists, innovators and entrepreneurs’

[See para 26 p10 of Science System Advisory Group report]

“This will be a brain drain of the Government’s own making – how can the Government expect these people to hang around with no income waiting for the new research organisation to be set up?

“The PSA calls on new Minister Shane Reti to do what was recommended and retain this highly skilled workforce before lasting damage is done to our science system by losing this talented workforce.”

Previous PSA statement

24 January New Science Minister must guarantee no further cuts to science jobs (ref. https://www.psa.org.nz/our-voice/new-science-minister-must-guarantee-no-further-cuts-to-science-jobs/ )

The Public Service Association Te Pūkenga Here Tikanga Mahi is Aotearoa New Zealand’s largest trade union, representing and supporting more than 95,000 workers across central government, state-owned enterprises, local councils, health boards and community groups.

MIL OSI New Zealand News –

February 5, 2025
MIL-OSI: Constellation Software Inc. and Topicus.com Inc. announce execution of Treasury Shares Purchase Agreement

Source: GlobeNewswire (MIL-OSI)

TORONTO, Feb. 04, 2025 (GLOBE NEWSWIRE) — Constellation Software Inc. (TSX: CSU) and Topicus.com Inc. (TOI.V) today announced that Topicus’ subsidiary, Yukon Niebieski Kapital B.V. (“Yukon”), has entered into a share purchase agreement with Asseco Poland S.A. (the “Company”) and the Adam Góral Family Foundation (“AG”) for Yukon’s acquisition of 12,318,863 treasury shares held by the Company. These shares represent 14.84% of the Company’s share capital and will be purchased at a price of PLN 85 per share (the “Treasury Shares Purchase Agreement“). The completion of the Treasury Shares Purchase Agreement remains subject to obtaining relevant regulatory and antitrust approvals.

This transaction follows Topicus.com Inc.’s announcement on January 31, 2025, regarding its purchase of 9.99% of the issued shares in the Company from Cyfrowy Polsat S.A. at the same price per share. Additionally, on February 3, 2025, Topicus.com Inc. disclosed that Yukon and TSS Europe B.V. (“TSS”) had signed a shareholders’ agreement with the AG, governing their cooperation as shareholders in the Company. The effectiveness of this shareholders’ agreement is contingent upon the completion of Treasury Shares Purchase Agreement.

About Asseco Poland S.A.

Asseco Group is a federation of companies engaged in information technology and operates in 62 countries worldwide. Asseco Group companies are listed on the Warsaw Stock Exchange, Tel-Aviv Stock Exchange as well as on the American NASDAQ Global Markets. Asseco Group offers comprehensive, proprietary IT solutions for all sectors of the economy.

About Adam Góral Foundation

The Adam Góral Family Foundation is a family foundation established by Adam Góral, CEO of Asseco Poland. It operates in accordance with the Polish Family Foundation Act and is registered in Rzeszów, Poland.

About Topicus.com

Topicus.com Inc. is a leading pan-European provider of vertical market software and vertical market platforms to clients in public and private sector markets. Operating and investing in countries and markets across Europe with long-term growth potential, Topicus.com Inc. acquires, builds and manages leading software companies providing specialized, mission-critical and high-impact software solutions that address the particular needs of customers.

For further information, contact:

Topicus.com Inc.
Jamal Baksh, Chief Financial Officer
416-861-9677
Email: jbaksh@csisoftware.com

About Constellation Software Inc.

Constellation acquires, manages and builds vertical market software businesses that provide mission-critical software solutions.

For further information, contact:

Constellation Software Inc.
Jamal Baksh, Chief Financial Officer
416-861-9677
Email: jbaksh@csisoftware.com

The MIL Network –

February 5, 2025
MIL-OSI USA: Senator Murray Statement on Voting Against Doug Collins for VA Secretary, Reports of DOGE at VA

US Senate News:

Source: United States Senator for Washington State Patty Murray

Murray: “We should all be deeply concerned about what it could mean to give Elon Musk and his cronies free rein at VA—I am already hearing that DOGE may have barged into VA today. Musk and his associates already have the personal financial information of every veteran receiving disability or education benefits because of their illegal data mining at the Department of Treasury. Will they now look at private health records of veterans? What else will they do that could put the health and safety of our veterans at risk? If Vought and Musk push to cut veterans benefits and limit healthcare eligibility as Project 2025 has outlined—would Doug Collins stand up to them?”

Washington, D.C. – Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee and a senior member and former Chair of the Senate Veterans Affairs Committee, released the following statement after voting no on the nomination of Doug Collins to serve as Secretary of Veterans Affairs:

“Right now, the Trump administration is illegally withholding funding from communities across America, and they are ransacking and effectively gutting entire federal agencies—this kind of lawlessness is putting our economy, national security, and future at risk.

“Today I voted NO to confirm Doug Collins as VA Secretary because at this point I have not seen a single cabinet secretary stand up to Trump’s illegal power grab. We should all be deeply concerned about what it could mean to give Elon Musk and his cronies free rein at VA—I am already hearing that DOGE may have barged into VA today. Musk and his associates already have the personal financial information of every veteran receiving disability or education benefits because of their illegal data mining at the Department of Treasury. Will they now look at private health records of veterans? What else will they do that could put the health and safety of our veterans at risk? If Vought and Musk push to cut veterans benefits and limit healthcare eligibility as Project 2025 has outlined—would Doug Collins stand up to them? If this administration continues to press VA doctors, nurses, and support staff to resign—will Collins push back? I cannot confidently say he would.

“I had a productive meeting with Mr. Collins prior to his hearing and we will need to work together on many issues, including getting the Electronic Health Record system fixed, but I cannot vote to confirm him as Trump dismantles government and breaks the law. As I work with Mr. Collins to support our veterans, I will also be pressing him to follow the laws as intended by Congress.”

Senator Murray was the first woman to join the Senate Veterans’ Affairs Committee and the first woman to chair the Committee—as the daughter of a World War II veteran, supporting veterans and their families has always been an important priority for her. Senator Murray has fought throughout her career for increased benefits for veterans, housing assistance, better access to veterans’ clinics throughout Washington state, and more accountability from the VA.

Advocating for women veterans in particular has been a longtime focus for Senator Murray, and as Chair of the Senate Veterans’ Affairs Committee in 2010, Senator Murray passed her landmark Women Veterans Health Improvement Act into law. Murray has worked to permanently authorize the VA child care pilot program to increase access to free, quality child care for veterans during their appointments, make much-needed improvements to the women veterans call center, and fix a loophole that left veterans footing the bill for medically-necessary emergency newborn transportation that VA should be covering. Murray introduced and helped pass the Deborah Sampson Act, legislation to address gender disparities at VA that established a dedicated Office of Women’s Health at VA and required every VA health facility to have a dedicated women’s health primary care provider, among other things. Murray also helped to pass the MAMMO Act to expand access to high-quality breast cancer screening and treatment services for veterans. Senator Murray leads the Veteran Families Health Services Act, comprehensive legislation that would expand fertility treatments—including IVF—and family-building services for servicemembers and veterans who are unable to conceive without assistance, and she has sought unanimous consent to pass the legislation on multiple occasions. Last March, Murray applauded VA’s move to expand IVF services to eligible unmarried veterans and eligible veterans in same-sex marriages, and allowing veterans to use donated gametes in IVF services.

Senator Murray has been conducting oversight on the flawed Electronic Health Record system rollout in Washington state since the Trump Administration first negotiated the contract with Cerner (later acquired by Oracle), and at every point in the process since then. Murray has consistently pushed VA on its failed implementation of EHR—conducting oversight, holding the administration accountable, and calling on VA to halt deployment of EHR until they get it right in Washington state. In March 2023, Murray introduced comprehensive legislation that would require VA to implement a series of EHR reforms to better serve veterans, medical personnel, and taxpayers. In the Fiscal Year 2024 funding bills, Senator Murray negotiated and passed as Chair of the Appropriations Committee stronger language to hold VA and Cerner accountable for the rollout of the EHR system, and in May 2024, she sent a letter urging VA to consider feedback on the system from providers and veterans in Spokane and Walla Walla and reiterating that VA must not move forward on the rollout of EHR until the myriad issues that have plagued the system in the locations where it has been launched are fixed.

MIL OSI USA News –

February 5, 2025
MIL-OSI USA: Hickenlooper, Bennet, Colleagues Call on Trump Admin to Address the Illegal Effort to Dismantle USAID
US Senate News:
Source: United States Senator John Hickenlooper – Colorado

WASHINGTON – Today, U.S. Senators John Hickenlooper, Michael Bennet, and Tim Kaine, along with 35 of their Senate colleagues, sent a letter to Secretary of State Marco Rubio expressing their deep concern regarding the illegal attempt by Department of Government Efficiency (DOGE) officials to dismantle the U.S. Agency for International Development (USAID).

“We are deeply concerned by reports of not only growing chaos and dysfunction at the Department of State, but the Administration’s brazen and illegal attempts to destroy the U.S. Agency for International Development (USAID),” wrote the senators. “Mass personnel furloughs of dubious legality and abrupt, blanket stop-work orders without regard to relevant appropriations laws are causing immediate harm to U.S. national security, placing U.S. citizens at risk, disrupting life-saving work and breaking the U.S. government’s contractual obligations to private sector partners.”

The senators continued: “The Administration’s failure to consult with Congress prior to taking these steps violates the law and impedes Congress’s constitutional duty to conduct oversight of funding, personnel and the nation’s foreign policy.”

USAID is a critical pillar of U.S. national security strategy, providing lifesaving aid and development support around the world.

This week, USAID workers were denied access to the agency’s headquarters and the White House threatened to close the agency and move it under the State Department without the necessary congressional approval. The administration has also furloughed thousands of senior career civil servants, including two top security officials who had denied DOGE officials access to classified documents and systems without the proper clearances.

In their letter, the senators called on Secretary Rubio to address the dysfunction created by these illegal actions and clarify the status of the funding that’s been legally approved by Congress.

Full text of the letter available HERE and below.

Dear Secretary Rubio:

The effective administration of U.S. foreign assistance is critical to advancing core U.S. national security priorities, including countering the influence of China, Russia and Iran. As you acknowledged at your confirmation hearing, pushing back on China in particular is a top bipartisan priority.

As such, we are deeply concerned by reports of not only growing chaos and dysfunction at the Department of State, but the Administration’s brazen and illegal attempts to destroy the U.S. Agency for International Development (USAID). Mass personnel furloughs of dubious legality and abrupt, blanket stop-work orders without regard to relevant appropriations laws are causing immediate harm to U.S. national security, placing U.S. citizens at risk, disrupting life-saving work and breaking the U.S. government’s contractual obligations to private sector partners.

The Administration’s failure to consult with Congress prior to taking these steps violates the law and impedes Congress’s constitutional duty to conduct oversight of funding, personnel and the nation’s foreign policy. The Administration’s failure to expend funds appropriated on a bipartisan basis by Congress would violate the Impoundment Control Act.

Foreign assistance is critical to supporting U.S. strategic interests around the world. Foreign assistance protects U.S. national security, advances U.S. values, and ensures the U.S. is the partner of choice for everything from defense procurement to cutting edge scientific research. China, Russia and Iran are already moving rapidly to exploit the vacuum and instability left by the U.S.’s sudden global retreat.

Every Administration has the right to review and adjust ongoing assistance programming. However, attempting to arbitrarily turn off core functions of a critical U.S. national security agency, without Congressional consideration or any metric-based review and absent legal authority to do so, is unprecedented and deeply disturbing.

We request immediate clarification on the following:

Status of USAID:
- Confirmation of your understanding that any effort to abolish USAID or merge USAID into the Department of State absent Congressional consultation and approval is illegal.
- Confirmation of your understanding that adversaries such as China, Russia and Iran are quickly moving into the vacuum left by suspended USAID programs.
- The Department of State’s assessment of Mr. Elon Musk’s financial ties to China and the impact of these ties to the decision-making process of Mr. Musk and his employees.
- Confirmation that neither you nor any member of your leadership team are taking direction from Mr. Musk with regards to the work of the Department of State or USAID, personnel or financial decisions for either agency, or any other matters relevant to U.S. national security.
- Confirmation of the names and employment status of individuals directed by Mr. Musk to engage with USAID staff, the qualifications of these individuals, and the level of their security clearances – if any.
Personnel:
- Confirmation of your understanding that any unauthorized access by or disclosure of classified information to individuals without appropriate security clearance could be considered a criminal offense.
- The legal authority and rationale under which, on January 28, more than 50 senior career civil and foreign service USAID officials were placed on administrative leave. This move was not only unprecedented, but also inconsistent with the Office of Personnel Management’s own guidelines for the use of administrative leave.
- The legal authority under which, on January 28, approximately 390 USAID Institutional Support Contractors (ISCs) were given stop-work orders, and clarification of which Administration official directed the implementation of this termination.
- Whether any Department of State career civil and foreign service or contractors have been placed on administrative leave or removed from their roles as a result of or relating to the assistance freeze or any directives from the Office of Foreign Assistance.
- Clarification of which Administration official directed the implementation of this mass furlough.
- Clarification of whether these individuals were directed to be terminated without cause.
- Confirmation that personnel will not face retaliation or retribution for performing their duties under the previous Administration’s policy direction.
- Under what authorities and by which official’s directive career civil service, foreign service, and Personal Services Contractors (PSC), and those under other hiring authorities have been removed from their roles or limited in their ability to execute their work.
- Confirmation that further career civil service, foreign service and USAID contractors will not be removed from their roles without cause or receive stop work orders.
- Whether, upon full resumption of legally mandated foreign assistance activities, the Administration intends to re-hire contractors who have been removed from their roles.
- Any additional guidance provided to State and USAID staff regarding the foreign assistance freeze, including confirmation of whether direct hires, contractors, or implementing organizations have been directed not to speak publicly about the foreign assistance freeze.
- Public identification of the individual currently serving as the Director or Acting Director of the State Department’s Office of Foreign Assistance and as Acting Deputy Administrator of USAID, and the dates upon which this individual was appointed to each position.
- Confirmation of your understanding that the State Department’s Director of Foreign Assistance has no authority to issue personnel directives for USAID.
Resumption of Foreign Assistance:
- The specific process and anticipated timeframe for activities to receive exemptions or waivers, as referenced in your January 28, 2025 directive to State and USAID staff.
- The mechanisms and metrics established for this waiver process.
- The timeline for full resumption of legally mandated foreign assistance activities.
- Clarification of what risk assessment or analysis of potential risk to U.S. national security interests were conducted prior to the decision to freeze foreign assistance activities.
- Confirmation of the Department of State’s obligation to comply with U.S. contract law and your responsibility as Secretary of State ensure the Department honors its commitments to contracting partners.
We welcome your urgent attention to these questions. We and our staff stand ready to work with you to ensure U.S. foreign assistance funding continues to be deployed effectively to protect American citizens, at home and abroad.

Respectfully,
MIL OSI USA News –
February 5, 2025
MIL-OSI USA: Jefferson, U.S. Economic Outlook and Monetary Policy

Source: US State of New York Federal Reserve

Thank you, Professor Smith. It is an honor to be speaking to you today here at Lafayette College.1 I am glad to have the opportunity to return to such a historically important place as Easton, Pennsylvania, and the Lehigh Valley. This area was part of this country’s colonial beginnings, it was instrumental in the rising of the industrial age, and, as the home to Crayola, it very literally played a role in coloring how we see the world. Today, this region is leading the way forward with its many outstanding institutions of higher education, very prominently including, of course, Lafayette College.

Today, I would like to take this opportunity to share with you my outlook for the U.S. economy and my views of appropriate monetary policy. This is a useful time to do that, as my colleagues and I on the Federal Open Market Committee (FOMC), the Federal Reserve’s primary monetary policymaking body, held our first meeting of 2025 just last week.
Overall, the U.S. economy is starting the year in a good position. I expect inflation’s slow descent to continue, and I anticipate that economic growth and labor market conditions will remain solid. I have learned, however, that it is wise to be humble about my projections. There is always a great deal of uncertainty around any economic forecast, and currently we face additional uncertainties about the exact shape of government policies, as well as their economic implications.
Last week, my FOMC colleagues and I discussed the latest economic developments and reviewed data that arrived since our previous policy meeting in December. At the conclusion of that meeting, I voted in support of the Committee’s decision to maintain the target range for the federal funds rate at 4-1/4 to 4-1/2 percent. This decision was made in support of our goals to achieve maximum employment and inflation at the rate of 2 percent over the longer run. I remain focused on setting policy to achieve the dual-mandate goals given to us by Congress: maximum employment and stable prices. Sound monetary policy and positive supply-side developments have contributed to the achievement of sustained economic growth in recent years, the return of low unemployment, and inflation moving sustainably toward our 2 percent objective. I remain committed to returning inflation to our target while sustaining the solid labor market. Now is an appropriate time to assess the path forward for the economy. I am happy to be here today to share my views with you.
Economic ActivityThe U.S. economy appears to be maintaining its momentum after growing at a solid pace last year. Last year’s growth was notable because many private forecasters in 2023 projected a significant downturn sometime in 2024.2 However, data over the past year painted a very different picture. GDP grew 2.3 percent in the fourth quarter of 2024, according to last week’s data release.3 As you can see in figure 1, that extends a stretch of solid quarterly growth over the past couple of years. Shortly, when I discuss the labor market, I will say more related to the large swing in GDP growth in 2020 that stands out in this chart. For all of 2024, the economy grew 2.5 percent, which is a modest slowing from the 3.2 percent growth in 2023. The economy has been benefiting from positive supply developments, including more workers joining the labor force and higher labor productivity.
The resilience of American consumers is the driving force behind the solid economic growth seen in recent quarters. Household spending, adjusted for inflation, grew 3.2 percent in 2024, slightly stronger than in 2023. The consumer spending data we have received recently have surprised me to the upside. As you can see in figure 2, personal consumption increased at a faster pace each quarter last year. Nominal retail sales rose briskly in the second half of last year. Private-sector data are consistent with GDP figures. According to private surveys of businesses, activity in the services sector, which accounts for about two-thirds of all consumer spending, has been on a general upward trajectory since mid-2020.4
Elsewhere in the economy, growth has been less robust. Residential investment has been fairly flat over the past three quarters, and growth of business fixed investment cooled last year from its strong 2023 pace. Much of the equipment investment that did take place came from imports. Indeed, domestic manufacturing industrial production was flat last year. Overall, I see the economy as continuing to grow at a healthy pace this year, though I anticipate growth to be slightly lower than what we observed in 2024. Households and firms face an uncertain environment, and that tends to lower consumer spending and business investment. If consumer spending continues to grow at the same pace as it has in the past two years, however, that could cause me to revise up my outlook for overall economic growth.
Labor MarketTurning to employment, I see the labor market as being in a solid position, with conditions broadly returning to balance after a period of being overheated. It’s helpful to step back and look at the labor market’s path over the past five years. Looking at figure 3, you can see that the unemployment rate surged in early 2020, peaking at 14.8 percent in April 2020, when the COVID-19 pandemic first took hold and a wide swath of the global economy was shutdown. The unemployment rate subsequently fell swiftly as the economy recovered. By April 2023, it touched 3.4 percent, a half-century low. At that point, many employers reported that they were struggling to fill openings. Then, over the latter part of 2023 and early 2024, the unemployment rate rose nearly a percentage point, an unusual pattern outside of a recession. As a policymaker, I took note of this rise when considering our dual-mandate objectives. Now, I have also taken note that the unemployment rate has effectively held steady since the middle of last year. I view that as a sign that downside risks in the labor market have abated.
The latest jobs report showed that the unemployment rate was 4.1 percent in December, the same reading as in June 2024.5 That is low by historical standards and close to estimates of the longer-run rate that is consistent with our employment mandate. In the three months ending in December, payrolls rose by an average of 170,000 jobs a month. While employment growth has eased somewhat from the early part of last year, the steady unemployment rate suggests that payroll gains have been sufficient to absorb new entrants to the labor market. The general moderation in hiring is consistent with other measures showing that the demand for labor has come into better balance with the supply of workers.
Looking at figure 4, you can see that as of November, there were 1.2 job openings for every unemployed person seeking work. That ratio is down from 2.0 in 2022, when the labor market was overheated. Also notice that the current vacancy-to-unemployment ratio is just a little below its value before the pandemic took hold. And while hiring has eased from the pace in 2023, layoffs have not increased. As you can see in figure 5, the number of Americans seeking first-time unemployment benefits has trended at historically low levels for the past three years. Consistent with a moderation in hiring and a steady unemployment rate, workers’ wage gains have slowed from when the labor market was overheated. Still, the pace of increase in average hourly earnings has been healthy, increasing 3.9 percent during the 12 months ending in December, and shows that, on average, worker pay has grown at a faster rate than the rate of inflation.
Looking broadly across the past several months, I see a labor market that is in solid condition and not a source of significant inflationary pressure. While the downside risks of a rapidly weakening labor market appear to have lessened, I expect some further softening that could cause the unemployment rate to edge just slightly higher this year but stay in a range consistent with recent readings.
InflationThinking about the other component of our dual mandate, inflation has come down a great deal over the past two and a half years but remains somewhat elevated relative to our 2 percent objective. Inflation, as measured by the 12-month change in the personal consumption expenditures (PCE) price index, peaked at 7.2 percent in June 2022. Looking at the blue line in figure 6, you can see that it has since come down to 2.6 percent as of this past December. Economists also pay close attention to core inflation, which excludes often volatile food and energy costs. That core PCE inflation figure, shown by the red dashed line, peaked at 5.6 percent in 2022. By December 2024, it had eased to 2.8 percent. Annualized inflation over the past three months has been closer to our 2 percent objective. As you can see, the path of disinflation has been bumpy. I expect that to continue to be the case.
I find it helpful to look at the components of inflation to better understand underlying trends. Looking at figure 7, core goods inflation, the blue line, is running close to pre-pandemic levels, reflecting a better alignment between supply and demand after pandemic-related distortions. Nonhousing services inflation, the red dashed line, has cooled largely in line with slower wage growth. Housing services inflation, the purple dotted line, remains somewhat elevated, but I expect more progress in that category as the earlier slowing in growth of rents for new tenants feeds through into growth of average rents.6
With supply and demand conditions having moved into better balance, wage growth slowing to a more sustainable pace, and longer-term inflation expectations remaining well anchored, I see a path for inflation to continue its progress toward our longer-run goal. While the easing of overall inflation in recent years has been encouraging, the fact is that it remains above our 2 percent objective. Monthly inflation readings tend to be volatile, consistent with the bumpy path I described, but the 12-month readings have held in a fairly consistent range somewhat above our target over the second half of last year.
Monetary PolicyIn the current environment, I attach a high degree of uncertainty to my projections. As I have already mentioned, there have been notable recent instances where forecasters have been surprised. That said, I see the risks to achieving our employment and inflation goals as being roughly in balance, and I am attentive to the risks to both sides of our mandate. That better balanced position is partly a result of the monetary policy actions over the past few years, which I will review briefly.
As you can see in figure 8, the FOMC responded to elevated inflation by raising the policy rate 5-1/4 percentage points over about 15 months, starting in March 2022, and then holding the rate at that restrictive level for more than a year. This contributed to inflation easing from a 40-year high to near current levels while maintaining a solid labor market. That outcome was historically unusual but greatly welcomed. By September of last year, I had growing confidence that with an appropriate recalibration of our policy stance, strength in the labor market could be maintained in a context of moderate economic growth and inflation moving sustainably down to 2 percent. The FOMC reduced the federal funds rate by a full percentage point over the course of our final three meetings last year. As a result of those actions, our policy stance is now significantly less restrictive than it was when we began lowering the federal funds rate. Given current economic conditions—specifically, inflation that remains modestly above our target and a labor market that is solid—and my projections of future economic conditions, I voted last week to maintain our current policy stance. As long as the economy and labor market remain strong, I see it as appropriate for the Committee to be cautious in making further adjustments.
Over the medium term, I continue to see a gradual reduction in the level of monetary policy restraint placed on the economy as we move toward a more neutral stance as the most likely outcome. That said, I do not think we need to be in a hurry to change our stance. In considering additional adjustments to the federal funds rate, I will carefully assess incoming data, the evolving outlook, and the balance of risks. As is always the case, monetary policy is not on a preset course. To that end, I could envision a range of scenarios for future policy. For example, if the economy remains strong and inflation does not continue to move sustainably toward 2 percent, we can maintain policy restraint for longer.
Alternatively, if the labor market were to weaken unexpectedly or inflation were to fall more quickly than anticipated, it may be appropriate to reduce the policy rate more quickly. Our current stance of policy is well positioned to deal with the risks and uncertainties that we face in pursuing both sides of our dual mandate.
As I conclude, I want to assure you that I am mindful that monetary policy decisions affect communities, families, and businesses across the country. I highly value opportunities to visit places like Lafayette College and Easton to share my views, hear from you, and see how the economy is experienced firsthand in your community. I remain fully committed to supporting maximum employment and bringing inflation sustainably to our 2 percent goal. Our success in delivering on these goals matters to all Americans.
Thank you.

1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text
2. See Harriet Torry and Anthony DeBarros (2023), “A Recession Is No Longer the Consensus,” Wall Street Journal, October 15. Return to text
3. See Bureau of Economic Analysis (2025), “Gross Domestic Product, 4th Quarter and Year 2024 (Advance Estimate) (PDF),” news release, January 30. Return to text
4. See the December 2024 Services ISM Report on Business, which is available on the Institute for Supply Management’s website at https://www.ismworld.org/supply-management-news-and-reports/reports/ism-report-on-business/services/december. Return to text
5. See Bureau of Labor Statistics (2025), “The Employment Situation—December 2024 (PDF),” news release, January 10. Return to text
6. See Philip N. Jefferson (2024), “U.S. Economic Outlook and Housing Price Dynamics,” speech delivered at the Mortgage Bankers Association’s Secondary and Capital Markets Conference and Expo 2024, New York, May 20. Return to text

MIL OSI USA News –

February 5, 2025
MIL-OSI China: Spring Festival boosts travel, consumption

Source: China State Council Information Office 2

People walk past a movie poster at a cinema in Shenyang, northeast China’s Liaoning Province, Feb. 4, 2025. [Photo/Xinhua]
As China wraps up its 8-day Spring Festival holiday celebrating the start of the Year of the Snake, the world’s second-largest economy has witnessed shopping and travel booms ignited by hundreds of millions of Chinese people’s family reunions.
This year’s holiday, from Jan. 28 to Feb. 4, marks the second consecutive year that people in China have experienced an extended public holiday. People flocked to tourist destinations, enjoyed cultural experiences and indulged in holiday shopping.
With a string of holiday-targeted domestic blockbusters bringing numerous moviegoers to cinemas across China, the country’s film industry proved to be one of the biggest winners during this Spring Festival consumption spree.
From Jan. 29 to Feb. 3, the daily box office exceeded 1 billion yuan (nearly 140 million U.S. dollars) for six consecutive days, bringing China’s box office revenue for the 2025 Spring Festival holiday to 8.02 billion yuan, a new record for the same period in the country’s film industry history.
Meanwhile, according to data from the China Film Administration, China’s total box office in 2025, including real-time presales, has surpassed 10 billion yuan, ranking it first globally.
Notably, the films on the top of the box office chart were all domestic productions, with “Ne Zha 2,” the animated sequel to the 2019 hit, earning over 3.8 billion yuan.
While cinema boomed during the holiday, so did travel and leisure activities across China. Many chose to explore the country’s natural beauty and cultural heritage in person.
In China’s top ski destination, Altay Prefecture, northwest China’s Xinjiang Uygur Autonomous Region, the period from Jan. 28 to 31 saw 191,900 visitors, generating 225 million yuan in tourism revenue.
Skiing has definitely become the most popular activity in Altay during the holiday, with a record number of skiers — over 10,000 — visiting the Jiangjunshan ski resort on Feb. 2, marking a 23 percent increase from the previous year.
Situated at 45 to 47 degrees north latitude, Altay enjoys 170 to 180 days of snowfall annually. In mountainous areas, snow depths average 1 to 2 meters. The terrain is ideal for skiing due to vertical drops of over 1,000 meters.
“The resort offers many terrain parks and creative features suitable for all levels, making it a great place for everyone to enjoy and challenge themselves,” said Zhang Zhujun, a snowboarding enthusiast at the resort.
Far to the south, the picturesque Yangshuo County, Guangxi Zhuang Autonomous Region, draws large numbers of domestic and international visitors with its unique natural scenery and rich cultural activities. From Jan. 28 to 30, the county welcomed an estimated 410,600 tourists, generating tourism revenue of 589 million yuan.
Lhasa, the capital city of southwest China’s Xizang Autonomous Region, has also seen a surge in visitors. From Jan. 28 to Feb. 3, the city received 1.95 million tourists, up by 20.6 percent year on year, grossing a total tourism revenue of nearly 1.76 billion yuan, a 14.75 percent year-on-year rise, according to Lhasa’s municipal bureau of culture and tourism.
Travel booking platforms echoed the overall trend, with data from Fliggy, a leading online travel agency, showing a surge in bookings, especially from cities like Shanghai, Beijing and Guangzhou. International travel orders increased significantly, with international cruise bookings up more than sixfold compared to the previous year.
Shanghai Airport Group reported that passenger traffic on Sunday hit a new all-time high of 404,000 people, with Pudong airport seeing 259,000 passengers and Hongqiao airport 145,000.
As the holiday drew to a close, airports and transportation hubs in Shanghai braced for the return of travelers, with heightened coordination of metro, bus and taxi services to ensure smooth transportation, said the group.
On Monday, the China State Railway Group Co., Ltd. reported a historic milestone as the country’s railways transported 16.45 million passengers, marking the highest single-day passenger traffic in the history of the Spring Festival travel rush.
On Tuesday, the last day of the holiday, the national railway system is expected to carry 16.9 million passengers, further highlighting the peak in travel activity as hundreds of millions of people return to their destinations after family reunions.
Consumption was another standout trend, with an increasing number of people seeking to experience China’s rich heritage, motivated by the inscription of the Spring Festival on UNESCO’s Representative List of the Intangible Cultural Heritage of Humanity in December 2024.
According to data from the Ministry of Commerce, sales at major retail and catering enterprises across China during the first four days of the holiday increased by 5.4 percent compared to the same period last year.
Spring Festival has boosted Chinese consumers’ appetite for imported food and drinks, such as lobsters, cherries and wines. “Due to rising demand in the Spring Festival, our company’s import has increased by nearly 50 percent in the past month,” said Yang Xinyu from a Guangzhou-based international supply chain company.
Since January, the customs authority of Guangzhou Baiyun International Airport has handled imported aquatic animals, such as lobsters and mud crabs, with a total value of over 14.3 million yuan, a year-on-year surge of 31.8 percent.
Meituan, one of China’s leading e-commerce platforms for services, reported a staggering 300 percent year-on-year increase in online reservations for Chinese Lunar New Year’s Eve dinners. Additionally, group-buying orders for “intangible cultural heritage”-themed packages have surged by over 12 times since January year on year, reflecting growing consumer interest in cultural experiences.
Experts noted that this holiday season saw a shift in consumer behavior, particularly among younger generations and families. “Young families are increasingly becoming the driving force of consumption, with a trend toward diversified, high-quality and culturally rich experiences,” said Sun Jiashan, an associate researcher from the Central Academy of Culture and Tourism Administration.
Data from Meituan Travel echoed Sun’s observation that young people increasingly chose to celebrate the Spring Festival in smaller cities, immersing themselves in intangible cultural heritage and historical landmarks.
The increase in cultural tourism and consumption, from heritage experiences to blockbuster films, indicates a growing demand for traditional and contemporary cultural activities.
“This trend has also raised higher demands for the supply of cultural and tourism products and services, prompting the introduction of new business models and formats that better align with contemporary cultural consumption patterns,” said Sun, highlighting the potential of China’s consumer market and the economy’s internal driving forces.

MIL OSI China News –

February 5, 2025
MIL-OSI China: Alphabet reports Q4 revenue with 12% growth

Source: China State Council Information Office

Alphabet Inc., Google’s parent company, on Tuesday reported its 2024 fourth-quarter revenues at 96.5 billion U.S. dollars, up 12 percent from the same period of 2023.

Google Services revenues increased 10 percent to 84.1 billion dollars, reflecting the strong momentum across Google Search & other and YouTube ads, according to the company’s financial report.

Google Cloud revenues increased 30 percent to 12.0 billion dollars led by growth in Google Cloud Platform (GCP) across core GCP products, AI Infrastructure, and Generative AI Solutions, the company said.

Its total operating income increased 31 percent and operating margin expanded by 5 percentage points to 32 percent. Net income increased 28 percent to 26.5 billion dollars and EPS increased 31 percent to 2.15 dollars.

The company generated about 350.02 billion dollars in revenue during the fiscal year, representing a growth of 14 percent. Its yearly net income was 100.12 billion dollars, up from 73.80 billion dollars in 2023.

“Q4 was a strong quarter driven by our leadership in AI and momentum across the business. We are building, testing, and launching products and models faster than ever, and making significant progress in compute and driving efficiencies,” said Sundar Pichai, CEO of Alphabet and Google.

“Cloud and YouTube exited 2024 at an annual revenue run rate of $110 billion. Our results show the power of our differentiated full-stack approach to AI innovation and the continued strength of our core businesses. We are confident about the opportunities ahead, and to accelerate our progress, we expect to invest approximately $75 billion in capital expenditures in 2025,” he added.

MIL OSI China News –

February 5, 2025
MIL-OSI Australia: Are Investment Tax Breaks Effective? Australian Evidence

Source: Reserve Bank of Australia

Tags

asset quality, balance sheet, banking, banknotes, bonds, business, business cycle, capital, cash rate, central clearing, China, climate change, commercial property, commodities, consumption, COVID-19, credit, cryptocurrency, currency, digital currency, debt, education, emerging markets, exchange rate, export, fees, finance, financial markets, financial stability, First Nations, fiscal policy, forecasting, funding, global economy, global financial crisis, history, households, housing, income and wealth, inflation, insolvency, insurance, interest rates, international, investment, labour market, lending standards, liquidity, machine learning, macroprudential policy, mining, modelling, monetary policy, money, open economy, payments, productivity, rba survey, regulation, resources sector, retail, risk and uncertainty, saving, securities, services sector, technology, terms of trade, trade, wages

MIL OSI News –

February 5, 2025

Category: Economy

First, focus on safety

What risks are involved with flood clean ups?

How can you reduce these risks?

Don’t overlook your mental health

What’s happened so far?

A more unequal and unstable world

A power that’s no longer super

Australia needs to help fill the gap

Background

Share this page

Updates to this page

Source: PSA

Tags